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HDFC Bank on Saturday reported a 18.1% increase in net profit of Rs 8,758.3 crore for the quarter ended December 31, 2020, compared to Rs 7,416.48 crore in the year ago period.

The bank’s Net interest income (interest earned less interest expended) for the quarter ended December 31, 2020 grew by 15.1% to Rs 16,317.6 crore from Rs 14,172.9 crore for the quarter ended December 31, 2019, driven by advances growth of 15.6%, and a core net interest margin for the quarter of 4.2%.

The private lender’s persistent focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 146%, well above the regulatory requirement, the bank said.

Net revenues grew to Rs 23,760.8 crore for the quarter ended December 31, 2020 from Rs 20,842.2 crore in the year ago period.

The Gross and Net non-performing assets were at 0.81% of gross advances and 0.09% of net advances as on December 31, 2020 respectively.

The bank’s other income was Rs 7,443.2 crore at 31.3% of the net revenues for the quarter ended December 31, 2020 as against Rs 6,669.3 crore in the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended December 31, 2020 were Rs 3,414.1 crore (consisting of specific loan loss provisions of Rs 691.2 crore and general and other provisions of Rs 2,722.9 crore) as against Rs 3,043.6 crore (consisting of specific loan loss provisions of Rs 2,883.6 crore and general and other provisions of Rs 159.9 crore) for
the quarter ended December 31, 2019.

The total credit cost ratio was at 1.25%, as compared to 1.41% in the quarter ending September 30, 2020 and 1.29% in the quarter ending December 31, 2019.

CASA deposits

Total deposits as of December 31, 2020 were Rs 1,271,124 crore, an increase of 19.1% over December 31, 2019. CASA deposits grew by 29.6% with savings account deposits at Rs 374,639 crore and current account deposits at Rs 172,108 crore.

Time deposits were at Rs 724,377 crore, an increase of 12.2% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 43.0% of total deposits as of December 31, 2020.

The bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.9% as on December 31, 2020 (18.5% as on December 31, 2019) as against a regulatory requirement of 11.075% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.20% on account of the bank being identified as a Domestic Systemically Important Bank (D-SIB).

Number of employees were at 117,560 as of December 31, 2020 (as against 113,981 as of December 31, 2019).

On Friday, shares of HDFC Bank closed at Rs 1,466.35, down 0.12% from its previous close on the BSE.

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