Hdfc bank ltd, Financial services company

Private sector lender HDFC Bank on Saturday reported a net profit of Rs 6,659 crore in the quarter ended June 30, marking a jump of 19.6 per cent over Rs 5,568 crore in the same period of last fiscal.The profit before tax was at Rs 8,938 crore with tax expenses totalling Rs 2,279 crore, it said in a statement issued after a meeting of the board of directors.However, provisions and contingencies in Q1 FY21 increased to Rs 3,892 crore (consisting of specific loan loss provisions of Rs 2,740 crore and general provisions and other provisions of Rs 1,152 crore) as against Rs 2,614 crore (consisting of specific loan loss provisions of Rs 2,248 crore and general provisions and other provisions of Rs 366 crore) in Q1 FY20.The core credit cost ratio was 1.08 per cent as compared to 0.77 per cent in the quarter ending March 31 and 1.07 per cent in the quarter ending June 30 last year.The bank's net revenues (net interest income plus other income) grew to Rs 19,741 crore in Q1 FY21 from Rs 18,265 crore in Q1 FY20.Net interest income (interest earned less interest expended) grew by 17.8 per cent to Rs 15,665 crore from Rs 13,294 crore, driven by growth in advances of 20.9 per cent and growth in deposits of 24.6 per cent. The net interest margin for the quarter was at 4.3 per cent.Other income (non-interest revenue) at Rs 4,075 crore was 20.6 per cent of the net revenues as against Rs 4,970.3 crore in Q1 FY20."The continued slowdown in economic activity has led to a decrease in retail loan origination, sale of third party products, use of credit and debit cards by customers, efficiency in collection efforts and waivers of certain fees," the bank said in a statement. "As a result, fees and other income were lower by about Rs 2,000 crore."Operating expenses in Q1 FY21 were Rs 6,912 crore, down 2.9 per cent over Rs 7,117 crore during the corresponding quarter of previous year.The cost-to-income ratio for the quarter was at 35 per cent as against 39 per cent while operating expenses were lower primarily due to lower loan origination and sales volumes. Pre-provision operating profit at Rs 12,829 crore grew by 15.1 per cent over the corresponding quarter of the previous year.( With inputs from ANI )

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Private sector lender HDFC Bank on Saturday reported a net profit of Rs 6,659 crore in the quarter ended June 30, marking a jump of 19.6 per cent over Rs 5,568 crore in the same period of last fiscal. ...