HDFC Bank Q1 net profit rises, falls short of estimates

Sequentially, net profit grew 25 percent from Rs 204 crore a quarter ago.

Profit growth back in 20s: With 20.2 per cent growth for June quarter, HDFC Bank again hit high-speed growth.

The bank had earned a profit of Rs 3,238.91 crore in the April-June quarter of the last fiscal.

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Net interest income (NIM) rose 20.4 percent to Rs 9,370.74 crore from Rs 7,781.44 crore past year. Total advances rose 23 per cent yoy to Rs 5,80,976 crore.

Lender asset quality worsened primarily due to increase in non-performing assets. The banks' gross NPAs dropped to 7.21 per cent from 7.47 per cent on a quarter-on-quarter basis. "As a prudent measure, the bank has enhanced specific provision coverage for its non-performing agricultural advances", the bank said in its filing.

"The total increase in gross NPAs, 60 percent pertained to the agricultural segment".

NIA cracks down on terror funding in Kashmir, seven Hurriyat leaders arrested
Among those who were arrested include Hurriyat leader Syed Ali Shah Gilani's son in law Altaf Fantosh, CNN News 18 report said. The drug money would allegedly be used to fund stone pelters and other agitators to foster unrest in regions in Kashmir.

Provisions and contingencies for the quarter ended June 30, 2017 were Rs 15.58 billion as against Rs 8.66 billion.

During the first quarter of 2016-17, Indian Bank's loan book had corporate exposure to the tune of 51 per cent, which was brought down to 49 per cent during the first quarter of 2017-18. NIM and cost/income are expected to hold steady while credit costs may be slightly higher on account of newly recognized stress.

Shares of the bank gained Rs 21.65, or 1.27%, to trade at Rs 1,725.00.

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