HDFC Bank Q3 net profit up 20.78% at Rs10,591cr on 13% NII growth and NIMs at 4.1%

HDFC Bank reported 8.85% yoy growth in total consolidated revenues in the Dec-21 quarter at Rs43,365cr

January 15, 2022 11:31 IST | India Infoline News Service
HDFC Bank reported 8.85% yoy growth in total consolidated revenues in the Dec-21 quarter at Rs43,365cr. Revenues of HDFC Bank were up 4.65% on a sequential basis. In terms of top line revenues,

HDFC Bank saw all round growth across treasury, wholesale banking and retail banking. Even operating profits across treasury, wholesale banking and retail banking were up on yoy basis.

The provisions for doubtful assets in the Dec-21 quarter at Rs3,816cr was 12% lower compared to the Dec-20 quarter.

For the Dec-21 quarter, the operating profits were up 11.76% at Rs18,034cr. This growth in operating profits was on account of spike in revenues but flat to marginally higher interest costs.

The net interest income (NII) for Dec-21 quarter was up 13% at Rs18,444cr while the net interest margins (NIM) was stable at 4.1%. The cost to income ratio for the quarter stood at 37.1%.

Due to falling interest rates, the credit costs were lower at 0.94% compared to 1.25% in the year ago quarter. Operating margin or OPM expanded from a level of 40.50% in Dec-20 to 41.59% in Dec-21 quarter.

Profit after tax (PAT) for the Dec-21 quarter was up by 20.78% at Rs10,591cr. This was due to better interest spreads, higher other income and lower provisioning.

Consequently, the PAT margins improved from 18.90% to 19.50% in the same period. The CASA deposits comprised 47.1% of the total deposits as of Dec-21 quarter.

Financial highlights for Dec-21 compared yoy and sequentially

Rs in Crore Dec-21 Dec-20 YOY Sep-21 QOQ
Total Income ₹ 43,365 ₹ 39,839 8.85% ₹ 41,436 4.65%
Operating Profit ₹ 18,034 ₹ 16,136 11.76% ₹ 17,036 5.86%
Net Profit ₹ 10,591 ₹ 8,769 20.78% ₹ 9,076 16.70%
Diluted EPS ₹ 19.00 ₹ 15.80 ₹ 16.30
Operating Margins 41.59% 40.50% 41.11%
Net Margins 24.42% 22.01% 21.90%
Gross NPA Ratio 1.26% 0.81% 1.35%
Net NPA Ratio 0.37% 0.09% 0.40%
Return on Assets 0.56% 0.55% 0.50%
Capital Adequacy 19.50% 18.90% 20.00%

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