HDFC Bank reports net profit of Rs 3,001 crore in June quarter and NII rises 22%

HDFC Bank reports net profit of Rs 3,001 crore in June quarter and NII rises 22%

New Delhi (Anish Yande): Shares of HDFC Bank rose by 2 per cent on Monday’s trading session following the announcement of robust quarterly results in 2021. HDFC Bank shares opened at Rs 2,466 per share from its previous close of Rs 2,441 per share on Friday. The shares of the private lender rose to an intraday high of Rs 2,487 per share. The market cap of the company rose to Rs 443,908 crore.

HDFC Bank‘s standalone net profit falls 1.69 percent:

HDFC Bank reported a standalone net profit of Rs 3,051.52 crore in the corresponding quarter last year. The private lender’s standalone net profit was reported at Rs 3,000.67 crore for the quarter ended June 30, 2021. The Q1 net loss decreased by 1.69 per cent following on a year-on-year basis.

The bank’s consolidated profit after tax was reported at Rs 4,059 crore in the quarter ended in March 2021, as compared with Rs 5,311 crore in the year-ago period, at an increase of 31 per cent year-on-year.

HDFC Bank’s net interest income rose to Rs 4,147 crore in the quarter under review. The net interest income was at Rs 3,392 crore in the corresponding quarter a year ago. The net interest income grew by 22.2 per cent year-on-year. Sequentially, the income increased by 2 per cent as compared to Rs 4,064.8 crore reported in Q4FY21.

Provisions of HDFC Bank rise to Rs 13,189 crore in June:

Total provisions and contingencies rose to Rs 13,189 crore as ended in the quarter ended June 30, 2021. The gross non-performing assets loans of HDFC Bank grew to Rs 11,120 crore in the quarter ended June 30, 2021. The assets under management were at Rs 5,74,136 crore in the quarter ended June 30, 2021, as compared to Rs 5,31,186 crore in the previous year.

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Individual loans consisted of 78 per cent of the Assets Under Management. The average size of individual loans stood at Rs 30.9 lakh compared to Rs 29.5 lakh in FY21.

Image Credit: Google

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