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HDFC Bank's net interest income rose to 16% YoY to Rs 15,204 cr, driven by growth in its advances and deposits. Its non-interest income increased 28% ‘YoY, during the quarter. Further, its net profit rose to 18% YoY to Rs 6,928 cr. However, due to outbreak of virus, the bank doubled its provisions and contingencies to Rs 3,785 cr as compared to Rs 1,899 cr in same quarter last year. The management in its commentary said the quarter remained challenging and witnessed a considerable slowdown in the economic activity in the month of March. For Future outlook management remained highly uncertain and believed that the performance of Forthcoming quarters would depend on how the pandemic pans out in the coming days.
View: We believe despite challenges, HDFC bank reported decent set of numbers For the quarter. It doubled its provisions and contingencies, as a measure against Covid-19. We also believe that the Fall in the stock price has factored in these uncertainties to a certain extent and therefore we would advise investors to accumulate HDFC bank in a staggered manner For long term.
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