HDFC Bank Ltd published a 51% boost in standalone internet profit at Rs 15,976 crore for the July-September quarter, it said on Monday. It uploaded a standalone net profit of Rs 10,606 crore in the year-ago period. The outcomes note the initial quarterly profits report following the merger of HDFC Bank with parent Housing Development Money Corp (HDFC) on July 1 in a $40-billion deal.
HDFC Bank Ltd posted a 51% raised in standalone internet profit at Rs 15,976 crore for the July-September quarter, it stated on Monday. It published a standalone web profit of Rs 10,606 crore in the year-ago period. The results mark the initial quarterly profits record following the merger of HDFC Bank with parent Housing Development Financing Corp (HDFC) on July 1 in a $40-billion deal.
CASA down payments grew by 7.6% with interest-bearing account deposits at Rs 5,69,956 crore and current account deposits at Rs 2,47,749 crore.
On the web interest margin (NIM) front, the bank reported a narrowing to 3.4% after taking in the debt moneyed cost for added liquidity and merging management.
The merger of 2 entities would certainly have translated right into margins of 3.6%-3.7%, but additional liquidity held ahead of the merging resulted in a hit of 30-35 basis factors, the bank’s primary financial officer Srinivasan Vaidyanathan said in a teleconference with media.
Vaidyanathan did not claim what margins would certainly be in the next couple of quarters.
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