HDFC Bank Q4 net vaults over 10% to Rs10,055 cr
18 April 2022
HDFC Bank Limited on Saturday reported a net (after-tax) profit of Rs10,055.20 crore for fiscal fourth quarter (January-March 2022), a 22.8 per cent YoY increase, but a 2.8 per cent drop QoQ. Consolidated net profit for the quarter stood at Rs10,443.01 crore, which is a 24 per cent increase YoY, but a 1.32 per cent dip QoQ.
Net interest income (NII) of Rs18,872.70 crore for the quarter ended 31 March 2022, was up 10.24 per cent year-on-year and up 2.3 per cent sequentially.
Overall, it was an operationally weak quarter for the bank with its lowest-ever operating profit growth and its net interest margin (NIM) at an all-time low.
Total income (standalone) was up at Rs41,085.78 crore during Q4 FY22 against Rs38,017.50 crore in the year-ago period.
Net revenue (net interest income plus other income) increased by 7.3 per cent to Rs26,509.80 crore for the quarter ended March 2022, from Rs24,714.10 crore earlier, the bank said.
HDFC Bank’s gross non-performing asset (NPA) stood at Rs16,141 crore, forming 1.17 per cent of the gross advances as on 31 March 2022, as against 1.26 per cent earlier - the lowest in five quarters. GNPAs increased 0.8 per cent QoQ.
Net NPAs (or bad loans) stood at Rs4,407.7 crore, or 0.32 per cent of the net advances, compared to 0.37 per cent earlier, also the lowest in five quarters. NNPAs were down 5.75 per cent QoQ. Further, the bank said, its NIM was at an all-time low of 4 per cent, against 4.1 per cent in the previous quarter, while operating profit growth stood at 5.3 per cent YoY, the lowest in 23 quarters.
Further, the bank said it has created contingent provisions in the reporting quarter, taking the total contingent provisions to Rs9,685 crore, up 12.15 per cent QoQ.
The bank said its non-interest revenue stood at Rs7,637.10 crore, which was 28.8 per cent of net revenues in the reported quarter. This was a 10.6 per cent increase YoY and a 0.57 per cent increase.over the Rs7,593.9 crore reported in Q3FY22. This includes revenue from fees and commissions (Rs5,630.3 crore), foreign exchange and derivates (Rs892.5 crore), loss on sale/revaluation of assets (Rs40.3 crore), and miscellanious income (Rs1,154.7 crore).
HDFC Bank added 563 branches and 7.167 employees in the reported quarter and a total of 734 branches and 21,486 employees during the fiscal.