Updated January 16th, 2024 at 16:32 IST
HDFC Bank profit rises 2.5% to Rs 16,373 crore in Q3, beats estimates
HDFC Bank's net interest income or the difference between interest earned on loans and paid on deposits rose 4% to Rs 28,471.34 as against Rs 27,385 crore.
HDFC Bank earnings: HDFC Bank, the country's largest private sector lender, on Tuesday reported better than anticipated net profit in December quarter of current financial year. The Mumbai-based lender reported net profit of Rs 16,373 crore, up 2.5 per cent from Rs 15,976 crore in the previous quarter. Analysts at the brokerage firm Prabhudas Lilladher were expecting the bank to report net profit of Rs 15,027 crore.
Its net interest income or the difference between interest earned on loans and paid on deposits rose 4 per cent to Rs 28,471.34 as against Rs 27,385 crore in September quarter.
Bank's asset quality showed a slight improvement during the quarter as its gross non-performing assets (NPAs), as a percentage of total advances, came in at 1.26 per cent versus 1.34 per cent in the previous quarter.
In absolute terms, gross NPAs came in at Rs 31,011.67 crore as against Rs 31,577.89 crore in second quarter of current financial year.
Its provisions for the quarter ended December 2023 were Rs 4,217 crore as against Rs 2,904 crore. The provisions included contingent provisions of Rs 1,220 crore, the bank said.
This is HDFC Bank's second earnings report since its merger with parent Housing Development Finance Corp (HDFC) in July. The numbers are not comparable to a year ago when the lender and HDFC operated as separate firms.
At the end of December quarter, HDFC Bank had a network of 8,091 branches and 26,688 ATMs across 3,872 cities.
HDFC Bank shares ended 0.42 per cent higher at Rs 1,678.95 ahead of its earnings announcement.
Published January 16th, 2024 at 16:32 IST