HDFC Bank

Besides, the Corporation's net interest income (NII) for the quarter ended December 31, 2021 rose to Rs 4,284 crore compared to Rs 4,005 crore in the previous year. In terms of consolidated results, the Corporation's profit after tax attributable to it increased to Rs 5,837 crore as compared to Rs 5,177 crore in the previous year. The lender said that as at end December 31, 2021, loans restructured under the RBI's Resolution Framework for 'Covid-19 Related Stress' was equivalent to 1.34 per cent of the loan book.

Its market capitalization ranking within the BFSI space has improved to two from five in FY18. Stability of the top management has helped improve its operational performance. Sandeep Bakhshi's appointment as CEO has brought stability which enabled value creation and drove re-rating as the bank delivered 31 per cent CAGR in m-cap since FY18-21 v/s 7 per cent over FY10-18.

Aditya Birla Capital is the holding company of all the financial services businesses of the Aditya Birla group. "It continues its credible makeover journey to drive consolidated return ratios closer to franchise potential over the next three years," the brokerage said. However, stiff competition from peers and new entrants and worsening of asset quality in the lending book due to the potential third wave of the Covid pandemic.

She also said the company is in discussions with re-insurers on rate revision and a decision on it is expected to happen by the end of this year. The process of merging Exide Life Insurance is progressing well, she added. Announcing the financial results, Padalkar said the company posted a lower net profit owing to increased provisioning against claims.

The bank's net profit increased to Rs 8,834.3 crore during the period under review over the quarter ended September 30, 2020. Besides, the bank's net interest income (income earned less interest expended) rose 12.1 per cent from Rs 15,776.4 crore to Rs 17,684.4 crore for the corresponding quarter of the previous fiscal.

BSE Sensex hit a record high of 58,553.07 points, and the Nifty50 on the National Stock Exchange recorded a fresh high of 17,436.50 points. Rise in the shares of index-heavyweights HDFC and Reliance Industries lifted the indices. Around 1.45 p.m., shares of HDFC on the BSE were trading at Rs 2,833.85, higher by Rs 68.70 or 2.48 per cent from its previous close.

The process for merger of Exide Life into HDFC Life will be initiated on completion of the acquisition. The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory and other approvals. The Boards of three companies approved the transaction on Friday morning.

Accordingly, the new additions will enable the bank to regain market share in the credit card issuing business in the next 9 to 12 months. The bank's new target comes after the Reserve Bank relaxed the restrictions on HDFC Bank and allowed the lender to issue new credit cards. However, the restrictions on all new launches of the digital business generating activities planned under 'Digital 2.0' will continue till further review by RBI.

The restrictions on all new launches of the digital business generating activities planned under 'Digital 2.0' will continue till further review by RBI. "The RBI vide its letter dated August 17, 2021 has relaxed the restriction placed on sourcing of new credit cards. The Board of Directors of the bank has taken note of the said RBI letter," HDFC Bank said in a regulatory filing.

The company's consolidated net profit rose to Rs 5,311 crore from Rs 4,059 crore in the previous year. Besides, for the quarter ended June 30, 2021, the consolidated profit after tax attributable to the corporation stood at Rs 5,041 crore as compared to Rs 3,614 crore in the previous year, representing a growth of 39 per cent. As per the statement, cumulative Covid-19 provision as at June 30, 2021 was Rs 1,017 crore.