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HDFC Bank Q1 Profit Jumps 21%; Announces Interim Dividend And Share Split

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On Saturday, HDFC Bank posted a 21 percent increase in its standalone net profit to Rs 5,568.16 crore for the June-ended quarter from Rs 4,601.44 crore in the corresponding period of the last year.

The private lender's net interest income rose 22.94 percent to Rs 13,294.25 crore in the first quarter of the FY20 as against Rs 10,813.57 crore in Q1 of FY19.

HDFC Bank Q1 Profit Jumps 21%; Announces Interim Dividend And Share Split
 

Provisions and contingencies surged by 60 percent on a year-on-year basis and 38.35 percent on a quarter-on-quarter basis to Rs 2,613.66 crore in the April-June period.

Standalone operating profit before provision and contingencies were 28.90 percent higher at Rs 11,147.24 crore for the period under review as against Rs 86,47.75 crore in the same period last year.

HDFC Bank's asset quality deteriorated marginally with percentage of gross non-performing assets (NPA) increasing to 1.40 percent for the June quarter against 1.36 percent in the previous quarter. Percentage of net NPA rose to 0.43 percent from 0.39 percent in the March quarter.

Share Split

In the Annual General Meeting held on 12 July, the sub-division (split) of one equity share of the bank from nominal value of Rs 2 each into 2 equity shares of nominal value of Rs 1 each was approved. The record date for the sub-division is 2- September 2019.

Interim Dividend

The bank's board also declared a special interim dividend of Rs 5 per share of Rs 2 in commemoration of 25 years of the bank's operations.

Read more about: hdfc bank q1
Story first published: Saturday, July 20, 2019, 17:10 [IST]
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