HDFC Bank's quarterly net profit up 20%

Farm loan waiver hits HDFC's performance

Provisions to cover bad loans and contingencies were down at Rs 278.65 crore for the quarter under review from 313.70 crore year ago.

​Jammu & Kashmir Bank reported 32 per cent rise in net profit to Rs 30.19 crore for the quarter ended on June 30, 2017.

Total income grew 14.82% to Rs 221.85 billion over Rs 193.22 billion in the same period a year ago. In March 2017, the ratio of gross NPAs to loans stood at 1.5%. After multiple quarters of its declining staff strength, total number of employees remained flat at over 84,000 in the reporting period and Sukthankar said the bank will continue with its efficiency efforts.




Enhanced specific loan loss provisions towards non-performing agricultural advances arising from loan waiver announced in some states tempered profit growth.

"However, the net profit grew relatively slower pace by 20.2% over the previous year and decline of 2.4% over the preceding quarter to Rs 3,890 crore due to 79.8% climb in provisioning expenses over the previous year and 23.5% rise over the preceding quarter to Rs 1,560 crore", Mishra said.

The higher bad loans had the bank making higher provisions which nearly doubled, which led it miss the street estimate on the bottomline. This was higher compared to other income of Rs 2,806.60 crore which has 25.3% of net revenue in Q1FY17. Agri loans, where its total exposure is Rs 28,000 crore and meeting the 18 per cent mandatory priority sector lending requirement to the sector, resulted in a 0.13 per cent spike in NPAs. While CASA deposits saw healthy growth with savings account deposits growing by 26.5% to Rs 193,105 crore and current account deposits at Rs 102,030 crore up 34.1%. The incremental growth in its retail book during the quarter was Rs 19,161 crore with personal loans and credit cards growing faster than others.

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