HDFC Bank Q3 Results | Net profit beats estimates, NII up 6% at ₹32,615 crore

HDFC Bank Ltd., India's largest private lender, reported its December quarter results on Saturday, January 16. Its net profit was higher than estimates, while its net interest income (NII) was below the CNBC-TV18 poll.

Net Interest Income, or core income earned by the bank increased by 6.4% from last year to ₹32,615 crore from ₹30,653 crore. A CNBC-TV18 poll had pegged the figure to be ₹32,762 crore.

Net profit for the period increased by 11.5% from last year. The ₹18,653 crore figure in the December quarter was higher than the CNBC-TV18 poll of ₹17,968 crore.

HDFC Bank's asset quality deteriorated on a sequential basis. Gross Non-Performing Assets (NPAs) and Net NPAs stood flat at 1.24% and 0.42%, respectively,

In absolute terms, HDFC Bank's gross NPA stood at ₹35,179 crore from ₹34,289 crore last quarter, while Net NPAs stood at ₹11,981.8 crore from 11,447.3 crore last year.

Its provisions were at ₹2,837.9 crore compared to ₹3,500.5 crore in the previous quarter and ₹3,153.9 crore in the third quarter last year.

Earlier, HDFC Bank, in its quarterly business updates

had reported an increase in gross advances and total deposits.

Its gross advances increased 11.9% to ₹28.44 lakh crore from ₹25.42 lakh crore in the year-ago period.

its total deposits also increased 11.5% to ₹28.59 lakh crore from ₹25.63 lakh crore in the  previous year.

HDFC Bank shares ended the previous session 0.55% up at ₹930.55 apiece. The stock has gained 13.7% in the past year.