HDFC Bank Q3 net rises 30%

A 22 per cent growth in net interest income and 27 per cent rise in other income enabled private sector lender HDFC Bank to post 30 percent rise in net profit for the quarter ended December 31, 2012, to Rs 1,859.07 crore as compared with Rs 1,429.66 crore for quarter ended December 31, 2011.

Total income for the quarter under review was Rs 10,506.51 crore, as against Rs 8,622.64 crore in Q3, 2011-12.

The net interest income (NII), the difference between interest earned and paid out, grew 21.9 percent to Rs 3,798.9 crore, which was driven by a loan growth of 24.3 per cent and a net interest margin of 4.1 per cent during the quarter, said the bank’s press release. Other income was up 27 percent to Rs 1,798.9 crore during the December quarter, aided by growth in fee and commission income, as against Rs 1,420 crore in the comparable quarter of last fiscal.

Gross non-performing assets (NPAs) ratio rose to 1.0 per cent as against 0.91 per cent in the July-September quarter, while net NPA ratio too increased at a similar pace to 0.50 percent compared with 0.40 per cent a quarter back.

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