HDFC Bank Q3 Results: HDFC Bank, the country’s largest private sector lender, grew 18.1 percent year-on-year during the third quarter of the financial year. HDFC Bank’s single net profit stood at Rs 8,758 crore in the October-December quarter as compared to 7,416 crores in the year-ago period. The bank’s net revenue stood at Rs 23,760 crore, compared to 20,842 crores in the year-ago period. The bank’s consolidated net profit rose 14.36 percent to Rs 8,760 crore as compared to Rs 7,659 crore in the year-ago period.
HDFC Bank’s net interest income grew 15.1 per cent to Rs 16,317 crore in the previous quarter, helped by growth in advance, which stood at 15.6 per cent. On a standalone basis, the bank’s total income rose to Rs 37,522 crore during the quarter, from Rs 36,039 crore in the same quarter of the previous financial year. This is a first-quarter result led by the bank’s new Chief Executive Officer (CEO) and Managing Director Shashidhar Jagadishan.
NPA stood at 0.81 percent
The quality of the bank’s assets improved during this period. The bank’s gross non-performing assets (NPAs) stood at 0.81 per cent of total loans during the quarter, compared to 1.42 per cent in the same quarter of the previous fiscal year and 1.08 per cent in the previous September quarter.
Earlier, HDFC Bank’s integrated net profit rose 16 per cent to Rs 7,703 crore in the second quarter of the current financial year. The country’s largest private sector bank earned a net profit of Rs 6,638 crore in the same quarter of the previous financial year. The total income of the bank increased to Rs 38,438.47 crore during this quarter, which was Rs 36,130.96 crore in July-September 2019. The bank’s gross non-performing assets (NPAs) came in at 1.08 per cent. It was 1.38 percent a year ago. The bank’s gross NPA or submerged debt by value was Rs 11,304.60 crore.