Q2 FY2021 Results: HDFC Bank reports profit of Rs 7,513 crore, 18% YoY growth

HDFC Bank Ltd. on Saturday released its Q2 FY2021 result. The private sector bank reported a profit of Rs 7,513.11 crore in the September quarter, a 18% YoY growth.

HDFC Bank Ltd. on Saturday released its Q2 FY2021 result. The private sector bank reported a profit of Rs 7,513.11 crore in the September quarter, a 18% YoY growth.

The entity in its BSE regulatory filing stated that it had posted a profit of Rs 6,345 crore in the September quarter previous year.

The Net interest income (NII) increased by 16.7% YoY to Rs 15,776.4 crore. The core net interest margin for the Q2 FY2021 was calculated at 4.1%.

Provisions and contingencies increased by 37% to Rs 3,703.5 crore. It recorded Non-Performing Assets at Rs 1,756 crore compared to Rs 3,280 crore the previous Q1 quarter.

It stated, “Total provisions includes contingent provisions of approximately Rs 2,300 crore for proforma NPA as well as additional contingent provisions to make the balance sheet more resilient.”

The largest private sector lender also announced the appointment of Mr. Sashidhar Jagdishan as an Additional Director on the Board.

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