HDFC Bank Q1 profit rises 21%

HDFC Bank Ltd on Saturday said its first quarter net profit rose 21% on account of higher provisions and other income.

The bank reported a net profit of ₹5,568.16 crore for the three months ended 30 June compared with ₹4,601.44 crore in the year-ago period.

Net interest income, or the difference between the interest earned on loans and paid on deposits, grew 22.9% year-on-year to₹13,294.3 crore in April-June. Other income, which includes core fee income, rose 27.2% to₹4,970.3 crore during the reporting quarter.

Asset quality deteriorated marginally as gross non-performing assets (NPAs), as a percentage of total advances, rose to 1.4% in the June quarter compared to 1.33% in the year-ago period.

Provisions during the quarter rose 60% to₹2,613.66 crore. In January-March, the bank had set aside ₹1,889.2 crore as provisions.

Post-provision, the net NPA ratio was at 0.43% against 0.39% in the March quarter and 0.41% in the year-ago period. The bank made specific loan loss and contingent provisioning of ₹2,413.5 crore as against₹1,432.2 crore for the corresponding quarter of the previous year. The bank also made general provisions of ₹200.2 crore, which includes additional provisions of ₹86 crore towards standard advances to the NBFC/HFC sector.

HDFC Bank's loan book saw year-on-year growth of 17% and deposits grew by 18.5%.

The board of directors has declared a special interim dividend of ₹5 per equity share of ₹2 to commemorate 25 years of the bank’s operations, the bank said in a press release.

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HDFC Bank’s next boss needs to win 15-day challenge of Aditya Puri

HDFC Bank MD Aditya Puri wants his successor to learn his job in just two weeks. The head of India's largest private sector lender said his replacement, a search for whom will begin soon, should be better than him in all respects. “If my replacement wants to be mentored for 1 year, I don’t want that replacement,” Puri said at the lender's annual general meeting. 

Puri says his replacement should not require an 18-month handholding for the job. India's highest paid bank chief, who turns 70 in October 2020, has been credited with building India’s most valuable bank from scratch. He is also the country’s longest serving bank chief, having headed the bank since its launch in 1994. 

HDFC Bank’s steady growth and performance are widely attributed to Puri’s no-nonsense leadership. 

Speculation has been rife for many years on who would succeed Puri and it has only intensified after he underwent a cardiac surgery in February 2016. 

In May 2018, Puri said while speaking to analysts that the HDFC Bank board would soon start the process of identifying his successor and the depth of leadership within the bank would ensure a smooth transition. The plan was to start the process of identifying a successor 18-24 months ahead of Puri’s retirement, and the bank planned to have a 12-month overlap period when the successor would work with Puri. 

Only three months after that pronouncement, Puri’s most trusted lieutenant and the heir apparent, Paresh Sukthankar, announced his sudden departure from the bank, throwing open the succession race. The bank has till date not appointed a replacement for Sukthankar. 

In the annual general meeting, many shareholders expressed their desire that Puri should continue beyond 70 and they were willing to support a representation to the RBI. 

Puri did not respond to representations from shareholders that they should be given preferential allotment in an IPO of the bank’s NBFC arm HDB Financial Services, stating that the reports of an IPO were speculative. Puri said that branches continue to be relevant. However, the experience in branches may change. He said that the bank was looking to add 800 branches in FY20, but would continue to focus only on the Indian market. Puri rued that a slowdown in one quarter is leading to “excessive pessimism” about the health of the overall economy. 

“Fundamentally, I think there is excessive pessimism about the rate of growth, just because it has come down in one quarter,” he told the shareholders, many of whom had asked questions on the macroeconomic worries. 

He attributed the dip in economic growth to the general elections, and also explained that the auto industry, which has been on a rough ride for almost a year now, experiences a similar phenomenon every four years. The veteran banker was referring to GDP growth sliding to a five-year low of 5.8% for the March quarter and the full FY19 growth hitting a low of 6.8%. The comments come days after Prime Minister Narendra Modi termed those questioning the economic potential as “professional pessimists” and exuded confidence in the country becoming a $5-trillion economic giant during the course of his government’s second term itself. Puri said plans laid out by the government in the Budget are “very good” and welcomed specific measures like overseas borrowing, higher divestment target, reviving non-banking lenders, bankruptcy laws and also getting excess capital from the RBI. He said there is a need to focus on exports and manufacturing but pointed out that, unlike the manufacturing-dependent China, “ours is a consumption-driven economy”.

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HDFC Bank Q4FY19 result, profit up 22.6%

HDFC Bank Ltd reported a record quarterly net profit of 58.85 billion rupees ($848 million) on Saturday, meeting market expectations as the country's biggest lender by market value raked in higher interest and fee income.

The bank also said its board had approved raising up to 500 billion rupees by issuing debt over the next 12 months.

Net profit rose 22.6 % in the fourth quarter through March from 47.99 billion rupees a year ago. Analysts were looking for a profit of 58.46 billion rupees, according to IBES data from Refinitiv.

The private sector lender, which focuses on retail consumers and has a relatively small exposure to the troubled infrastructure sector, has been able to tame its bad loans and stay profitable at a time when high levels of soured assets have swept the sector.

HDFC Bank is the first major Indian lender to report results for the final quarter of the year.

Overall its loans grew 24.5 % as of end-March, of which domestic retail loans climbed 19 %.

Net interest income was up 22.8 %, while the net interest margin was 4.4 %.

Asset quality improved slightly, with gross bad loans as a percentage of the total at 1.36 % by the end of March, compared with 1.38 % in the previous quarter and 1.30 % in the same period last year.

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HDFC Bank Q3 net profit up 20.3% on-year

India’s major private sector lender HDFC Bank has reported a 20.3% on-year rise in net profit to Rs 5,586 crore for the October-December period, in line with street estimates. A CNBC TV18 poll had earlier estimated net profit at Rs 5,589.20 crore. 

The bank has reported a 26% on-year rise in total income to Rs 30,811.30 crore, as compared to Rs 24,450.4 crore for the quarter ended December 31, 2017. Notably, the asset quality has been stable for the bank, with gross non-performing assets at 1.38% of gross advances as on December 31,2018, as against 1.33% as on September 30, 2018 and 1.29% as on December 31, 2017. We bring to you key figures in a nutshell.

HDFC Bank’s net profit rose by 20.3% on-year to Rs 5,586 crore. The profit before tax (PBT) for the quarter ended December 31, 2018 was up 20.7% to Rs 8,566.9 crore.

The lender’s total income for the quarter came in a Rs 30,811.3 crore, implying a growth of 26.0% Rs 24,450.4 crore for the quarter ended December 31, 2017. Net revenues (net interest income plus other income) increased by 23.4% on-year to Rs 17,497.8 crore.

The Net interest income (interest earned less interest expended) for the quarter ended December 31, 2018 grew by 21.9% to Rs 12,576.8 crore in the October-December-18 period.

Gross non-performing assets stood at 1.38% of gross advances as on December 31, 2018, as against 1.33% as on September 30, 2018 and 1.29% as on December 31, 2017. Net non-performing assets were at 0.4% of net advances as on December 31, 2018.

As of December 31, 2018, the Bank’s distribution network stands at 4,963 banking outlets and 13,160 ATMs across 2,727 cities/ towns as against 4,734 banking outlets and 12,333 ATMs across 2,672 cities/ towns as of December 31, 2017.

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Top 10 Banks in India 2018

In India banking sector is one of the most regulated sectors in the economy. When Indian Government allowed private banks to operate in the nation many banks came into existence and gave a tough competition to various nationalized players. Private Banks won over most nationalized banks because of the quality of services they offered to their customers. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India. So, which banks provide the best services?

Although Indian banking is known as world’s best banking but we can’t point out any single bank which provides best banking among all. Because i don’t think that even a single person is satisfied with service sector industry. Our expectation is too high and always running on increasing trend. Like; all customers are not same, all banks are not same. The behavior of employees perceive in different manner by different people. Because due to competition there is a huge change can feel in working style of PSU & Private sector banks which covers only limited area & they have too many complaints also. So we can’t point out any single name. Nowadays banking industry is totally changed, I m talking about the service quality of PSU banks. Lots of customer centric approach is applied today, now banks are more concerned about the customer retention. So if we go through the customer service delivery system of bank of Baroda it will now at par with the peer banks. Their services is now become centralized, a new retail loan factory concept is introduced by the bank which will help to improve the quality of loan,it also reduces the delivery time and make it more customer friendly.

In Short, Try to obtain the benefits of monopolistic competition between PSUs and private sector banks. It is good for retail customers because they always have choice to shift their banking.

We are going to give rank to the banks as per belove Individual Parameters

• Disclosure about charges and interest rates
• Pro-active communication about new products/services
• Trustworthiness
• Complaint Resolution
• Wide ATM coverage
• Professionalism of the company
• Convenient banking hours
• Well-trained staff
• Courteous and friendly staff
• Faster service at branches
• Knowing the customer and their needs
• Good Internet banking
• Efficient processes
• Effective communication on developments
• Innovative company
• Good phone banking

Here’s the list:

1. HDFC Bank

HDFC was established as Housing Development Finance Corporation in the year 1994.The operations of the bank started in 1995 after it was scheduled as a commercial bank.The bank has served well since then and still continues to bring in more and more costumers with its phenomenal services. Bank’s distribution network was at 4,555 branches and 12,087 ATMs across 2,597 cities / towns. HDFC is the largest bank in India in terms of assets.The total assets of the bank are estimated to be around $66.7 Billion.The Current CEO of the bank is Aditya Puri.

2. State Bank Of India

The largest Indian Bank which has the maximum number of branches in the country as well as abroad.The Bank has many sub-branches as well which serve the maximum number of consumers in India.The Bank was nationalized in the year 1955.The total assets of the bank are much more than any other bank.As of 31 March 2018, SBI has more than 22400 branches,including 52 foreign offices spread across 36 countries and 59541 ATMs. 

3. Bank Of Baroda

Bank of Baroda is one of the largest public sector banks in India. The services of the bank have always been satisfying and par excellence. The bank was set up in 1908 and the current CEO of the bank is Mr. P. S. Jayakumar. The total assets of the bank are somewhat closer to $70 Billion. The bank has 5498 branches including  107 overseas branch and over 10441 ATMs including the ones outside India.

4. Axis Bank

The Bank was founded in 1993 and the headquarters resides in Mumbai, Maharashtra. It has more than 3700 branches in India.The bank was an investment of some prominent international companies.The total worth of the bank is $96 Billion.The bank is known for its hassle free services throughout the country. Bank has 3710 branches, 13,857 ATMs, and nine international offices.

5. Punjab National Bank

One of the oldest banks in the country, the establishment of the Punjab National Bank goes back to 1894, more than 100 years from now.This is one of the oldest public sector banks in India.The total assets of the bank are more than $101 Billion. Bank has over 6,983 branches and over 9598 ATMs nationwide. The Chief Executive Officer of the bank is Sunil Mehta.

6. ICICI Bank

ICICI stands for Industrial Credit and Investment Corporation of India and it was established in 1994.It is one of the best banks in the country with assets worth more than $160 Billion. Sandeep Bakhshi works as the CEO of the bank.The Bank has been operational in 18 countries as of now.The Bank also acquired Bank of Rajasthan in the year 2010. ICICI has adopted a Go Green initiative in which it has started most of its operations in electronic form.Even the bank statements are sent via e-mails. Bank has a network of 4867 Branches and 14,417 ATM's has a presence in 19 countries including India.

7. Kotak Mahindra Bank 

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) issued the licence to Kotak Mahindra Finance Ltd., the group's flagship company, to carry on banking business. Kotak Mahindra Bank has a network of 1425 branches across 689 locations and 2,363 ATMs in the country (as of 31 March 2018). In 2018, it is the second largest private bank in India by market capitalization after HDFC Bank.

8. Canara Bank

Like other major public sector banks, Canara Bank is also state owned and was set up in the year 1906 by Subba Rao.The headquarters of the Bank reside in Bengaluru, Karnataka. The Bank provides hassle free service to its customers . Bank has revolutionized its services and spreads its hands more to cover more areas.As per the data of 2018, the Bank has 6212 branches and 9395 ATMs across the nation.The total assets of the bank $88 Billion which are set to increase in the coming years.

9. Bank Of India

Bank of India is one of the major public sector banks in India.The bank became government owned after the nationalization of Banks in 1969, though the bank was founded much before that in 1906.CEO of Bank of India is Dinbandhu Mohapatra. The total assets of the bank are around $97 Billion .Bank of India has 5127 branches as on 31 May 2018, including 29 offices outside India and more than 7000 ATMs nationwide.

10. IDBI Bank 

IDBI stands for Industrial Development Bank Of India and was established in the year 1964. It is a Public sector bank. The total assets of the bank reach to about $50 Billion. There are 1916 branches including one overseas branch at Dubai and 3276 ATMs across the country. Investment Banking and Agro-Loan facilities are the USP of the bank. Mr. Maheshkumar K. Jain is the Chief Executive Officer of the Bank.

So, guys this was some very basic information about the Top Banks in the Country. We just hope to satisfy you with whatever we write and you can also help us improve by giving the feedback to our written posts.If you loved our writings, do share it with your friends.

(data as on 31st May,2018)

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HDFC Bank Q2 net profit rises 20.6%

HDFC Bank on Saturday said its second-quarter net profit rose 20.59% on the back of higher net interest income and other income.

The bank posted a net profit Rs 5,005.73 crore for the three months ended 30th September, compared with Rs 4,151.03 crore in the year-ago period.

Profit was lower than Rs 5,033.4 crore estimated by a Bloomberg poll of 17 analysts.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 20.62% to Rs 11,763.41 crore, from Rs 9752.07 crore in the corresponding period last year.Other income, which includes core fee income, rose 11.36% to Rs 4,015.59 crore during the period, from Rs 3,605.90 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 1.33% in the September quarter, against 1.33% in the June quarter and 1.26% a year ago.

Provisions during the quarter increased 23.29% to Rs 1,819.96 crore, against Rs 1,476.19 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs 1,629.37 crore in provisions. Post-provision, the net NPA ratio was at 0.40% against 0.41% in the April-June quarter, and 0.43% in the year-ago quarter.

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HDFC Bank Q1 result, profit rises 18%

HDFC Bank on Saturday reported an 18.2% increase in its net profit at Rs.4,601.44 crore for the quarter ended June. The private sector lender had registered a net profit of Rs. 3,893.84 crore in the corresponding period of the previous fiscal 2017-18.

Total income for the quarter grew 18.8% to Rs.26,367 crore from Rs.22,185.40 crore in the quarter ended 30 June 2017, the bank said in a regulatory filing.

Net revenues (net interest income plus other income) increased to Rs.14,631.60 crore from Rs.12,887.4 crore earlier. The net interest income (interest earned less interest expended) for the quarter grew by 15.4% to Rs.10,813.60 crore, from Rs.9,370.70 crore earlier, driven by asset growth and a net interest margin of 4.2% for the quarter, HDFC Bank said.

On the assets front, gross non-performing assets (GNPAs) stood at 1.33% of gross advances as on 30 June 2018, compared to 1.30% as on 31 March 2018 and 1.24% as on 30 June 2017. Net non-performing assets (NPAs) or bad loans were at 0.4% of net advances as on 30 June 2018, down from 0.44% a year ago.

Provisions and contingencies for the quarter were at Rs.1,629.4 crore as against Rs.1,558.8 crore for the quarter ended 30 June 2017.

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HDFC Bank Q4 net profit rises 20%

HDFC Bank Ltd on Saturday said its fourth quarter net profit rose 20.28% on the back of higher net interest income and other income.

The bank posted a net profit Rs4,799.28 crore for the three months ended 31 March compared to Rs3,990.09 crore in the year-ago period. Profit was lower than Rs4,858.9 crore estimated by a Bloomberg poll of 22 analysts.

Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 19.08% to Rs14,886.29 crore from Rs12,501.36 crore in the corresponding period last year. Other income, which includes core fee income, rose 22.70% to Rs4,228.58 crore in the three months from Rs3,446.26 crore a year ago.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 1.30% in the March quarter compared with 1.29% in the December quarter and 1.05% in the year-ago March quarter.

Provisions during the quarter increased 22.14% to Rs1,541.10 crore as against Rs1,261.80 crore in the year-ago quarter. In the October-December quarter, the bank had set aside Rs1,351.44 crore in provisions.

Post-provision, the net NPA ratio was at 0.4% against 0.44% in the October-December quarter and 0.33% in the year-ago quarter.

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HDFC Bank Q3 result profit rises 20%

India's largest private lender HDFC Bank Ltd on Friday reported a 20.1% rise in Q3 profit on higher net interest income (NII) and other income. HDFC Bank’s net profit rose to Rs4,642.60 crore for the quarter ended 31 December from Rs3,865.33 crore a year ago.

According to 17 Bloomberg analysts’ estimates, the bank was expected to post a net profit of Rs4,706.90 crore.

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HDFC Bank Q2 result profit rises 20%

HDFC Bank Ltd on Tuesday reported a 20.1% jump in its September quarter net profit due to higher net interest income and other income.

The bank reported a profit of Rs4,151.03 crore, up from Rs3,455.33 crore a year ago. According to 21 analysts polled by Bloomberg, the bank was expected to post a net profit of Rs4,171.40 crore.

Net interest income (NII) or the core income a bank earns by giving loans rose 22% to Rs9,752.07 crore versus Rs7,993.59 crore last year. Other income increased 24.3% to Rs3,605.90 crore from Rs2,900.95 crore in the same period last year.

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HDFC Bank Q1 net profit rises 20%

HDFC Bank Ltd on Monday reported 20.2% increase in its net profit for the June quarter due to higher net interest income and other income. Net profit for the quarter increased to Rs3,893.84 crore from Rs3,238.91 crore a year ago. Fourteen analysts polled by Bloomberg had forecast a net profit of Rs3,914.50 crore.

Net interest income (NII) or the core income a bank earns by giving loans increased 20.4% to Rs9,370.74 crore from Rs7,781.44 crore last year. Other income jumped 25.3% to Rs3,516.66 crore from Rs2,806.61 crore in the same period last year.

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HDFC Bank Q4 result, Profit rises 18.25%

HDFC Bank Ltd on Friday reported a higher-than-estimated fiscal fourth-quarter net profit and stable asset quality, prompting investors in India’s most valuable bank to drive its shares to a record high.

Net profit rose 18.25% to Rs3,990.09 crore in the three months ended 31 March from Rs3,374.22 crore a year ago.

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Top 10 Private Banks in India 2017

Banking corporations are considered as the most prominent institution if we talk about private sector firms. We have scrutinized Top 10 Private Banks In India 2017 for the customers who are looking for best private banks with high interest rate. Now your wait is over, check out below given amazing private banking corporations along with saving accounts and interest rate details. The Private Banks Have earned popularity amongst people and achieved a special niche in the world of banking. These banks are known for highly competitive outlook and technological superiority. Check Out private Banks in India from below This Page.

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Top 10 banks in India 2017

In India banking sector is one of the most regulated sectors in the economy. When Indian Government allowed private banks to operate in the nation many banks came into existence and gave a tough competition to various nationalized players. Private Banks won over most nationalized banks because of the quality of services they offered to their customers. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India. So, which banks provide the best services?

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HDFC Bank Q3 result, Profit rises 15% to Rs3,870 crore

HDFC Bank Ltd, India’s third-biggest lender by assets, on Tuesday reported a 15 percent rise in third-quarter net profit, above analyst estimates, due to higher interest and fee income.

Net profit was Rs3,870 crore ($567.91 million) for the three months to Dec. 31, compared with Rs3,357 crore reported a year ago, said HDFC Bank, India’s most valuable bank.Analysts on average had expected a net profit of Rs3,788 crore, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans were 1.05 percent in the December quarter, versus 1.02 percent in the September quarter. HDFC Bank has far lower bad loans than its bigger rivals, thanks to its stronger retail business and smaller exposure to project finance.

India’s banking industry has been hit by the government’s shock cancellation in November of 86 percent of its currency in circulation, which forced many institutions to scramble to replace the high-value banknotes.

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HDFC Bank Q2 result, Profit rises 20% to Rs 3455cr

India's second largest private sector lender HDFC Bank   's second quarter profit met analysts' expectations, rising 20.4 percent year-on-year to Rs 3,455.3 crore. 

Net interest income, other income, operating profit and lower provisions boosted profitability while asset quality remained stable, though net interest margin declined sequentially. Net interest income, the difference between interest earned and interest expended, grew by 19.6 percent YoY to Rs 7,993 crore in July-September quarter, which missed estimates due to lower-than-expected loan growth. 

Loan growth for the quarter stood at 18.1 percent against analysts' estimates of 22-23 percent. Net interest margin remained steady at 4.2 percent on yearly basis but sequentially declined 20 basis points from 4.4 percent. 

According to analysts polled by CNBC-TV18, profit was estimated at Rs 3,443 crore and net interest income at Rs 8,214.8 crore for the quarter. Provisions for bad loans dropped 13.5 percent year-on-year to Rs 749 crore in Q2 but sequentially increased 10 percent. 

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Raghuram Rajan said the lenders tend to overpay at the bottom but underpay their top executives

Is it correct statement said by Raghuram Rajan??? are you agree???

Flagging difficulties in getting top talent at public sector banks, the Reserve Bank of India (RBI) governor Raghuram Rajan on Tuesday said they tend to over-pay at the bottom but under-pay their top executives, even as he rued,albeit jokingly, himself being “under-paid”.

“One of the problems, of course, is that as with all public sector entities, you overpay at the bottom and underpay at the top... Yes, you feel that you are doing the job for the broader public but you just make it harder to attract top talent, specially a lateral entry,” Rajan said here while talking about public sector banks.

Addressing a banking conference in Mumbai, the outgoing RBI governor jokingly added, “I also feel under-paid.” As per the latest data on monthly salaries made public by RBI, Rajan’s total monthly emoluments stood at Rs.1,98,700 for the month of July 2015.

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HDFC Bank Q1 Result, Profit-NII up

HDFC Bank Ltd on Thursday said its fiscal first quarter net profit rose 20.15% from a year ago as it earned higher interest on loans and made more money from fees and commissions.

Net profit rose to Rs.3,238.91 crore in the three months ended 30 June from Rs.2,695.72 crore a year ago.

According to a poll of 23 Bloomberg analysts, the bank had been expected to post a profit of Rs.3,275.40 crore.

Net interest income (NII), or the core income a bank earns by giving loans, increased 21.8% to Rs.7,781.44 crore from Rs.6,388.70 crore last year.

Non-interest income including fees and commissions increased 14% to Rs.2,806.61 crore from Rs.2,461.91 crore in the same period last year. Among the components of non-interest income, fees and commissions saw a 15.5% growth as compared with last year and rose to Rs.1,978 crore.

Net interest margin rose by 10 basis points from last year to 4.4%. “The NIM has mostly remained within the 3.9-4.3% range. This quarter’s increase is due to a change in the loan mix and also repricing of deposits,” said Paresh Sukthankar, deputy managing director, HDFC Bank.

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HDFC Bank posts 20% rise in Q4 net profit

The country's second-largest private lender had registered a net profit of Rs 2,807 crore in same quarter of 2014-15. Total income during the quarter rose to Rs 18,862.61 crore, from Rs 15,570.1 crore a year earlier. 

India’s second-largest private lender, HDFC Bank, on Friday, reported a 20 per cent rise in its net profit at Rs 3,374 crore for the fourth quarter ended March. The bank had registered a net profit of Rs 2,807 crore in same quarter of a year ago.

The bank’s board has recommended a dividend of Rs 9.50 per share, the lender said in a statement to the stock exchanges.

Net interest income (interest earned less interest expended) for the quarter grew 24 per cent to Rs 7,453.3 crore as the bank expanded its loan book.

Bank’s advances stood at Rs 4,64,594 crore at the end of March, up 27.1 per cent. While retail loans grew by 29.7 per cent, wholesale loans grew by 27.2 per cent.

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HDFC Bank Q3 meets estimates, profit rises 20%; NII jumps 24%

HDFC Bank's third quarter earnings matched analysts' expectations on Monday. Profit increased 20 percent year-on-year to Rs 3,357 crore during the quarter, supported by operating profit, net interest income and other income despite higher tax cost and provisions. 

Net interest income, the difference between interest earned and interest expended, climbed 24 percent to Rs 7,068.51 crore in Q3 compared to Rs 5,700 crore in year-ago period driven by average assets growth of 28.2 percent and a net interest margin for the quarter of 4.3 percent (against 4.4 percent Y-o-Y), says the country's second largest private sector bank. 

Advances grew by 25.7 percent year-on-year to Rs 4.36 lakh crore while deposits increased by 26.5 percent to Rs 5.24 lakh crore in December quarter. "CASA deposits saw healthy growth with current account deposits growing by 29.7 percent over the previous year to reach Rs 74,044 crore and savings account deposits growing by 20.6 percent over the previous year to reach Rs 135,432 crore," it explains.

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