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HDFC Bank’s second quarter net income increases 16% to Rs 7,703 crore

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NEW DELHI: HDFC Bank reported a 16 percent increase in its consolidated net profit of Rs 7,703 crore on Saturday for the second quarter ending September 30.
The private sector lender had posted a consolidated net profit of Rs 6,638 crore in the corresponding quarter a year ago.
Total consolidated income during the quarter under review increased to Rs 38,438.47 crore from Rs 36,130.96 crore in July-September 2019, the bank said in a statement.
In terms of assets, the bank’s gross non-performing assets (NPA) fell to 1.08% of gross advances as of September 30, 2020, down from 1.38% the previous year.
In absolute value, gross bad loans or bad loans were reduced to Rs 11,304.60 crore from Rs 12,508.15.
Similarly, net NPAs also fell to 0.17 percent (Rs 1,756.08 crore) from 0.42 percent (Rs 3,790.95 crore).
However, its provision for bad loans and contingencies rose to Rs 3,703.50 crore for the second quarter of FY 21 from Rs 2,700.68 crore parked during the same period a year ago.
Consolidated advances grew 14.9 percent to Rs 10.89 lakh crore at the end of September 2020 from Rs 9.47 crore a year earlier, HDFC Bank said.
Meanwhile, the lender reported that its board at its meeting on Saturday approved the appointment of Sashidhar Jagdishan as an additional director and also as managing director and chief executive officer of the bank.
His appointment is subject to the approval of the bank’s shareholders. Jagdishan’s appointment will be for a three-year term from October 27, 2020, as approved by the Reserve Bank of India in its email dated August 3, 2020, it said.

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