India’s largest private sector lender HDFC Bank Ltd. saw its net profit for the July-September quarter rise 20% year-on-year on higher net interest income and lower provisions.
Net profit for the quarter stood at Rs 10,606 crore, compared with Rs 8,834.3 crore a year ago. This is the first time HDFC Bank has crossed Rs 10,000 crore in net profit.
Core income, or NII, for the bank rose 19% year-on-year to Rs 21,012 crore. Similarly, other income stood at Rs 7,596 crore, marginally up 2.6% from last year.
Gross non-performing asset ratio for the bank improved by 5 basis points quarter-on-quarter to 1.23% as of Sept. 30. Net NPA ratio, too, improved to 0.33%, down 2 basis points sequentially.
Provisions for the quarter stood at Rs 3,240 crore, compared with Rs 3,925 crore a year ago, a fall of 17.4%.