HDFC Bank Q3 Result Highlight:
- HDFC Bank reported a 19.9% YoY increase in consolidated net profit for Q3 ending December 31, 2022, amounting to Rs 12,698 crore.
- Consolidated advances grew 19.2% YoY to Rs 15.63 lakh crore in Q3Fy23.
- Standalone net profit came in at Rs 12,259.5 crore, an increase of 18.5% YoY and above estimates.
- Net interest income for the quarter grew by 24.6% YoY to Rs 22,987.8 crore.
- Gross non-performing assets (GNPA) were at 1.23% of gross advances as of December 31, 2022.
- Net non-performing assets (NNPA) stood at 0.33% for the quarter, showing no change from the previous quarter.
- Total deposits showed a healthy growth of 19.9% YoY, standing at Rs 17.33 lakh crore as of December end.
- Provisions and contingencies for the quarter decreased to Rs 2,806.4 crore as compared to the previous year and quarter.
HDFC Bank Q3 Result Details:
HDFC Bank announced a 19.9% increase in its consolidated net profit for the quarter ending December 31, 2022, reaching Rs 12,698 crore.
Consolidated advances grew by 19.2% year-over-year to Rs 15.63 lakh crore in the third quarter of fiscal year 2023 from Rs 13.12 lakh crore in the same quarter of the previous year.
The bank’s standalone net profit for the quarter was Rs 12,259.5 crore, an 18.5% increase from the same period in the previous year. This exceeded analysts’ estimates of Rs 11,754 crore in a Moneycontrol poll.
Net interest income for the quarter grew by 24.6% year-over-year to Rs 22,987.8 crore from Rs 18,443.5 crore in the third quarter of fiscal year 2022. The core net interest margin was 4.1% on total assets.
The bank’s gross non-performing assets (GNPA) were 1.23% of gross advances as of December 31, 2022, with no change from the previous quarter.
Net non-performing assets (NNPA) remained at 0.33% for the quarter.
Total deposits increased by 19.9% year-over-year and stood at Rs 17.33 lakh crore as of December. CASA deposits grew by 12%, with savings account deposits at Rs 535,206 crore and current account deposits at Rs 227,745 crore.
Provisions and contingencies for the quarter decreased to Rs 2,806.4 crore, compared to Rs 2,994 crore in the same period the previous year and Rs 3,240 crore in the previous quarter. The total credit cost ratio was 0.74%, compared to 0.94% in the third quarter of fiscal year 2022.
The bank’s distribution network expanded to 7,183 branches and 19,007 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities and towns.
Ahead of the results, the stock closed flat at Rs 1601 on the NSE on January 13. The stock has gained 18% in the past six months, but has decreased by 1.7% in the new calendar year.
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