HDFC Bank Q2 Results: HDFC Bank’s integrated net profit rose 16 per cent to Rs 7,703 crore in the second quarter of the current financial year. The bank gave its information on Saturday. The country’s largest private sector bank earned a net profit of Rs 6,638 crore in the same quarter of the previous financial year. The bank said in a release that its total income increased to Rs 38,438.47 crore during the quarter under review, from Rs 36,130.96 crore in July-September 2019.
NPA stood at Rs 11,304.60 crore
The bank’s gross non-performing assets (NPAs) came down to 1.08 per cent during this period. It was 1.38 percent a year ago. The bank’s gross NPA or submerged debt by value stood at Rs 11,304.60 crore, compared to Rs 12,508.15 crore in the same quarter of the previous financial year. Similarly, net NPAs also came down from 0.42 per cent (Rs 3,790.95 crore) to 0.17 per cent (Rs 1,756.08 crore).
However, provision for NPA and other contingency expenses increased to Rs 3,703.50 crore from Rs 2,700.68 crore a year ago. The bank said that in its meeting held on Saturday, its board of directors appointed Shashidhar Jagadishan as the additional director, managing director and chief executive officer. His appointment is yet to be approved by the shareholders of the bank. Jagadishan’s appointment will be for a period of three years, which will start from October 27, 2020, which has been approved by the Reserve Bank of India through his email on August 3, 2020.
19.6 percent profit was made in the previous quarter
Earlier, HDFC Bank’s April-June quarter’s single net profit rose 19.6 per cent to Rs 6,658.62 crore. The bank had said that its income rose to Rs 34,453.28 crore during the quarter, from Rs 32,361.84 crore in the same quarter of the previous financial year. On the property front, the bank’s gross non-performing assets fell to 1.36 per cent in the quarter ended June 30. The bank’s gross NPA or submerged debt by value was Rs 13,773.46 crore.