HDFC Bank reports 16.1% year-on-year rise in net profit for Q1FY22

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HDFC Bank reports 16.1% year-on-year rise in net profit  for Q1FY22
HDFC BankBusiness Insider
HDFC Bank on Saturday reported a year-on-year rise of 16.1 per cent in its net profit for Q1FY22.

Accordingly, the bank's net profit increased to ₹7,729.6 crore during the quarter under review ended June 30 in the current fiscal, over the quarter ended June 30, 2020.

Besides, the bank's net interest income (interest earned less interest expended) rose to ₹17,009.0 crore from ₹15,665.4 crore for the quarter ended June 30, 2020.

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"During the quarter, the country was hit by a 'second wave' of Covid-19, with a significant surge in cases following the discovery of mutant coronavirus strains. While there was an improvement towards the end, business activities remained curtailed for almost two thirds of the quarter."

"These disruptions led to a decrease in retail loan originations, sale of third party products, card spends and efficiency in collection efforts. The lower business volumes, coupled with higher slippages, resulted in lower revenues, as well as an enhanced level of provisioning."

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