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HDFC Bank Q3 Net Profit Up By 20% On Strong NII


India's largest private sector bank reported a 20.31 percent increase in the net profit for the third quarter of the financial year 2018-19 to Rs 5,585.85 crore as against Rs 4,642.60 crore in the same quarter of the previous year.

HDFC Bank Q3 Net Profit Up By 20% On Strong NII

The lender's net interest income (NII) jumped by 21.93 percent on a year-on-year basis to Rs 12,576.75 crore during the quarter ended December 2018 as against Rs 10,314.3 crore in the year before. A major source of income, NII is the difference between the interest earned by a bank on loans given and the interest it pays on deposits made.

HDFC Bank's asset quality was stable for the period under review with 1.38 percent gross non-performing assets (NPAs) as a percentage of total advances when compared to 1.33 percent in the September-ended quarter. Net NPAs as a percentage of net advances were 0.42 percent in Q3, lower than 0.44 percent in December 2017 and higher than 0.40 percent in Q2.

HDFC Bank increased its provisions in the third quarter by 63.6 percent to Rs 2,211.53 crore on a year-on-year basis.

Other income (that is non-interest revenue) was up 27.2 percent to Rs 4,921 crore for the third quarter.

Read more about: hdfc bank
Story first published: Saturday, January 19, 2019, 16:43 [IST]
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