Private lender HDFC Bank on Saturday said its standalone net profit rose 18.5% to Rs 12,259 crore for the quarter ending December 31, 2022. It reported standalone net profit of Rs 10,342 crore in the year-ago period.
On Friday, the bank’s scrip on BSE closed flat at Rs 1,601.
Net interest income (interest earned less interest expended) for the quarter ended December 31, 2022 grew by 25% to Rs 22,987.8 crore from Rs 18,443.5 crore for the quarter ended December 31, 2021. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.
The bank’s net revenue grew by 18.3% to Rs 31.487.7 crore for the quarter ended December 31, 2022 from Rs 26,627 crore for the quarter ended December 31, 2021.
Operating expenses for the quarter ended December 31, 2022 were Rs 12.463.6 crore, an increase of 26.5% over Rs 9,851.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 39.6%.
Provisions and contingencies fell slightly to Rs 2,806 crore from Rs 2,994 crore last year.
HDFC Bank’s asset quality was stable from the previous three months, with its gross non-performing assets (NPA) ratio unchanged at 1.23% and net NPA ratio unchanged at 0.33%. Net non-performing assets were at 0.33% of net advances as on December 31, 2022.
The bank’s advances for its third fiscal quarter rose 19.5%, retail loans grew 21.4%, commercial and rural banking loans were up 30.2% and other wholesale loans rose 20.3%.
The bank’s credit cost ratio declined to 0.74% from 0.87% in the prior quarter and 0.94% a year earlier.