HDFC Bank reports 14% increase in Q1 net, performance hit by second COVID-19 wave
The Hindu
HDFC Bank’s core net interest income grew 8.57% to ₹17,009 crore on advances growth of 14.4% and the net interest margin coming at 4.1%, while the other income grew 54.3% to ₹4,075 crore
HDFC Bank’s consolidated net profit for the June quarter increased 14% to ₹7,922 crore, but the largest private sector lender reported reverses because of the second wave of the pandemic which compressed its growth. When compared with the preceding March quarter’s ₹8,434 crore, there was a decline in the consolidated profit. On a standalone basis, the bank reported a post-tax profit of ₹7,730 crore as against ₹6,659 crore in the year-ago period and ₹8,187 crore in the January-March period. Its core net interest income grew 8.57% to ₹17,009 crore on advances growth of 14.4% and the net interest margin coming at 4.1%, while the other income grew 54.3% to ₹4,075 crore.
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