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MUMBAI: HDFC Bank, the country’s largest private lender, has reported a net profit of Rs 12,047 crore for the quarter ended March 2023 — an increase of 19.8% over Rs 10,055 crore in the corresponding quarter last year. The bank’s board has recommended a dividend of Rs 19 per equity share of Re 1 (1900%) for FY23, up from Rs 15.5 last year.
Sequentially, the net profit was down 1.7% from Rs 12,259 crore in the quarter ended December 2022.
For the full financial year (2022-23), the bank reported a net profit of Rs 44,108 crore, an increase of 19.3% over Rs 36,961 crore in FY22 (2021-22).
On a consolidated basis, after taking into account the profits of subsidiaries HDB Financial and HDFC Securities, the bank’s net profit for the full year was Rs 46,148 crore, up 21% from Rs 38,052 crore.
Net interest income for the quarter ended March 2023 stood at Rs 23,352 crore, an increase of 23.7% over Rs 18,872 crore in the fourth quarter of FY22. Sequentially, net interest income was 1.6% higher at Rs 22,988 crore as the bank raced to grow its deposits ahead of parent HDFC’s merger with it.
Deposits swelled to Rs 18.8 lakh crore as of March 2023, up 20% from Rs 15.6 lakh crore in March 2022. Advances grew nearly 17% to Rs 16 lakh crore from Rs 13.7 lakh crore a year earlier. In absolute terms, gross non-performing assets stood at Rs 18,019 crore, 11.6% higher than last year’s Rs 16,140 crore. However, sequentially, they were lower than the Rs 18,763 crore in December 2022. As a percentage of assets, gross NPAs were down to 1.12% from 1.17% in March 2022.
The National Company Law Tribunal had on March 17, 2023, approved the merger of HDFC with HDFC Bank. The bank is now seeking regulatory approvals, and the merger is expected to be effective during FY24 (2023-24).
Sequentially, the net profit was down 1.7% from Rs 12,259 crore in the quarter ended December 2022.
For the full financial year (2022-23), the bank reported a net profit of Rs 44,108 crore, an increase of 19.3% over Rs 36,961 crore in FY22 (2021-22).
On a consolidated basis, after taking into account the profits of subsidiaries HDB Financial and HDFC Securities, the bank’s net profit for the full year was Rs 46,148 crore, up 21% from Rs 38,052 crore.
Net interest income for the quarter ended March 2023 stood at Rs 23,352 crore, an increase of 23.7% over Rs 18,872 crore in the fourth quarter of FY22. Sequentially, net interest income was 1.6% higher at Rs 22,988 crore as the bank raced to grow its deposits ahead of parent HDFC’s merger with it.
Deposits swelled to Rs 18.8 lakh crore as of March 2023, up 20% from Rs 15.6 lakh crore in March 2022. Advances grew nearly 17% to Rs 16 lakh crore from Rs 13.7 lakh crore a year earlier. In absolute terms, gross non-performing assets stood at Rs 18,019 crore, 11.6% higher than last year’s Rs 16,140 crore. However, sequentially, they were lower than the Rs 18,763 crore in December 2022. As a percentage of assets, gross NPAs were down to 1.12% from 1.17% in March 2022.
The National Company Law Tribunal had on March 17, 2023, approved the merger of HDFC with HDFC Bank. The bank is now seeking regulatory approvals, and the merger is expected to be effective during FY24 (2023-24).
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