Business

HDFC Bank Q1 results: Profit rises 16.1% to Rs 7,730 crore, misses Street estimates

NEW DELHI: HDFC Bank on Saturday reported a 16.1% year-over-year independent increase net profit at Rs 7,729.60 compared to Rs 6,658.60 in the same quarter last year.

The profit figure missed analysts’ forecast of Rs 7,900 crore in an ET NOW poll.

Private Bank said the second wave of Covid had disrupted business operating for nearly two-thirds of the quarter, resulting in reduced efficiency in collection efforts and higher provisioning levels.

Capture1

Net interest income (NII) for the quarter rose to Rs 17,009 from Rs 15,665.70 year-on-year, led by a 14.4% increase in advance advances and a 4.1% core net profit margin, the bank said in a statement. a profile of the BSE.

The bank said it made provisions worth Rs 4,219.70 this quarter compared with Rs 3,891.5 in the previous quarter and Rs 4,694 in the third quarter. Provisions and provisions for the quarter include the specific loan provision is Rs 4,219.70 and the general and other provisions are Rs 611.10.

Total non-performing assets (NPA) came in at 1.47% compared with 1.32% in the March quarter and 1.36% in the year-ago quarter.

“Disruption leads to reduced retail origin, sales of third-party products, card spending, efficiency in collection efforts. Lower business volume, coupled with higher slippage, leads to more sales. lower revenue as well as increased provisioning,” the bank said.

Pre-provision operating profit (PPoP) for the quarter rose 18% to Rs 15,137 crore. The liquidity coverage ratio stands at 126%, much higher than the legal requirement.

Take over

The size of the bank’s Balance Sheet at the end of the quarter stood at Rs 17,53,941 as of June 30, up 13.5% from Rs 12,45,103 as of June 30, 2020. capital under Basel III guidelines stood at 19.1% as of June 30 compared with 18.9% in the previous quarter.

https://economictimes.indiatimes.com/markets/stocks/earnings/hdfc-bank-q1-results-profit-rises-16-1-to-rs-7730-crore-misses-street-estimates/articleshow/84496868.cms

Songdep

Inter Reviewed is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@interreviewed.com. The content will be deleted within 24 hours.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

20 − 18 =

Back to top button