Q3FY19 Results: HDFC Bank reports 20 per cent rise in net profit

HDFC Bank posted a good set of numbers for the quarter ended December 31, 2018. The bank’s Net Interest Income (NII) grew by 21.9 per cent with a net interest margin of 4.3 per cent.

The bank's NII for Q3FY19 rose by 21.9 per cent yoy to Rs. 12,576.8 crore as against Rs. 10,314.3 crore in Q3FY18, driven by asset growth of 23.7 per cent. The core net interest margin for the quarter was at 4.3 per cent. Total income for the quarter was at Rs. 30,811.3 crore, up by 26.0 per cent from Rs. 24,450.4 crore in Q3FY18. Net revenues grew by 23.4 to Rs. 17,497.8 crore for Q3FY19 as against Rs. 14,183.5 crore in the corresponding quarter a year ago.

HDFC Bank earned a net profit of Rs. 5,585.9 crore for Q3FY19 as against Rs. 4,642.6 in Q3FY18, an increase of 20.3 per cent YoY. The bank’s total loan for the quarter was at Rs. 7,80,951 crore, of which of domestic retail loans grew 24 per cent, while domestic wholesale loan grew 24.1 per cent.

For the quarter, the bank’s asset quality remained stable with Gross non-performing assets (GNPAs) at 1.38 per cent of gross advances as against 1.33 per cent QoQ and 1.29 per cent YoY. Coverage ratio was at 70 per cent and Net NPAs were at 0.4 per cent. The provisions for the quarter increased 63 per cent YoY to Rs. 2,211.5 crore as against Rs. 1,351.4 crore in the previous quarter.

On Friday, the stock of HDFC Bank closed at Rs. 2,130.00 per share, down by 0.11 per cent.