HDFC bank has reported a 42 percent Year-on-Year(YoY) increase in its net profit to Rs 3,180 crore for the quarter ended March 2021 on the back of higher Net Interest Income (NII).
The NII grew 14 percent YoY to Rs 4,065 crore, it grew despite a 19 percent YoY rise in provisions to Rs 13,025 crore. Whereas, the lender has provided a total provision of Rs 5,491 crore during Q4 in F.Y. 21.
The collection efficiency for individual loans in March 2021 stood 98percent as against 96.3 percent in September, 2020.
Further, HDFC’s board has approved dividend worth Rs 23 per share with a face value of Rs 2.