HDFC Bank reports 15% jump in Q3 profit at Rs 3,865.33 crore, beats estimates

NEW DELHI: HDFC Bank on Tuesday reported better than expected 15.15 per cent rise in consolidated net profit at Rs 3,865.33 crore for the quarter ended December 31, 2016 against Rs 3,356.84 crore reported for the corresponding quarter last year.

For the October-December period, the bank posted net interest income (NII) of Rs 8,309.09 crore, up 17.55 per cent from Rs 7,068.51 crore logged in the same period last year.

Analysts in an ETNow poll had earlier predicted a net profit and net interest income of Rs 3,760 crore and Rs 8,179 crore, respectively, for the quarter.

Total income of the private sector lender climbed 13.48 per cent on a year-on-year basis to Rs 20,748.27 crore in October-December period. It had reported a consolidated total income of Rs 18,283.31 crore in the same period last fiscal.

Asset quality of the bank stood almost stable during the quarter under review with gross non-performing assets (NPA) as percentage of gross advances jumped marginally to 1.05 per cent from 1.02 per cent and net NPAs jumps to 0.32 per cent from 0.30 per cent on sequential basis.

In absolute terms, gross NPAs increased 3.22 per cent quarter-on-quarter to Rs 5,232.27 crore but net NPA jumped 5.07 per cent to Rs 1,564.32 crore in the quarter ended December 31 2016.