HDFC Bank, India’s most valued lender, has reported a net profit of Rs 6,345 crore for the September quarter of 2019-20 (financial year 2020) — an increase of 26.8 per cent over Rs 5,006 crore in the same quarter of the previous year.
Gross non-performing assets (NPAs) were at Rs 12,508 crore, or 1.38 per cent, of gross advances, as on September 30, 2019 (1.2 per cent excluding NPAs in the agricultural segment), as against 1.4 per cent as on June 30, 2019 (1.2 per cent excluding NPAs in the agricultural segment) and 1.33 per cent as of September 2018.
The bank’s total income for the quarter ended September 30, 2019, grew by 19.6 per cent to Rs 33,755.0 crore from Rs 28,215.2 crore in the year-ago quarter.
Bank keeps on delivering, no signs of slowdown
HDFC Bank has again delivered with consistent growth — in terms of earnings as well as stock performance. Due to its earnings potential and past performance, the Street has rewarded the stock, which has jumped almost 16 per cent so far this year. The scrip gained 0.7 per cent on Friday to close at Rs 1,229.20.
Net revenues (net interest income plus other income) increased by 21.1 per cent to Rs 19,103.8 crore for the quarter from Rs 15,779.0 crore in the same quarter of the previous year.
Net interest income (interest earned less interest expended) for the quarter ended September 30, 2019, grew to Rs 13,515.0 crore from Rs 11,763.4 crore for the quarter ended September 30, 2018, driven by average asset growth of 15 per cent and a core net interest margin for the quarter of 4.2 per cent.
Total deposits as of September 2019 were Rs 1,021,615 crore, an increase of 22.6 per cent over September 30, 2018.
“Domestic retail loans grew by 14.7 per cent and domestic wholesale loans grew by 27.9 per cent. The domestic loan mix as per Basel 2 classification between retail and wholesale was 52:48.
Overseas advances constituted 3 per cent of total advances,” the bank said.
The bank’s distribution network comprised 5,314 banking outlets and 13,514 ATMs across 2,768 cities/towns at the end of September 2019, against 4,825 banking outlets and 13,018 ATMs across 2,718 cities/towns a year ago, the lender said in a statement.
HDFC Bank shares rose 0.69 per cent to Rs 1,229.20 on the BSE on Friday. Its market capitalisation was Rs 6.72 lakh crore.
The Nomination and Remuneration Committee of the bank has granted 4.61 crore equity stock options at the face value of Rs 1 each for the grant price of Rs 1,229 per share.
— With PTI inputs