HDFC Bank Q3 Net Profit Jumps 18.5% YoY To Rs 12,259 Crore, NII Grows 24.6%


HDFC Bank, India’s largest private sector lender, on Saturday reported an 18.50 per cent jump in its standalone net profit to Rs 12,259 crore for October-December 2022 (Q3 FY23).

On a consolidated basis, the largest private sector bank’s net profit stood at Rs 12,698 crore, up 19.9 per cent over the quarter ended December 31, 2021, according to a BSE filing.

HDFC Bank’s net interest income (interest earned less interest expended) for the December 2022 quarter grew 24.6 per cent to about 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 per cent on total assets, and 4.3 per cent based on interest earning assets.

HDFC Bank’s operating expenses for the quarter ended December 31, 2022, were about Rs 12.463.6 crore, an increase of 26.5 per cent as compared with 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 per cent.

“The bank’s net revenue, grew by 18.3 per cent to about Rs 31.487.7 crore for the quarter ended December 31, 2022 from Rs 26,627.0 crore for the quarter ended December 31, 2021. Excluding net trading and mark to market income, the net revenue grew by 22.1 per cent over the quarter ended December 31, 2021,” HDFC Bank said in the filing.

The bank said its provisions and contingencies for the quarter ended December 31, 2022, stood at Rs 2,806.4 crore as against Rs 2,994 crore for the quarter ended December 31, 2021.

Gross non-performing assets (GNPAs) slightly improved to 1.23 per cent of gross advances (1 per cent excluding NPAs in the agricultural segment), against 1.26 per cent as on December 31, 2021 (1.04 per cent excluding NPAs in the agricultural segment).

GNPAs had stood at 1.23 per cent as on September 30, 2022 (1.03 per cent excluding NPAs in the agricultural segment).

Net non-performing assets were at 0.33 per cent of net advances as on December 31, 2022.

HDFC Bank’s total capital adequacy ratio (CAR) as per Basel-Ill guidelines (including profits for the nine months ended December 31, 2022) was at 19.4 per cent as on December 31, 2022 (19.5 per cent as on December 31, 2021) as against a regulatory requirement of 11.7 per cent which includes capital conservation buffer of 2.5 per cent, and an additional requirement of 0.2 per cent on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB).

The total credit cost ratio was at 0.74 per cent, as compared to 0.94 per cent for the quarter ending December 31, 2021.

HDFC Bank’s total deposits showed a healthy growth and were at Rs 1,733,204 crore as of December 31, 2022, an increase of 19.9 per cent over December 31, 2021. CASA deposits grew 12 per cent with savings account deposits at Rs 5,35,206 crore and current account deposits at Rs 2,27,745 crore.

The bank’s total advances as of December 31, 2022 were Rs 1,506,809 crore, an increase of 19.5 per cent over December 31, 2021.

As of December 31, 2022, HDFC Bank’s distribution network was at 7,183 branches and 19,007 ATMs / cash deposit and withdrawal machines (CD/ Ms) across 3,552 cities/ towns as against 5,779 branches and 17,238 ATMs / CDMs across 2,956 cities/ towns as of December 31, 2021. About 51 per cent of HDFC Bank’s branches are in semi-urban and rural areas.

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