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HDFC Bank Q4 net profit jumps 18% on-yr; board decides against declaring dividend in Mar 2021 amid COVID surge

HDFC Bank reported an 18.2% yoy jump in stand-alone net profit to Rs 8,186.51 crore for the January-March quarter of fiscal 21. The company had a profit of 6 Rs 927.6 crore in the corresponding quarter of the previous year. In the midst of the second wave of COVID-19, the company informed that its board of directors considered it prudent not to currently propose a dividend for the year ended March 31, 2021. Net interest income (NII) of the most India’s largest private sector lender, the difference between interest earned on loans and interest paid to depositors increased 12.6% year-on-year to 17,120 crore rupees in the quarter under review, compared to to 15,204 crore rupees at the same time last year. The Bank’s net income (net interest income plus other income) increased to Rs 24,713 crore in the fourth quarter from FY21 compared to Rs 21,236 crore the previous year.

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Abhinav Garg

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