HDFC Bank stock hits fresh highs on strong Q3 performance

18 Janvier, 2021, 13:23 | Auteur: Auguste Feret
  • Trends in SGX Nifty suggest a negative opening of Indian benchmark indices

It was the main organization among banks to deliver quarterly outcomes.

HDFC Bank on Saturday reported a net profit of Rs 8,758 crore against Rs 7,416.48 crore reported in the same period a year ago.

Shares of HDFC Ltd fell 2%, while Bajaj Finance and Bajaj Finserv dropped over 3%, dragging down the Nifty 50 index.

On Saturday, the lending major reported an 18.1% increase in standalone net profit for the quarter ended December 31 of FY21 on a year-on-year basis.

HDFC Securities (HSL) reported 63.8% jump in net profit to Rs 166.6 crore on a 55.9% rise in total income to Rs 337.3 crore in Q3 FY21 over Q3 FY20. Following the increase in business, the bank's net interest income rose 15% at Rs 16,317 crore from Rs 14,172 crore in the corresponding period a year ago. The Bank's persistent focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 146%, well above the regulatory requirement. Consolidated advances grew by 14.9% from Rs 986,606 crore as on December 31, 2019 to Rs 1,133,410 crore as on December 31, 2020. As per regulatory segment classification, domestic retail loans grew by 5.2 per cent and domestic wholesale loans grew by 25.5 per cent.

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India's largest private lender by assets, posted third-quarter profit that beat analyst expectations buoyed by strong loan growth and a drop in bad loans.

The bank's credit growth came at 15.6 per cent, while the net interest margin was 4.2 per cent.

The bank's non-interest income, which includes commissions and fees and profits from bond trading, rose 11% to Rs 7,443 crore from Rs 6,669 crore in the corresponding quarter previous year. Tax expense increased by 21.3% YoY to Rs 3,013.60 crore in the third quarter. Total provisions (comprising specific, floating, contingent and general provisions) were 260% of the reported Gross NPAs or 148% of proforma Gross NPAs as on December 31, 2020.

During the last week, the 30-share BSE benchmark advanced by 252.16 points or 0.51 per cent.

Through an interim order on September 3, 2020, the Supreme Court had directed that accounts which were not declared NPAs till August 31, 2020, shall not be declared as such until further orders. "The proforma net NPA proportion would have been 0.40 percent", said HDFC Bank.

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