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.
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.
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.