HDFC Bank, has reported its financial results for the third quarter (Q3) of the current financial year. The bank has seen a strong performance in the quarter, with net profit growing by 19.89% year-on-year to reach INR 12,698 crore. This performance was driven by an increase in net interest income, as well as a decline in provisions and contingencies.
The bank's net interest income, which is the difference between interest earned and interest expended, grew by 24.6% to reach INR 22,987 crore. This growth was driven by an increase in the bank's loan book, as well as a steady interest rate environment.
The bank's provisions and contingencies, which are set aside to cover potential losses from bad loans, declined to 1.23% compared to 1.33% of last year mark. This decline was largely due to a reduction in provisions for standard assets, as well as a lower level of slippages in the loan book.
In addition to its strong financial performance, HDFC Bank also saw a healthy growth in its deposit base, with deposits growing by nearly 12% to reach INR 17,33,204 crore. The bank's capital adequacy ratio, which is a measure of the bank's ability to meet its financial obligations, also remained strong at 19.4%.
Overall, HDFC Bank has reported a solid performance in the third quarter, with strong growth in net profit, net interest income, and deposits. The bank's management has expressed confidence in its ability to continue delivering strong results in the future.