HDFC Bank Q3 20-21 results – Indian private lender reports 18% growth in net profit at $1.2bn

HDFC Bank Q3 20-21 results : Indian banking and financial services company HDFC Bank reported an increase of 18.1% in its net profit after tax for the third quarter of 2020-2021 that ended 31 December at INR 8,758.3 crore ($1.2 billion), compared to the same quarter of the previous year.

The bank’s profit before tax (PBT) was INR 11,771 crore, which is an 18.9% growth compared to Q3 2019-2020.

According to the HDFC Bank Q3 20-21 results, the bank has reported net revenues of INR 23,760 crore for the third quarter of 2020-2021 that ended 31 December compared to INR 20,842 crore made in Q3 2019-2020.

Net interest income of the private sector bank for Q3 2020 was up by 15.1% to INR 16,317 crore from INR 14,172 for the same quarter of the previous year.

The growth in net interest income was driven by advances growth of 15.6% along with a core net interest margin of 4.2%, said HDFC Bank.

HDFC Bank Q3 20-21 results – Indian private lender reports 18.1% growth in net profit at $1.2bn. Photo courtesy of HDFC Bank Ltd.

Operating expenses for Q3 2020-2021 for the Indian banking company were INR 8,574 crore, a growth of 8.6% compared to the figure of INR 7,896 crore reported during Q3 2019-2020.

For the nine months ended 31 December 2020, HDFC Bank reported a total income of INR 108,045 crore compared to INR 102,155 crore in the same period of the previous year.

Net revenues for the nine months ended 31 December 2020 were INR 65,370 crore compared to INR 58,210 crore for the corresponding of the previous year.

Net profit for the nine months ended 31 December 2020 was INR 22,930 crore, which marks a growth of 18.6% compared to the same period in the previous year.