HDFC Bank Q3 Results: HDFC Bank’s third quarter profit at Rs 10342 crore | HDFC Bank FY22 Q3 Results Rs 10342 Crore Rupees Announced

HDFC Bank Q3 Results: HDFC Bank’s third quarter profit at Rs 10342 crore | HDFC Bank FY22 Q3 Results Rs 10342 Crore Rupees Announced

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HDFC Bank, the country’s largest private sector bank, reported an 18 per cent rise in net profit for the quarter to Q3FY22, driven by higher credit growth and lower provisioning. HDFC Bank’s profit after tax for the quarter was Rs 10,342.2 crore as compared to Rs 8,758.29 crore in the same quarter last fiscal. Analysts at Bloomberg reported a net profit of Rs. 10,136 crore net profit. The net interest income is the remainder of interest expense on interest income. That is up from 18,443.5 crore in Q3FY22 compared to Q3FY21’s 16,317.6 crore. In support of that, the advance was 16.5 per cent. Net interest margin, the bank’s profitability measure, stood at 4.1 percent in the reporting quarter.

Other income, including fees and commissions, forex and derivative income, return on investment sales and various other income, increased to Rs 8,1183.6 crore from Rs 7,443.2 crore in the same quarter last year. Therefore, the total income of the bank, net interest income and other income increased by 12 per cent to Rs 23,760.8 crore for the quarter ended December.

HDFC Bank’s Provisions for the quarter declined 12.3 per cent to Rs 2,994 crore. 3,414.1 crore in the same period last fiscal. In Q2FY22, the bank has provision for Rs 3,924.66 crore. The Bank has a net profit of Rs. 1,451 crore floating provision and Rs. 8,636 crore made by Contingent Provision.

HDFC Bank’s asset quality improved steadily, with gross non-performing assets (GNPAs) of 1.26 per cent in Q3FY22 compared to 1.35 per cent in the previous quarter. Similarly, the net NPA improved to 0.37%. According to the bank’s disclosure, loans worth Rs 18,019.85 crore have been restructured under the second restructuring window of the Reserve Bank of India (RBI). Of this, 14,564 crore are retail loans, Rs 1,566 crore are business loans for individual borrowers and Rs 1,889 crore are small business loans.

HDFC Bank’s advances grew 16.5% year-on-year to Rs. 12.6 lakh crore. Retail loans are growing at 13.3 per cent, while commercial and rural banking loans are growing at 29.4 per cent. On the other hand, corporate and wholesale lending grew by 7.5 per cent. The total deposits at the end of the December quarter were Rs. 14.45 lakh crore, an increase of 13.8% over the previous year. Low-cost deposits grew by 24.6 per cent, while savings account deposits stood at Rs 4.71 lakh crore and current account deposits were Rs 2.10 lakh crore.

HDFC Bank’s share price rose 1% to Rs 1,545 on BSE on Friday.

Also Read: Credit card late payment charges: Credit card late payment charges together with ICICI Bank and HDFC Bank

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