HDFC profit spikes on listing of AMC

HDFC's Q2FY19 profit increased by 25 per cent as it offloaded its stake in HDFC AMC through an IPO in July. The financial institution's profit on the sale of investments in Q2FY19 was at Rs. 1,000.02 crore as against Rs. 63.09 crore in Q2FY18.

The total revenue for the quarter rose by 24.91 per cent YoY to Rs. 11,245.61 crore in Q2FY19 as against Rs. 9,003.21 crore in the corresponding quarter the previous year, which is an increase of per cent. The total interest income for the bank rose to Rs. 11,256.96 crore in Q2FY19 as against Rs. 9,007.37 crore in Q2FY18.

HDFC's NII for the quarter increased to Rs. 2,649.3 crore, up by 16.3 per cent YoY, with a loan of 17 per cent YoY at Rs. 3.79 lakh crore. For Q2FY19, the lender's GNPA was at 1.13 per cent as against 1.18 per cent in Q1FY19. It reported an expected credit loss at Rs. 401.3 crore as against Rs. 19.7 crore, QoQ.

On Thursday, the stock of HDFC closed at Rs. 1,761.70 per share, down by 0.44 per cent. The stock opened at Rs. 1,775.05 and hit an intraday high of Rs. 1,795.75 and a low of Rs. 1,750.60 per share on BSE.