HDFC Bank, on Friday, reported a 30 per cent rise in net profit at Rs.1,859.07 crore for the quarter ended December 31, 2012, against Rs.1,429.66 crore in the corresponding period in the previous year.
The bank’s total income for the quarter under review was Rs.10,506.50 crore (Rs.8,622.60 crore). Net revenues (net interest income plus other income) increased by 23.4 per cent to Rs 5,597.70 crore from Rs 4,536.0 crore, the bank said in a statement after its board meeting here.
Net interest income (interest earned less interest expended) for the quarter grew by 21.9 per cent to Rs.3,798.90 crore. “This was driven by loan growth of 24.3 per cent, and a net interest margin for the quarter of 4.1 per cent,” the release added.
Other income (non-interest revenue) was Rs.1,798.90 crore (Rs.1,420 crore)The main contributor to other income was fees and commissions of Rs.1,401.90 crore, up by 24.3 per cent over Rs.1,127.60 crore in the corresponding quarter in the previous year. The two other components of other income, according to the bank, were foreign exchange and derivatives revenue of Rs.258 crore (Rs.365.60 crore) and gain on revaluation/sale of investments of Rs.135.80 crore (loss of Rs.81.80 crore).
Provisions and contingencies for the quarter under review were Rs.307.20 crore (consisting primarily of specific, general and floating provisions) as against Rs.329.20 crore in the corresponding quarter in the previous year and Rs.292.90 crore in the preceding quarter ended September 30, 2012.
Total net advances as of December 31, 2012, were Rs.241,493 crore, an increase of 24.3 per cent over the corresponding quarter last year. Total deposits went up by 22.2 per cent to Rs.284,119 crore. Savings deposits grew by 16.5 per cent to Rs 81,942 crore and current deposits by 10.4 per cent to Rs.47,004 crore.
Gross non-performing assets were at one per cent of gross advances, and net non-performing assets at 0.2 per cent of net advances at the end of the third quarter.
The Bank said that its provisioning policies for specific loan loss provisions remained higher than regulatory requirements. The NPA coverage ratio based on specific provisions (not including write-offs, technical or otherwise) was at 80 per cent as on December 31, 2012. Total restructured loans (including applications received and under process for restructuring) were at 0.3 per cent of gross advances as of December 31, 2012.