HDFC Bank Q3 net profit up 30% at Rs 1,859 cr
Private lender HDFC Bank today reported 30 per cent rise in net profit to Rs 1,859.1 crore for the October-December quarter (Q3) on the back of jump in interest income as well as fees and commissions.
The city-headquartered bank had posted a net profit of Rs 1,429.66 crore in the October-December period last year.
second-largest private lender's net interest income moved up 21.9 per cent to Rs 3,798.9 crore while non-interest income grew 26.7 per cent to Rs 1,798.9 crore.
"The net interest income growth came in as a result of 24.3 per cent rise in credit while fees and commissions, which are the largest component of the non-interest income part, also grew healthily," HDFC Bank Executive Director Paresh Sukhtankar told reporters after the results.
Shares of the bank, however, fell by over 1 per cent to settle at Rs 659 on the BSE today.
The bank's net interest margin came down slightly as compared to the preceding September quarter to 4.1 per cent on a drop in the low cost current and savings deposits to 45.4 per cent of the overall deposits.
Going forward, Sukhtankar exuded confidence it will be able to maintain NIM in the 3.9 to 4.2 per cent bracket and said that the growth in savings account deposits has been healthy in Q3 and it will be maintained in the future.
On the assets quality front, there was a marginal increase in the gross non performing assets ratio, which moved up to 1 per cent of the overall assets from the preceding
