HDFC Bank’s consolidated net profit for the June quarter has increased by 14 per cent to Rs 7,922 crore, as compared to a profit of Rs 8,434 crore in the March quarter. On a standalone basis, the bank has made a profit of Rs 7730 crore, which is higher than the corresponding period of last year. The bank had earned a profit of Rs 6659 crore in the same period last year. At the same time, in the January-March quarter, the bank earned a profit of Rs 8,187 crore.
8.57 percent increase in net interest income
The net interest income of the bank has increased by 8.57 per cent and has reached Rs 17,009 crore. The advances of the bank have increased by 14.4 per cent and the net interest margin has gone up to 4.1 per cent. On the other hand, the other income has increased by 54.3 percent to Rs 4,075 crore.
Last year, HDFC Bank had to suffer a lot due to the lockdown imposed to control Corona. This affected the retail loan segment significantly. Revenue was reduced due to low business volume and high slippage.
Expected growth in retail loans
The total NPA of the bank has increased from 1.32 percent to 1.47 percent. Capital adequacy ratio has increased from 18.8 per cent to 19.1 per cent. At the same time, the core net interest margin of the bank is 4.1. Due to the second wave of Corona, the functioning of the bank was affected for two quarters. Its result was clearly visible. The effect of the provision of the bank is also visible on its profits. However, the bank has said that its performance will improve in the next two quarters. HDFC Bank expects the retail loan segment to gain further momentum.
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