HDFC Bank dips 3% as June quarter results miss Street estimates

HDFC Bank's asset quality deteriorated marginally due to disruptions in collections on account of the second Covid wave

Shares of HDFC Bank declined 3 per cent to Rs 1,475 on the BSE in intra-day trade on Monday after the lender reported lower than expected performance for the quarter ended June (Q1FY22). The bank posted a 16.1 per cent jump in Q1 net profit to Rs 7,729.6 crore as the bank’s asset quality deteriorated and provisions increased. The country’s largest private-sector lender's profit stood at Rs 6,659 crore in the same period last year (Q1FY21).

The net interest income (NII) of the lender rose 8.57 per cent year-on-year (YoY) in Q1FY21 to Rs 17,009 crore, driven by growth in advances