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HDFC Bank Q1 profit rises 20% YoY


India

HDFC Bank Q1 profit rises 20% YoY

SynopsisProvision and contingencies increased 48.89 per cent YoY and 2.82 per cent QoQ to Rs 3,891.52 crore during the quarter under review.​​Net interest income of the lender grew 17.80 per cent YoY to Rs 15,665.40 crore in Q1FY21, driven by growth in advances of 20.9 per cent, and a growth in deposits of 24.6 per…

Synopsis

Provision and contingencies elevated 48.89 per cent YoY and a pair of.82 per cent QoQ to Rs 3,891.52 crore all the blueprint in which thru the quarter below review.​​

http://economictimes.indiatimes.com/
Pick up pastime income of the lender grew 17.80 per cent YoY to Rs 15,665.40 crore in Q1FY21, driven by pronounce in advances of 20.9 per cent, and a pronounce in deposits of 24.6 per cent.

Non-public lender HDFC Monetary institution on Saturday posted a 19.58 per cent one year-on-one year rise in catch profit at Rs 6,658.62 crore for the quarter ended June 30. The settle stood at Rs 5,568.16 crore in the corresponding quarter final one year.

Pick up pastime income of the lender grew 17.80 per cent YoY to Rs 15,665.40 crore in Q1FY21, driven by pronounce in advances of 20.9 per cent, and a pronounce in deposits of 24.6 per cent.

Provision and contingencies elevated 48.89 per cent YoY and a pair of.82 per cent QoQ to Rs 3,891.52 crore all the blueprint in which thru the quarter below review. Total provisions for the quarter included contingent provisions of around Rs 1,000 crore.




HDFC Monetary institution Figures in Rs % switch (YoY)
Pick up Revenue 6,658.62 crore 19.58
Pick up Curiosity Profits 15,665.40 crore 17.80
Provisions & Contengencies 3,891.52 crore 48.89

Pre-provision running profit (PPOP) grew 15.10 per cent YoY to Rs 12,829.30 crore.

Asset quality of the lender deteriorated marginally as share of tainted non-performing resources (NPA) stood at 1.36 per cent in Q1FY21 against 1.26 per cent in Q4FY20.

“The ongoing slowdown in financial job has led to a decrease in retail mortgage origination, sale of third occasion products, use of credit ranking and debit cards by possibilities, efficiency in series efforts and waivers of certain charges. As a result, charges or varied income had been lower by approximately Rs 2,000 crore,” HDFC Monetary institution acknowledged.

Running costs declined 2.90 per cent YoY to Rs 7,117.30 crore attributable to lower mortgage origination and sales volumes. The designate-to-income ratio for the quarter stood at 35 per cent as against 39 per cent for the corresponding quarter ended June 30, 2019.

HDFC Monetary institution further added that it mature its analytical devices to search out out slippages, main to a more expedited recognition of NPAs, as properly as accelerated corresponding say provisions.

The bank also continues to place provisions as on June 30 against the aptitude impact of Covid-19 according to the records in the market at this point in time and the the same are in noteworthy more than the RBI prescribed norms, it acknowledged.

The bank held floating provisions of Rs 1,451 crore and contingent provisions of Rs 4,002 crore for the quarter ended June 30.

Total provisions (comprising say, floating, contingent and current provisions) had been 149 per cent of the contaminated non-performing loans.

Earlier, shares of HDFC Monetary institution on Friday settled 3.46 per cent elevated at Rs 1,099.15 before quarterly outcomes. On the numerous hand, the benchmark BSE Sensex settled 1.50 per cent up at 37,020.

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2 Comments on this Legend

http://economictimes.indiatimes.com/

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http://economictimes.indiatimes.com/

Chandan Pandey10 minutes in the past

thats a factual result. npa is never that noteworthy pondering the moratorium.







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