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HDFC Bank Q3 net profit increases 14.3% to Rs 8,760 crore

The private lender's net interest income grew 15.1% year-on-year to Rs 16,317.6 crore for the quarter under review.

Post by on Sunday, January 17, 2021

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Srinagar, Jan 17: HDFC Bank on Saturday reported a net profit of Rs 8,758 crore against Rs 7,416.48 crore reported in the same period last year.

The private lender's net interest income grew 15.1% year-on-year to Rs 16,317.6 crore for the quarter under review.

HDFC Bank’s gross non-performing assets ratio for the quarter stood at 0.8 per cent. The net non-performing assets ratio was at 0.09 per cent as against 0.17 per cent in the previous quarter.

The Bank’s net revenues (net interest income plus other income) grew to Rs 23,760.8 crore for the quarter ended December 31, 2020 from Rs 20,842.2 crore for the quarter ended December 31, 2019. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2020 grew by 15.1% to Rs 16,317.6 crore from Rs 14,172.9 crore for the quarter ended December 31, 2019, driven by advances growth of 15.6%, and a core net interest margin for the quarter of 4.2%. The Bank’s persistent focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 146%, well above the regulatory requirement.

Other income (non-interest revenue) was Rs 7,443.2 crore at 31.3% of the net revenues for the quarter ended December 31, 2020 as against Rs 6,669.3 crore in the corresponding quarter ended December 31, 2019.

Operating expenses for the quarter ended December 31, 2020 were Rs 8,574.8 crore, an increase of 8.6% over Rs 7,896.8 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 36.1% as against 37.9% for the corresponding quarter ended December 31, 2019.

The total credit cost ratio was at 1.25%, as compared to 1.41% in the quarter ending September 30, 2020 and 1.29% in the quarter ending December 31, 2019.

Profit before tax (PBT) for the quarter ended December 31, 2020 at Rs 11,771.9 crore grew by 18.9% over the corresponding quarter of the previous year. After providing Rs 3,013.6 crore for taxation, the Bank earned a net profit of Rs 8,758.3 crore, an increase of 18.1% over the quarter ended December 31, 2019.

Total balance sheet size as of December 31, 2020 was Rs 1,654,228 crore as against Rs 1,395,336 crore as of December 31, 2019, a growth of 18.6%.

For the nine months ended December 31, 2020, the Bank earned a total income of Rs 108,045.6 crore as against Rs 102,155.8 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2020 were Rs 65,370.4 crore, as against Rs 58,210.4 crore for the nine months ended December 31, 2019.

The Gross and Net non-performing assets were at 0.81% of gross advances and 0.09% of net advances as on December 31, 2020 respectively.

The Bank continues to hold provisions as on December 31, 2020 against the potential impact of COVID-19 based on the information available at this point in time and the same are in excess of the RBI prescribed norms.

The consolidated net profit for the quarter ended December 31, 2020 was Rs 8,769 crore, up 14.5%, over the quarter ended December 31, 2019. Consolidated advances grew by 14.9% from Rs 986,606 crore as on December 31, 2019 to Rs 1,133,410 crore as on December 31, 2020. (KNT)


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