Business

HDFC Bank Q1 FY20 profit up 21 pc at Rs 5,568 crore

ANI | July 20, 2019 04:56 PM
The bank has a nationwide distribution network 5,103 branches and 13,160 ATMs in 2,748 cities and towns

Mumbai (Maharashtra) [India], June 20 (ANI): Private lender HDFC Bank on Saturday reported a net profit of Rs 5,568 crore for the quarter ended June 30, marking an increase of 21 per cent in the year-on period.

The bank's total income at Rs 32,362 crore grew by 22.7 per cent from Rs 26,367 crore in the same period. Net revenues (net interest income plus other income) increased by 24.8 per cent to Rs 18,265 crore from Rs 14,632 crore in Q1 FY19.

Net interest income (interest earned less interest expended) for Q1 FY20 grew by 23 per cent to Rs 13,294 crore from Rs 10,814 crore, driven by asset growth and a core net interest margin for the quarter of 4.3 per cent, the bank said in a statement.

Other income (non-interest revenue) at Rs 4,970 crore was 27 per cent of net revenues and grew by 30 per cent over Rs 3,818 crore in Q1 FY19. Operating expenses were Rs 7,117 crore, up 19 per cent over Rs 5,984 crore while the core cost-to-income ratio was at 39.4 per cent as against 40.1 per cent earlier.

Significantly, provisions and contingencies for Q1 FY20 were higher at Rs 2,614 crore as against Rs 1,629 crore in Q1 FY19 due to specific loan loss*and contingent provisions of Rs 2,413.5 crore and general provisions of Rs 200 crore.

Gross non-performing assets were at 1.4 per cent of gross advances as on June 30 as against 1.3 per cent as on June 30 last year while net non-performing assets were at 0.4 per cent of net advances at the end of the first quarter this year.

The bank held floating provisions of Rs 1,451 crore while total provisions were 115 per cent of gross non-performing loans as on June 30. (ANI)

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