HDFC Bank posted a 12.17 per cent jump in consolidated profit of Rs 19,807 crore in the third quarter, it announced on Saturday. Standalone Q3 profit soared by 11.46 per cent to Rs 18,653.75 crore.
For Q3, core net interest income improved by 6.4 per cent to Rs 32,600 crore. However, the lender noted an impact of around Rs 800 crore in expenses due to the implementation of the new labour codes.
The other private banking giant, ICICI Bank, however, saw its consolidated net profit for the December quarter slide by 2.68 per cent to Rs 12,537.98 crore. Standalone Q3 profit after tax improved to Rs 11,318 crore from Rs 11,792 crore a year ago.
ICICI Bank recorded a 7.7 per cent jump in quarterly core net interest income of Rs 21,932 crore on a 11.5 per cent loan growth.
Much like its peer, ICICI Bank also saw an impact of new labour codes, to the tune of Rs 145 crore.
Multiple analysts noted that while HDFC Bank exceeded street estimates, ICICI Bank’s provisions for bad loans and other contingencies post the supervisory review led to its missing street view.
Keen BFSI investors will be watching the top two private lenders when the market reopens on Monday, January 19.
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