HDFC Bank Reported Degrowth of 4.7% in Q1 of FY21

India's top banker and leading home loan lender Housing Development Finance Corporation (HDFC) reported 4.7 per cent degrowth in its net profit during the quarter ended June at Rs 3,052 crore against Rs 3,203 crore in the year-ago period.

The revenue went up marginally to Rs 13,018 crore in Q1 FY21 against Rs 12,990 crore in Q1 FY20. But total expenses went up from Rs 9,011 crore to Rs 9,412 crore in the same period.

During the quarter, HDFC sold 2.6 crore equity shares of HDFC Life, resulting in a pre-tax gain of Rs 1,241 crore, the company said in a statement.

At the same time, the company made provisioning for the impact of COVID-19 of Rs 1,199 crore. Total provisions as on June 30 were at Rs 12,285 crore.

However, net interest income for the April to June quarter rose by 10 per cent from Rs 3,079 to Rs 3,392 crore.

Assets under management stood at Rs 5.31 lakh crore as on June 30 as compared to Rs 4.75 lakh crore last year. Individual loans comprised 74 per cent of the assets under management.

HDFC said gross non-performing loans at Q1-end stood at Rs 8,631 crore as compared to Rs 8,908 crore last year.