HDFC Bank Q4 Results: Net profit surged by 20% YoY to Rs 12,594.47 cr

HDFC-Bank gate

HDFC Bank announced a 20.60 per cent increase in total net profit to Rs 12,594.47 crore for the March 2023 quarter on Saturday. The board has also approved a divided of Rs 19/share.

The country’s largest private sector lender declared a net profit of Rs 10,443.01 crore in the January-March quarter of last year and Rs 12,698.32 crore in the previous December quarter.

The bank posted a net profit of Rs 45,997.11 crore in FY23, up from Rs 38,052.75 crore in FY22.

Separately, the bank recorded a 19.81 per cent increase in net profit to Rs 12,047.45 crore. Its standalone income increased to Rs 53,850 crore from Rs 41,086 crore in the previous year.

Overall provisions for loan losses and other elements were Rs 2,685.37 crore in the reporting quarter, down from Rs 3,312.35 crore the previous year.

The gross non-performing assets ratio fell to 1.12 per cent at the end of March from 1.17 per cent a year earlier and is expected to fall to 1.23 per cent in December 2022.

Total deposits at HDFC Bank increased by 21 per cent to Rs 18.83 lakh crore as of March 31. Savings account deposits increased by 11.3 per cent to Rs 5.62 lakh crore, while current account deposits increased by 2.73 lakh crore.

Overall advances increased by 17 per cent to Rs 16 lakh crore as of March 31. Domestic retail loans increased by 21 per cent, commercial and rural banking loans increased by 30 per cent, and corporate and other wholesale loans increased by 12.6 per cent. Foreign advances accounted for 2.6 per cent of total advances.

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