HDFC Bank Q2 2020 result: Net profit rises 16 pct to Rs 7,703 cr

HDFC Bank Q2 2020 result: India’s largest private lender HDFC Bank on Saturday declared its second quarter results for 2020. As per the exchange filing by the bank, its consolidated net profit has increased by 16 per cent to Rs 7,703 crore in September quarter.

The profit in the year ago period was at ₹6,345 crore. The bank said that the consolidated advances grew by 14 per cent to Rs 1,088,948 crore for the September quarter. HDFC Bank's net interest income increased by 16.7 per cent year-on-year to Rs 15,776.4 crore during the quarter gone by. The private sector lender's net revenue grew to Rs 21,868 crore.

"Total provisions includes contingent provisions of approximately ₹2,300 crore for proforma NPA as well as additional contingent provisions to make the balance sheet more resilient," the bank said.

Bank’s CASA ratio stood at around 42% as of September 2020, compared to 39.3 percent as of September 2019 and 40.1% in June 2020. Meanwhile, its total balance sheet size grew 21.5% (YoY) to ₹1,609,248 crore in the September quarter. Total deposits reported a increase of 20.3% (YoY) to ₹1,325,072 crore.

In the June quarter, the bank reported a 22 percent increase in consolidated net profit at Rs 6,927.24 crore as against Rs 5,676.06 crore in the year-ago period. The bank's provisions, meanwhile, for bad loans and contingencies during April-June 2020-21 were raised to Rs 3,891.52 crore as against Rs 2,613.66 crore in the year-ago same period.

On October 5, HDFC Bank said it registered a 15.8 percent year-on-year growth in advances approximately of Rs 10.37 lakh crore during September quarter, while deposits aggregated to approximately Rs 12.29 lakh crore as of September quarter 2020 increased around 20.3 percent YoY.