HDFC Bank net profit jumps 18% in Q 3

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HDFC Bank net profit jumps 18% in Q 3

For the quarter ending December 31, 2021, a private lender reported an 18% jump in net profit at Rs 10,342 crore. The bank reported net profit of 8,758 crore in the year-ago period.

The net revenues of the bank increased by 12% to Rs 26,627 crore, compared to Rs 23,760, as a result of the bank's NII and other income. In Q 3 of FY 21 there were 8 crore.

Net interest income, which is the difference between interest earned and interest expended, grew by 13% to Rs 18,443. 5 crore was better than Rs 16,317. In December 2020, there were 6 crore.

HDFC Bank's scrip on the BSE closed 1% higher on Friday, at Rs 1,545.

The bank's provisions fell by 12% to Rs 2,994 crore compared to Rs 3,414 crore in December 2020.

The total income, on a standalone basis, rose to Rs 40,651. In the October-December quarter of FY 2021 -- 22, 60 crore were recorded against 37,522, as per the October-December quarter. In the same period of the previous financial year, 92 crore were reported as a result of a regulatory filing.

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, compared to 0.81% in the year-ago period. It was down by 1.35% at the end of September 2021, down from 1.35% at the end of September 2021.

Net NPAs or bad loans rose to 0.37% a year ago from 0.09%, but was down from September 2021 quarter's 0.40% sequentially.