Assam News – HDFC Bank’s Q1 profit increases 16.1% to Rs 7,730 crore

by Guwahati_City


HDFC Bank's Q1 profit increases 16.1% to Rs 7,730 crore 1

India’s largest private sector lender HDFC Bank on Saturday reported a 16.1% year-on-year rise in standalone net profit at Rs 7,729.60 crore, compared with Rs 6,658,60 crore in the same quarter reported last year.

The profit figure missed the Rs 7,900 crore forecast by analysts in an ET NOW poll.

HDFC Bank's Q1 profit increases 16.1% to Rs 7,730 crore 2

The private bank said the second wave of Covid19 pandemic disrupted business activity for close to two-third of the quarter, leading to a drop in efficiency in collection efforts and higher levels of provisions.

Net interest income (NII) of the bank for the quarter increased to Rs 17,009 crore from Rs 15,665.70 crore YoY, led by 14.4% rise in advances and a core net interest margin of 4.1%, the private bank said in a BSE filing.

HDFC Bank's Q1 profit increases 16.1% to Rs 7,730 crore 3

HDFC Bank said it made provisions worth Rs 4,219.70 crore for the quarter compared with Rs 3,891.5 crore in the quarter last year and Rs 4,694 crore in the quarter of March.

Provisions and contingencies for the quarter included specific loan loss provisions of Rs 4,219.70 crore and general and other provisions of Rs 611.10 crore.

Gross non-performing asset (NPA) came in at 1.47 per cent compared with 1.32 per cent in the March quarter, and 1.36 per cent in the year-ago quarter.

“The disruptions led to decrease in retail originations, sale of third party products, card spends, efficiency in collection efforts. The lower business volumes, coupled with higher slippages, resulted in lower revenues, as well as enhanced levels of provisioning,” the bank said.

READ MORE  Assam News - Assam’s first black fungus case reported in Guwahati

Pre-provision operating profit (PPoP) for the quarter rose 18% to Rs 15,137 crore.

The liquidity coverage ratio stood at 126%, well above the regulatory requirement.

The balance Sheet size of the bank at the end of the quarter stood at Rs 17,53,941 crore as of June 30, up 13.5 per cent over Rs 12,45,103 crore as of June 30, 2020.

Capital adequacy ratio as per Basel III guidelines stood at 19.1% as of June 30 compared with 18.9% in the quarter last year.





This News Present You By Guwahatiassam.info With Out any changes as it Publish at the Original Source.

Like Us to Read This Type of News

  • Read More Relevant on ASSAM NEWS | GUWAHATI NEWS | NORTHEAST OF INDIA | TRIPURA | SIKKIM | TOURIST PLACES OF NORTHEAST | NAGALAND | MIZORAM | MEGHALAYA | MANIPUR | ARUNACHAL PRADESH | TOURIST PLACES OF ASSAM

    Related Articles