Money & Banking

HDFC Bank reports 18% rise in Q3 net profit

Our Bureau Mumbai | Updated on January 16, 2021

HDFC Bank ‘s provisions and contingencies for the third quarter this fiscal rose to ₹ 3,414.1 crore as against ₹ 3,043.6 crore for the quarter ended December 31, 2019

Private sector lender HDFC Bank reported an 18.1 per cent increase in its net profit for the third quarter this fiscal at Rs 8,758.29 crore.

The bank had a standalone net profit of Rs 7,416.48 crore in the same period last fiscal.

For the quarter ended December 31, 2020, HDFC Bank’s net revenues (net interest income plus other income) grew to ₹ 23,760.8 crore from ₹ 20,842.2 crore a year ago.

Net interest income (interest earned less interest expended) for the quarter ended December 31, 2020 grew by 15.1per cent to ₹ 16,317.6 crore from ₹ 14,172.9 crore for the same period last fiscal.

In a statement on Saturday, the bank said this was “driven by advances growth of 15.6 per cent, and a core net interest margin for the quarter of 4.2 per cent”.

Provisions and contingencies for the third quarter this fiscal rose to ₹ 3,414.1 crore as against ₹ 3,043.6 crore for the quarter ended December 31, 2019. “Total provisions for the current quarter include contingent provisions of approximately ₹ 2,400 crore for proforma NPA as described in the asset quality section below,”it said.

The Gross and Net non-performing assets were at 0.81 per cent of gross advances and 0.09 per cent of net advances as on December 31, 2020 respectively. The restructuring under RBI resolution framework for Covid-19 was approximately 0.5 per cent of advances.

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Published on January 16, 2021
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