HDFC Bank Net Profits Rise 17.7 Per Cent Rs 6,928 Crores

HDFC Bank reported a 17.7 per cent year-on-year (YoY) rise in net profit to Rs 6,927.70 crore, which was marginally lower than Rs 7,000 crores that most analysts had anticipated.

Net interest income for the quarter grew to Rs 15,204 crore from Rs 13,089 crore, driven by 21.3 per cent growth in advances and a 24.3 per cent growth in deposits.

HDFC Bank noted that the March quarter was marked by a considerable slowdown in economic activity following the outbreak.

"Due to strict social distancing policy, the bank did see a hit in volumes in terms of loan origination, distribution of third party activities and payments product activities," it said in a press release.