A solid increase in core income helped HDFC Bank post on Saturday a 19.9% increase in net profit for the third quarter that ended in December 2022 at Rs 12,698 crore.

After the company announced a 19.9% increase in net profit for the third quarter ended in December 2022, shares of HDFC Bank rose more than 1% in early trade on Monday. At the BSE, the shares increased 1.47 percent to Rs 1,624.40.

It increased 1.29 percent to Rs 1,621.30 on the NSE. The benchmark 30-share BSE sensex rose 118.37 points, or 0.20 percent, to close at 60,379.55.

In the third quarter that concluded in December 2022, HDFC Bank’s net profit increased by 19.9% to Rs 12,698 crore, thanks in large part to a significant increase in core revenue.

According to an exchange filing, the largest private sector lender’s post-tax earnings increased by 18.5% to Rs 12,259.5 crore from the same time last year.

Due to a 19.5% growth in advances, core net interest income increased by 24.6% to Rs 22,987.8 crore. Comparing the current September quarter to the previous September quarter, the bank’s net interest margin remained steady at 4.1%.

As of December 31, 2022, the gross non-performing assets ratio—a measure of asset quality—was constant at 1.23%.