HDFC Bank's Q3 standalone net profit up 33%

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SME Times News Bureau | 18 Jan, 2020
Lending major HDFC Bank on Saturday reported a rise of 32.8 per cent in standalone net profit for the quarter ended December 31st, 2019, on a year-on-year basis.

"After providing Rs 2,485.4 crore for taxation, the bank earned a net profit of Rs 7,416.5 crore, an increase of 32.8 per cent over the quarter ended December 31, 2018," the bank said in a statement.

According to the lending major, net interest income for the quarter under review grew to Rs 14,172.9 crore from Rs 12,576.8 crore earned during the corresponding period of the previous fiscal.

"The net interest margin for the quarter remained stable at 4.2 per cent," the lender said in the results statement.

Besides, the bank's provisions and contingencies during the quarter ended December 31, 2019 rose to Rs 3,043.6 crore as against Rs 2,211.5 crore for the quarter ended December 31, 2018.

"The specific loan loss provisions in the current quarter include one-offs of approximately Rs 700 crore, primarily relating to certain corporate accounts," the statement said.

"Therefore, the core credit cost ratio was 0.92 per cent, as compared to 0.90 per cent in the quarter ending September 30, 2019 and 0.88 per cent in the quarter ending December 31, 2018."

Furthermore, gross non-performing assets were at 1.42 per cent of gross advances as on December 31, 2019, as against 1.38 per cent as on September 30, 2019 and 1.38 per cent as on December 31, 2018.

The banks' net non-performing assets were at 0.48 per cent of net advances as on December 31, 2019.

"The Bank held floating provisions of Rs 1,451 crore and contingent provisions of Rs 1,457 crore as on December 31, 2019," the statement said.

"Total provisions were 119 per cent of the gross non-performing loans as on December 31, 2019."

On a consolidated basis, the bank's net profit for the quarter under review rose to Rs 7,660 crore, up 29.8 per cent over the quarter ended December 31, 2018.

"Consolidated advances grew by 19.2 per cent from Rs 827,853 crore as on December 31, 2018 to Rs 986,606 crore as on December 31, 2019," the statement said.