HDFC Bank on Saturday reported an 18 per cent increase in its consolidated net profit at Rs 9,096 crore for the second quarter ended September 2021, even as there is a marginal increase in bad loans.
The country's biggest private sector lender had posted a consolidated net profit of Rs 7,703 crore in the corresponding quarter a year ago.
Total consolidated income during the quarter under review rose to Rs 41,436.36 crore from Rs 38,438.47 crore in July-September 2020, HDFC Bank said in a statement.
Consolidated advances grew by 14.7 per cent from Rs 10,88,948 crore as on September 30, 2020 to Rs 12,49,331 crore as on September 30, 2021.
On a standalone basis, after providing Rs 3,048.3 crore for taxation, it earned a net profit of Rs 8,834.3 crore, an increase of 17.6 per cent over the quarter ended September 30, 2020.
The bank had earned a net profit Rs 7,513.1 crore on a standalone basis in the same quarter a year ago.
Total income (standalone) grew to Rs 38,754.16 crore in the second quarter of FY2022 from Rs 36,069.42 crore in the year-ago quarter.
Net interest income (interest earned less interest expended) for the quarter ended September 2021 grew by 12.1 per cent to Rs 17,684.4 crore from Rs 15,776.4 crore in the corresponding quarter last year.
Profit before tax (PBT) for the quarter ended September 30, 2021 at Rs 11,882.6 crore grew by 17.5 per cent over the corresponding quarter of the previous year.
On asset front, there is a slight deterioration with gross non-performing assets (NPAs) of the bank rising to 1.35 per cent of the gross advances as on September 30, 2021, as against 1.08 per cent at the end of the same quarter a year earlier.
In absolute value, gross NPAs or bad loans increased to Rs 16,346.07 crore from Rs 11,304.60 crore at the end of the corresponding period of the last financial year due to the impact of the pandemic.
Similarly, net NPAs rose to 0.40 per cent (Rs 4,755.09 crore) from 0.17 per cent (Rs 1,756.08 crore) at the end of September 30, 2020.
As a result, provisioning for bad loans and contingencies rose to Rs 3,924.66 crore for the second quarter of FY2022 as against Rs 3,703.50 crore during the year-ago period.
(With inputs from PTI)