Private sector HDFC Bank today reported a 30 per cent jump in net profit at Rs 1,859.07 crore for the October-December quarter of the current fiscal, mainly on account of increased loan book.
The bank had a net profit of Rs 1,429.66 crore in the December quarter of 2011-12 fiscal.
Total income of the bank increased to Rs 10,506.51 crore for the quarter ended December 31, 2012, from Rs 8,622.64 crore in the corresponding period a year ago.
Net interest income of the bank for the December quarter stood at Rs 3,798.9 crore, a growth of 21.9 per cent, mainly on account of increased loan book.
The loan book grew by 24.3 per cent and net interest margin, a measure of profitability, went up by 4.1 per cent.
Other income of the bank rose to Rs 1,798.9 crore during the quarter, from Rs 1,420 crore in the year ago period. This was mainly on account of income from fees and commission.
The net Non-Performing Assets (NPAs) as a percentage of total assets stood at 0.2 per cent.
Shares of HDFC Bank were trading at Rs 659.10, down 1.17 per cent from previous close on the BSE.
HDFC Bank Q3 net profit meets forecasts with 30% gain
(Reuters): HDFC Bank, India's No.3 lender, met forecasts with a 30 percent rise in quarterly profit on Friday led by higher loan growth, better fee income and stable asset quality.
Mumbai-based HDFC Bank, which has posted profit growth of more than 30 percent every year for the last decade, said its net profit rose to 18.6 billion rupees ($342.4 million)in the quarter ended December from about 14.3 billion rupees a year earlier. Net interest income grew 21.3 percent to 38 billion rupees.
According to Thomson Reuters I/B/E/S, analysts had expected a net profit of 18.3 billion rupees for the bank, which is also listed in New York and competes with bigger local rivals State Bank of India and ICICI Bank.
Asset quality, valued by the market at about $29 billion, was stable with net non-performing loans as a percentage of total assets at 0.2 percent.
The bank's net interest margin, a key gauge of profitability, is among the highest in the sector. It aims to keep it in a range of 3.9-4.2 percent in the near term. The figure for fiscal third quarter was not immediately available.