Q2, FY20 - HDFC bank reports 18.4% Year on Year increase in net profits as compared to same quarter last year

Increase in net profits 

HDFC bank  reported a 18.4% increase in its net profit to  ₹7,513 crore for the quarter ended in September 2020. The profit in the year ago period was at  ₹6,345 crore. The consolidate net profit for the quarter increased 16% year-on-year to 7,703 crore in Q2. The consolidated advances grew by 14% to  ₹1,088,948 crore for the September quarter.

Increase in net interest income 

HDFC Bank's net interest income increased by 16.7% year-on-year to  ₹15,776.4 crore during the quarter gone by. The private sector lender's net revenue grew to  ₹21,868 crore in the September quarte.

Provisions for NPAs (Net Performing Assets)

The bank made provisions and contingencies amounting to  ₹3,703.50 crore for the September quarter. "Total provisions includes contingent provisions of approximately  ₹2,300 crore for proforma NPA as well as additional contingent provisions to make the balance sheet more resilient," the bank said.

Gross non-performing assets fell to 1.08% while net NPAs declined to 0.17% in Q2FY21. However, its provisions rose 37% to  ₹3,703 crore and it said that total provisions for the current quarter includes contingent provisions of approximately  ₹2,300 crore for proforma NPAs.

HDFC bank Stock - Past 1 year 

HDFC bank Stock - Past 5 years 

According to Wikipedia - HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It has a base of 1,04,154 permanent employees as of 30 June 2019. HDFC Bank is India’s largest private sector bank by assets. It is the largest bank in India by market capitalisation as of March 2020.

India's best bank by Euromoney in 2020 

HDFC Bank was adjudged ‘India’s Best Bank’ at the Euromoney Awards for Excellence 2020. 

This year marks the 28th anniversary of the coveted Euromoney Awards for Excellence. It is also the 13th time that the bank has been recognized as “India’s Best Bank”.

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