HDFC Bank net profit grew 20% for September

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Mumbai: Indian banking and financial services provider HDFC (Housing Development Financial Corporation) Bank Limited posted on Tuesday a 20.1% increase in its net profit for the September quarter ended owing to higher net interest income and other income.

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The corporation posted profit of Rs 4,151.03 crore from Rs 3,455.33 crore a year before. Analysts further revealed that the bank was predictable to attain a net profit of Rs 4,171.40 crore.

Bank earns Net interest income (NII) by providing loans that grew 20.75% to Rs 9,652.07 crore as contrast to Rs7,993.59 crore for previous year. Other income augmented 24.3% to Rs 3,605.90 crore from Rs 2,900.95 crore in the similar period for previous year.

Provisions and contingencies grew 97.09% to Rs 1,476.19 crore compared to Rs 748.99 crore a year before. Quarterly it reduced 5.3% from Rs 1,558.76 crore.

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Total loan percentage and gross non-performing assets (NPAs) grew 1.26% contrast to 1.24% in the preceding quarter. Gross NPAs remains at Rs7,702.84 crore, grew 52% from Rs 5,069.04 a year before.

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