HDFC Bank Q2 net profit rises 17.5% yoy

Mumbai: HDFC Bank on Saturday reported a 17.5% year-on-year growth in net profit in the second quarter of FY21. The bank’s net profit stood at ₹8,834.31 crore for the quarter ended September, compared to ₹7,513.11 crore during the same period last year.

Net interest income, or core income, rose 12% year-on-year to ₹17,684 crore. Other income too rose 21.5% from a year ago to ₹7,401 crore.

The bank’s asset quality improved on a sequential basis, with gross non-performing asset ratio at 1.35%, as compared with 1.47% as of June 30. Net NPA ratio too fell 8 basis points quarter-on-quarter to 0.4%.

Total provisions for the bank rose marginally, by 6% year-on-year, to ₹3,925 crore.

According to quarterly data shared by the bank, out of ₹5,647.5 crore worth retail loans restructured under the Reserve Bank of India’s framework for Covid-affected borrowers, about a fourth or ₹1,283 crore turned non-performing, as of September 30. HDFC Bank also wrote off retail loans worth ₹808.5 crore during the second quarter.

Total restructured loans under the RBI’s special window stood at ₹7,829.48 crore, of which, ₹1,687 crore turned NPA and ₹856.7 crore were written off.

Restructuring implemented under resolution framework 2.0 came in much higher at ₹14,100 crore towards personal loans, ₹1500 crore of individual business loans and Rs1,780 crore of small business loans. Together, the bank restructured 1.45% of advances under this framework and has created ₹2000 crore of provisions towards this.

HDFC bank’s total advances rose 15.4% year-on-year to ₹11.98 lakh crore. Of this, retail advances rose 12.9%, commercial and rural banking loans rose 27.6%, while wholesale loans were up by 6% from a year ago. Total deposits rose 14.4% year-on-year to ₹14.06 lakh crore,

Current account savings account deposits were up by 28.7% from a year ago, where CASA deposits now constitute 46.8% of total deposits.

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