Monday, 23 July, 2018

HDFC Bank awaits farm loan waiver details after higher first-quarter provisions

Andrew Cummings | 25 July, 2017, 12:14

A strong 24% loan growth, however, resulted in the bank recording a net profit of Rs 3,894 crore for the quarter ended June 2017 - an increase of 20% over Rs 3,239 crore in the corresponding quarter previous year.

"We believe that a fair portion of this impact does reflect changed customer behaviour in anticipation of loan waivers which were announced", Paresh Sukthankar, deputy managing director, HDFC Bank, told reporters.

Total income of the bank rose to Rs 1,790.53 crore in April-June 2017, from Rs 1,789.05 crore in the year ago period, the bank said in a regulatory filing.

HDFC said its asset quality worsened primarily due to increase in non-performing assets. The bank said recoveries from agricultural advances were impacted during the quarter by borrower expectations of farm loan waivers arising out of policy announcements in certain states.

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The higher bad loans had the bank making higher provisions which nearly doubled, which led it miss the street estimate on the bottomline.

Net profit of the private sector lender stood at Rs3,239 crore for the year-ago quarter as net interest income rose 20.4 per cent to Rs9,371 crore, with a core net interest margin of 4.4 per cent. This was higher compared to other income of Rs 2,806.60 crore which has 25.3% of net revenue in Q1FY17.

CASA deposits increased 30 percent annually to Rs 36,318 crore, with Current Accounts forming Rs 7,998 crore and Saving Accounts Rs 28,320 crore during the quarter under review. He said that the share of low-priced current and savings account (CASA) deposits fell to 44% from 48% as of March 2017 as the bank increased fixed deposit mobilisation to fund the growth in wholesale lending.

Advances as of June 2017, were at Rs 580,976 crore, growing by 23.4% yoy.

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