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( 19 Jul 2020)
HDFC Bank Q1 net profit up 19.58% at Rs 6658.62 cr

The bank reported standalone net profit of Rs 6,658.62 crore for the quarter ended June 30, 2020 as compared to Rs 5568.16 crore in the same period last year, registering a year-on-yearÿgrowthÿof 19.58 per cent.

Interest income of the bank rose by 10.90 per cent at Rs 30377.97 crore for the quarter ended June 30, 2020 as against Rs 27391.59 crore in the corresponding period last year.

During the April-June quarter, total income rose moderately by 6.46 per cent to Rs 34,453.28 crore from Rs 32,361.84 crore in the year ago period.

Meanwhile, operating expenses increased by 1.93 per cent to Rs 21,624.01 crore from Rs 21,214.60 crore in the same period last year.

Operating profit surged 15.09 per cent to Rs 12,829.27 crore from Rs. 11,147.24 crore.

Provisions and Contingencies surged by 48.89 per cent at Rs 3,891.52 crore from Rs 2,613.66 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 17.84 per cent at Rs 15,665.42 crore versus Rs 13,294.25 crore in the year ago period. Non-interest income dipped 18.01 per cent year-on-year to Rs 4,075.31 crore.

On the asset side, gross non- performing assets (NPAs)ÿfellÿto 1.36 per cent of the gross advances as at the end of June 30, 2020 from a level of 1.40 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 0.33 per cent of net advances on June 30, 2020 from 0.43 per cent a year ago.