HDFC Bank Q3 net profit rises 20% to Rs 5,586 crore

HDFC Bank Q3 net profit rises 20% to Rs 5,586 crore

NEW DELHI: Private lender HDFC Bank on Saturday reported a 20.3% growth in net profit to Rs 5,585.9 crore for the third quarter ended December 31, mainly on higher net interest income.nnThe bank had posted a net profit of ?4,642.6 crore in the October-December quarter of the last financial year.nnTotal income rose to Rs 30,811.27 crore during the December quarter against Rs 24,450.44 crore in the year-ago period, HDFC Bank said in a statement.nn?Net interest income (interest earned less interest expended) for the quarter ended December 31, 2018 grew by 21.9% to Rs 12,576.8 crore, from Rs 10,314.3 crore for the quarter ended December 31, 2017, driven by asset growth of 23.7% and a core net interest margin for the quarter of 4.3%,” it said.nnDuring the quarter, gross non-performing assets (NPAs) rose to 1.38% of the total advances, compared with 1.29% at the end of the third quarter of 2017-18. Net NPAs of the bank declined to 0.42% of the assets in October-December 2018, against 0.44% a year ago.nnHowever, the bank?s provisions (other than tax) and contingencies increased significantly to Rs 2,211,53 crore against Rs 1,351.44 crore reported in the corresponding period of the previous financial year. Provisions for the quarter ended December 31, 2018 include a charge of Rs 322.4 crore towards contingent provisions, it said.nnOther incomes of the bank increased to Rs 4,921.01 crore against Rs 3,869.17 crore in the same quarter last fiscal.nnFor the nine month ended December 2018, the bank’s net profit rose by 19.7% to Rs 15,193.0 crore from Rs 12,687.47 crore in the year-ago period.nnThe bank earned a total income of ?85,393.5 crore compared to Rs 69,912.0 crore in the corresponding period of the previous year. It said total balance sheet size as of December 31, 2018 was Rs 11,68,556 crore against ?9,49,079 crore as of December 31, 2017.nnTotal deposits rose by 22% to Rs 8,52,502 crore, while total advances grew by 24 per cent Rs 7,80,951 crore.nnThe lender?s total capital adequacy ratio (CAR) as per Basel III guidelines was at 17.3% as on December 31, 2018 (15.5% as on December 31, 2017) against a regulatory requirement of 11.025%, which includes a capital conservation buffer of 1.875%, and an additional requirement of 0.15% due to the bank being identified as a Domestic Systemically Important Bank (D-SIB).nnSource: Press Trust of India

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