HDFC Bank Annual Report Update - A Covid-Proof Year Blemished By Tech Glitches: Nirmal Bang
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Nirmal Bang Report
FY21 was an exceptional year for HDFC Bank Ltd. as it crossed the milestone of Rs 300 billion in profit after tax (up 19%) and more than Rs 11 trillion in loans.
Over the last two decades (FY01-FY21), the bank’s profit after tax and assets have grown at 28% and 27% compound annual growth rate, respectively.
In what seemed to be a very challenging year due to the Covid-19 pandemic, especially H1 FY21 (which was marred by a nation-wide lockdown), the bank’s delivery on credit growth seemed effortless.
As systemic aversion to unsecured credit increased, the bank strategically shifted focus towards the wholesale segment (up 21%).
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