HDFC Bank’s net profit up 20.4% to Rs3,455.33 crore
HDFC Bank reports 20.42% increase in net profit for the September quarter on higher net interest income and other income
Mumbai: HDFC Bank Ltd on Tuesday reported 20.42% increase in its net profit for the September quarter on higher net interest income and other income.
Net profit for the quarter stood at ₹ 3,455.33 crore as compared to ₹ 2,869.45 crore a year ago. According to estimates of 22 Bloomberg analysts, the bank was expected to post a net profit of ₹ 3,470.40 crore.
Net interest income (NII), or the core income a bank earns by giving loans,rose 19.65% to ₹ 7,993.59 crore in the September quarter from ₹ 6,680.90 crore last year.
Other income increased 13.68% to ₹ 2,900.95 crore from ₹ 2,551.76 crore in the same period last year.
Gross non-performing assets (NPAs) at HDFC Bank rose 3.01% to ₹ 5,069.04 crore at the end of the September quarter from ₹ 4,920.89 crore in the June quarter. On a year-on-year (y-o-y) basis, gross NPAs jumped 32.43% from ₹ 3,827.77 crore. As a percentage of total loans, gross NPAs stood at 1.02% at the end of the September quarter as compared to 1.04% in the previous quarter and 0.91% in the year-ago quarter.
Provisions and contingencies fell 13.6% to ₹ 748.99 crore in the quarter from ₹ 866.73 crore a quarter ago. Provisions rose 10% y-o-y from ₹ 681.29 crore. Net NPAs were at 0.3% in the September quarter compared to 0.32% in the previous quarter and 0.25% in the same quarter last year.
Total deposits rose 16.73% from a year earlier to ₹ 5.92 trillion, while total advances rose 18.13% to ₹ 4.94 trillion.
At 12.55pm, HDFC Bank was trading at ₹ 1,255.35 on the BSE, down 0.8% from its previous close, while India's benchmark Sensex index fell 0.3% to 28,094.66 points.
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