HDFC Bank first quarter profit rises 20% to Rs 6,659 cr – business news

HDFC Bank on Saturday reported 19.6 per cent rise in stand alone net profit at Rs 6,658.62 crore for June quarter of the current financial year.

The country’s largest private sector lender clocked a net profit of Rs 5,568.16 crore in April-June 2019-20. Income of the bank rose to Rs 34,453.28 crore in June quarter 2020-21 from Rs 32,361.84 crore in the year-ago same period, HDFC Bank said in a regulatory filing.

The bank 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 value terms, gross NPAs or bad loans were at Rs 13,773.46 crore as against Rs 11,768.95 crore.

Likewise, 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.

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