HDFC Bank Q1 results: Bank's June profit jumps from Rs 6,660 crore to Rs 7730 crore on YoY

HDFC Bank quarter 1 results have been announced. The bank posted strong results for the quarter ended June 30, 2021.  As per HDFC Bank statement, the Bank's profit jumped from Rs 6,660 crore to Rs 7730 crore on year-on-year basis.  

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HDFC Bank Net interest income (NII), the difference between revenues generated by interest-bearing assets and the cost of servicing (interest-burdened) liabilities, also rose on YoY in the results announced for the Q1. Bank's gross NPA, however, also increased from 1.32 per cent to 1.47 per cent on quarter-on-quarter basis, net NPA increased by 0.08 percent. From 0.40 in the last quarter, it grew to 0.48 per cent.   

On QoQ, the capita adequacy ratio of HDFC Bank jumped from 18.81 per cent to 19.1 per cent and provisioning increased from Rs 4690 crore to Rs 4830 crore. Core net interest margin stood at 4.1%. 

The Board of Directors at its meeting held on June 18, 2021 recommended a dividend of 6.50 per equity share of face value of 1 each out of the net profits for the year ended March 31, 2021, subject to approval of the shareholders of the Bank at its ensuing Annual General Meeting, said HDFC bank. "Effect of the proposed dividend has been reckoned in determining capital funds in the computation of capital adequacy ratio as at June 30, 2021," it said. 

"The above financial results have been approved by the Board of Directors at its meeting held on July 17, 2021. The financial results for the quarter ended June 30, 2021 have been subjected to a "Limited Review" by the statutory auditors of the Bank. The report thereon is unmodified. The Bank has applied its significant accounting policies in the preparation of these financial results that are consistent with those followed in the annual financial statements for the year ended March 31, 2021," said HDFC Bank in a statement attached with results.