Today, India’s largest private sector lender HDFC Bank reported an 18.1% on-year rise in net profit during the fiscal third quarter. HDFC Bank reported a standalone net profit of Rs 8,758 crore in the October-December quarter against Rs 7,416 crore in the same period last year. The bank’s net revenue was recorded at Rs 23,760 crore against Rs 20,842 crore from the year-ago period. On a consolidated basis, HDFC Bank’s net profit for the period under review stood at Rs 8,769, against Rs 7,659 crore in the previous year.
HDFC Bank’s net interest income for the previous quarter grew 15.1% to Rs 16,317 crore, helped by growth in advances, which was at 15.6%. The liquidity coverage ratio of HDFC Bank was reported to be at 146%, well above the regulatory limit. Other income in the said period was at Rs 7,443 crore, 31.3% of the net revenue.
Pre-provisioning operation profit for the last quarter came in at Rs 15,186 crore, 17.3% higher yearly. HDFC Bank’s provisions during the quarter were Rs 3,414 crore, of which Rs 691 crore were loan loss provisions, while the reset was general provisions. Total deposits of the private sector lender were up 19% to Rs 12 lakh crore. Incremental advances as of December end stood at Rs 10.8 lakh crore, an increase of 15.6%. Domestic advances grew by 14.9%.