HDFC Life results: In the same quarter of the previous financial year, the company had earned a net profit of Rs 451 crore. The net profit for the June quarter this year stood at Rs 302 crore.
New premium jumped 20 per cent.
HDFC Life results: HDFC Life’s net profit for the first quarter of the current financial year declined by 33 per cent to Rs 302 crore. Due to this, the company had earned a net profit of Rs 451 crore in the same quarter of the previous financial year. In the information sent to the stock exchanges, the insurance company said that its total premium increased by 31 percent to Rs 7,656 crore in the first quarter of 2021-22. With this, it was Rs 5,863 crore in the same quarter of the previous financial year.
In the April-June quarter, the insurance company’s renewal premium increased by 20 per cent. HDFC Life said on the impact of the pandemic in the first quarter that the company’s death claims during the second wave increased three-four times compared to the first wave. During this time the company settled 70,000 claims. The company said that during the quarter, it settled claims of Rs 1,598 crore and Rs 956 crore in gross and net respectively.
14.36 percent jump in June quarter
Earlier HDFC Bank announced the result for the June quarter. The consolidated net profit of the bank registered a growth of 14.36 percent on a yearly basis and stood at Rs 7922 crore. The bank had a consolidated net profit of Rs 6,927.24 crore in the April-June quarter a year ago.
Net profit down in June quarter compared to March quarter
The bank’s net profit declined in the quarter ended June as compared to the March quarter. It was Rs 8,433.78 crore in the January-March quarter. The bank’s single net profit stood at Rs 7,729.64 crore in the quarter ended June. It was Rs 6,658.62 crore in the same period a year ago, while it was Rs 8,186.51 crore in the quarter ended March 2021.
Increase in total income, NPA also increased
The total income of the bank increased to Rs 36,771 crore in the April-June quarter as compared to Rs 34,453 crore a year ago. For the quarter ended June 30, 2021, the bank’s gross NPA ratio rose to 1.47 per cent from 1.36 per cent in the same period a year ago and 1.32 per cent in the March quarter.
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