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HDFC Bank Q3 net profit rises 19.9% to Rs 12,698 crore, asset quality stable – Moneycontrol

HDFC Bank on January 14 reported a 19.9 percent year-on-year (YoY) jump in its consolidated net profit for the quarter ended December 31, 2022 to Rs 12,698 crore.

Consolidated advances grew 19.2 percent YoY to Rs 15.63 lakh crore in Q3Fy23 from Rs 13.12 lakh crore in Q3FY22.

Meanwhile, standalone net profit of came in at Rs 12,259.5 crore, an increase of 18.5 percent from the same quarter of the corresponding year. This was above estimate of Rs 11,754 crore by analysts in a Moneycontrol poll.

Net interest income for the quarter grew by 24.6 percent YoY to Rs 22,987.8 crore from Rs 18.443.5 crore in Q3FY22. Core net interest margin came in at 4.1 percent on total assets.

The lender’s gross non-performing assets (GNPA) were at 1.23 percent of gross advances as on December 31, 2022 (1 percent excluding NPAs in the agricultural segment), as against 1.23 percent in the previous quarter, it said in a filing with stock exchanges.

Net non-performing assets (NNPA) stood at 0.33 percent for the quarter, showing no improvement or deterioration from the previous quarter.

Total deposits showed a healthy growth of 19.9 percent YoY and stood at Rs 17.33 lakh crore as of December end. “CASA (current account savings account) deposits grew by 12 percent with savings account deposits at Rs 535,206 crore and current account deposits at Rs 227,745 crore,” the bank added.

Provisions and contingencies for the quarter came down to Rs 2,806.4 crore as against Rs 2,994 crore YoY and Rs 3,240 crore QoQ. The total credit cost ratio stood at 0.74 percent, as compared to 0.94 percent in Q3 FY22.

The private lender’s distribution network grew to 7,183 branches and 19,007 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities and towns.

Ahead of its results, the stock had closed flat on January 13 at Rs 1601 on the NSE. The stock has gained 18 percent in the past six months, but is down 1.7 percent in the new calendar year.