HDFC Bank Q3 results: Profit surges 14.36% YoY to Rs 8,758 crore, beats estimates

Private sector lender HDFC Bank on Saturday reported 14.36 percent year-on-year (YoY) rise in consolidated net profit to Rs 8,758.3 crore for the December quarter.

CNBC-TV18 poll had predicted a profit of Rs 8,264.8 crore for the quarter under review. In the corresponding quarter last year, the company posted a net profit of Rs 7,416 crore.

Its total income increased to Rs 37,522 crore on a standalone basis compared to Rs 36,039 crore in the year-ago period. The results, the first earnings to be declared by the bank under new chief executive and managing director Sashidhar Jagdishan, displayed an improvement in the asset quality.

The gross non-performing assets (NPA) ratio stood at 0.81 percent of the total assets as against 1.42 percent in the year-ago period and 1.08 percent at the end of the preceding September quarter, the bank said.