HDFC Bank on Saturday reported steady growth in profits as bad loans remain in control and other income rose.
The private lender posted a 15.8 per cent rise in its consolidated net profit at Rs 8,434 crore for the quarter ended March 2021, as compared to Rs 7,280 crore in the corresponding quarter a year ago.
“Consolidated advances grew by 13.6 per cent from Rs 10,43,671 crore as on March 31, 2020 to Rs 11,85,284 crore as on March 31, 2021,” HDFC Bank said in a regulatory filing.
The consolidated net profit for the year ended March 2021 was Rs 31,833 crore, up 16.8 per cent over the previous fiscal year.
Total income (consolidated) increased to Rs 40,909.49 crore for the January-March quarter of FY 2020-21 from Rs 38,287.17 crore in the year-ago period.
On the asset front, the bank’s gross non-performing assets for the quarter under review stood at 1.32 per cent of the gross advances as compared with 1.38% reported in the December quarter.
The NPA stood unchanged at 0.40 per cent (Rs 4,554.82 crore) as against 0.36 per cent (Rs 3,542.36.)
Provisions for bad loans and contingencies were raised to Rs 4,693.70 crore for the reported quarter from Rs 3,784.49 crore parked aside in the year-ago period.
“The bank also continues to hold provisions as on March 31, 2021 against the potential impact of Covid-19 based on the information available at this point in time and the same are in excess of the RBI prescribed norms,” HDFC Bank said.
The bank held floating provisions of Rs 1,451 crore and contingent provisions of Rs 5,861 as on March 31, 2021, bank’s statement said.