Banking majors report mixed quarterly results

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SME Times News Bureau | 26 Oct, 2016
Country's banking sector majors on Tuesday reported mixed earnings results for the second quarter of the current fiscal.

On a standlaone basis, lenders like HDFC Bank, Kotak Mahindra and IDFC Bank came out with healthy quarterly numbers, while Axis Bank and IDBI Bank reported disappointing figures.

In a regulatory filing made to the BSE, HDFC Bank reported a rise of 20.4 percent in its net profit for the quarter ended September 30 2016.

The bank's Q2 net profit increased to Rs 3,455.33 crore from Rs 2,869.45 crore. The banking major's net interest income went up by 19.6 percent to Rs 7,993.6 crore.

However, Axis Bank posted a decline of 83 percent in its net profit to Rs 319.08 crore from Rs 1,915.64 crore.

In contrast, the bank's net interest income for the period under review edged-up by 11.12 percent to Rs 4,513.87 crore from Rs 4,062.09 crore.

Besides, Kotak Mahindra Bank posted an increase of 43 percent in its net profit which edged-up to Rs 813 crore from Rs 570 crore.

The bank's net interest income went up by 19 percent to Rs 1,995 crore.

Private sector lender IDFC Bank reported an exponential rise in its Q2 net profit to Rs 387.76 crore from Rs 59.63 crore.

On the other hand, IDBI Bank reported a 53.33 percent decline in its net profit for the quarter under review to Rs 56 crore from Rs 120 crore.