HDFC Bank posts net profit for the quarter to end December up 18.5% y-o-y of INR122.6bn ($1.5bn), beating analyst forecasts.
India’s third-largest bank by market share and the largest private sector lender also posts revenue ahead y-o-y by 18.3%.
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HDFC Bank Q3 2022/2023 highlights include:
- Net interest income for the third quarter rises by 24.6% year-over-year to INR229.9bn;
- Third quarter advances rise by 19.5% with retail lending ahead by 21.4%;
- Commercial and rural banking loans rise by 30.2% y-o-y;
- Total deposits growth is healthy rising by 19.9% y-o-y to INR17.3bn, and
- CASA deposits rise by 12% y-o-y.
Meantime, for the nine months to end December, net profit is ahead by 19.2% y-o-y to INR320.6bn.
Net interest margin remains flat at 4.1%.
Asset quality remains stable: gross non-performing assets are at 1.23% of gross advances at end December 2022 (1.26% Dec 2021).
HDFC Bank ends 2022 with a branch network of 7,183 branches, up from 5,779 a year ago. Over the same period, total employee numbers are up by 24% to 166,890.
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By GlobalDataHDFC Bank’s market cap of $110.6bn is down by around 5% over the past 12 months.
