HDFC Bank said on Saturday that its profit in the first quarter of the current financial year jumped 19.6 percent to Rs 6,658.62 crore. The country’s largest private bank had a net integrated profit of Rs 5,568.16 crore in the April-June 2019-20 quarter.
The bank’s income increased to Rs 34,453.28 crore in the June quarter of the financial year 2020-21 from Rs 32,361.84 crore in the year-ago quarter. The property quality of the bank has also improved. HDFC’s NPA declined to 1.36 percent during the quarter ended June 30, 2020 from 1.40 percent in June, 2019.
On the basis of the value, the bank’s gross NPA or stressed loan increased from Rs 11,768.95 crore to Rs 13,773.46 crore. In contrast, net NPAs decreased from 0.43 percent (3567.18 crore) to 0.33 percent (3279.96 crore).
The bank has made a provision of Rs 3,891.52 crore for bad loans and emergencies in the April-June 2020 quarter, compared to Rs 2613.66 crore in the year-ago quarter. On a consolidated basis, the bank’s net profit grew 22 per cent to Rs 6927.24 crore in the reporting period, from Rs 5676.06 crore in the year-ago quarter. Consolidated income also increased to Rs 36698.59 crore as compared to Rs 34,324.45 crore in the same quarter last year.
