Private lender HDFC Bank
on Saturday reported an 18% jump in standalone net profit at Rs 10,342 crore for the quarter ending December 31, 2021. The bank reported net profit of Rs 8,758 crore in the year-ago period.
The bank's net revenues, the sum of NII and other income, increased by 12% to Rs 26,627 crore as against Rs 23,760.8 crore in Q3FY21.
Net interest income, the difference between interest earned and interest expended, grew by 13% to Rs 18,443.5 crore as compared to Rs 16,317.6 crore in December 2020.
On Friday, HDFC Bank's scrip on BSE closed 1% higher at Rs 1,545.
The bank's provisions fell 12% to Rs 2,994 crore as compared to Rs 3,414 crore in December 2020.
Total income, on a standalone basis, rose to Rs 40,651.60 crore in the October-December quarter of FY2021-22, as against Rs 37,522.92 crore in the same period of the previous financial year, HDFC Bank
said in a regulatory filing.
However, there was a rise in bank's bad loan proportion with gross non-performing assets (NPAs) rising to 1.26% of gross advances as of December 30, 2021, as against 0.81% in the year-ago period. However, it was down sequentially from 1.35% by the end of September 2021.
Net NPAs or bad loans too rose to 0.37% year on year from 0.09%, but down from September 2021 quarter's 0.40% sequentially.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.