HDFC Bank net profit jumps 23% to Rs 10,055 crore in Q4

HDFC Bank reported a 22.8 per cent jump in its standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022.

New Delhi: HDFC Bank on Saturday reported a 22.8 per cent jump in its standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022. The country's largest private sector lender had posted a net profit of Rs 8,186.50 crore in the corresponding fourth quarter of the previous fiscal.

"After providing Rs 2,989.5 crore for taxation, the bank earned a net profit of Rs 10,055.20 crore, an increase of 22.8 per cent over the quarter ended March 31, 2021," HDFC Bank said in a regulatory filing.

Total income (standalone) rose to Rs 41,085.78 crore during Q4 FY22 as against Rs 38,017.50 crore in the year-ago period.

Net revenues (net interest income plus other income) increased by 7.3 per cent to Rs 26,509.80 crore for the quarter ended March, from Rs 24,714.10 crore earlier, it said.

The net interest income (interest earned minus interest expended) for the reported quarter grew by 10.2 per cent from a year ago to Rs 18,872.70 crore.

On the asset quality front, the bank said the gross non-performing assets (NPAs) were at 1.17 per cent of the gross advances as on March 31, 2022, as against 1.26 per cent earlier. Also Read: Kaynes Technology IPO: Firm files draft papers with Sebi to mop up funds

Net NPAs (or bad loans) stood at 0.32 per cent of the net advances, compared to 0.40 per cent. Also Read: Twitter Acquisition: Elon Musk may bring wealthy partners to dodge board’s ‘poison pill’ strategy