HDFC Bank Q2 Net profit jumps 18.4 pc to Rs 7,513 cr

Mumbai, Oct 17 (UNI) Private sector lender HDFC Bank on Saturday reported 18.4 pc increase in its net profit to Rs 7,513 crore for the quarter ended in September 2020. The profit was at Rs 6,345 crore last year.
Net interest income for the quarter under review increased by 16.7 pc to Rs 15,776.4 crore Bank net revenue grew to Rs 21,868 crore in the September quarter.
The bank made provisions and contingencies amounting to Rs 3,703.50 crore for the September quarter. “Total provisions includes contingent provisions of approximately Rs 2,300 crore for proforma NPA as well as additional contingent provisions to make the balance sheet more resilient,” the bank said.
Gross non-performing assets fell to 1.08 pc while net NPAs declined to 0.17 pc in Q2FY21.
However, its provisions rose 37 pc to Rs 3,703 crore and it said that total provisions for the current quarter includes contingent provisions of approximately Rs 2,300 crore for proforma NPAs.
“While there has been some improvement in economic activities during the current quarter, the continued slowdown has led to a decrease in loan originations, the sale of third-party products, the use of credit and debit cards by customers and the efficiency in collection efforts,” the bank said in filing.
The bank’s total advances were at Rs 10.38 lakh crore in Q2 of FY21, an increase of 15.8 pc over the same period last year. The domestic retail loans grew 5.3 pc and domestic wholesale loans grew 26.5 pc it said.
Bank’s total balance sheet size grew 21.5 pc (YoY) to Rs 1,609,248 crore in the September quarter. Total deposits reported a increase of 20.3 pc (YoY) to Rs 1,325,072 crore. Its CASA ratio stood at around 42 pc as of September 2020, compared to 39.3 pc as of September 2019 and 40.1% in June 2020, it added.
During the quarter ended September 2020, HDFC Bank said it purchased loans aggregating Rs 3,026 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation (HDFC).
The consolidate net profit for the quarter increased 16 pc year-on-year to Rs 7,703 crore in Q2. The consolidated advances grew by 14 pc to Rs 1,088,948 crore for the September quarter.
Meanwhile, the lender informed that its board of directors at the meeting held on Saturday approved appointment of Sashidhar Jagdishan as an additional director and also managing director and chief executive officer of the bank.
His appointment is subject to the approval of the shareholders of the bank. Jagdishan’s appointment will be for a period of three years starting October 27, 2020, as approved by the Reserve Bank of India vide its email dated August 3, 2020,


Please enter your comment!
Please enter your name here