On Saturday, 15 January, HDFC Bank announced its financial results report for the quarter ending December 2021. The bank reported a net profit of Rs 10,342.2 crore in the October-December quarter and representing a growth of 18% YoY as compared to Rs 8834.31 crore in the previous year during the same quarter.
Net interest income for the quarter under review grew by 13 percent to Rs 18,443.5 crore, up from Rs 16,317.6 crore a year ago. Other net income stood at Rs 8,183.6 crore, accounting for 30.7% of net revenue for the quarter ending December 31 and representing a growth of nearly 10% in the previous year during the same period.
The net income from operations stood at Rs 40651.60 crores. whereas, in the previous year it was Rs 38754.16 crores. Adding on, the total profit before tax was Rs 13781.97 crore as compared to Rs 11882.63 crores in the previous year, ending in the same quarter.
“The impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activities. The disruptions following the outbreak, have impacted loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts resulting in increase in customer defaults and consequent increase in provisions thereagainst.” the report stated.