HDFC Bank first quarter net profit up 18.04 percenthttps://indianexpress.com/article/business/banking-and-finance/hdfc-bank-net-profit-business-news-5839519/

HDFC Bank first quarter net profit up 18.04 percent

The bank had reported a net profit of Rs 4,808.35 crore in the same quarter of the previous financial year, according to a regulatory filing.

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Total income increased to Rs 34,324.45 crore during the April-June quarter of 2019-20 fiscal from Rs 28,000.06 crore in the year-ago quarter. (File)

Private lender HDFC Bank Saturday announced an 18.04 percent jump in its consolidated net profit at Rs 5,676.06 crore during the first quarter of 2019-20 on strong income.

The bank had reported a net profit of Rs 4,808.35 crore in the same quarter of the previous financial year, according to a regulatory filing.

Total income increased to Rs 34,324.45 crore during April-June quarter of 2019-20 fiscal from Rs 28,000.06 crore in the year-ago quarter.

During the quarter, gross non-performing assets (NPAs) rose to Rs 11,768.95 crore which is 1.40 percent of the total advances, compared with Rs 9,538.62 crore which was 1.33 percent in the same quarter 2018-19 fiscal.

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Net NPAs of the bank also rose to 0.43 percent of the assets during April-June 2019 as against 0.41 percent in the year-ago period.

The bank’s provisions (other than tax) and contingencies increased sharply to Rs 2,613.06 crore during the first quarter of this fiscal as against Rs 1,629.37 crore said in the year-ago period.