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HDFC: FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

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02 Aug, 19 06:20
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HDFC: FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

Udaipur: The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2019, at their meeting held in Mumbai on Saturday, July 20, 2019. The accounts have been subjected to a 'Limited Review' by the statutory auditors of the Bank. Profit & Loss Account: Quarter ended June 30, 2019 The Bank’s total income for the quarter ended June 30, 2019 at` 32,361.8 croregrew by 22.7% from `26,367.0crore for the quarter ended June 30, 2018. Net revenues (net interest income plus other income) increased by 24.8% to `18,264.5crore for the quarter ended June 30, 2019 from `14,631.6crore in the corresponding quarter of the previous year.Netinterestincome(interestearnedless interestexpended) for the quarter ended June 30, 2019 grew by 22.9% to `13,294.3crore,from`10,813.6croreforthequarterendedJune 30, 2018, driven by asset growth and a core net interest margin for the quarter of 4.3%. Other income (non-interest revenue) at `4,970.3crore was 27.2% of the netrevenues forthe quarter ended June 30, 2019 and grew by 30.2% over `3,818.1crore in the corresponding quarter ended June 30, 2018. The four components of other income for the quarter ended June 30, 2019 were fees & commissions of `3,551.6crore (` 3,171.0crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of `576.7crore (` 499.6crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of `212.0crore (loss of `283.2crore in the correspondingquarteroftheprevious year)andmiscellaneous income, including recoveries and dividend, of `630.0crore (` 430.7crore forthe corresponding quarter of the previous year). Operating expenses for the quarter ended June 30, 2019 were `7,117.3crore, an increase of 18.9% over `5,983.9crore during the corresponding quarter of the previous year. The corecost-to-incomeratioforthequarterwasat39.4%asagainst 40.1% for the corresponding quarter ended June 30, 2018. Provisions and contingencies for the quarter ended June 30, 2019 were `2,613.7 crore as against `1,629.4 crore for the quarter ended June 30, 2018. The key components therein for the quarter ended June 30, 2019 were specific loan loss and contingent provisions of `2,413.5crore (as against ` 1,432.2 crore for the corresponding quarter of the previous year) and general provisions `200.2crore (as against `183.2crore for the corresponding quarter of the previous year). General provisions include additional provisions of ` 85.9 crore for standard advances to the NBFC / HFC sector. Profit before tax (PBT) for the quarter ended June 30, 2019 was up 21.6% to `8,533.6crore. After providing `2,965.4crore for taxation, the Bank earned a net profit of`5,568.2crore, an increase of 21.0% over the quarter ended June 30, 2018. NETWORK As of June 30, 2019, the Bank’s distribution network was at 5,130 banking outlets and 13,395ATMs across 2,764 cities / towns as against 4,804 banking outlets and 12,808 ATMs across 2,700 cities / towns as of June 30, 2018. Of the total bankingoutlets,53%areinsemi-urbanandruralareas.Number of employees were at 104,154 as of June 30, 2019 (as against 89,550 as of June 30, 2018). ASSET QUALITY Gross non-performing assets were at 1.40% of gross advances as on June 30, 2019 (1.17% excluding NPAs in the agricultural segment) as against 1.33% as on June 30, 2018 (1.09% excludingNPAs in the agricultural segment). Net nonperforming assets were at 0.4% of net advances as on June 30, 2019. The Bank held floating provisions of ` 1,451 crore as on June 30, 2019. Total provisions (comprising specific provisions, general provisions and floating provisions) were 115% of the gross non-performing loans as on June 30, 2019. The consolidated net profit for the quarter ended June 30, 2019 was `5,676crore, up 18.0%, over the quarter ended June 30, 2018. Consolidated advances grew by 17.2% from `751,386crore as on June 30, 2018 to `880,939crore as on June 30, 2019.


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