HDFC Bank net profit rises 21% to Rs 5,568 cr

Chennai: Private lender HDFC Bank has reported that its net profit rose by 21 per cent to Rs 5,568.16 crore in April-June compared to Rs 4,601.44 crore in the year-ago quarter.

On standalone basis, income of the lender increased by 22.7 per cent to Rs 32,361.8 crore during the reported quarter, from Rs 26,367.0 crore in the same quarter a year ago.

On the asset quality, the bank witnessed only a marginal rise with the gross non-performing assets (NPAs) standing at 1.40 per cent of the gross advances as at June-end, from 1.33 per cent by June-end last year. Net NPAs were at Rs 0.43 per cent as against 0.41 per cent a year ago.

The bank said the growth came on the back of increase in core income and restricted bad loan proportions.

Consolidated net profit for the April-June quarter stood at Rs 5,676.06 crore, a 18.04 per cent increase. Its net profit during the similar April-June quarter of the previous fiscal stood at Rs 4,808.35 crore.

Consolidated income of the bank rose to Rs 34,324.45 crore April-June from Rs 28,000.06 crore in the year-ago quarter, the bank said in a regulatory filing.

The interest income grew to Rs 29,176.45 crore in the first quarter of 2019-20 from Rs 23,978.67 crore in the year-ago period, while income from other sources was up at Rs 5,148 crore as against Rs 4,021.39 crore last year.

In value terms, bank’s gross NPAs or bad loans were Rs 11,768.95 crore by June end this year, up from Rs 9,538.62 crore year ago same period. Net NPAs were of the order of Rs 3,567.18 crore as against Rs 2,907.10 crore.

Provisions and contingencies for the quarter ended 30 June were Rs 2,613.7 crore as against Rs 1,629.4 crore for the quarter ended 30 June, 2018.

The key components for this were specific loan loss, contingent provisions and general provisions, the bank said, adding general provisions included additional provisions of Rs 85.9 crore for standard advances to the NBFC/HFC sector.

NT Bureau