HDFC Bank Q4 profit grows 20% to ₹12,594.5 cr

India's largest private bank HDFC Bank on Saturday reported around 20.6% year-on-year growth in its consolidated net profit at ₹12,594.5 crore for the January-March quarter of FY2022-23.

The bank's consolidated net revenue grew by 20.3% to ₹34,552.8 crore for the quarter ended March 31, 2023, from ₹28,733.9 crore in the year-ago quarter, HDFC Bank said in an exchange filing. 

HDFC Bank's earnings per share for the quarter stood at ₹22.6 and the book value per share as of March 31, 2023, was ₹518.7. 

For the full fiscal year FY23, HDFC Bank's consolidated net profit grew 20.9% at ₹45,997.1 crore over the previous year.

On a standalone basis, HDFC Bank's net revenue grew by 21.0% to ₹32,083.0 crore for the quarter ended March 31, 2023, from ₹26,509.8 crore for the quarter ended March 31, 2022. 

Its net interest income (interest earned less interest expended) for the quarter ended March 31, 2023, grew by 23.7% to ₹23,351.8 crore from ₹18,872.7 crore for the quarter ended March 31, 2022. The core net interest margin was at 4.1% on total assets, and 4.3% based on interest-earning assets. The other income (non-interest revenue) at ₹8,731.2 crore was 27.2% of the net revenues for the quarter ended March 31, 2023, as against ₹7,637.1 crore in the same period last year.

The bank's gross non-performing assets were at 1.12% of gross advances as on March 31, 2023, against 1.23% as on December 31, 2022, and 1.17% as on March 31, 2022, while the net non-performing assets were at 0.27% of net advances as on March 31, 2023. 

The private lender's operating expenses for the said quarter were at ₹13,462.1 crore, an increase of 32.6% over ₹10,152.8 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was 42.0%.

The bank's provisions and contingencies for the quarter ended March 31, 2023, were ₹2,685.4 crore as against ₹3,312.4 crore for the quarter ended March 31, 2022. 

HDFC Bank's balance sheet size as of March 31, 2023, was ₹2,466,081 crore against ₹2,068,535 crore as of March 31, 2022, a growth of 19.2%. 

According to the bank, its total deposits showed healthy growth and were at ₹1,883,395 crore as of March 31, 2023, an increase of 20.8% over March 31, 2022. The CASA deposits grew by 11.3%, with savings account deposits at ₹5,62,493 crore and current account deposits at ₹2,73,496 crore. 

The bank's total advances as of March 31, 2023, were at ₹16,00,586 crore, an increase of 16.9% over March 31, 2022. The bank's domestic retail loans grew by 20.8%, commercial and rural banking loans grew by 29.8%, and corporate and other wholesale loans grew by 12.6%. Overseas advances constituted 2.6% of total advances. 

HDFC Bank's board of directors has recommended a dividend of ₹19 per equity share of ₹1 for the year ended March 31, 2023, as against ₹15.5 per equity share of ₹1 for the previous year. This would be subject to approval by the shareholders at the next annual general meeting.