Home » HDFC Bank net profit rises 16% to Rs 7,729 crore

HDFC Bank net profit rises 16% to Rs 7,729 crore

    MUMBAI: HDFC Bank reported a lower-than-expected net profit of Rs 7,729.6 crore for the quarter ended June 2021, an increase of 16.1% over the corresponding quarter last year.
    The bank recorded a net profit of Rs 6,658 crore in the corresponding quarter last year and Rs 8,186 crore for the quarter ended March 2021.
    Profits were constrained by a 23% rise in provisions to Rs 4,803 crore from Rs 3,891 crore in the corresponding quarter last year. The ratio of gross non-performing assets (bad loans) to gross advances rose to 1.47% from 1.36% a year ago. Speaking at the bank’s annual general meeting on Saturday, Atanu Chakraborty, chairman, HDFC Bank, said the pandemic has induced general risk aversion which has translated into lower spending.
    On the RBI action against the bank for not being able to fix glitches in its online services, Chakraborty said they have taken the action in the right spirit.



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