HDFC Bank, the largest lender by market cap reported a growth in profit at Rs 6,927.69 crore for the quarter ended March 2020.
This Profitability was supported by higher other income, operating income, NII and lower tax cost, but the sharply higher provisions limited growth.
Whereas the Net interest income, the difference between interest earned and interest expended grew by 16.15 per cent YoY to Rs 15,204.06 crore for the quarter which was driven by strong loans and deposits growth.
It was further reported by the Bank that immediately after the March Quarter end Advances aggregated to approximately Rs 9,93,000 crore as of March 2020, the growth resulted into 21.2 per cent as compared to Rs 8,19,400 crore as of March 2019 (Rs 9,36,000 crore as of December 2019).
The private sector lender recorded a significant business growth during the quarter also it continued to gain market share as deposits grew by 24.2 per cent year-on-year (up 7.4 per cent QoQ) to Rs 11,46,500 crore, the second-best in last 15 quarters.