GG News Bureau
New Delhi, 14th Jan. HDFC Bank announced on Saturday that its standalone net profit increased 18.5% to Rs 12,259 crore for the fiscal quarter ending December 31, 2022. In the previous fiscal year, it reported a standalone net profit of Rs 10,342 crore.
The bank’s stock on the BSE closed flat on Friday at Rs 1,601.
Net interest income (interest earned less interest expended) increased by 25% to Rs 22,987.8 crore for the quarter ended December 31, 2022, from Rs 18,443.5 crore for the quarter ended December 31, 2021. The core net interest margin on total assets was 4.1%, and the margin on interest earning assets was 4.3%.
The bank’s net revenue increased by 18.3% to Rs 31.487.7 crore in the quarter ended December 31, 2022, up from Rs 26,627 crore in the previous quarter.
Operating expenses for the quarter ended December 31, 2022 were Rs 12.463.6 crore, a 26.5% increase over Rs 9,851.1 crore in the previous year’s corresponding quarter. For the quarter, the cost-to-income ratio was 39.6%.
Provisions and contingencies were slightly lower at Rs 2,806 crore, down from Rs 2,994 crore the previous year.
The asset quality of HDFC Bank remained stable over the previous three months, with the gross non-performing assets (NPA) ratio remaining unchanged at 1.23% and the net NPA ratio remaining unchanged at 0.33%. On December 31, 2022, net non-performing assets were 0.33% of net advances.
The bank’s advances increased by 19.5% in the third fiscal quarter, retail loans increased by 21.4%, commercial and rural banking loans increased by 30.2%, and other wholesale loans increased by 20.3%.
The bank’s credit cost ratio fell to 0.74%, down from 0.87% in the previous quarter and 0.94% a year ago.
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