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Business News/ Companies / Company Results/  HDFC Bank Q3 results 2023: Net profit jumps 18.5%, NII up 24.6%
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HDFC Bank Q3 results 2023: Net profit jumps 18.5%, NII up 24.6%

HDFC Bank Q3 results 2023: The private lender reported its net profit at ₹12,259.50 crore against Q3FY22 net profit of ₹10,342.20 crore

HDFC Bank share price ended at ₹1,601 apiece on Friday on NSE.Premium
HDFC Bank share price ended at 1,601 apiece on Friday on NSE.

HDFC Bank Q3 results 2023: Beating the street estimates, HDFC Bank Ltd has reported strong rise in net profit and net interest income on year-on-year (YoY) basis. The private lender reported a net profit of 12,259.50 crore in Q3FY23 against Q3FY22 net profit of 10,342.20 crore, logging around 18.50 per cent YoY rise in recently ended December 2022 quarter.

While announcing HDFC Bank Q3 results 2023, the private lender reported robust growth in net interest income (NII). In recently ended December 2022 quarter, HDFC Bank has reported NII of 22,987.9 crore, around 24.60 per cent higher from its NII of 18,443.50 crore in Q3FY22.

The private lender has cut down provisioning on both quarter-on-quarter (QoQ) basis and year-on-year (YoY). In Q3FY23, HDFC Bank has reported provisions at 2,806.4 against 3,240.1 crore in Q2FY23. In Q3FY22, HDFC Bank had reported provisions at 2,994 crore. So, the private bank has cut down its provisions by 6.26 per cent on YoY basis and around 13.40 per cent on QoQ basis.

HDFC Bank’s net revenue, grew by 18.3% to 31,487.7 crore for the quarter ended December 31, 2022 from 26,627.0 crore for the quarter ended December 31, 2021. Excluding net trading and mark to market income, the net revenue grew by 22.1 per cent over the quarter ended December 31, 2021.

The four components of other income for the quarter ended December 31, 2022 were fees & commissions of 6,052.6 crore ( 5,075.1 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of 1,074.1 crore ( 949.5 crore in the corresponding quarter of the previous year), net trading and mark to market income of 261.4 crore ( 1,046.5 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of 1,111.8 crore ( 1,112.5 crore in the corresponding quarter of the previous year). Other income, excluding net trading and mark to market income, grew by 15.4 per cent over the quarter ended December 31, 2021.

HDFC Bank has managed to report improvement in total debt total asset ratio on bot QoQ and YoY basis. In third quarter of the current financial year, HDFC Bank's total debts to total assets stand at 9.18 per cent that stood at 9.29 per cent in Q2FY23 and 9.82 per cent in Q3FY22.

The total credit cost ratio of the private lender was at 0.74 per cent, as compared to 0.94 per cent for the quarter ending December 31, 2021.

Asset quality 

Gross non-performing assets were at 1.23 per cent of gross advances as on December 31, 2022 (One per cent excluding NPAs in the agricultural segment), as against 1.23 per cent as on September 30, 2022 (1.03 per cent excluding NPAs in the agricultural segment), and 1.26 per cent as on December 31, 2021 (1.04 per cent excluding NPAs in the agricultural segment). Net non-performing assets were at 0.33 per cent of net advances as on December 31, 2022.

In Q2FY23, HDFC Bank had reported 22.30 per cent jump in its consolidated net profit at 11,125.21 crore.

 

HDFC Bank share price finished at 1,601 on Friday. The banking stock has logged over 18 per cent appreciation in last six months on NSE. However, HDFC Bank shares have remained sideways to lower in last one month losing to the tune of near 3.50 per cent in this time.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 14 Jan 2023, 01:31 PM IST
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