HDFC Bank this Saturday revealed a growth of 20 percent with a net profit of Rs. 2,794.5 crores in the quarter which ended in the month of December last year. Reports suggest the bank received this hike in its profit due to the above average Net Interest Income (NII) and Other Income.
According to HDFC reports, the difference between the Interest Income and the expenditure grew by nearly 23% to Rs 5,699.9 crore. Earlier in the third quarter the bank had the gap of almost 4,634.8 crores.
HDFC Other Income profit also grew by 18% with an increment in the fees, commissions and more. The bank closed the third quarter in December 2014 with Rs. 2,534.9 compared to Rs 2,148.3 in the earlier year. Bank’s NIM or Net Interest Margin also grew by 4.4% this quarter from 4.2% in the previous quarter.
However, one of the largest public sector bank, SBI also reflected a major growth in the profit this year. According to the reports, bank received an overall benefit of nearly 30-percent to Rs. 2,910 crores in December, last year compared to the Rs. 2,234 crores earlier in the same period.
Arundhati Bhattacharya, Chairman of the bank, told reporters, “I am very loath to say that the pain is over. Let’s wait for a quarter or two before we can say it is surely over. Slippages have come from iron & steel, trade and services, textiles and some amount of power.’’
She also said that the growth was impossible without the hardworking employees in the branches spread across the entire country.