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Rs 12,047 cr Q4 net profit of HDFC Bank

Q4 net profit up 19.8% on healthy loan growth

HDFC Bank, the country’s largest private sector lender, reported a 19.8 percent year-on-year rise in net profit to Rs 12,047 crore on strong loan growth.
Net interest income (interest earned minus interest expense) for the fourth quarter rose 23.7 percent to Rs 23,351.8 crore. Underlying net interest margin was 4.1 percent on total assets and 4.3 percent on an interest-bearing asset basis, the bank said.

Other income stood at Rs 8731.2 crore compared to Rs 7637.1 crore in the same period of the previous year. The bank suffered a mark-to-market loss in the fourth quarter – of Rs 37.7 crore compared to a profit of Rs 47.6 crore during the fourth quarter of FY22.
Provisions and Contingencies for the quarter ended March 31, 2023 stood at Rs 2,685.4 crore as against Rs 3,312.4 crore for the quarter ended March 31, 2022. The total credit cost ratio was at 0.67 per cent compared to with 0.96 percent in the year-ago period and 0.74 percent in the previous quarter.

Gross non-performing assets (GNPA) stood at 1.12% of gross advances as on March 31, 2023, compared to 1.23% as on December 31, 2022 and 1.17% as on March 31, 2022. Net non-performing assets stood at 0.27 percent of net advances as on March 31, 2023. Net NPA was 0.33 percent at the end of December 2022.
The bank’s total balance sheet rose 19.2 percent to Rs 24.6 crore
trillion.

Deposits rose 20.8 percent year-on-year to Rs18.8 trillion, while deposits in current and savings accounts rose 11.3 percent. Casa deposits made up 44.4 percent of total deposits as of March 31, 2023, compared to 44 percent in December 2022.
Advances rose 16.9 percent to Rs 19.2 trillion on the back of 20.8 percent growth in domestic retail credit and 29.8 percent growth in commercial and rural bank credit. The bank’s wholesale loan book grew 12.6 percent, a sharp decline from the third quarter, when it grew 20.3 percent.

HDFC Bank‘s capital adequacy ratio (CAR) stood at 19.3 percent as on March 31, 2023, compared to 18.9 percent a year ago, against the regulatory requirement of 11.7 percent, which includes a capital conservation buffer of 2.5 percent and an additional requirement of 0.2 percent on the account of a bank that is identified as a domestic systemically important bank (D-SIB).
Tier 1 CAR was at 17.1 percent as of March 31, 2023 compared to 17.9 percent as of March 31, 2022. Tier 1 capital ratio was 16.4 percent as of March 31, 2023.

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