HDFC Bank Q3 net profit up 32.89% at Rs 1087 cr

India's third largest lender HDFC Bank has announced its results for the quarter ended December 2010. It has reported a net profit of Rs 1,087 crore as against Rs 818 crore, a massive growth of 32.89% on year-on-year basis.

Net interest income went up by 24.87% to Rs 2,777 crore in December quarter of 2010 as against Rs 2,224 crore in the same quarter of 2009.

Other income jumped to Rs 1,128 crore from Rs 899 crore (YoY).

Provisions declined in the Q3FY11 to Rs 466 crore from Rs 448 crore in Q3FY10.

Gross non-performing assets (NPAs) also declined at 1.11% as on December 31 as against 1.63% in same period of last year. Net NPAs too went down at 0.2% in December quarter of 2010 as against 0.5% in same quarter of last year.

Capital adequacy ratio stood at 16.3% and net interest margin at 4.2%.

In a press conference, HDFC Bank said:
-See some downward bias in January-March net interest margin
-Bought Rs 1,500 crore of home loans from HDFC in Q3
-Loan growth likely more than 20% next fiscal
-Credit deposit ratio at 82%