HDFC Bank net profit rises 24% on-year in January-March quarter, advances grew by 19.9% : Rashtra News
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India’s largest private sector lender HDFC Bank today reported a 24% growth in consolidated net profit to Rs 10,474 crore, in line with expectations pinned by most analysts. The bank’s profit soared when compared to the previous year but was marginally lower sequentially. Net interest income was also higher and provisions were lower from the previous year, as anticipated by the street. HDFC Bank commands an 11% market share in the banking sector, second only to public sector lender, State Bank of India (SBI). HDFC Bank shares fell during this week’s holiday-shortened trading sessions, down 3.34% to settle at Rs 1,464 per share.
The lender reported that its gross non-performing assets were at 1.17% of the gross advances at the end of March 2022, down from 1.26% in the previous quarter and 1.32% in the year-ago period. Net non-performing assets were at 0.32% of net advances.
Results at a glance:
Net profit (Consolidated) – Rs 10,474 crore
Net Interest Income – Rs 18,872 crore, up 10.2% from the previous year
Total Provisions – Rs 4,693 crore
Total deposits – Rs 15,59,217 crore, a 16.8% on-year increase
Total advances Rs 13,68821 crore, up 20.8% from the previous year.
HDFC Bank said that its retail loans grew by 15.2% while commercial and rural banking loans grew by 30.4%. Corporate and other wholesale loans were up by 17.4%.
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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a www.financialexpress.com feed.)
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