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( 19 Oct 2020)
HDFC Bank Q2 net profit up 18.41% at Rs 7513.11 cr

The bank reported standalone net profit of Rs 7,513.11 crore for the quarter ended September 30, 2020 as compared to Rs 6344.99 crore in the same period last year, registering a year-on-yearÿgrowthÿof 18.41 per cent.

Interest income of the bank rose by 6.43 per cent at Rs 29976.97 crore for the quarter ended September 30, 2020 as against Rs 28166.28 crore in the corresponding period last year.

During the July-September quarter, total income rose moderately by 6.86 per cent to Rs 36,069.42 crore from Rs 33,755.00 crore in the year ago period.

Meanwhile, operating expenses increased by 0.90 per cent to Rs 22,255.64 crore from Rs 22,056.92 crore in the same period last year.

Operating profit surged 18.09 per cent to Rs 13,813.78 crore from Rs. 11,698.08 crore.

Provisions and Contingencies surged by 37.13 per cent at Rs 3,703.50 crore from Rs 2,700.68 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 16.73 per cent at Rs 15,776.39 crore versus Rs 13,515.04 crore in the year ago period. Non-interest income rose 9.01 per cent year-on-year to Rs 6,092.45 crore.

On the asset side, gross non- performing assets (NPAs)ÿfellÿto 1.08 per cent of the gross advances as at the end of September 30, 2020 from a level of 1.38 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 0.17 per cent of net advances on September 30, 2020 from 0.42 per cent a year ago.