NEW DELHI: HDFC Bank, the country’s largest private sector bank, on Saturday announced an 18.5% increase in standalone net profit at Rs 12,259.5 crore for the third quarter ending December 2022, driven by a healthy rise in interest income and lower provisions.
The bank’s net interest income (interest earned less interest expended) for the quarter ended December 31, 2022, increased 24.6% to Rs 22,987.8 crore from Rs 18,443.5 crore for the quarter ended December 31, 2021.
The bank’s core net interest margin was at 4.1% on total assets, and 4.3% based on interest-earning assets.
Bank’s net revenue, grew 18.3% to Rs 31,487.7 crore for the quarter that ended December 31, 2022, from Rs 26,627 crore for the same quarter a year ago.
Provisions and contingencies for the quarter were Rs 2,806.4 crore as against Rs 2,994.0 crore for the same quarter in 2021. Total balance sheet size as of December 31, 2022, was Rs 2,295,305 crore as against Rs 1,938,286 crore as of December 31, 2021, a growth of 18.4%.
Showing strong growth, total deposits reached Rs 1,733,204 crore as of December 31, 2022, an increase of 19.9% over December 31, 2021.CASA (Current Account Saving Account) deposits grew 12% with savings account deposits at Rs 535,206 crore and current account deposits at Rs 227,745 crore.
Time deposits were at Rs 970,253 crore, an increase of 26.9% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 44% of total deposits as of December 31, 2022. Total advances as of December 31, 2022, were Rs 1,506,809 crore, an increase of 19.5% over December 31, 2021.
Domestic retail loans increased 21.4%, commercial and rural banking loans went up 30.2% and corporate and other wholesale loans grew 20.3%. Overseas advances constituted 2.8% of total advances.Gross non-performing assets (NPAs) were at 1.23% of gross advances as of December 31, 2022, as compared to 1.26% as of December 31, 2021.
Deposits see 20% YoY increase in third quarter
Provisions and contingencies for the quarter were Rs 2,806.4 crore as against Rs 2,994.0 crore for the same quarter in 2021. Balance sheet size as of December 31, 2022, was Rs 2,295,305 crore as against Rs 1,938,286 crore as of December 31, 2021, a growth of 18.4%. Showing strong growth, deposits reached Rs 1,733,204 crore as of December 31, 2022, a rise of 19.9% over December 31, 2021.