HDFC Bank reported a net profit of Rs. 2,325.70 crore, an increase of 25.1 per cent compared to Rs. 1,859.07 crore for the quarter ended December 31, 2012.
The net profit for the nine months ended December 31, 2013, was at Rs. 6,151.9 crore, up by 27.2 per cent compared to Rs. 4836.44 crore in the corresponding nine months ended December 31, 2012.
The bank’s total income for the quarter ended December 31, 2013 was Rs. 12,739 crore, an increase of 17.7 per cent compared to Rs 10,818 crore in the year-ago period. Net revenues (net interest income plus other income) stood at Rs. 6,783.1 crore as against Rs 5,909.4 crore.
Net interest income for the quarter ended December 31, 2013, accounted for 68.3 per cent of net revenues and grew by 16.4 per cent to Rs. 4,634.80 crore from Rs 3,981.60 crore , said HDFC Bank in a press release. Net interest margin for the quarter was at 4.2 per cent as against 4.3 per cent.
Other income (non-interest revenue) at Rs.2,148.3 crore was 31.7 per cent of the net revenues for the quarter ended December 31, 2013 and grew by 11.4 per cent over Rs.1,927.7 crore in the corresponding quarter ended December 31, 2012.
“With asset quality remaining stable during the quarter, provisions and contingencies were Rs. 388.80 crore against Rs 405 crore,” it added.
Total deposits as of December 31, 2013, stood at Rs. 349,215 crore, an increase of 22.9 per cent over December 31, 2012. “These included US$ 3.4 billion being deposits raised under the RBI window for attracting foreign currency non-resident (FCNR) deposits. Under this window the bank could raise foreign currency denominated deposits and swap them into rupees with RBI at a concessional rate,” said HDFC Bank.
Advances as of December 31, 2013 were at Rs 2,96,742 crore, an increase of 22.9 per cent over December 31, 2012. Gross non-performing assets (NPAs) were at 1.0 per cent of gross advances as on December 31, 2013, as against 1.1 per cent as on September 30, 2013 and 1.0 per cent as on December 31, 2012. Net non-performing assets were at 0.3 per cent as on December 31, 2013.
