HDFC Bank announces financial results for the Q3

HDFC Bank announces financial results for the Q3
  • 6
    Shares

SRINAGAR: The Board of Directors of HDFC Bank Limited approved the bank’s results for the quarter ended December 31, 2017 in a meeting held in Mumbai. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the bank.
The bank’s total income for the quarter ended December 31, 2017 was Rs 24,450.4 crore, up from Rs 20,748.3 crore for the quarter ended December 31, 2016. Net revenues (net interest income plus other income) increased by 23.9% to Rs 14,183.5 crore for the quarter ended December 31, 2017 from Rs 11,451.8 crore in the corresponding quarter of the previous year, an official handout read.
“Net interest income (interest earned less interest expended) for the quarter ended December 31, 2017 grew by 24.1% to Rs 10,314.3 crore, from Rs 8,309.1 crore for the quarter ended December 31, 2016, driven by average asset growth of 16.6% and a core net interest margin for the quarter of 4.3%,” it read.
Other income (non-interest revenue) at Rs 3,869.2 crore was 27.3% of the net revenues for the quarter ended December 31, 2017 and grew by 23.1% over Rs 3,142.7 crore in the corresponding quarter ended December 31, 2016.
“The four components of other income for the quarter ended December 31, 2017 were fees & commissions of Rs 2,872.1 crore (Rs 2,206.8 crore in the corresponding quarter of the previous year), foreign exchange and derivatives revenue of Rs 426.2 crore (Rs 297.2crore for the corresponding quarter of the previous year), gain on revaluation/sale of investments of Rs 259.4 crore (Rs 398.6 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries, of Rs 311.4 crore (Rs 240.0 crore for the corresponding quarter of the previous year)” the handout read further. Operating expenses for the quarter ended December 31, 2017 were Rs 5,732.2 crore, an increase of 18.4% over Rs 4,842.5 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 41.2% as against 43.8% for the corresponding quarter ended December 31, 2016.
Provisions and contingencies for the quarter ended December 31, 2017 were Rs 1,351.4 crore as against Rs 715.8 crore for the quarter ended December 31, 2016 and Rs 1476.2 crore for the quarter ended September 30, 2017. Profit before tax for the quarter ended December 31, 2017 was up 20.5% to Rs 7,099.9 crore.
After providing Rs 2,457.3 crore for taxation, the bank earned a net profit of Rs 4,642.6 crore, an increase of 20.1% over the quarter ended December 31, 2016, the handout added.

Leave a Reply

Your email address will not be published.