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HDFC Bank slides after provisions surge in Q1.
HDFC Bank was down 2.89% to Rs 2307.4 at 10:11 IST on the BSE after the bank's provisions and contingencies jumped 60.41% to Rs 2,613.66 crore in Q1 June 2019 over Q1 June 2018.
On the BSE, 52000 shares were traded in the counter so far compared with average daily volumes of 2.66 lakh shares in the past two weeks. The stock had hit a high of Rs 2353.75 and a low of Rs 2301. The stock hit a 52-week high of Rs 2502.9 on 3 July 2019 and a 52-week low of Rs 1884.40 on 31 October 2018.
HDFC Bank's net profit rose 21.01% to Rs 5568.16 crore on 22.7% rise in total income to Rs 32,361.84 crore in Q1 June 2019 over Q1 June 2018.
The bank's gross non-performing assets (NPAs) stood at Rs 11,768.95 crore as on 30 June 2019 as against Rs 11,224.16 crore as on 31 March 2019 and Rs 9,538.62 crore as on 30 June 2018.
The ratio of gross NPAs to gross advances stood at 1.40% as on 30 June 2019 as against 1.36% as on 31 March 2019 and 1.33% as on 30 June 2018.
The ratio of net NPAs to net advances stood at 0.43% as on 30 June 2019 as against 0.39% as on 31 March 2019 and 0.41% as on 30 June 2018.
Net interest income (interest earned less interest expended) for the quarter ended 30 June 2019 grew by 22.9% to 13,294.3 crore from Rs 10,813.6 crore for the quarter ended 30 June 2018, driven by asset growth and a core net interest margin for the quarter of 4.3%.
Other income (non-interest revenue) at Rs 4,970.3 crore was 27.2% of the net revenues for the quarter ended 30 June 2019 and grew by 30.2% over Rs 3,818.1 crore in the corresponding quarter ended 30 June 2018.
CASA deposits grew by 12.8% with savings account deposits at Rs 253,338 crore and current account deposits at Rs 125,663 crore. Time deposits were at Rs 575,553 crore, an increase of 22.5% over the previous year, resulting in CASA deposits comprising 39.7% of total deposits as of 30 June 2019.
Total deposits as of 30 June 2019 were Rs 954,554 crore, an increase of 18.5% over 30 June 2018. Total advances as of 30 June 2019 were Rs 829,730 crore, an increase of 17.1% over 30 June 2018
The bank has announced a special interim dividend of Rs 5 in commemoration of 25 years of the Bank's operations. The record date for the dividend is 2 August 2019.
The bank's board has fixed 20 September 2019 as the record date for the purpose of ascertaining the entitlement of shareholders pursuant to sub-division of one equity share of face value of Rs 2 each into two equity shares of face value of Rs 1 each, which was approved by the shareholders of the Bank at its Annual General Meeting held on 12 July 2019.
HDFC Bank is a private sector bank providing a wide range of banking services covering commercial and investment banking products on the wholesale side and on the retail side.
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