Mumbai: HDFC Bank reported a lower net profit from Rs 7,729.6 Crore for the quarter ended June 2021, an increase of 16.1% over the quarter in accordance last year.
The bank recorded a net profit of Rs 6,658 Crore in the quarter in accordance with last year and RS 8,186 Crore for the quarter ended March 2021.
The advantage was limited by a 23% increase in the provisions of the RS 4,803 Crore from Rs 3,891 Crore in the same quarter of the year.
Gross non-performing asset ratio (bad loan) for gross progress rose to 1.47% from 1.36% a year ago.
Speaking at the Bank Annual General Meeting on Saturday, Asu Chakraborty, Chair, HDFC Bank, said the pandemic has induced general risk aversion translated into lower expenditure.
In the RBI action against the bank because it could not improve interference at the online service, Chakraborty said they had taken action in the right spirit.