HDFC Bank Q3 Results: Lenders Profit Rises 19.9 Per Cent To Rs 12,698 Crore

The Bank's net revenue, grew by 18.3 per cent to Rs 31,487.7 crore for the quarter that ended December 31, 2022, from 26,627 crores in December last year

HDFC Bank reported a 19.9 percent year-on-year increase in its consolidated net profit for the quarter that ended December 31, 2022, to Rs 12,698 crore. According to the lender’s exchange filing on Saturday, The Bank's net revenue, grew by 18.3 per cent to Rs 31,487.7 crore for the quarter that ended December 31, 2022, from 26,627 crores in December last year. 

Bank’s Consolidated advances also grew 19.2 per cent YoY to Rs 15.63 lakh crore in Q3 of FY23 from Rs 13.12 lakh crore in the same period last year. Standalone net profit was Rs 12,259.5 crore, 18.5 per cent more than in the same quarter last year. 

Net interest income increased by 24.6 per cent year on year to Rs 22,987.8 crore, up from Rs 18.443.5 crore in Q3 in FY22. On total assets, the core net interest margin was 4.1 per cent, the Bank said in its filing. 

The lender's gross non-performing assets (GNPA) were 1.23 per cent of gross advances as of December 31, 2022 (1 per cent excluding NPAs in the agriculture division), up from 1.23 per cent the previous quarter.

December quarter's net non-performing assets (NNPA) were 0.33 per cent, with no progress or worsening from the previous quarter.

Total deposits increased by 19.9 per cent year-on-year to Rs 17.33 lakh crore at the end of December.

 "CASA (current account savings account) deposits grew by 12 percent with savings account deposits at Rs 535,206 crore and current account deposits at Rs 227,745 crore," the bank said. 

Provisions and contingencies for the quarter came down to Rs 2,806.4 crore as against Rs 2,994 crore year-on-year and Rs 3,240 crore quarter-to-quarter. The total credit cost ratio stood at 0.74 per cent, as compared to 0.94 per cent in Q3 of FY22.

Operating expenses for the quarter stood at 12.463.6 crore, an increase of 26.5 per cent from 9,851.1 crores during the corresponding quarter of the previous year.

HDFC bank said that its distribution network grew to 7,183 branches and 19,007 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities and towns.

The Board of Directors of HDFC Bank Limited approved the Bank's results for the quarter and nine months that ended December 31, 2022, at its meeting held in Mumbai on January 14.