Private sector lender HDFC Bank on Saturday reported a net profit of ₹6,345 crore, for the quarter ended September 30, which is 26.8% higher than the same period of the previous year. The growth in profit comes on the back of a 39.2% growth in other income to ₹5,588.7 crore mainly due to gain from sale of investments. Revaluation of investment gains stood at ₹480.7 crore during the quarter compared with a ₹32.8-crore loss in the same period of the previous quarter. Provisions increased sharply to ₹2,700.7 crore during the quarter from ₹1,820 crore mainly due to an increase in loan loss provisioning which went up to ₹2,038 crore from ₹1,572.5 crore. Retail loan growth was 14.7%, which was 52% of the total loan book.

Source: The Hindu October 19, 2019 15:30 UTC