HDFC Bank Q1 profit jumps 21% YoY; provisions surge 60%

HDFC Bank on Saturday posted a 21 per cent year-on-year (YoY) rise in standalone net profit at Rs 5,568.16 crore for the quarter ended June 2019. The private sector lender had posted a net profit of Rs 4,601.44 crore in the corresponding quarter last year. Net interest income advanced 22.94 per cent YoY to Rs 13,294.25 crore in Q1FY20 over Rs 10,813.57 crore in Q1FY19.Provisions and contingencies increased 60 per cent YoY. They rose 38.35 per cent QoQ to Rs 2,613.66 crore during the quarter under review.Standalone operating profit before provision and contingencies increased 28.90 per cent YoY to Rs 11,147.24 crore for the quarter ended June 2019 against Rs 86,47.75 crore in the same period last year.Asset quality of the lender deteriorated marginally with percentage of gross non-performing assets (NPA) increasing to 1.40 per cent for the quarter ended June 2019 against 1.36 per cent in the preceding quarter ended March 2019. Percentage of net NPA inched higher to 0.43 per cent from 0.39 per cent QoQ.The shareholders of the bank, at its Annual General Meeting held on July 12 approved the sub-division (split) of one equity share of the bank from nominal value of Rs 2 each into 2 equity shares of nominal value of Rs 1 each. The record date for the sub-division is September 20, 2019.Total balance sheet size as of June 30, 2019 stood at Rs 1,265,253 crore as against Rs 1,080,409 crore as of June 30 last year.

from Economic Times https://ift.tt/2M5HplN