HDFC Bank Reveals Financial Results For Q 3

Srinagar: The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2016 at their meeting held in Mumbai on Tuesday, January 24, 2017.

The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank, a statement issued by Kashmir News Communications said on Wedesnday.

FINANCIAL RESULTS

Profit & Loss Account: Quarter ended December 31, 2016

The Bank’s total income for the quarter ended December 31, 2016 was ` 20,748.3 crore, up from ` 18,283.3 crore for the quarter ended December 31, 2015. Net revenues (net interest income plus other income) increased by 15.2% to ` 11,451.8 crore for the quarter ended December 31, 2016 as against ` 9,940.7 crore for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2016 grew by 17.6% to ` 8,309.1 crore, from ` 7,068.5 crore for the quarter ended December 31, 2015, driven by average assets growth of 18.6% and a net interest margin for the quarter of 4.1%.

Other income (non-interest revenue) at `3,142.7 crore was 27.4% of the net revenues for the quarter ended December 31, 2016 and grew by 9.4% over `2,872.2 crore in the corresponding quarter ended December 31, 2015.

The four components of other income for the quarter ended December 31, 2016 were fees & commissions of `2,206.8 crore (`2,004.8 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of `297.2 crore (`277.4 crore for the corresponding quarter of the previous year),  gain on revaluation /sale of investments of `398.6 crore (`327.9 crore in the corresponding quarter of the previous year) and miscellaneous income including recoveries of ` 240.0 crore (`262.1 crore for the corresponding quarter of the previous year).

Operating expenses for the quarter ended December 31, 2016 were `4,842.5 crore, an increase of 15.2% over `4,204.8 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was 43.8% as against 43.7% for the corresponding quarter ended December 31, 2015.

Provisions and contingencies for the quarter ended December 31, 2016 were `715.8 crore (consisting of specific loan loss provisions `694.4 crore, general provisions `9.3 crore, and other provisions `12.1 crore) as against `653.9 crore (consisting of specific loan loss provisions `601.5 crore, general provisions `49.9 crore and other provisions `2.5 crore) for the corresponding quarter ended December 31, 2015.

Profit before tax was up 16.0% to `5893.5 crore. After providing `2,028.1 crore for taxation, the Bank earned a net profit of `3,865.3 crore, an increase of 15.1% over the quarter ended December 31, 2015.

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