HDFC Bank reported a YoY rise of 17.6% in its net profit for Q2FY22

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Mumbai: Lender HDFC Bank on Saturday reported a year-on-year rise of 17.6 percent in its net profit for Q2FY22.

The bank’s net profit increased to Rs 8,834.3 crore during the period under review over the quarter ended September 30, 2020. Besides, the bank’s net interest income (income earned less interest expended) rose 12.1 percent from Rs 15,776.4 crore to Rs. 17,684.4 crore for the corresponding quarter of the previous fiscal,

The lender’s net revenues (net interest income plus other income) increased by 14.7 percent, from Rs 21,868.8 crore to Rs 25,085.2 crore for the quarter that ended September 30, 2020.

“Advances grew at 15.5 percent reaching new heights drive through relationship management, digital offering, and breadth of products Core net interest margin was at 4.1 percent. New liability relationships added during the quarter were at an all-time high,” HDFC Bank said in a statement.

In addition, the bank reported Rs 3,924.7 crore worth of provisions and contingencies during the period under review as against Rs 3.703.5 crore for the quarter ended September 30, 2020