HDFC Bank's net interest income or the difference between interest earned on loans and interest expended on deposits advanced 10 per cent to Rs 18,872.74 crore
HDFC Bank, the country's largest private sector lender, on Saturday reported net profit of Rs 10,055 crore for quarter ended March 2022 marking an increase of 23 per cent from Rs 8,186.51 crore during the same period last financial year. Jump in profit came on the back of sharply lower provisioning for non-performing assets (NPAs). Its provisions declined 29 per cent annually to Rs 3,312 crore from Rs 4,694 crore in the year ago period.
HDFC Bank's net interest income or the difference between interest earned on loans and interest expended on deposits advanced 10 per cent to Rs 18,872.74 crore from Rs 17,120 crore in the same quarter last year.
The bank's asset quality saw an improvement as its gross non-performing assets as a percentage of total advances came in at 1.17 per cent in March quarter compared with 1.26 per cent in the previous quarter. In absolute terms, gross NPAs stood at Rs 16,141 crore versus 16,013.55 crore.
Net NPAs came in at 0.32 per cent versus 0.37 per cent.
HDFC Bank's total balance sheet size was Rs 2,068,535 crore in the financial year 2022 compared with Rs 1,746,871 crore in financial year 2021, marking a growth of 18.4 per cent, the Mumbai based lender said in a press release.
Total advances as of March 31, 2022 were Rs 1,368,821 crore up 20.8 per cent over March 31, 2021. Retail loans grew by 15.2 per cent, commercial and rural banking loans grew by 30.4 per cent and corporate and other wholesale loans grew by 17.4 per cent. Overseas advances constituted 3.1 per cent of total advances.
As of March 31, 2022, the bank's distribution network was 6,342 branches and 18,130 ATMs across 3,138 cities. 50 per cent of its branches were in semi-urban and rural areas, HDFC Bank added.
HDFC Bank shares closed 1.9 per cent lower at Rs 1,464.85 ahead of its earnings announcement on Wednesday.