New Delhi, April 18: HDFC Bank Ltd's fourth-quarter profit rose in comparison with the previous year despite the lockdown caused by the novel coronavirus outbreak. According to news agency PTI, the private lender's consolidated net profit rose 15.4 percent to Rs 7,280.22 crore in the three months ended on March, according to the bank's filing. HDFC to Hold 7.97 Per Cent Stake in YES Bank for Rs 1,000 Crore Infusion.

Consolidated total income in Q4FY20 rose to Rs 38,287.17 crore from Rs 33,260.48 crore year ago. Net Interest Income for the bank rose to Rs 15,204 crore by 16.2 percent as against Rs 14,172 crore a year ago. HDFC Loan Moratorium Explained: Will Your Credit Score be Affected? What if You Have Multiple Loans? Private Bank Answers All Questions Related to EMIs.

PTI Tweet:

On the impact of COVID-19 the company in its statement said, "During the quarter, there was a considerable slowdown in economic activities following the outbreak of COVID-19."

"Furthermore, with the government initiating lockdown in the latter half of March, and our strict adherence to social distancing, not only did we see an impact on business volumes - in terms of loan originations, distribution of third party products, and payments product activities, but we also could not optimize our collection efforts, and as a result of which fees/other income were lower by Rs 450 crore," it added

(The above story first appeared on LatestLY on Apr 18, 2020 03:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).