HDFC Bank Q3 net rises 20% to Rs3,357 crore
25 January 2016
HDFC Bank Ltd, India's top private sector lender has reported a 20 per cent year-on-year increase in its net profit at Rs3,356.8 crore for the three months ended 31 December 2015, against Rs2,794.5 crore in the third quarter of the previous fiscal ended 31 December 2014.
HDFC Bank said the spike in net profit owes to a 24-per cent increase in the bank's net interest income to Rs7,068.5 crore during the quarter, driven by average assets growth of 28.2 per cent and a net interest margin of 4.3 per cent.
Total net income for the third quarter rose to Rs18,282 crore during the December quarter, from Rs14,931 crore in the year-ago period.
Net non-performing assets (NPAs) as a percentage of total loans rose marginally to 0.29 per cent at the end of December, from 0.26 per cent in same period last year.
The private lender increased total provisions and contingencies to Rs653.9 crore from Rs560.4 crore. HDFC Bank has been consistently increasing provisions in the last six quarters.
Other income, which includes revenues from fees and commission, foreign exchange and derivatives, grew 13.3 per cent to Rs2,872 crore.
Total deposits as of December 2015 stood at Rs5.23 lakh crore, an increase of 26.5 per cent over December 2014.
Advances as of December 2015 were over Rs 4.36 lakh crore, a growth of 25.7 per cent over December 2014.
Total balance sheet size as of December was over Rs6.87 lakh crore, as against over Rs5.34 lakh crore at the end of December 2014.
Shares of HDFC Bank were trading at Rs1,044.60, up 1.39 per cent, on the BSE.