HDFC Bank is well known around the world and it is also known that it is one of the most trusted banks around the world. With countless customers and countless loans given each year by the bank, the third quarter of FY(2020-21) has been quite beneficial for the bank. The bank has seen a surge in its profits. This is where the bank has left many other banks that have not been able to cope up with the times. HDFC Bank has seen a surge of about 18%.
More About The Surge In The Profit Of HDFC Bank:
HDFC Bank has projected a huge profit this year as the bank’s asset quality has improved in the month of December by 0.81% as the quarter with gross bad loan ratio or the percentage of bad loans to total advances declining 61 bps year-to-year. However, with the current year being so much good for the bank, the bank will be making changes too which are as of yet unknown.
The profit of the bank was about Rs. 8758.29 crore and this was due to the high rates of interest along with other income which includes collaborating with Flipkarts and other banks. The profit of the bank has increased by about Rs. 7818 crore. This means that this is a great profit for the HDFC Bank.
The bank’s total advances were at ₹10.82 trillion in the third quarter of FY21. This was an increase of about 15.6% when compared to the same period last year. If we talk about the domestic retail loans, they grew by about 5.2% and domestic wholesale loans grew 25.5%. The HDFC Bank in its statement added that the domestic loan mix between retail and wholesale was 48:52. Overseas advances constituted 3% of total advances as the Bank has stated.
This has been quite a beneficial quarter for the Bank and it is clear from the increase in the savings account in the bank by about 26%. While many believe this to be luck by chance, it is a fact that in this world of banking nothing happens by chance and everything depends upon action and implementation.
Although, if we talk about the shares of HDFC Bank closed at ₹1,466.35 on the BSE on Friday, down 0.12% from its previous close.
