HDFC Bank Q3 net jumps 30%
HDFC Bank on Friday reported a 30% year-on-year rise in net profit of R1,859 crore for the quarter ended December 31. The increase in net profit was aided by a healthy growth in net interest income, which grew 22% y-o-y to R3,799 crore on the back of advances, which grew 24.3% y-o-y.
India’s second largest private sector lender, reported an operating profit in the October-December period higher by 27% over the corresponding period in 2011 to R3,023.63 crore.
The HDFC Bank stock closed at R659 per share on the Bombay Stock Exchange on Friday, down 1.18% from the previous close. Net interest margin in the quarter fell 10 basis points (bps) sequentially to 4.1%, the bank reported. “We have maintained that our margins will be in the range of 3.9 to 4.2% and they will continue to oscillate in that range,” said Paresh Sukhtankar, the executive director at HDFC Bank.
The bank reported higher gross non-performing assets (NPAs) at R2,432.21 crore, about R298 crore higher than the preceding quarter. Nearly 80% of these incremental bad loans came from bank’s retail segment and particularly from the commercial vehicle and commercial equipment side, Sukhtankar said, while talking to reporters after presenting the bank’s results.
Gross NPAs as a ratio of total assets stood at 1%, increasing by about 10 bps sequentially. Net NPAs remained unchanged at 0.2%. NPA coverage ratio based on specific provisions (not including
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