New Delhi: HDFC Bank’s second quarter results- HDFC Bank’s integrated net profit rose 16 percent to Rs 7,703 crore in the second quarter of the current financial year. The bank announced its results on Saturday. The bank had a consolidated net profit of Rs 6,638 crore in the same quarter a year ago.
The bank has said that its total income increased to Rs 38,438.47 crore in the second quarter of this financial year, from Rs 36,130.96 crore in the July-September period of the previous financial year. In the second quarter of this financial year, integrated disbursed loans increased by 14.9 percent to Rs 10.89 lakh crore from Rs 9.47 lakh crore in the year-ago period.
On a single basis, the bank’s total income increased to Rs 36,069.42 crore from Rs 33,755 crore a year ago. The bank said, “In the last quarter, the functioning of the bank was affected by the epidemic of Kovid-19. It also had some impact in the second quarter. This was reflected in the reduction in retail credit disbursement, less usage of debit cards and credit cards and less collection. Due to this, income was reduced by about Rs 800 crore. However, there has been some increase in loan disbursement and card usage compared to the previous quarter.
The bank’s gross non-performing assets (NPAs) fell to 1.08 per cent in the second quarter of this financial year. It was 1.38 percent a year ago. Similarly, net NPA also came down from 0.42 percent to 0.17 percent. However, the provision made for NPAs and contingency items increased to Rs 3,703.50 crore from Rs 2,700.68 crore a year ago.
The bank said that in its meeting held on Saturday, its board of directors approved the proposal to appoint Sasidhar Jagadishan as the additional director, managing director and chief executive officer. This decision is yet to be approved by the shareholders. According to the resolution passed in the board, Jagdishan’s term will start from October 27, 2020.
Jagdishan will take over the reins of HDFC Bank for three years. He will replace the current head of the bank, Aditya Puri. HDFC Bank has achieved rapid growth under the leadership of Aditya Puri. The Reserve Bank of India (RBI) has approved Jagdishan’s appointment. Aditya Puri is scheduled to retire on October 26 after taking over as the managing director of the bank from September 1994.
HDFC Bank’s second quarter results
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