HDFC Bank Q3 net rises 20.10 per cent to Rs 4642.6 cr

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Today, it announced a net profit growth of over 20 per cent year-on-year.

Private sector lender Kotak Mahindra Bank Ltd posted a almost 20 per cent increase in third-quarter profit on Friday, helped by higher interest and fee income and as bad loans dropped. This positive news comes on the heels of the bank entering the coveted league of top five firms by market capitalisation on BSE just yesterday.

HDFC Bank on Thursday attained a market valuation of Rs 5 lakh crore, becoming the third company to achieve this milestone after RIL and TCS.

IDFC Bank's gross non-performing assets (NPAs) fell 22.58% to Rs2,776.67 crore at the end of the December quarter from Rs3,586.70 crore in the same quarter a year ago. The core cost-to-income ratio for the quarter was at 41.2 per cent as against 43.8 per cent for Q3 FY17.

Ahead of announcement of quarterly results, three index majors, Reliance Industries, HDFC Bank and ITC, are holding on positive territory on Friday, with investors indulging in some cautious buying at the counters.

Total income rose to Rs 24,450.44 crore during the December quarter, up 17.84 % from ₹ 20,748.27 crore in the year-ago period.

HDFC Bank's provisions (other than tax) and contingencies increased to Rs 1,351.44 crore as against Rs 715.78 crore reported in the corresponding period a year ago.

The bank's gross bad loans as a percentage of total loans were 1.29 percent at end-December, versus 1.26 percent at end-September.

Advances grew 47 per cent over the same period previous year and a sequential rise of 15 per cent. Shares of Yes Bank closed 0.66 per cent lower at Rs 340.25 on the BSE. This will be the first equity raising by the country's largest pure-play mortgage lender in over a decade.

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