HDFC Bank net profit up 20% in April-June, provisions increase by 49%
Private-sector lender HDFC Bank on Saturday reported a net profit of Rs 6,658.62 cr for the quarter ended June 30, a 20 per cent increase over Rs 5,568.16 crore reported for the same quarter last year.
The bank’s net revenue grew 8% year-on-year to Rs 19,740.7 crore from Rs 18,264.5 in the same quarter last year. Its net interest income was up 17.8 per cent to Rs 15,665.40 crore, mainly on account of 20.9 per cent growth in advances, and 24.6 per cent rise in deposits.
Provisions and contingencies for the quarter rose nearly 49 per cent to stand at Rs 3,891.5 crore, against Rs 2,613.7 crore in the year-ago period. Of the provisions, specific loan loss provisions were to the tune of Rs 2,739.8 crore and general and other provisions at Rs 1,151.7 crore.
Total advances as of June 30, 2020, were Rs 1,003,299 crore, 20.9 per cent over the same period last year. Domestic advances grew 21.0 per cent over June 30, 2019.
The bank’s total deposits as of June 30 this year were Rs 1,189,387 crore, 24.6 per cent higher than last year. CASA (current account to savings account) deposits grew 26.0 per cent, with savings account deposits at Rs 327,358 crore and current account deposits at Rs 150,077 crore.
HDFC Bank’s total capital adequacy ratio under Basel-III guidelines during the April-June quarter stood at 18.9 per cent, compared with 16.9 per cent a year ago, and a regulatory requirement of 11.075 per cent.
First Published: Sat, July 18 2020. 13:59 IST