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HDFC Bank's fiscal Q3 net profit jumps 29.8% YOY

HDFC Bank Ltd. reported a 29.8% year-over-year rise in net profit for the fiscal third quarter ended Dec. 31, 2019, as total income increased.

The India-based bank said Jan. 18 that its consolidated fiscal third-quarter net profit came in at 76.60 billion rupees, up from 59.01 billion rupees in the prior-year period. EPS rose to 13.9 rupees from 10.8 rupees.

The S&P Global Market Intelligence consensus normalized EPS estimate for the fiscal third quarter was 12.12 rupees, with four analysts reporting.

HDFC Bank said interest earned for the quarter grew to 312.01 billion rupees from 274.34 billion rupees. Total income for the period came in at 383.26 billion rupees, compared to 327.23 billion rupees.

Operating profit before provisions and contingencies reached 137.27 billion rupees, up from 115.16 billion rupees in the prior-year quarter.

Provisions and contingencies rose on a yearly basis to 34.78 billion rupees from 24.59 billion rupees.

The bank's stand-alone gross nonperforming asset ratio came to 1.42% as of Dec. 31, 2019, compared to 1.38% at Sept. 30, 2019, and 1.38% at Dec. 31, 2018. Its stand-alone net NPA for the quarter clocked in at 0.48%, compared to 0.42% at Sept. 30, 2019, and 0.42% at Dec. 31, 2018.

As of Dec. 31, 2019, the lender's stand-alone capital adequacy ratio came in at 18.5%, compared to 17.5% in the previous quarter and 17.3% in the prior-year period.

As of Jan. 17, US$1 was equivalent to 71.08 Indian rupees.