HDFC Bank’s net profit for the third quarter zoomed up by 32.8 per cent to Rs 7,416.5 crore as against Rs 5,585.85 crore in the same period a year ago.

Its total income in the quarter that ended on December 31, 2019 rose by 17 per cent to Rs 36,039 crore as against Rs 30,811.27 crore in the same period a year ago.

The net interest income for the quarter ended December 31, 2019 grew by 12.7 per cent to Rs 14,172.9 crore from Rs 12,576.8 crore for the quarter ended December 31, 2018. “This was driven by growth in advances of 19.9 per cent and a growth in deposits of 25.2 per cent,” the bank said in a statement on Saturday. The net interest margin for the quarter remained stable at 4.2 per cent.

Other income (non-interest revenue) at Rs 6,669.3 crore was 32 per cent of the net revenue for the third quarter of the fiscal as against Rs 4,921.0 crore in the corresponding quarter a year ago.

The provisions increased by 37.6 per cent in the October-December 2019 quarter.

Asset quality remains stable

Provisions and contingencies for the quarter ended December 31, 2019 were Rs 3,043.6 crore (consisting of specific loan loss provisions of Rs 2,883.6 crore and general provisions and other provisions of Rs 159.9 crore) as against Rs 2,211.5 crore (consisting of specific loan loss provisions of Rs 1,734.6 crore and general provisions and other provisions of Rs 476.9 crore) for the quarter ended December 31, 2018.

“The specific loan loss provisions in the current quarter include one-offs of approximately ₹ 700 crore, primarily relating to certain corporate accounts,” the bank said.

The asset quality remained stable. Gross non-performing assets (NPAs) were at 1.42 per cent of the gross advances as on December 31, 2019 as against 1.38 per cent in the same period a year ago. Net NPAs were at 0.48 per cent of net advances as on December 31, 2019.

Meanwhile, the bank after its Board meeting also announced that Keki Mistry has completed a consecutive term of eight years at the close of business hours on January 18, 2020 . He has accordingly relinquished his office as Director of the Bank.

“The Board places on record its sincere appreciation of the contribution made by Mistry during his tenure with the Bank and wishes him the best for his future endeavours,” it said.

The Board of Directors has also approved re-appointment of Malay Patel as an Independent Director for a period of three years from March 31, 2020 and has also approved the re-appointment of Kaizad Bharucha as an Executive Director for a period of three years from June 13, 2020, subject to approval from the Reserve Bank of India and shareholders.

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