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Net
profit for the quarter was 122.59 billion rupees ($1.51
billion), up from 103.42 billion rupees in the same quarter a
year earlier. That was above analysts' forecast of 118.33
billion rupees, according to Refinitiv IBES data.
Net interest income, the difference between interest earned and
paid, rose 24.6% to 229.88 billion rupees from 184.44 billion
rupees. The core net interest margin stood at 4.1% for the
quarter.
HDFC's advances for its third fiscal quarter rose 19.5%, retail
loans grew 21.4%, commercial and rural banking loans were up
30.2% and other wholesale loans rose 20.3%.
Deposits grew 19.9%, aided by higher time deposits and current
and savings account deposits.
Credit offtake in India has picked up in recent months due to
sustained demand for loans, causing a scramble for deposits
among lenders. Loans at Indian banks rose 17.4% in the two weeks
to Dec. 16 from a year earlier, while deposits rose 9.36%, the
latest data from the Reserve Bank of India showed last month.
HDFC Bank's asset quality was stable from the previous three
months, with its gross non-performing assets (NPA) ratio
unchanged at 1.23% and net NPA ratio unchanged at 0.33%.
Provisions and contingencies fell slightly to 28.06 billion
rupees from 29.94 billion rupees last year.
The bank's credit cost ratio declined to 0.74% from 0.87% in the
prior quarter and 0.94% a year earlier.
($1 = 81.2800 Indian rupees)
(Reporting by Siddhi Nayak and Swati Bhat; Editing by William
Mallard)
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