INSUBCONTINENT EXCLUSIVE:
HDFC Bank on Saturday posted a 32.77 per cent year-on-year (YoY) rise in net profit at Rs 7,416.48 crore for the quarter ended December 2019
It had posted a net profit of Rs 5,585.85 crore in the same period last year
Analysts in an ETNow poll had projected net profit of Rs 7,070 crore
HDFC Bank’s third-quarter profit beat Street estimates supported by higher other income.
Other income of the lender jumped 35.52 per cent
YoY to Rs 6,669.28 crore during the quarter under review.
Net interest income (NII) increased 12.69 per cent YoY to Rs 14,172.90 crore in
ETNow poll forecast the figure at Rs 14,200 crore.
The asset quality of the lender declined marginally in December quarter
The percentage of gross non-performing assets stood at 1.42 per cent as of December 31 against 1.38 per cent in the preceding quarter, ended
September 30.
Net NPA also inched higher to 0.48 per cent against 0.42 per cent QoQ
HDFC Bank in a regulatory filing said that NII growth during the quarter was driven by 19.10 per cent and 25.20 per cent jump in advances
and deposits, respectively
The net interest margin for the quarter remained stable at 4.20 per cent.
Pre-provision operating profit of the bank increased 20.10 per
cent YoY to Rs 12,945.40 crore during the October-December period.
Provisions and contingencies increased 37.62 per cent YoY and 12.70 per
cent QoQ to Rs 3,043.56 crore during the quarter under review.
Total balance sheet size of HDFC Bank stood at Rs 13.95 lakh crore as of
December 31, 2019 against Rs 11.68 lakh crore in the same period last year.
Ahead of Q3 earnings, shares of HDFC Bank closed 0.76 per cent
down at Rs 1,277.85 on Friday
On the other hand, BSE Sensex settled 12.81 points, or 0.03 per cent, up at 41,945.
