HDFC Bank said on Saturday its net profit for the third quarter of the current financial year rose to Rs 10,342.2 crore, posting an increase of 18.1 percent over the corresponding quarter of last year.
Profit before tax for the quarter ended December 31, 2021 at Rs 13,782 crore grew by 17.1 percent over corresponding quarter of the previous year. After providing Rs 3,439.8 crore for taxation, the Bank earned a net profit of Rs 10,342.2 crore, an increase of 18.1 percent over the quarter ended December 31, 2020, HDFC Bank said in statement.
HDFC Bank net revenues, net interest income plus other income, increased by 12.1 percent to Rs 26,627 crore for the quarter ended December 31, 2021 from Rs 23,760.8 crore for the corresponding quarter of previous year.
The Bank's net interest income grew by 13 percent to Rs 18,443.5 crore for the quarter under review from Rs 16,317 crore recorded in the corresponding quarter of previous year.
Other income rose to Rs 8,183.6 crore for October-December 2021 quarter, which is 9.9 per cent higher when compared with Rs 7,443.2 crore recorded during the same period of 2020.
The Bank's consolidated net profit for April-December 2021 period rose to Rs 27,610 crore, which is 18 percent higher when compared with corresponding period of previous year.
HDFC Bank's asset quality has improved. The Bank's gross non-performing assets declined to 1.26 percent of gross advances as on December 31, 2021 as against 1.35 percent as on September 30, 2021 and 1.38 percent as on December 31, 2020.
The Bank's net non-performing assets stood at 0.37 percent of net advances as on December 31, 2021.