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Q2 results: HDFC Bank reports 17.6% jump in net profit

The consolidated net profit for the half-year ended September 30, 2021 was rs 17,018 crore, up 16.3 per cent, over the half year ended September 30, 2020, it said.

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New Delhi: Private lender HDFC Bank on Saturday reported a net profit of Rs 8,834.3 crore, an increase of 17.6 per cent over the quarter ended September 30, 2020.

“Profit before tax (PBT) for the quarter ended September 30, 2021 at Rs 11,882.6 crore grew by 17.5 per cent over the corresponding quarter of the previous year.After providing Rs 3,048.3 crore for taxation, the Bank earned a net profit of Rs 8,834.3 crore, an increase of 17.6 per cent over the quarter ended September 30, 2020,” the bank said.

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The consolidated net profit for the quarter ended September 30, 2021 was Rs 9,096 crore, up 18.1 per cent, over the quarter ended September 30, 2020, it said. Consolidated advances grew by 14.7 per cent from Rs 1,088,948 crore as of September 30, 2020 to Rs 1,249,331 crore as on September 30, 2021, the bank said.

The consolidated net profit for the half-year ended September 30, 2021 was rs 17,018 crore, up 16.3 per cent, over the half year ended September 30, 2020, it said. Operating expenses for the quarter ended September 30, 2021 were Rs 9,277.9 crore, an increase of 15.2 per cent over Rs 8,055.1 crore during the corresponding quarter of the previous year, it said.

The cost-to-income ratio for the quarter was at 37 per cent, the bank added.Pre-provision Operating Profit (PPOP) at Rs 15,807.3 crore grew by 14.4 per cent over the corresponding quarter of the previous year, it said.Provisions and contingencies for the quarter ended September 30, 2021 were Rs 3,924.7 crore as against Rs 3,703.5 crore for the quarter ended September 30, 2020, the bank said.

Total provisions for the current quarter included contingent provisions of approximately Rs 1,200 crore, it said.The total credit cost ratio was at 1.30 per cent, as compared to 1.67 per cent for the quarter ending June 30, 2021 and 1.41 per cent for the quarter ending September 30, 2020, the bank added.

For the half year ended September 30, 2021, the Bank earned a total income of Rs 75,525.6 crore as against Rs 70,522.7 crore in the corresponding period of the previous year.Net revenues for the half year ended September 30, 2021 were Rs 48,382.6 crore, as against Rs 41,609.6 crore for the half year ended September 30, 2020.

Net profit for the half year ended September 30, 2021 was Rs 16,564.0 crore, up by 16.9 per cent over the corresponding half year ended September 30, 2020.

Gross non-performing assets were at 1.35 per cent of gross advances as on September 30, 2021, as against 1.47 per cent as on June 30, 2021 and 1.37 per cent as on September 30, 2020.

Net non-performing assets were at 0.40 per cent of net advances as on September 30, 2021.The Bank held floating provisions of Rs 1,451 crore and contingent provisions of Rs 7,756 crore as on September 30, 2021.

Total provisions were 163 per cent of the gross non-performing loans as on September 30, 2021.The bank’s net revenues increased by 14.7 per cent to Rs 25,085.2 crore for the quarter ended September 30, 2021 from Rs 21,868.8 crore for the quarter ended September 30, 2020.

Net interest income for the quarter ended September 30, 2021 grew by 12.1 per cent to Rs 17,684.4 crore from Rs 15,776.4 crore for the quarter ended September 30, 2020, the bank said.Advances grew at 15.5 percent reaching new heights driven through relationship management, digital offering and breadth of products, it said.

“Core net interest margin was at 4.1 per cent. New liability relationships added during the quarter were at an all time high. This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123 per cent, well above the regulatory requirement, which positions the Bank favorably to capitalize on the opportunities that would arise as the economy gains momentum during the festive months,” the bank said.

Other income stood at Rs 7,400.8 crore was 29.5 percent of net revenues for the quarter ended September 30, 2021 and grew by 21.5 per cent over Rs 6,092.5 crore in the corresponding quarter of the previous year, it said.

The bank added 256 branches and 12,259 people over the last 12 months and made other investments to position itself and capitalize on the growth opportunity.

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