HDFC Bank registers massive profit rise in Q1
HDFC Bank, the largest private sector lender in India has reported a nearly 20 per cent rise in its net profit for June quarter of the current financial year. HDFC Bank reported 19.6 per cent rise in standalone net profit. This translates to Rs 6658.62 crore. HDFC Bank had clockled a profit of Rs 5,568.16 crore in April-June 2019-20. HDFC Bank's income has risen too.
In the June quarter last year, HDFC Bank had an income of Rs 32,361.84 crore. In June quarter of 2020-21 the income rose to Rs 34,453.28 crore
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.
(With PTI inputs)
