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The figure marginally missed ET NOW poll estimate of Rs 7,002 crore.
Net interest income for the quarter climbed 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.
The NII figure beat ET NOW poll estimate of Rs 14,900 crore. Non-interest income jumped 28.4 per cent to Rs 6,032.60 crore, the bank said.
The private lender reported a doubling of provisions and contingencies to Rs 3,784.50 crore in March quarter compared with Rs 1,899.20 crore in the same quarter last year.
Out of the total provisions, Rs 1,451 crore were floating provisions and the rest Rs 2,996 crore were contingent provisions.
Gross NPA for the quarter eased to 1.26 per cent from 1.42 per cent in December quarter and 1.36 per cent in the year-ago quarter.
HDFC Bank said 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.
Thus, “We could not optimise our collection efforts, and as a result of which fees income were lowered by Rs 450 crore,” it said.
Pre-provision operating profit (PPOP) jumped 19.5 per cent to Rs 12,958.80 crore. The credit cost ratio came in at 0.77 per cent against 0.92 per cent in December quarter and 0.69 per cent in the same quarter last year.
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