HDFC Bank Q1 net profit jumps 14.36% to Rs 7,922 cr

FPJ Web DeskUpdated: Saturday, July 17, 2021, 03:04 PM IST
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HDFC bank had posted a consolidated net profit of Rs 6,927.24 crore in the corresponding quarter a year ago. | Picture for Representation

HDFC Bank on Saturday reported a 14.36 percent growth in its consolidated net profit at Rs 7,922.09 crore.

The country's largest private sector lender had posted a consolidated net profit of Rs 6,927.24 crore in the corresponding quarter a year ago.

The June quarter profit has declined when compared with the preceding March quarter's Rs 8,433.78 crore, as per bank's regulatory filings.

Its net profit on a standalone basis stood at Rs 7,729.64 crore in the June 2021 quarter, as against Rs 6,658.62 crore in the year-ago period and the preceding March quarter's Rs 8,186.51 crore.

The city-headquartered bank's total income increased to Rs 36,771 crore in April-June 2021, as compared to Rs 34,453 crore in the year-ago period.

It reported an increase in the gross non-performing assets ratio to 1.47 percent as of June 30, 2021 as against 1.36 percent in the year-ago period and 1.32 percent three months ago.

During the quarter, the country was hit by a “second wave” of COVID-19, with a significant surge in cases following the discovery of mutant coronavirus strains. While there was an improvement towards the end, business activities remained curtailed for almost two thirds of the quarter. These disruptions led to a decrease in retail loan originations, sale of third party products, card spends and efficiency in collection efforts. The lower business volumes, coupled with higher slippages, resulted in lower revenues, as well as an enhanced level of provisioning, the bank said in a press release.

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