HDFC Bank's profit rises by 19.6% to Rs 6,659 crore in Q1, provisions surges by 49%
New Delhi | Jagran Business Desk: When most of the businesses are suffering losses due to the ongoing coronavirus crisis, the HDFC Bank, which is India’s largest private sector lender by market value, on Saturday announced that it has reported a net profit of Rs 6,658.62 crore for the quarter ended June 30 which is an increase of 19.58 per cent compared to the corresponding period in 2019.
In a statement, the HDFC Bank said that its income increased to Rs 34,453.28 crore in June quarter 2020-21 from Rs 32,361.84 crore in the year-ago same period. The HDFC Bank had clocked a net profit of Rs 5,568.16 crore in April-June 2019-20.
The company also said that its net interest income (NII) - or the difference between interest earned and interest paid - increased 17.84 per cent to Rs 15,665.42 crore in the June quarter.
The bank also noted that it has improved on its asset front with gross non-performing assets (NPAs) falling to 1.36 per cent of the gross advances as on June 30, 2020 from 1.40 per cent by June-end 2019.
In its regulatory filing, the HDFC Bank further said that its gross NPAs or bad loans were at Rs 13,773.46 crore as against Rs 11,768.95 crore, adding that net NPAs fell to 0.33 per cent (Rs 3,279.96 crore) from 0.43 per cent (Rs 3,567.18 crore), the bank said in the filing.
However, the bank's provisions for bad loans and contingencies during April-June 2020-21 were raised to Rs 3,891.52 crore as against Rs 2,613.66 crore in the year-ago same period.
On consolidated basis, the bank reported 22 per cent increase in net profit at Rs 6,927.24 crore for the quarter under review as against Rs 5,676.06 crore in the year-ago same period. Consolidated income rose to Rs 36,698.59 crore from Rs 34,324.45 crore.
Meanwhile, HDFC Bank’s shares on Friday ended 3.46 per cent higher at Rs 1,099.15 apiece on the BSE. The shares of the HDFC Bank also outperformed the benchmark Sensex index which had climbed up 1.50 per cent on Friday.
(With PTI inputs)
Posted By: Aalok Sensharma