October 19, 2019 / 11:35 AM / a month ago

India's HDFC Bank quarterly net profit rises 27%

FILE PHOTO: The headquarters of India's HDFC bank is pictured in Mumbai, India, December 4, 2015. REUTERS/Shailesh Andrade

MUMBAI (Reuters) - HDFC Bank, India’s largest private lender, said on Saturday its net profit rose 27% in the second quarter of its financial year, helped by loan growth and a higher net interest margin (NIM).

The bank said it made a net profit of 63.44 billion rupees ($893 million), compared with 50.05 billion rupees in the same period of last year.

Gross non-performing assets (NPA), a measure of asset quality, was largely stable at 1.38% of gross advances, while net NPA was at 0.42%, HDFC said.

However, provisions rose to 27 billion rupees compared with 18.20 billion rupees at the end of September 2018.

NIM, a key indicator of a bank’s profitability, was 4.2%.

Total advances as of the end of September 2019 were at 8,969.84 billion rupees, up 19.5% over the corresponding quarter of last year. Meanwhile, deposits grew 22.6% year-on-year.

The bank remains well capitalized, with a capital adequacy ratio of 17.5% at the end the quarter, well above the regulatory requirement.

Reporting by Nupur Anand; Editing by Alexander Smith and Mark Potter

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