hdfc bank net profit up 20 percent at rs 12,594 crore in march quarter
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The country’s largest private bank gave this information on Saturday while releasing the financial results of the fourth and last quarter of the last financial year. The net profit of the bank stood at Rs 10,443.01 crore in the same period last year. However, compared to the October-December 2022 quarter, HDFC Bank’s net profit declined to Rs 12,698.32 crore in the third quarter.
Private sector HDFC Bank’s net profit in the March quarter of FY 2022-23 increased by 20.6 percent to Rs 12,594.5 crore, while its profit in the entire financial year increased by about 21 percent. The country’s largest private bank gave this information on Saturday while releasing the financial results of the fourth and last quarter of the last financial year. The net profit of the bank stood at Rs 10,443.01 crore in the same period last year. However, compared to the October-December 2022 quarter, HDFC Bank’s net profit declined to Rs 12,698.32 crore in the third quarter.
The bank’s net profit for the entire financial year 2022-23 increased by 20.9 percent to Rs 45,997.11 crore as compared to Rs 38,052.75 crore in the financial year 2021-22. On the other hand, the bank’s net profit on a standalone basis stood at Rs 12,047.45 crore with a growth of 19.81 per cent. On a standalone basis, its total income rose to Rs 53,850 crore as against Rs 41,086 crore in the previous year. Its core net interest income grew by 23.7 per cent to Rs 23,351.8 crore. This was driven by 16.9 per cent growth in loans and stable net interest margin at 4.1 per cent. The total provisioning for loan losses and other items stood at Rs 2,685.37 crore in the January-March 2023 quarter, as against Rs 3,312.35 crore in the January-March 2022 quarter.
The gross non-performing asset (NPA) ratio stood at 1.12 per cent at the end of March as against 1.17 per cent at the end of March 2022 and 1.23 per cent at the end of December quarter. Total provisions on a standalone basis for the quarter under review were reduced to Rs 2,685.37 crore, as against Rs 3,312.35 crore in the year-ago period and Rs 2,806.44 crore in the December, 2023 quarter. Its total capital adequacy ratio has come down to 19.3 per cent by March 2023 as against 18.9 per cent in the same period a year ago.
The total number of branches of the bank as on March 31 was 7,821, out of which 52 percent of the branches are in the sub-urban and rural areas of the bank while the remaining branches are in urban areas. The board of directors of the company has recommended a dividend of Rs 19 per share for the financial year 2022-23. The dividend for FY 2021-22 was Rs 15.5 per share.
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