HDFC Bank net profit up 17.72% in Q4

HDFC Bank's net profit rose 17.72% to Rs 6,927.69 crore on 15.10% increase in total income to Rs 35,917.63 crore in Q4 March 2020 over Q4 March 2019.

The result was announced on Saturday (18 April 2020).

Shares of HDFC Bank rose 3.33% to Rs 910.40 on Friday (17 April 2020).

The stock hit a 52-week high of Rs 1304.1 on 19 December 2019. The stock hit a 52-week low of Rs 738.9 on 24 March 2020.

The bank's gross non-performing assets (NPAs) stood at Rs 12649.97 crore as on 31 March 2020 as against Rs 13427.25 crore as on 31 December 2019 and Rs 11224.16 crore as on 31 March 2019.

The ratio of gross NPAs to gross advances stood at 1.26% as on 31 March 2020 as against 1.42% as on 31 December 2019 and 1.36% as on 31 March 2019.

The ratio of net NPAs to net advances stood at 0.36% as on 31 March 2020 as against 0.48% as on 31 December 2019 and 0.39% as on 31 March 2019.

The bank's provisions and contingencies jumped 100.32% to Rs 3,784.49 crore in Q4 March 2020 from Rs 1,889.22 crore in Q4 March 2019.

The private lender's net profit rose 24.57% to Rs 26,257.32 crore on 18.42% rise in total income to Rs 138,073.47 crore in the year ended March 2020 over the year ended March 2019.

In a separate announcement on Saturday, HDFC Bank informed that pursuant to the recommendation of the nomination and remuneration committee (NRC), the board of directors of the bank has finalized the names of three candidates for the position of MD & CEO of the bank.

As per the extant RBI norms, the Bank will be submitting its application to RBI with the names of the candidates in the order of preference, seeking approval for the appointment of the new MD & CEO, who shall succeed Aditya Puri whose term is due to expire on 26 October 2020.

HDFC Bank is one of India's leading private banks having a banking network of 5,416 branches and 14,901 ATMs spread across 2,803 cities and towns.

Powered by Capital Market - Live News