January 17, 2021 12:58:03 am
Despite the contraction in the economy triggered by the pandemic, HDFC Bank on Saturday reported a net profit of Rs 8,758.3 crore for the third quarter ended December 2020, a rise of 18.1 per cent from Rs 7,416.48 crore in the quarter ended December 2019.
The bank’s net revenues (net interest income plus other income) grew to Rs 23,760.8 crore for the quarter from Rs 20,842.2 crore in the same quarter a year ago. While advances growth was at 15.6 per cent, core net interest margin for the quarter was 4.2 per cent. “The bank’s persistent focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 146 per cent, well above the regulatory requirement,” the bank said.
Gross and net non-performing assets were at 0.81 per cent of gross advances and 0.09 per cent of net advances as of December 2020, respectively. The restructuring under the RBI resolution framework for Covid-19 was approximately 0.5 per cent of advances, it said.
Provisions and contingencies for the December quarter were Rs 3,414.1 crore (consisting of specific loan loss provisions of Rs 691.2 crore and general and other provisions of Rs 2,722.9 crore) as against Rs 3,043.6 crore (specific loan loss provisions of Rs 2,883.6 crore and general and other provisions of Rs 159.9 crore) for the quarter ended December 2019.
As of last December, total balance sheet size was Rs 16,54,228 crore as against Rs 13,95,336 crore, a growth of 18.6 per cent.
Total advances as of December 2020 were Rs 10,82,324 crore, an increase of 15.6 per cent over December 2019. Domestic advances grew by 14.9 per cent over December 2019. As per regulatory segment classification, domestic retail loans grew by 5.2 per cent and domestic wholesale loans grew by 25.5 per cent.
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