HDFC Bank’s Q4 FY20 net profit up 18% to Rs 6,927.7 cr

Mumbai: Lending major HDFC Bank on Saturday reported a 17.7 per cent increase in its standalone net profit for the January-March quarter of 2019-20 on a year-on-year basis.

The bank’s net profit for the fourth quarter of financial year 2019-20 rose to Rs 6,927.7 crore, HDFC Bank said in a regulatory filing to the Bombay Stock Exchange.

“The Bank’s net revenues increased by 18.2 per cent to Rs 21,236.6 crore for the quarter ended March 31, 2020 over the corresponding quarter of the previous year,” the filing said.

“Net interest income for the quarter ended March 31, 2020 grew to Rs 15,204.1 crore from Rs 13,089.5 crore for the quarter ended March 31, 2019, driven by growth in advances of 21.3 per cent, and a growth in deposits of 24.3 per cent. The net interest margin for the quarter was 4.3 per cent.”

The bank’s provisions and contingencies for the quarter ended March 31, 2020 rose to Rs 3,784.5 crore as against Rs 1,889.2 crore for the quarter ended March 31, 2019.

“Total provisions for the current quarter included credit reserves relating to COVID-19 in the form of contingent provisions of approximately Rs 1,550 crore,” the filing said.

For the fiscal 2019-20, the bank’s net profit grew by 24.6 per cent on a YoY basis to Rs 26,257.3 crore.

“Gross non-performing assets were at 1.26 per cent of the gross advances as on March 31, 2020, as against 1.42 per cent as on December 31, 2019 and 1.36 per cent as on March 31, 2019,” the filing said.

“Net non-performing assets were at 0.36 per cent of net advances as on March 31, 2020.”

Consolidated net profit for the quarter ended March 31, 2020 rose by 15.5 per cent to Rs 7,280 crore over the quarter ended March 31, 2019.

“The consolidated net profit for the year ended March 31, 2020 was Rs 27,254 crore, up 22 per cent, over the year ended March 31, 2019.”

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