HDFC Bank shares fall nearly 2 pc post Q3 results

New Delhi, Jan 20 () Shares of HDFC Bank on Monday declined nearly 2 per cent after the company's non-performing assets (NPAs) rose in the third quarter ended December 31.

The scrip fell 1.80 per cent to close at Rs 1,254.90 on the BSE. The company's stock plunged 1.96 per cent to Rs 1,252.80 during the day.

On the NSE, it dipped 1.62 per cent to close at Rs 1,257.35.

Private lender HDFC Bank on Saturday reported a 32.8 per cent growth in net profit to Rs 7,416.5 crore for the third quarter ended December 31 driven by interest and non-interest income. Advertisement

The bank had posted a net profit of Rs 5,585.9 crore in the October-December quarter of the last financial year.

During the quarter, gross non-performing assets (NPAs) rose to 1.42 per cent of the total advances, compared with 1.38 per cent at the end of the third quarter of 2018-19.

Net NPAs of the bank too increased to 0.48 per cent of the assets in October-December 2019, against 0.42 per cent a year ago.

As a result, the bank's provisions (other than tax) and contingencies increased to Rs 3,043.56 crore against Rs 2,211,53 crore reported in the corresponding period of the previous financial year. Of this, provision of NPA was Rs 2,883.6 crore alone, it said.

Total income rose to Rs 36,039 crore during the December quarter against Rs 30,811.27 crore in the year-ago period, HDFC Bank said in a statement. "Net interest income (interest earned less interest expended) for the quarter ended December 31, 2019, grew to Rs 14,172.9 crore from Rs 12,576.8 crore for the quarter ended December 31, 2018, driven by growth in advances of 19.9 per cent and a growth in deposits of 25.2 per cent," it said. SUM SHW SHW

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