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HDFC Financial institution Q2 web revenue rises 16% to Rs 7,703 crore – enterprise information

HDFC Financial institution on Saturday reported a 16 per cent rise in its consolidated web revenue at Rs 7,703 crore for the second quarter ended September 30.

The personal sector lender had posted a consolidated web revenue of Rs 6,638 crore within the corresponding quarter a 12 months in the past.

Complete consolidated revenue in the course of the quarter below assessment rose to Rs 38,438.47 crore as in opposition to Rs 36,130.96 crore in July-September 2019, the financial institution stated in a launch.

On asset entrance, gross non-performing belongings (NPAs) of the financial institution fell to 1.08 per cent of the gross advances as on September 30, 2020, as in opposition to 1.38 per cent a 12 months earlier.

In absolute worth, gross NPAs or dangerous loans lowered to Rs 11,304.60 crore from Rs 12,508.15 crore. Likewise, web NPAs too got here right down to zero.17 per cent (Rs 1,756.08 crore) from zero.42 per cent (Rs three,790.95 crore).

Nevertheless, its provisioning for dangerous loans and contingencies rose to Rs three,703.50 crore for the second quarter of FY21 as in opposition to Rs 2,700.68 crore parked apart for throughout the identical interval a 12 months in the past.

Consolidated advances grew by 14.9 per cent to Rs 10.89 lakh crore on the finish of September 2020 from Rs 9.47 crore a 12 months earlier, HDFC Financial institution stated.

In the meantime, the lender knowledgeable that its board of administrators on the assembly held on Saturday accredited appointment of Sashidhar Jagdishan as an extra director and in addition managing director and chief government officer of the financial institution.

His appointment is topic to the approval of the shareholders of the financial institution. Jagdishan’s appointment will probably be for a interval of three years beginning October 27, 2020, as accredited by the Reserve Financial institution of India vide its e mail dated August three, 2020, it stated.

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