HDFC's Third Quarter Profit Up By 20.3% to Rs 5,586 crore

The net interest income (interest earned less interest expended) for the quarter ended December 31, 2018 grew by 21.9% to Rs12,576.8 crore, from Rs 10,314.3 crore for the quarter ended December 31, 2017, driven by asset growth of 23.7% and a core net interest margin for the quarter of 4.3%.

"Other income (non-interest revenue) at Rs 4,921.0 crore was 28.1% of the net revenues for the quarter ended December 31, 2018 and grew by 27.2% over Rs 3,869.2 crore in the corresponding quarter ended December 31, 2017. The four components of other income for the quarter ended December 31, 2018 were fees & commissions of Rs 3,646.8 crore (Rs 2,872.1 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs 397.7 crore (Rs 426.2 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of Rs 474.0 crore (Rs 259.4 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries, of Rs 402.6 crore (Rs 311.5 crore for the corresponding quarter of the previous year)," the bank said in a press statement.

HDFC's operating expenses for the quarter ended December 31, 2018 were Rs 6,719.3 crore, an increase of 17.2% over Rs 5,732.2 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 39.5% as against 41.2% for the corresponding quarter ended December 31, 2017