HDFC Bank (NYSE:HDB): FQ2 GAAP EPS of ₹14.00 vs. ₹12.6 in 2Q20.
Total income of ₹384.3B, up 4.7% Y/Y due to boost in other income partially offset by decline in interest earned.
Provision other than tax and contingencies up by 1.7% Q/Q to ₹44.2B.
“While there has been some improvement in economic activities during the current quarter, the continued slowdown has led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. The slowdown may lead to a rise in the number of customer defaults and consequently an increase in provisions there against,” the bank said in a staement.
Net NPAs to net advances 0.17% from 0.33% at the end of Q2.
Core net interest margin of 4.1%.
Press Release, Pre