Srinagar: The Board of Directors of HDFC Bank Limited approved the Banks (Indian GAAP) results for the quarter and nine months ended December 31, 2015 at their meeting held in Mumbai on Monday, January 25, 2016. The accounts have been subjected to a Limited Review by the statutory auditors of the Bank.
Profit & Loss Account: Quarter ended December 31, 2015
The Banks total income for the quarter ended December 31, 2015 was ` 18,283.3 crores, up from ` 14,930.7 crores for the quarter ended December 31, 2014. Net revenues (net interest income plus other income) increased by 20.7% to ` 9,940.7 crores for the quarter ended December 31, 2015 as against ` 8,234.8 crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2015 grew by 24.0% to ` 7,068.5 crores, from ` 5,699.9 crores for the quarter ended December 31, 2014 driven by average assets growth of 28.2% and a net interest margin for the quarter of 4.3%.
Other income (non-interest revenue) at ` 2,872.2 crores was 28.9% of the net revenues for the quarter ended December 31, 2015 and grew by 13.3% over ` 2,534.9 crores in the corresponding quarter ended December 31, 2014. The four components of other income for the quarter ended December 31, 2015 were fees & commissions of ` 2,004.8 crores (` 1,806.5 crores in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ` 277.4 crores (` 253.4 crores for the corresponding quarter of the previous year), gain on revaluation / sale of investments of ` 327.9 crores (` 265.5 crores in the corresponding quarter of the previous year) and miscellaneous income including recoveries of ` 262.1 crores (` 209.5 crores for the corresponding quarter of the previous year).
Operating expenses for the quarter ended December 31, 2015 were ` 4,204.8 crores, an increase of 21.7% over ` 3,456.3 crores during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 43.7% as against 43.4% for the corresponding quarter ended December 31, 2014.
Provisions and contingencies for the quarter ended December 31, 2015 were ` 653.9 crores (consisting of specific loan loss provisions ` 601.5 crores, general provisions ` 49.9 crores, and other provisions ` 2.5 crores) as against ` 560.4 crores (consisting of specific loan loss provisions ` 487.6 crores, general provisions 62.2 crores and other provisions ` 10.6 crores) for the corresponding quarter ended December 31, 2014. After providing ` 1,725.1 crores for taxation, the Bank earned a net profit of ` 3,356.8 crores, an increase of 20.1% over the quarter ended December 31, 2014.
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