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HDFC Bank Q3 net up 20%, asset quality stable, provision up

Provision for bad loans increased 44.13 percent (Y-o-Y) to Rs 560.4 crore compared to Rs 388.8 crore in the year ago period. Provision was at Rs 455.9 crore in second quarter of FY15.

The News International Team

HDFC Bank ’s net profit rose 20.2 percent year-on-year to Rs 2794.5 crore in the quarter ended 31 December, from Rs 2325.7 crore in the corresponding quarter last fiscal. During the quarter its net interest income (NII) or difference between interest earned and interest expended grew 23 percent to Rs 5700 crore from Rs 4634.8 crore year-on-year.

According to CNBC-TV18, Q3 profit was expected to jump 20.6 percent year-on-year to Rs 2,804 crore. Net interest income, the difference between interest earned and interest expended, is seen rising 23.7 percent to Rs 5,733 crore during October-December quarter from Rs 4,635 crore in same quarter last fiscal.

During the quarter, its gross non-performing asset (NPA) was flat at 1 percent quarter-on-quarter, standing at Rs 3,467.9 crore. Net NPA was also flat at 0.3 percent at Rs 903.7 crore from Rs  917.3 crore quarter-on-quarter.

However, its provisions for bad loans increased 44.13 percent (Y-o-Y) to Rs 560.4 crore compared to Rs 388.8 crore in the year ago period. Provision was at Rs 455.9 crore in second quarter of FY15.

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