Country’s largest private sector lender HDFC Bank on Saturday reported a net profit of Rs 10,055.18 crore for the March 2022 quarter, a jump of 22.82 per cent compared to Rs 8,186.51 crore a year ago. Its total income grew by eight per cent to Rs 41,085.78 crore during January-March 2022 as against Rs 38,017.50 in the year-ago period.
Its net interest income (NII), deducting interest earned, rose 10.2 per cent to Rs 18,872.7 crore for the March 2022 quarter, as against Rs 17,120.2 crore a year ago.
The lender’s other income (non-interest revenue) stood at Rs 7,637.1 crore, accounting for 28.8 per cent of total net revenue for the quarter, as compared to Rs 7,593.9 in the March 2021 quarter.
“The four components of other income for the quarter ended March 31, 2022 were fees and commissions of Rs 5,630.3 crore (Rs 5,023.3 crore in the corresponding quarter of previous year), foreign exchange and derivative revenue of Rs 892.5 crore (Rs 879.3 crore). crore in the corresponding quarter of the previous year), loss on sale/revaluation of investments of Rs 40.3 crore (Profit of Rs 655.1 crore in the corresponding quarter of previous year) and miscellaneous income including realized and dividend of Rs 1,154.7 crore (in the corresponding quarter of previous year) 1,036.2 crore),” HDFC Bank said in a statement.
On the asset quality front, the bank on Saturday reported gross non-performing assets (GNPA) of 1.17 per cent of gross advances as on March 31, 2022, as against 1.31 per cent a year ago. The GNPA stood at 1.26 per cent during the December 2021 quarter. Overall, the bank’s GNPA increased to Rs 16,140.96 crore from Rs 15,086 crore a year ago.
In the December 2021 quarter, HDFC Bank had reported a growth of 18.1 per cent in its standalone net profit at Rs 10,342.20 crore. Its total income on a standalone basis increased to Rs 40,651.60 crore in October-December 2021 as against Rs 37,522.92 crore in the year-ago period.
Yes Securities had expected a profit after tax of Rs 11,298 crore to HDFC Bank in the March 2022 quarter, up 38 per cent over the previous fiscal. Its net interest income was expected to grow 14.7 per cent to Rs 19,636 crore during the quarter.
It had said in a report that the underlying factors should lead to a gradual decline in the slippage of the bank. Net interest margin should be slightly lower on a sequential basis as wholesale lending generally outpaces retail lending. “Fee income will only be slightly higher due to sluggish card fees. Treasury profits will come down as bond yields rise. Provisions will be sequentially lower.”
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