HDFC Bank Q4 Result: Net Profit Rises 20.6% To Rs 12,594 Crore; NII Jumps 23.7%; Rs 19 Dividend Declared

HDFC Bank, India’s largest private sector lender, on Saturday reported a 16.53 per cent jump in its standalone net profit to Rs 12,047 crore for January-March 2023 (Q4 FY23). Its net interest income (interest earned less interest expended) for the quarter ended March 31, 2023, grew 23.7 per cent to Rs 23,351.8 crore, from Rs 18,872.7 crore a year ago.

On a consolidated basis, the largest private sector bank’s net profit stood at Rs 12,594.47 crore, up 20.6 per cent over the quarter ended March 31, 2022, according to a BSE filing.

Also Read: HDFC Bank Announces Dividend of Rs 19 Per Share for FY23; Check Record Date, Payout Date

“The Board of Directors, at its meeting held today (April 15), has recommended a dividend of Rs 19 per equity share of Re 1 each fully paid-up (i.e. 1,900 per cent) out of the net profits for the year ended March 31, 2023, subject to the approval of the shareholders at the ensuing Annual General Meeting of the bank,” according to the filing.

HDFC Bank’s net revenue on a standalone basis grew 21 per cent to Rs 32,083 crore during the March 2023 quarter, compared with Rs 26,509.8 crore in the year-ago period.

“Operating expenses for the quarter ended March 31, 2023, were Rs 13,462.1 crore, an increase of 32.6 per cent over Rs 10,152.8 crore during the corresponding quarter of the previous year,” the bank said in a statement.

The bank’s balance sheet size as of March 31, 2023 was Rs 24,66,081 crore as against Rs 20,68,535 crore as of March 31, 2022, a growth of 19.2 per cent.

Its CASA (current account saving account) deposits grew 11.3 per cent with

savings account deposits at Rs 5,62,493 crore and current account deposits at Rs 2,73,496 crore.

HDFC Bank’s gross non-performing assets (GNPAs) improved to 1.12 per cent of gross advances as on March 31, 2023, against 1.23 per cent as on December 31, 2022. Its net NPAs were 0.27 per cent of net advances as on March 31, 2023.

The Bank’s total capital adequacy ratio (CAR) as per Basel Ill guidelines was at 19.3 per cent as on March 31, 2023, higher as compared with 18.9 per cent a year ago. It is also higher as against a regulatory requirement of 11.7 per cent, including capital conservation Buffer of 2.5 per cent, and an additional requirement of 0.2 per cent on account of the bank being identified as a domestic systemically important bank (D-SIB).

For the full financial year 2022-23, HDFC Bank’s net profit stood at Rs 44,108.7 crore, up 19.3 per cent over the year ended March 31, 2022.

Read all the Latest Business News, Tax News and Stock Market Updates here