Shares of HDFC Bank surged to a record high on Monday on the back of strong earnings reported for the October-December quarter. Its shares on the BSE touched an all-time high of Rs 1,503 per share.

The bank's stock price, however, is off highs now, and around 12.20 p.m., the scrip was trading Rs 1,483.40, higher by Rs 17.05 or 1.16 per cent from its previous close.

On Saturday, the lending major reported an 18.1 per cent increase in standalone net profit for the quarter ended December 31 of FY21 on a year-on-year basis.

The bank's net profit for the third quarter of FY21 rose 18% to Rs 8,758.3 crore on a year-on-year basis.

The bank's net revenues (net interest income plus other income) grew to Rs 23,760.8 crore during the period under review from Rs 20,842.2 crore for the quarter ended December 31, 2019.

Net interest income for the quarter ended December 31, 2020 grew by 15.1% to Rs 16,317.6 crore from Rs 14,172.9 crore in the same period last year, driven by advances growth of 15.6%, and a core net interest margin for the quarter of 4.2%.

Total deposits as of December 31, 2020 were Rs 1,271,124 crore, an increase of 19.1% over December 31, 2019.

“The Bank’s persistent focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 146%, well above the regulatory requirement,” it said in a statement.

Provisions and contingencies for the quarter were Rs 3,414.1 crore (consisting of specific loan loss provisions of Rs 691.2 crore and general and other provisions of Rs 2,722.9 crore).

The Gross and Net non-performing assets were at 0.81% of gross advances and 0.09% of net advances as on December 31, 2020 respectively. The restructuring under RBI resolution framework for COVID-19 was approximately 0.5% of advances, HDFC Bank said in a statement.

With IANS inputs