HFDC Bank net profit rises 20 pc to Rs 12,594 cr

MUMBAI: HDFC Bank on Saturday posted a 20 per cent jump to Rs 12,594.5 crore for the quarter ended March 31, against Rs 10,443 crore in the year-ago period.

During the annual general meeting, the board of the lender also approved a final dividend of Rs 19 a share.

The net revenue of the country’s largest private lender grew 20.3 per cent during the reviewed quarter, against Rs 28,733.9 crore in the corresponding period the previous year.

Net interest income (NII) — the difference between interest earned and interest expended — grew 23.7 per cent to Rs 23,351 crore from Rs 18,872 crore, HDFC Bank said in a statement shared with the exchanges.

Gross non-performing assets ratio was 1.12 per cent in the reviewed quarter, against 1.23 per cent a quarter ago, and 1.17 per cent a year ago.

The lender also posted its profit before tax (PBT) at Rs 15,935.5 crore for the March quarter. It said after deducting for Rs 3,888.1 crore for taxation, HDFC Bank had Rs 12,047.50-crore net profit, which is a 19.8 per cent jump over the quarter ended March 31, 2022, according to the statement.

The lender in the statement also said the capital adequacy ratio improved significantly, as it came at 19.26 per cent as of March-end, compared to 18.90 per cent in the year-ago period while it was 17.66 per cent sequentially.

On a standalone basis, the bank reported a 19.81 per cent rise in its net profit to Rs 12,047.45 crore.

The Reserve Bank of India paused its hike in repo rate in its latest announcement of the Monetary Policy Committee and surprised the sector and experts by not following the trend of the various central banks across the world. It is likely that the Federal Open Market Committee (FOMC) of the US Federal Reserve will go for one more rate hike in its next meeting.