HDFC Bank reports 21% rise in Q1 net profit at Rs 5,568.2 crore

HDFC Bank
Private sector lender HDFC Bank on Saturday reported a 21% year-on-year rise in net profit at Rs 5,568.2 cr for the quarter ended June 30, 2019 (Q1FY20).

The bank had posted a net profit of Rs 4,601.44 crore in the corresponding period last year. 

HDFC Bank reported a net interest income (NII) of Rs 13,924 crore in Q1FY20, up 22.9% from the Rs 10,813.6 crore reported in the corresponding period last year.

The lender's gross NPA came in at Rs 11,769 crore, while the net NPA came in at Rs 3,567 crore.

Analysts at Prabhudas Lilladher had pegged the bank’s Q1FY20 net profit at Rs 5,865 crore, up 27.5 per cent YoY from a profit of Rs 4,601.4 crore clocked in the June quarter of previous fiscal (Q1FY19). The bank had reported a profit of Rs 5,885.1 crore in the March quarter of FY19 (Q4FY19).

Analysts had expected the private lender to report NII between Rs 12,390 crore and Rs 13,470 crore, a jump of 20 to 24 per cent from Rs 10,814 crore reported in the same quarter of the previous fiscal.