20
Tuesday
October 2020
3:12 PM IST
News Headlines
ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta        NCW seeks explanation from Kamal Nath for his remarks against MP minister        Imran Khan incapable and clueless; betrayed people of Pakistan: Opposition leaders        Nawaz Sharif''s son-in-law arrested in Pakistan        Kerala''s Covid tally touches 3.33 lakh with 5,022 fresh cases        HC restrains Customs from arresting Sivasankar till Oct 23, suspended officer discharged from hospital        Buttler, bowlers guide RR to seven-wicket win over CSK        Punjab beat MI in second Super Over        Saina, Sindhu's biggest Graffiti in India unveiled        Trump leans into fear tactics in bid to win Midwest states        US polls: New Congress could have more Indian Americans to the House Advertisement        Active COVID-19 cases below 8 lakh for 2nd day in row; recovery rate 88.03 pc        Flood situation grim in parts of Telangana, Karnataka        Dalit woman gang-raped at gunpoint in UP        Army pressed into service in 4 flood-hit Karnataka dists; CM to undertake aerial survey        Pakistan pacer Umar Gul announces retirement from all forms of cricket        HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr        Biden warns Trump wants to scrap health law        BJP govt has surrendered in front of criminals: Akhilesh        Rahul Gandhi, Capt Amarinder vow to force centre to revoke black farm laws        
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Business News
HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr
 
New Delhi: HDFC Bank on Saturday reported a 16 per cent rise in its consolidated net profit at Rs 7,703 crore for the second quarter ended September 30.

The private sector lender had posted a consolidated net profit of Rs 6,638 crore in the corresponding quarter a year ago.

Total consolidated income during the quarter under review rose to Rs 38,438.47 crore as against Rs 36,130.96 crore in July-September 2019, the bank said in a release.

On asset front, gross non-performing assets (NPAs) of the bank fell to 1.08 per cent of the gross advances as on September 30, 2020, as against 1.38 per cent a year earlier.

In absolute value, gross NPAs or bad loans reduced to Rs 11,304.60 crore from Rs 12,508.15 crore.

Likewise, net NPAs too came down to 0.17 per cent (Rs 1,756.08 crore) from 0.42 per cent (Rs 3,790.95 crore).

However, its provisioning for bad loans and contingencies rose to Rs 3,703.50 crore for the second quarter of FY21 as against Rs 2,700.68 crore parked aside for during the same period a year ago.

Consolidated advances grew by 14.9 per cent to Rs 10.89 lakh crore at the end of September 2020 from Rs 9.47 crore a year earlier, HDFC Bank said.

Meanwhile, the lender informed that its board of directors at the meeting held on Saturday approved appointment of Sashidhar Jagdishan as an additional director and also managing director and chief executive officer of the bank.

His appointment is subject to the approval of the shareholders of the bank. Jagdishan's appointment will be for a period of three years starting October 27, 2020, as approved by the Reserve Bank of India vide its email dated August 3, 2020, it said.


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