HDFC Bank net profit rises 20% during first quarter to Rs 6,658 crore

MUMBAI: HDFC Bank has reported a net profit of Rs 6,658 crore for the quarter ended June 2020 an increase of 19.6% over the quarter ended June 20, 2019. This was despite most of the country being under a lockdown during the first quarter of the current fiscal.
Total advances as of June 30, 2020, were Rs 1,003,299 crore, an increase of 20.9% over June 30, 2019. Total deposits as of June 30, 2020 were Rs 1,189,387 crore, an increase of 24.6% over June 30, 2019.
Provisions and contingencies for the quarter ended June 30, 2020, were Rs 3,891.5 crore (consisting of specific loan loss provisions of Rs 2,739.8 crore and general provisions and other provisions of Rs 1,151.7 crore) as against Rs 2,613.7 crore (consisting of specific loan loss provisions of Rs 2,248.0 crore and general provisions and other provisions of Rs 365.7 crore) for the quarter ended June 30, 2019. Total provisions for the current quarter included contingent provisions of approximately Rs 1,000 crore.
Gross non-performing assets were at 1.36% of gross advances as on June 30, 2020, (1.2% excluding NPAs in the agricultural segment) as against 1.26% as on March 31, 2020 (1.1% excluding NPAs in the agricultural segment) and 1.40% as on June 30, 2019 (1.2% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.33% of net advances as on June 30, 2020.