Jobaaj Stories
Private lender HDFC Bank reported its Q3FY23 results wherein the bank reported a 19.9% YoY growth in net profits with solid growth in core interest income.
Net Interest Income, which is income earned less income paid, came in at Rs 24,497 crores, up 25.8% YoY as the core interest margin was 4.1% on total assets. Other income, which consisted of fees & commissions, foreign exchange & derivatives revenue, net trading, and miscellaneous income, grew to Rs 8,500 crores from Rs 8,184 crores reported in the corresponding quarter last year.
All in all, Consolidated Total Income came in at Rs 51,207 crores for the quarter that ended in December 2022.
Operating expenses spiked 26.6% YoY to reach Rs 13,438 crores during the quarter where employee benefit expenses surged the most. As a result, profit for the quarter reached Rs 12,698 crores against Rs 10,592 crores reported in the corresponding quarter last year.
“Total Deposits showed healthy growth and were at ₹ 1,733,204 crores as of December 31, 2022, an increase of 19.9% over December 31, 2021. CASA deposits grew by 12.0% with savings account deposits at ₹ 535,206 crore and current account deposits at ₹ 227,745 crore. Time deposits were at ₹ 970,253 crores, an increase of 26.9% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 44.0% of total deposits as of December 31, 2022.” the bank said in its press release.
Asset quality saw a marginal improvement as Gross NPAs for the quarter came in at 1.23%, marginally below the 1.26% reported last year while Net NPAs were 0.33% of total advances. Because of the improvement in asset quality, the provisioning declined 6.3% to Rs 2,806.4 crores.
The Capital Adequacy Ratio at the end of the quarter was 19.4%, marginally lower than the CAR reported last year.
The scrip of HDFC Bank closed at Rs 1,600.65 per share on Friday.
Article by Aman Agarwal.
