Read more about HDFC Bank’s net profit rises 16% in June quarter; misses Street estimates on Business Standard. The bank’s NII rose 8.57 per cent in Q1FY21 to Rs 17,009 crore, driven by growth in advances at 14.4 per cent and a net interest margin of 4.1 per cent
The country’s largest private-sector lender on Saturday reported a 16.1 per cent jump in net profit to Rs 7,729.6 crore in the quarter ending June, lower than Street estimates as the bank’s asset quality deteriorated and provisions increased. In the same period last year, the bank’s net profit stood at Rs 6,658.6 crore. Bloomberg analysts had estimated a net profit of Rs 7,931 crore and Net Interest Income (NII) of Rs 17,634 crore for the first quarter. The NII of the lender rose 8.57 per cent in Q1FY21 to Rs 17,009 crore, driven by growth in advances at 14.4 per cent and a net interest margin of 4.1 per cent. In the same period, the other income of the lender was up 54.3 per cent at Rs 6,228.5 crore. The bank’s net revenue in the June quarter was up 18 per cent at Rs 23,297.
