HDFC Bank's Q3 net profit surges 18% on growth in net interest income

Provisions and contingencies of the lender increased 12 per cent year on year

India’s largest private sector lender HDFC Bank has recorded an 18 per cent rise in net profit at Rs 8,758.3 crore in the December quarter of the current fiscal year (Q3FY21), driven by robust growth in net interest income and other income. In the corresponding quarter last financial year, it had earned a net profit of Rs 7,416.5 crore. The net profit numbers for December quarter beat analysts expectation as Bloomberg had estimated 5 per cent rise in net profit for the bank over last year at Rs 7,818.2 crore.

Its pre-tax profit grew at 19 per cent in Q3FY21