Ziraat Times News Network

India’s largest private sector lender HDFC Bank has declared a Special Interim Dividend of Rs 5 per share for the current fiscal, in commemoration of 25 years of the Bank’s operations. The bank has reported a 21% on-year rise in net profit to Rs 5,568.20 crore.

In Jammu & Kashmir, HDFC Bank is constantly making progress both in deposit growth and provision of credit to various sectors of the economy.

Data complied by Ziraat Times suggests that for 2018-19, HDFC Bank has surpassed credit provision target for both priority and non-priority sectors by 7.09 % at a total of 107.09%. For non-priority sectors, the bank’s credit provision in Jammu & Kashmir for 2018-19 was 173% of the total target.

The priority sectors include education, housing, agriculture, small and medium enterprises, social infrastructure and renewable energy.

The bank has reported a 21% on-year rise in net profit to Rs 5,568.20 crore. A CNBC TV18 poll had earlier estimated net profit of Rs 5,609 crore. We take a look at key figures from the results.

Key highlights:

  • HDFC Bank earned a net profit of Rs 5,568.2 crore, an increase of 21.0% over the quarter ended June 30, 2018. A CNBC TV18 poll had earlier estimated net profit of Rs 5,609 crore.
  • The Bank’s total income for the quarter came in at Rs 32,361.8 crore growing by 22.7%  on-year from Rs 26,367.0 crore for the quarter ended June 30, 2018. Net revenues (net interest income plus other income) increased by 24.8% to Rs 18,264.5 crore for the quarter under review. 
  • Net interest income (interest earned less interest expended) for the quarter ended June 30, 2019 grew by 22.9% to Rs 13,294.3 crore, from Rs 10,813.6 crore for the quarter ended June 30, 2018, driven by asset growth and a core net interest margin of 4.3% for the quarter.
  • Other income (non-interest revenue) stood at Rs 4,970.3 crore. The figure was 27.2% of the net revenues for the quarter ended June 30, 2019 and grew by 30.2% over Rs 3,818.1 crore in the corresponding quarter.
  • Operating expenses for the quarter ended June 30, 2019 were Rs 7,117.3 crore, an increase of 18.9% over Rs 5,983.9 crore during the corresponding quarter of the previous fiscal year.
  • Provisions and contingencies for the quarter ended June 30, 2019 were Rs 2,613.7 crore as against Rs 1,629.4 crore for the quarter ended June 30, 2018. Gross non-performing assets were at 1.40% of gross advances as on June 30, 2019 (1.17% excluding NPAs in the agricultural segment) as against 1.33% as on June 30, 2018.
  • Total deposits as of June 30, 2019 were Rs 9,54,554 crore, an increase of 18.5% over June 30, 2018. CASA deposits grew by 12.8% with savings account deposits at Rs 2,53,338 crore and current account deposits at 1,25,663 crore.
  • As of June 30, 2019, the bank’s distribution network was at 5,130 banking outlets and 13,395 ATMs across 2,764 cities / towns as against 4,804 banking outlets and 12,808 ATMs across 2,700 cities/ towns as of June 30, 2018.

Archivies