HDFC Bank’s Q1FY21 net profit up 20% to ₹ 6,658 cr

Lending major HDFC Bank on Saturday reported a 19.6 % increase in standalone net profit for the quarter ended June 30 of FY21 on the year-on-year basis.

The bank's net profit for the first quarter of FY21 rose to ₹ 6,658.6 crore, HDFC Bank said. The bank's net revenues grew to ₹ 19,740.7 crore for the quarter ended June 30, 2020 against ₹18,264.5 in the quarter ended June 30, 2019, it said.

"The net interest income for the quarter ended June 30, 2020 grew by 17.8% to ₹ 15,665.4 crore from ₹ 13,294.3 crore for the quarter ended June 30, 2019, driven by 20.9 % growth in advances and 24.6 % growth in deposits. The net interest margin for the quarter was at 4.3 %."

Besides, the bank made ₹ 3,891.5 crore provisions and contingencies for the quarter under review. It comprises specific loan loss provisions of ₹ 2,739.8 crore. "Total provisions for the current quarter included contingent provisions of approximately ₹ 1,000 crore," the bank said.

"The core credit cost ratio was 1.08% against 0.77 % in the quarter ending March 31, 2020 and 1.07 % in the quarter ending June 30, 2019," the HDFC Bank said.