HDFC Bank reported a 22.8% yearly jump in standalone net profit during the fourth quarter of financial year 2021-2022 (Q4FY22) to Rs 10,055.20 crore on the back of a 29% dip in bad loan provisioning during the period. Net profit in the corresponding March quarter of FY21 stood at Rs 8,186.51 crore. The banking sector bellwether’s Q4FY22 reported net profit figure was lower than an ET Now poll of Rs 10,200 crore.
The increase in profits were boosted by robust interest income, better asset quality and lower provisions.
Net interest income, the difference between interest earned by lending and interest given on deposits to customers, rose by 10% to Rs 18,872.70 crore from Rs 17,120.20 crore in the FY21 March quarter. The private lender reported Rs 17,543 crore interest income in the preceding December 2021 quarter.
Advances were up 20.6%, with the growth coming across products and segments. Core net interest margin was at 4.0% on total assets, and 4.2% based on interest-earning assets.
The bank’s net revenues (net interest income plus other income) increased by 7.3% to Rs 26,509.80 crore more for the quarter under review from Rs 24,714.1 crore for the quarter ended March 31, 2021. Net Revenues, excluding trading income, grew by 10.4% to Rs 26,550.2 crore for the quarter from Rs 24,059.0 crore in the corresponding quarter.
Other income (non-interest revenue) at Rs 7,637.1 crore was 28.8% of net revenues for the quarter ended March 31, 2022 as against t 7,593.9 cram in the corresponding quarter of the previous year.
The bank’s board will meet on April 23 to consider a dividend on shares of the bank for the financial year 2021-2022.
With reference to the Regulations, we wish to inform you that a meeting of the Board of Directors of HDFC Bank Limited (“the Bank”) shall be held on April 23, 2022 to inter alia consider a proposal for recommendation of dividend on the equity shares of the Bank for the financial year ended March 31, 2022,” HDFC Bank said in a BSE filing.
