Private lender HDFC Bank has released the fourth-quarter results of the last financial year on Saturday. The bank said that its net profit for the quarter ended 31 March 2021 increased by 18.1 percent to Rs 8,186.51 crore. The bank had a net profit of Rs 6,927.69 crore in the year-ago period.
The bank's net interest income (NII) increased 12.6 percent to Rs 17,120 crore in the March quarter. In the quarter ended March 31, 2020, it stood at Rs 15,204 crore. However, the bank's standalone net profit was down 6.5 percent sequentially to Rs 8,658.29 crore in the December quarter.
In the March quarter, HDFC Bank's gross NPA increased to 1.32 percent as compared to 1.26 percent year-on-year. The bank has a net NPA of 0.40 percent. It was 0.36 percent in the year-ago quarter.
However, due to uncertainty arising from the second wave of the Coronavirus epidemic, the bank has said that its board has decided against awarding dividends for FY21.
The bank said in a regulatory filing, 'The Kovid-19 pandemic has affected the behavior of customers and created a fear of pandemics in them. Several restrictions are also applicable to businesses and personal activities. This has caused major instability in the global and Indian financial markets and has significantly reduced local economic activity. Sluggish demand during the year led to a decrease in loan demand, sale of third party products, and use of credit and debit cards by customers. This may increase the number of defaulting customers.