HDFC bank net up 30% in Q2

Buoyed by robust loan growth coupled with lower provisions, HDFC Bank on Friday posted 30% year on year growth in its net profit for the July-September quarter at Rs 1,560 crore.

The bank’s net interest income, the difference between interest earned and paid out, shot up nearly 27% on year to Rs 3,732 crore. The bank’s loan book expanded by 23% to Rs 2.32 lakh crore, much above the 17% credit growth mark as projected by the Reserve Bank of India for the entire industry in 2012-13 fiscal.

With asset quality remaining stable, provisions and contingencies for the quarter ended September 30, 2012 were `293 as against `366 crore in the quarter ended September 30.

“HDFC Bank delivered another robust set of numbers with bottom line increasing by 30.1% yoy. HDFC Bank has been able to consistently deliver high quality numbers even when the entire industry has been witnessing pressures on the asset quality front and hence the stock has been one of the outperformers in the recent times,” said Vaibhav Agrawal, Vice President, Research-Banking , Angel Broking.