HDFC bank logs 19.90% yoy growth in Net Profit for Q3FY23

16 Jan 2023 , 03:30 PM

HDFC Bank logged a 19.90% yoy growth in Net Profit at Rs12,698 crore in Q3FY23 on the back of a healthy rise in core income.

On a standalone basis, the bank’s profit after tax jumped 18.5% yoy to Rs12,259.50 crore as against the previous corresponding period.

During the quarter, the private bank’s net revenue increased 18.3% year on year to Rs31,487 crore, while its operating profit increased 13.4% year on year to Rs19,024 crore.

HDFC Bank’s provisions and contingencies fell slightly to Rs2,806 crore in Q3FY23 from Rs2,994 crore the previous year, while its credit cost ratio fell to 0.74% from 0.87% in the September quarter and 0.94% the previous year.

Its net interest income jumped 24.60% in Q3FY23 at Rs22,987.80 crore, with a 19.5% increase in advances. Its net interest margin came in stable at 4.1% when compared to the preceding quarter ended September.

Bank’s Gross NPA ratio was reported at 1.23%, as compared to 1.23% in the previous corresponding quarter.

At around 3.26 PM, HDFC Bank was trading 0.93% lower at Rs1,585.75, against the previous close of Rs1,600.65 on NSE. The counter hit a high of Rs1,621.30 in today’s intraday session.

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