HDFC Bank on Saturday reported 33 per cent rise in Q3FY20 net profit to Rs 7,416.5 crore, beating street estimates. A CNBC-TV18 poll had estimated profit at Rs 7,033.2 crore. The net interest income (NII) came in line at Rs 14, 172.9 crore driven by growth in advances and deposits, HDFC Bank said in the statement. The interest margin for the quarter remained stable at 4.2 per cent. The gross NPA for December quarter came in at 1.42 per cent and net NPA was recorded at 0.48 per cent.
The provisions and contingencies surged 37.62 per cent YoY and 12.70 per cent QoQ to Rs 3,043.56 crore during the quarter under review. The total balance sheet size of Bank stood at Rs 13.95 lakh crore as of December 31, 2019 against Rs 11.68 lakh crore in the same period last year.
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HDFC Bank in Q3FY20 posted an annual 20.11 per cent growth in net profit at Rs 4,642.60 crore, driven by asset growth and improvement on the margin front. Net interest income jumped 24.13 per cent YoY to Rs 10,314.34 crore during the quarter under review, from Rs 8,309.09 crore a year earlier. Asset quality remained stable as percentage of gross non-performing assets (NPA) came in at 1.29 per cent as against 1.26 per cent on a sequential basis. Meanwhile, shares of HDFC Bank ended the trade in the week at Rs 1,277.40, down 10.25, or 0.80 per cent on NSE.
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Source: Financial Express
