HDFC Bank on Saturday highlighted the effect of the COVID-19 pandemic, shortly after declaring that standalone net profit grew by 17.7% in Q4 2020 to Rs 6928 crore. On account of COVID-19 alone, the bank said it raised provisions by Rs 1550 crore. The bank said that amidst the nationwide lockdown, 13800 ATMs across the country were operational and that the bank had also taken to deploy mobile ATMs. HDFC Bank also added that over 2 lakh customers were being reached out to everyday, whilst on the corporate side 35 thousand customers had been reached out to by their Relationship Managers since the lockdown was first imposed. As a direct result of the pandemic, HDFC said 250 branches are in different stages of readiness to open and would have otherwise been open, had it not been for the lockdown. The government imposed lockdown since 23 March has impacted loan origination, distribution of third party products as well as its ability on collections, the lender said. Thus far, an estimate of Rs 450 crores was brought forward as an impact on fees and commission alone due to COVID-19 and the lockdown. In a yearly context, fees and commissions grew by 14.6%… Read full this story
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