HDFC Bank Q3 net profit increases 20.3% to Rs 5,586 crorehttps://indianexpress.com/article/business/companies/hdfc-bank-q3-net-profit-increases-20-3-to-rs-5586-cr-5546782/

HDFC Bank Q3 net profit increases 20.3% to Rs 5,586 crore

The bank’s total income for the quarter was at Rs 30,811.3 crore, up 26 per cent from Rs 24,450.4 crore for the quarter ended December 2017.

HDFC Bank Q3 net profit increases 20.3% to Rs 5,586 crore
Net interest income (interest earned less interest expended) for the latest quarter grew by 21.9 per cent to Rs 12,576.8 crore from Rs 10,314.3 crore.

Driven by higher asset growth and core net interest margin, HDFC Bank, India’s largest bank in terms of market valuation, has reported a 20.3 per cent rise in net profit at Rs 5,585.85 crore for the quarter ended December 2018, as against Rs 4,642.60 crore in the same period last year.

Gross non-performing assets rose to Rs 10,902.86 crore (1.38 per cent of gross advances), as of December 2018, as against Rs 8,234.88 crore (1.29 per cent of advances), as of December 2017. The bank’s total income for the quarter was at Rs 30,811.3 crore, up 26 per cent from Rs 24,450.4 crore for the quarter ended December 2017.

Net interest income (interest earned less interest expended) for the latest quarter grew by 21.9 per cent to Rs 12,576.8 crore from Rs 10,314.3 crore, driven by asset growth of 23.7 per cent and a core net interest margin for the quarter of 4.3 per cent.

Provisions and contingencies for the October-December quarter in this financial year were Rs 2,211.5 crore (consisting of specific loan loss provisions Rs 1,734.6 crore and general provisions and other provisions Rs 476.9 crore), as against Rs 1,351.4 crore (consisting of specific loan loss provisions Rs 1,356 crore and write back of general provisions and other provisions Rs 4.5 crore) for the same quarter in the previous fiscal year.

“Provisions for the quarter ended December 31, 2018 include a charge of Rs 322.4 crore towards contingent provisions,” the bank said.

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Total deposits as of December 2018 were Rs 852,502 crore, an increase of 22 per cent over December 2017. Total advances were Rs 780,951 crore. Domestic advances grew by 24.1 per cent over December 2017.