HDFC Bank, the country’s largest private-sector lender, on April 15 reported strong 20.6 percent growth in its net profit and a slight healthy jump in consolidated advances.
Here are key four highlights from the bank’s earnings report card:
Net profit jumps
HDFC Bank reported a 20.6 percent jump in its consolidated net profit for the quarter ended March 2023. It reported a net profit of Rs 12,594 crore, an increase of 20.6 percent over the quarter ended March 31, 2022.
The bank's March quarter net revenue grew by 20.3 percent to Rs 34,552 crore from Rs 28,733 crore last year.
Net interest income (NII), or the difference between interest earned and interest expended, grew by 23.7 percent to Rs 23,351 crore from Rs 18,872 crore for the quarter ended March 31, 2023.
The consolidated net profit for the year ended March 31, 2023 was, Rs 45,997 crore, up 20.9 percent, over the year ended March 31, 2022.
Healthy deposit growth
Total Deposits showed a healthy growth and were at Rs 18.83 lakh crore as of March 31, 2023, an increase of 20.8 percent over March 31, 2022. Current and savings account (CASA) deposits grew by 11.3 percent with savings account deposits at Rs 5.62 lakh crore and current account deposits at Rs 2.73 lakh crore.
Time deposits were at Rs 10.47 lakh crore, an increase of 29.6 percent over the corresponding quarter of the previous year, resulting in CASA deposits comprising 44.4 percent of total deposits as of March 31, 2023.
Total advances as of March 31, 2023 were Rs 16 lakh crore, an increase of 16.9 percent over March 31, 2022.
Minor improvement in asset quality
The bank’s asset quality for the quarter ended March 2023 was slightly improved from the corresponding quarter last year.
Gross non-performing assets were at 1.12 percent of gross advances as on March 31, 2023, as against 1.23 percent as on December 31, 2022 and 1.17 percent as on March 31, 2022.
Net non-performing assets were at 0.27 percent of net advances as on March 31, 2023
Also read: HDFC Bank Q3 Results | 4 big takeaways from the earnings
Capital ratios remain healthy
For the quarter ended March 2023, the bank's total Capital Adequacy Ratio (CAR) was at 19.3 percent, as against a regulatory requirement of 11.7 percent.
Tier 1 CAR was at 17.1 percent, compared to 17.9 percent last year.
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