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HDFC Bank posts in-line Q3 profit on higher net interest income

HDFC Bank posts in-line Q3 profit on higher net interest income

The Hindu
Wednesday, January 22, 2025 10:21 AM GMT

HDFC Bank reports Q3 profit in-line with estimates, boosted by NII increase, despite slight decline in net profit.

HDFC Bank on Wednesday (January 22, 2025) reported third-quarter profit largely in-line with analysts’ estimates, helped by an increase in net interest income (NII).

The country’s biggest private lender posted a standalone net profit of 167.36 billion rupees ($1.94 billion) for the quarter ended Dec. 31., down about 0.5% from the previous quarter.

Analysts, on average, expected a profit of 167.48 billion rupees, according to data compiled by LSEG.

The bank’s results are not comparable on a year-to-year basis as it merged with its parent HDFC in July 2023.

HDFC Bank’s NII — the difference between interest earned and paid — rose 2% from the previous quarter to 306.53 billion rupees, as per Reuters calculations.

Deposits rose 4.2% to 24.53 trillion rupees, slowing from a 5.1% rise in July-September.

Meanwhile, gross advances, or loans sanctioned and disbursed, rose 0.9% to 25.43 trillion rupees, slowing from 1.3% growth in the previous quarter.

Read full story on The Hindu
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