HDFC Bank’s quarterly net profit up 20%

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Mumbai, July 24 (IANS) Lending major HDFC Bank on Monday reported an exponential rise of 20.22 per cent in its net profit for the quarter ended June 30, 2017.

The bank’s net profit rose to Rs 3,893.84 crore from Rs 3,238.91 crore reported in the fourth quarter of FY 2017-18.

The income increased by 14.81 per cent on a year-on-year (YoY) basis to Rs 22,185.38 crore during the quarter under review from Rs 19,322.63 crore in the quarter ended June 30, 2017.

“Net interest income (interest earned less interest expended) for the quarter ended June 30, 2017 grew by 20.4 per cent to Rs 9,370.7 crore, from Rs 7,781.4 crore for the quarter ended June 30, 2016, driven by average loan growth of 20.7 per cent and a core net interest margin for the quarter of 4.4 per cent,” the company said in a statement.

“Operating expenses for the quarter ended June 30, 2017 were Rs 5,367.5 crore, an increase of 12.6 per cent over Rs 4,768.9 crore during the corresponding quarter of the previous year.”

“The core cost-to-income ratio for the quarter was at 42.7 per cent as against 46.2 per cent for the corresponding quarter ended June 30, 2016.”

–IANS

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