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

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NEW DELHI: HDFC Bank on Saturday reported a 16.1 per cent year-on-year rise in standalone net profit at Rs 7,729.60 crore compared with Rs 6,658,60 crore in the same quarter last year.

The profit figure came in lower than Rs 7,900 crore figure estimated by analysts in an ET NOW poll.

The private bank said the second wave of Covid disrupted business activity for close to two-third of the quarter, leading to fall in efficiency in collection efforts and higher levels of provisions.

Net interest income (NII) for the quarter rose to Rs 17,009 crore from Rs 15,665.70 crore YoY, led by 14.4 per cent rise in advances and a core net interest margin of 4.1 per cent, the bank said in a BSE filing.

The bank said it made provisions worth Rs 4,219.70 crore for the quarter compared with Rs 3,891.5 crore in the year-ago quarter and Rs 4,694 crore in the March quarter. Gross non-performing asset (NPA) came in at 1.47 per cent compared with 1.32 per cent in the March quarter.

“The disruptions led to an decrease in retail originations, sale of third party products, card spends, efficiency in collection efforts. The lower business volumes, coupled with higher slippages, resulted in lower revenues, as well as enhanced levels of provisioning,” the bank said.

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