HDFC Bank on Saturday reported a 16 per cent rise in its consolidated net profit to Rs 7,703 crore for the second quarter ended on September 30, 2020.
The private sector lender had posted a consolidated net profit of Rs 6,638 crore in the corresponding quarter a year ago.
Total consolidated income during the quarter under review rose to Rs 38,438.47 crore from Rs 36,130.96 crore in July-September 2019, the bank said in a release.
Consolidated advances grew by 14.9 per cent to Rs 10.89 lakh crore at the end of September 2020 from Rs 9.47 lakh crore a year earlier, HDFC Bank said.
On standalone basis, HDFC Bank said after providing Rs 2,597.2 crore for taxation, it earned a net profit of Rs 7,513.1 crore, an increase of 18.4 per cent over the quarter ended September 30, 2019.
Total income (standalone) grew to Rs 36,069.42 crore in the second quarter of FY2021 from Rs 33,755 crore in the year ago quarter.
“While the previous quarter largely bore the burnt of the COVID-19 pandemic, some of the softness continued into the current quarter leading to lower retail loan origination, use of debit and credit cards by customers, efficiency in collection efforts and waivers of certain fees.
As a result, fes/other income were lower by approximately Rs 800 crore.
