HDFC Bank’s net profit increases by 20.3% to touch Rs.5,585.9 crore in Q3

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HDFC Bank has announced that its net profit has risen by 20.3% to touch Rs.5,585.9 crore during the third quarter of the financial year that ended on 31 December 2018. The lender had registered a net profit of Rs.4,642.6 crore in the year-ago period.  

HDFC-Bank
HDFC Bank’s net profit for the third quarter of the current financial year grew by 20.3% to Rs.5,585.9 crore. The private sector lender registered a net profit of Rs.4,642.6 crore in the third quarter of the previous financial year.

The bank’s total income increased to Rs.30,811.27 crore during the period under review from Rs.24,450.44 crore during the October-December quarter of the previous financial year. The net interest income increased by 21.9% to Rs.12,576.8 crore during the October-December quarter of the current fiscal. In comparison, the net interest income earned in the year-ago period was Rs.10,314.3 crore.  

During the period under review, gross non-performing assets (NPAs) increased to 1.38% of the total advances from 1.29% in the year-ago period. Net non-performing assets of HDFC Bank reduced to 0.42% of the assets during the quarter that ended on 31 December 2018, in comparison to 0.44% during the corresponding period in the previous financial year. 

HDFC Bank’s provisions (apart from tax) and contingencies grew significantly to touch a sum of Rs.2,211.53 crore, in comparison to Rs.1,351.44 crore in the year-ago period.  

The bank gave a break-up of the provisions and contingencies, which consisted of a specific loan loss of Rs.1,734.6 crore and general and other provisions of Rs.476.9 crore. The bank added that the provisions for the third quarter of the current fiscal included a Rs.322.4 crore charge towards contingent provisions.  

Other incomes of HDFC Bank increased to Rs.4,921.01 crore from Rs.3,869.17 crore in the year-ago period. For the nine months that ended in December 2018, the net profit increased by 19.7% to touch Rs.15,193 crore, in comparison to Rs.12,687.47 crore during the October-December quarter of the previous financial year.  

The lender’s total income came up to Rs.85,393.5 crore during the period under review, in comparison to Rs.69,912 crore in the year-ago period. HDFC Bank also mentioned that the total balance sheet size, as on 31 December 2018, came up to a sum of Rs.11,68,556 crore, as against a sum of Rs.9,49,079 crore in the year-ago period.  

The total deposits grew by 22% to touch Rs.8,52,502 crore, while the total advances increased by 24% to touch Rs.7,80,951 crore. The bank’s total CAR or Capital Adequacy Ratio as per Basel III guidelines touched 17.3% in the third quarter of the current fiscal.  

Sources: The Times of India, Business Today

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