HDFC Bank's Q1FY21 net profit up 20% to Rs 6,658 cr

Source :IANS
Author :IANS
Last Updated: Sun, Jul 19th, 2020, 21:46:38hrs
HDFC Bank

Mumbai: Lending major HDFC Bank on Saturday reported a 19.6 per cent increase in standalone net profit for the quarter ended June 30 of FY21 on the year-on-year basis.

The bank's net profit for the first quarter of FY21 rose to Rs 6,658.6 crore, HDFC Bank said. The bank's net revenues grew to Rs 19,740.7 crore for the quarter ended June 30, 2020 against Rs 18,264.5 in the quarter ended June 30, 2019, it said.

"The net interest income for the quarter ended June 30, 2020 grew by 17.8 per cent to Rs 15,665.4 crore from Rs 13,294.3 crore for the quarter ended June 30, 2019, driven by 20.9 per cent growth in advances and 24.6 per cent growth in deposits. The net interest margin for the quarter was at 4.3 per cent."

Besides, the bank made Rs 3,891.5 crore provisions and contingencies for the quarter under review. It comprises specific loan loss provisions of Rs 2,739.8 crore. "Total provisions for the current quarter included contingent provisions of approximately Rs 1,000 crore," the bank said.

"The core credit cost ratio was 1.08 per cent against 0.77 per cent in the quarter ending March 31, 2020 and 1.07 per cent in the quarter ending June 30, 2019," the HDFC Bank said.