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HDFC Bank Registers Profit Of Rs 10,591 Cr In Q3

The Bank said that its net revenues (net interest income plus other income) increased by 12.1 per cent to Rs 26,627.0 crore from Rs 23,760.8 crore in the third quarter of 2020.

Photo Credit : Reuters

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Amid the ongoing Coronavirus pandemic, HDFC bank on Saturday said that it registered a total of Rs 10,591 crore net profit for the quarter ended December 31, 2021, an increase by 20.8 per cent, as compared to the same period of 2020. 

The company in a statement said that the consolidated advances grew by 15.8 per cent from Rs 1,133,410 crore as on December 31, 2020, to Rs 1,312,142 crore as on December 31, 2021. 

"The consolidated net profit for the nine months ended December 31, 2021, was Rs 27,610 crore, up 18.0 per cent, over the nine months ended December 31, 2020," it said.  

The Bank further said that its net revenues (net interest income plus other income) increased by 12.1 per cent to Rs 26,627.0 crore from Rs 23,760.8 crore in the third quarter of 2020. 

"Net interest income (interest earned less interest expended) for the quarter ended December 31, 2021, grew by 13.0 per cent to Rs 18,443.5 crore from Rs 16,317.6 crore for the quarter ended December 31, 2020. Advances grew at 16.5 per cent reaching new heights driven through relationship management, digital offering and breadth of products," the bank mentioned. 

The bank said that the four components of other income for the quarter ended December 31, 2021 were fees & commissions of Rs 5,075.1 crore foreign exchange and derivatives revenue of Rs 949.5 crore, gain on sale, revaluation of investments of Rs 1,046.5 crore and miscellaneous income, including recoveries and dividend, of Rs 1,112.5 crore. 

"We added 294 branches and 16,852 people over the last twelve months and made other investments to position ourselves and capitalise on the growth opportunity. Operating expenses for the quarter ended December 31, 2021 were Rs 9,851.1 crore, an increase of 14.9 per cent over Rs 8,574.8 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.0 per cent," bank added. 


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