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HDFC BANK LOGS 35% INCREASE IN NET PROFIT
The New Indian Express
|July 21, 2024
RETURNING to its once famed over 30% net income for as many as 34 quarters on the trot which ended with the pandemic era, the second-largest lender logged in a robust 35.33% jump in net profit at 16,174.75 crore for the June quarter even though the numbers are not comparable since the merger with its parent took effect only from July last year.
Higher profit is in spite of the bank seeing doubling of its standalone net NPAs and gross NPAs shooting up by 73% in absolute basis as the balance sheet expanded with the merger and not in actual percentage terms as the provisions came down massively. Loan provisions for the quarter stood at ₹2,602 crore, a reduction compared to ₹13,511.64 crore in the previous quarter indicating that the asset quality has only improved.
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