HDFC Bank Q1 net profit rises, falls short of estimates
24 July, 2017, 10:28 | Author: Pamela Mathis
Mumbai, Jul 24 Private sector lender HDFC Bank today reported 20.22 per cent increase in net profit to Rs 3,893.84 crore for the quarter ended on June 30, 2017, compared to the same period past year. The profit falls short of estimates as 21 analysts polled by Thomson Reuters had projected an average estimate of Rs 3,938 crore.
The bank's provisioning for non-performing assets (NPAs) shot up 63 percent annually to Rs.411 crore in Q1 from Rs 253 crore in the like period a year ago and 19 percent sequentially from Rs 345 crore a quarter ago.
Net NPA for the quarter, caome in at 0.44 per cent, compared with 0.33 per cent in the March quarter.
Total income of the bank rose to Rs 1,790.53 crore in April-June 2017, from Rs 1,789.05 crore in the year ago period, the bank said in a regulatory filing.
On sequential basis, net profit was lower by nearly 76 crore from Rs 34.46 crore, while total income declined 5.3 per cent from Rs 260.97 crore in the January-March 2017 quarter. "The revenue for Q1 FY2017 includes revenue from services rendered to ICICI Bank aggregating to Rs 41.91 crore, which was discontinued in end July 2016", it said.
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