HDFC Bank posted a 5.15% rise in profit for Q1FY21

Published On: Saturday, July 18, 2020 | By:

HDFC Bank posted a 5.15% rise in profit for Q1FY21

HDFC Bank has posted a 5.15 percent rise in profit before tax (PBT) at Rs 8,973.8 crore for the first quarter ended June 2020 (Q1FY21). It had posted a PBT of Rs 8,533.6 crore in quarter ended June 2019 (Q1FY20). Its net profit for the reporting quarter rose by 19.6 percent to Rs 6,658.62 crore from a net profit of Rs 5,568.16 crore in Q1FY20. The Net Interest Income (NII) grew by 17.8 percent on a Year-on-Year basis from Rs 13,294.3 crore in Q1FY20 to Rs 15,665.4 crore in Q1FY21, driven by 20.0 percent growth in advances and 24.6 percent rise in deposits.

The other income comprising fees, commissions etc declined by 18 per cent from Rs 4,970.3 crore in Q1FY20 to Rs 4,075.3 crore in Q1FY21. The continued slowdown in economic activity has led to a decrease in retail loan origination, sale of third party products, the use of credit and debit cards by customers, efficiency in collection efforts and waivers of certain fees, bank said.

The provisions (including for NPAs) and contingencies by 48.9 per cent to Rs 3,891.5 crore in Q1FY21 from Rs 2,613.7 crore in Q1FY20. The specific loan loss provisions stood at Rs 2,739.8 crore in Q1FY21 as against Rs 2,248.0 crore in June quarter last year. The general provisions and other provisions rose multi-fold to Rs 1,151.7 crore in Q1FY21 from Rs 365.7 crore in Q1FY20.

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