HDFC Bank Q4 Results: Private Lenders Net Profit Rises 21 Per Cent To Rs 12,594 Crore

HDFC Bank's consolidated net revenue for the period was up 20.3 percent year-on-year to Rs 34,552.8 crore from Rs 28,733.9 crore for the quarter that ended March 31, 2022.

By the end of March, the gross non-performing assets ratio decreased gradually from 1.23 per cent in December 2022 and 1.17 per cent a year earlier to 1.12 percent.

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HDFC Bank reported a 21 per cent year-on-year rise in consolidated net profit to Rs 12,594.5 crore for the quarter that ended March 31. On Saturday, the private lender reported its earnings for the fourth quarter. HDFC Bank's consolidated net revenue for the period was up 20.3 per cent year-on-year to Rs 34,552.8 crore from Rs 28,733.9 crore for the quarter that ended March 31, 2022.

For FY23, the bank reported a net profit of Rs 45,997.11 crore against Rs 38,052.75 crore in FY22. Profit before tax (PBT) for the quarter that ended March 31, 2023, was at Rs 15,935.5 crore. After providing Rs 3,888.1 crore for taxation, the bank earned a net profit of Rs 12,047.5 crore, an increase of 19.8 percent over the quarter ended March 31, 2022.

Bank's overall income on a standalone basis grew to Rs 53,850 crore compared to Rs 41,086 crore in the year-ago period.  The overall provisions for loan losses and other aspects stood at Rs 2,685.37 crore for the reporting quarter against Rs 3,312.35 crore a year ago.

By the end of March, the gross non-performing assets ratio decreased gradually from 1.23 per cent in December 2022 and 1.17 per cent a year earlier to 1.12 percent.

Net interest income (NII) rose by 23.7 per cent to Rs 23,351 crore from Rs 18,872 crore for the quarter that ended March 31, 2023. 

HDFC Banks said its total deposits showed healthy growth and were at Rs 1,883,395 crore as of March 31, 2023, an increase of nearly 21 per cent over March 31, 2022. Meanwhile, total advances as of March 31, 2023, were Rs 1,600,586 crore, an increase of 16.9 per cent over March 31, 2022.

“Domestic retail loans grew by 20.8 per cent, commercial and rural banking loans grew by 29.8 per cent and corporate and other wholesale loans grew by 12.6 per cent,” HDFC Bank said.

In regard to asset quality, as of March 31, 2023, gross non-performing assets represented 1.12 per cent of gross advances, down from 1.23 per cent on December 31, 2022, and 1.17 per cent on March 31, 2022. As of March 31, 2023, net non-performing assets represented 0.27 per cent of net advances.

For the quarter that ended on March 31, 2023, provisions and contingencies totaled Rs 2,685.4 crore as opposed to Rs 3,312.4 crore for the quarter that ended on March 31, 2022.