As a result, the bank’s provisions (other than tax) and contingencies increased to ₹3,043.56 crore against ₹2,211.53 crore reported in the corresponding period of the previous financial year. Of this, provision of NPA was ₹2,883.6 crore alone, it said. … [Read more...] about HDFC Bank Q3 net profit rises 33% to ₹7,417 crore
Non profit banking accounts
NEW DELHI: Brokerages were largely positive on HDFC Bank post its December quarter results, even as concerns remained over slowdown in the retail segment growth and fresh slippages. Edelweiss Securities introduced FY22 estimates and roll forward valuations by one quarter, leading to revised target price of Rs 1,520 from earlier Rs 1,456. “HDFC Bank’s Q3FY20 earnings beat estimates with a 33 per cent YoY PAT growth and 20 per cent operating profit spurt, led primarily by non-interest income. Also, loan growth settled higher at 20 per cent aided by corporate segment, and NIMs remained steady,” it said. The bank on Saturday reported a 32.77 per cent year-on-year (YoY) rise in net profit at Rs 7,416.48 crore for the quarter ended December 2019. It had posted a net profit of Rs 5,585.85 crore in the same period last year. “Retail momentum has slowed, pulling down core NII/PPOP growth to 13-14 per cent on YoY basis. However, we think HDFC Bank is managing the … [Read more...] about Brokerages bullish on HDFC Bank post Q3 results; stock flat
Private lender Kotak Mahindra Bank on Monday reported 24 per cent year-on-year (YoY) rise in standalone profit at Rs 1,596 crore for the December quarter, missing Street estimates. The bank saw a spike in provisions and deterioration in asset quality. Meanwhile, its tax outgo halved thanks to reduced corporate tax rates. Here are key takeaways from the bank’s Q3 results: NII rises The lender’s net interest income (NII) for Q3FY20 increased to Rs 3,430 crore from Rs 2,926 crore in Q3FY19, up 17 per cent. Net interest margin (NIM) came at 4.69 per cent was also better than 4.31 per cent in Q3FY19. Asset quality deteriorates Gross non-performing assets (NPA) for the quarter stood at 2.46 per cent, which was higher than 2.32 per cent in the September quarter and 2.07 per cent in the December quarter of 2018. Provisions spike The bank made provisions and contingencies of Rs 444 crore for the quarter compared with Rs 407.93 crore in the September quarter. Provisions on a … [Read more...] about Kotak Bank’s provisions spike & NII jumps in Q3: Key takeaways
The lender’s asset quality deteriorated with gross non-performing assets standing at 2.46% of gross advances, up from the 2.07% reported a year ago. Net NPA ratio was 0.89%, compared with 0.71%. The bank’s stock fell 4.7% to ₹1,618.05 on the BSE, while the broader indices were down by almost 1%. … [Read more...] about Kotak Mahindra Bank net up 24%
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