HDFC Bank Q3 net profit rises 20%

HDFC Bank Q3 net profit rises 20%

HDFC Bank has reported a 20.1 per cent increase in net profit for the third quarter ended December 31, 2015 at Rs 3,356.8 crore compared with Rs 2,794.51 crore in the same quarter last fiscal.

Net interest income for the bank during the quarter stood at Rs 7,068.5 crore, up 24 per cent from Rs 5,699.9 crore an year ago driven by average assets growth of 28.2 per cent and a net interest margin for the quarter of 4.3 per cent, the bank said. Asset quality for the bank deteriorated on a sequential basis with gross non performing assets (NPAs) at 0.97 per cent compared with 0.91 per cent in Q2FY16.

Net NPAs for the bank stood at 0.29 per cent as against 0.25 per cent in the second quarter of the current fiscal. Provisions and contingencies for the quarter ended December 31, 2015 were at 653.9 crore (consisting of specific loan loss provisions of Rs 601.5 crore, general provisions of Rs 49.9 crore and other provisions of Rs 2.5 crore) as against Rs 560.4 crore for the corresponding quarter ended December 31, 2014.

Total balance sheet size for the bank stood at Rs 6.87 lakh crore as of December 31, 2015, as against Rs 5.34 lakh crore an year ago. Total deposits as of December 31, 2015 were Rs 5.23 lakh crore, up 26.5 per cent compared with December 31, 2014.

Advances as of December 31, 2015 stood at Rs 4.36 lakh crore, up 25.7 per cent compared with the year-ago period.
DH News Service

The bank’s total capital adequacy ratio as per Basel III guidelines was at 15.9 per cent as on December 31, 2015 (compared with 15.7 per cent as on December 31, 2014) as against the regulatory requirement of 9 per cent, the bank said.
DH News Service

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