HDFC share price rose to 2.14% to Rs 1497.80 after the private lender reported 18.1% rise in net profit to Rs 8,758.29 crore on 4.1% increase in total income to Rs 37,522.92 crore in Q3 FY21 over Q3 FY20 on January 18 early morning.
HDFC Bank is one of India’s leading private banks. The bank’s net interest income showed an increase of 15.1% to Rs 16,317.6 crore in Q3FY21 for the quarter ending in December 2020. The net interest income is the difference between the interest earned by the bak and the interest expended by it.
The profit before tax in the third quarter of December 2020 stood at Rs 11,771.89, up by 18.9% from Rs 9,901.85 crore in the third quarter of December 2019. Tax expense increased by 21.3% YoY to Rs 3,013.60 crore in the third quarter.
The board even approved the appointment of Sashidhar Jagdishan as an additional and managing director of the leading bank for a period of three years starting from 27 October 2020. However, the change is subject to the approval of the shareholders.
HDFC Bank said that the COVID-19 has also affected the economy and banking sector in a very bad way and this has led to changes in customer behaviours. However, after a few of the regulatory measures taken by the government we are touching ourselves back on the track for utmost customer satisfaction and increased contribution of our revenues to the economy making it cover up its instability.
