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HDFC Bank Q3 net profit rises 33% to ₹7416 crore

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MUMBAI :
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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