HDFC Bank reports 15% rise in Q3 net profit

HDFC Bank has reported 15 percent year-on-year increase in net profit for the quarter ended December 31.
HDFC Bank reports 15% rise in Q3 net profit

HDFC Bank has reported 15 percent year-on-year increase in net profit for the quarter ended December 31.

The third quarter results were announced after the approval of the bank's board of directors in a meeting in Mumbai recently. 

"The Bank's total income for the quarter ended December 31, 2016 was Rs  20,748.3 crore, up from Rs  18,283.3 crore for the quarter ended December 31, 2015. Net revenues (net interest income plus other income) increased by 15.2% to Rs  11,451.8 crore for the quarter ended December 31, 2016 as against Rs  9,940.7 crore for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2016 grew by 17.6% to Rs  8,309.1 crore, from Rs  7,068.5 crore for the quarter ended December 31, 2015, driven by average assets growth of 18.6% and a net interest margin for the quarter of 4.1%," a statement issued by the company here today said. 

"Other income (non-interest revenue) at Rs 3,142.7 crore was 27.4% of the net revenues for the quarter ended December 31, 2016 and grew by 9.4% over Rs  2,872.2 crore in the corresponding quarter ended December 31, 2015. The four components of other income for the quarter ended December 31, 2016 were fees & commissions of Rs  2,206.8 crore (Rs 2,004.8 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs  297.2 crore (Rs  277.4 crore for the corresponding quarter of the previous year),  gain on revaluation / sale of investments of Rs 398.6 crore (Rs 327.9 crore in the corresponding quarter of the previous year) and miscellaneous income including recoveries of Rs  240.0 crore (Rs 262.1 crore for the corresponding quarter of the previous year)."

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