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HDFC Bank September Quarter Profit Jumps 18% To Rs 7,513 Crore

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HDFC Bank September Quarter Profit Jumps 18% To Rs 7,513 Crore

HDFC Bank on Saturday reported a web revenue of Rs 7,513.11 crore within the quarter ended September 30. That marked a rise of 18.41 per cent in comparison with its web revenue of Rs 6,344.99 crore within the corresponding interval a yr in the past. In a regulatory submitting, HDFC Bank – the nation’s largest lender by market capitalisation – stated its whole revenue elevated 6.86 per cent to Rs 36,069.42 crore within the second quarter of present monetary yr, from Rs 33,755 crore within the year-ago interval.

Net curiosity revenue – or the distinction between curiosity earned and curiosity expended – got here in at Rs 15,776.39 crore, up 16.73 per cent in comparison with Rs 13,515.04 crore within the year-ago interval.

Mumbai-based HDFC Bank’s web curiosity margin – a key measure of profitability – got here in at 4.1 per cent as in opposition to 4.Three per cent within the earlier quarter.

Net non-performing property – or web dangerous loans – greater than halved to Rs 1,756.08 crore within the fiscal second quarter, in comparison with Rs 3,790.95 crore a yr in the past. 

Gross non-performing property as a proportion of whole loans diminished to 1.08 per cent within the July-September interval, from 1.36 per cent within the earlier quarter, and 1.38 per cent within the second quarter of monetary yr 2019-20.

HDFC Bank stated it continues to carry provisions in opposition to the potential affect of COVID-19 in extra of RBI-prescribed norms. The lender stated its continued give attention to deposits helped it keep a wholesome liquidity protection ratio of 153 per cent, nicely above the regulatory requirement. 

The financial institution’s board authorized the appointment of Sashidhar Jagdishan as managing director and CEO for a interval of three years beginning October 27.

Total deposits rose 20.33 per cent to Rs 12,29,310 crore, and loans 15.76 per cent to Rs 10,38,335 crore, HDFC Bank stated. 

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