HDFC Bank said that its net profit grew by 17.6 percent year-on-year in the September quarter.
HDFC Bank Q2 Results: Private lender HDFC Bank said on Saturday that its net profit grew by 17.6 per cent year-on-year in the September quarter. The net profit of the company has been Rs 8,834.30 crore. The company’s profit was Rs 7,513.11 crore in the year-ago quarter. However, experts had predicted more profit than this.
Net interest income up 12.1%
HDFC Bank said its net interest income (NII) grew 12.1 per cent year-on-year to Rs 17,684.40 crore in the quarter. NII is the difference between the interest income earned by the bank from the loans and the interest paid to the depositors. NII stood at Rs 15,776.40 crore in the year-ago quarter. Core Net Interest Income (NIM) for the quarter stood at 4.1 per cent.
Provisions and contingencies for the quarter have increased to Rs 3,924.70 crore. It stood at Rs 3,703.50 crore in the year-ago quarter. The bank said that the total provision for the quarter includes contingent provision of Rs 1,200 crore. Provisions and contingencies stood at Rs 4830.84 crore at the end of June quarter. So there has been a decline in provisions, but it has been higher on a year-on-year basis.
The asset quality of the bank has also improved. The total non-performing assets (GNPA) of the company as on 30 September 2021 stood at 1.35 per cent of the total advances. These were at 1.47 per cent on 30 June 2021 and 1.37 per cent on 30 September 2020. Net Non-Performing Assets (NPA) stood at 0.40 per cent of Net Advances as on 30 September 2021.
Increase in the revenue of the company
HDFC Bank’s net revenue (net interest income plus other income) grew 14.7 per cent to Rs 25,085.2 crore in the September quarter. Net revenue stood at Rs 21,868.8 crore in the same quarter last year.
Let us tell you that HDFC Bank recently started Treats 3.0 campaign in which customers will be given the benefit of many offers. HDFC Bank has said that under the Treat 3.0 campaign, many attractive offers will be given on cards, loans and EMIs. This campaign has been launched in view of the festive season.
HDFC Bank is a private sector bank that provides various types of banking facilities to the customers. Regarding the Treats 3.0 campaign, HDFC Bank has said that it has partnered with more than 10,000 merchants of the country to give customers the benefit of attractive offers during the festive season. All these merchants run their business in different 100 places of the country. According to these places, HDFC Bank will pass on the benefit of the offer to the customers. All these offers have been designed keeping in mind the personal and business needs of the people.
read this also: Post office started this new service, you can get detailed information about scheme and transaction like this
read this also: Internet banking and other services of this bank will be closed for 9 hours, customers will have trouble