HDFC Bank Q3 net profit rises 33% to ₹7416 crore
HDFC Bank Ltd on Saturday reported a 32.77% rise in its net profit for the third quarter buoyed by higher net interest income and other income.
The private sector lender posted a net profit ₹7416.48 crore for the three months ended 31 December compared to ₹5585.85 crore in the year-ago period. Profit was higher than ₹7015.7 crore estimated by a Bloomberg poll of 19 analysts.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 12.69% to ₹14172.9 crore from ₹12576.75 crore in the corresponding period last year.
Other income, which includes core fee income, rose 35.53% to ₹6669.28 crore in the three months from ₹4921.01 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 1.42% in the December quarter compared with 1.38% in the September quarter and 1.38% in the year-ago December quarter.
Provisions during the quarter increased 37.62% to ₹3043.56 crore as against ₹2211.53 crore in the year-ago quarter. In the July-September quarter, the bank had set aside ₹2700.68 crore in provisions.
Post-provision, the net NPA ratio was at 0.48% against 0.42% in the July-September quarter and 0.42% in the year-ago quarter.
On Friday, shares of the bank lost 0.76% to close at ₹1277.85 apiece, while the benchmark Sensex index gained 0.03% to close at 41945.37 points.
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