The largest private lender in India, HDFC Bank, reported a 21% increase in its consolidated net profit for the fourth quarter of the fiscal year 2022–23 on Saturday.
During the quarter, the bank made a profit of Rs 12,594.5 crore. For the quarter that ended on March 31, 2023, HDFC Bank’s consolidated net revenue increased by 20.3% to Rs 34,552.8 crore from Rs 28,733.9 crore for the quarter that ended on March 31, 2022.
For the fiscal year that concluded on March 31, 2023, the combined net profit was Rs 45,997.1 crore. Additionally, the board has agreed to a final dividend of Rs 19 per share.
Net interest income for the bank, which is the difference between interest received and interest paid, increased by 24% year over year to Rs 23,352 crore for the fourth quarter.
Deposits at the private sector lender increased by a robust 21%, reaching Rs 18.83 lakh crore as of March 31, 2023. Savings account deposits increased by 11.3% to reach Rs 5.62 lakh crore and current account deposits reached Rs 2.73 lakh crore.
Total advances are Rs 16 lakh crore as of March 31, 2023, up 16.9% from March 31, 2022. Total advances increased by 21.2% over March 31, 2022, in terms of the gross of transfers through interbank participation certificates and bills rediscounted.
Commercial and rural banking loans increased by 29.8%, corporate and other wholesale loans increased by 12.6%, and domestic retail loans increased by 20.8%. 2.6% of total advances came from overseas sources.
With the gross non-performing assets continuing at 1.12% of gross advances as of March 31, 2023 (0.94% excluding NPAs in the agricultural segment), as opposed to 1.17% as of March 31, 2022 (1.01% excluding NPAs in the agricultural segment), the bank’s overall asset quality remained substantial. As of March 31, 2023, the net NPAs were 0.27% of the net advances.
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