HDFC Bank net profit up 17.6% to 8,834 crore

HDFC Bank net profit up 17.6% to 8,834 crore

MUMBAI: HDFC Bank on Saturday reported a net profit of Rs 8,834 crore for the quarter ended September 2021, an increase of 17.6% over Rs 7,513 crore in the corresponding quarter last year.
The bank’s profits rose on the back of a 15.5% increase in loans. Advances rose to nearly Rs 12 lakh crore from Rs 10.4 lakh crore as of September 2020. The private lender has increased its market share by growing loans at more than double the industry growth rate. According to RBI data, overall bank credit grew 6.7% year-on-year up to September 24, 2021.
This resulted in the bank’s net interest income rising 12.1% to Rs 17,684 crore.
In the last 12 months, the bank has increased the share of loans to the agriculture and rural sector in its portfolio. It has also grown loans offered at the time of electronic payments.

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