HDFC Bank Q3 Results FY2023, Net Profit at Rs.12,259.5 Crores

On 14th January 2023, HDFC Bank announced its results for the third quarter of FY2023.

Key Highlights:

- The Bank's net revenue, grew by 18.3% YoY to Rs. 31.487.7 crore 
- Excluding net trading and mark-to-market income, the net revenue grew by 22.1 % YoY. 
- Net interest income grew by 24.6% YoY to Rs. 22,987.8 crore
- The core net interest margin was at 4.1 % YoY on total assets, and 4.3% YoY based on interest-earning assets. The four components of other income were fees & commissions of Rs. 6,052.6 crores, foreign exchange & derivatives revenue of Rs. 1,074.1 crores, net trading and mark-to-market income of Rs. 261.4 crores, and miscellaneous income, including recoveries and dividend, of Rs. 1,111.8 crores. 
- Operating expenses were Rs. 12.463.6 crore, an increase of 26.5% YoY. 
- The cost-to-income ratio for the quarter was at 39.6% YoY
- Pre-provision Operating Profit (PPOP) was at Rs. 19,024.1 crores, which grew by 19.3% YoY 
- Profit before tax (PBT) was at Rs. 16,217.6 crores. 
- HDFC Bank earned a net profit of Rs. 12,259.5 crores, an increase of 18.5% YoY.

Business Highlights:

- Total balance sheet size was Rs. 2,295,305 crore,  a growth of 18.4% YoY. 
- Total Deposits showed healthy growth and were at Rs. 1,733,204 crores, an increase of 19.9% YoY. 
- CASA deposits grew by 12.0% YoY with savings account deposits at Rs. 535,206 crore and current account deposits at Rs. 227,745 crores. 
- Time deposits were at Rs. 970,253 crores, an increase of 26.9% YoY  
- Total advances were Rs. 1,506,809 crores, an increase of 19.5% YoY. 
- Domestic retail loans grew by 21.4% YoY, commercial and rural banking loans grew by 30.2% YoY, and corporate and other wholesale loans grew by 20.3% YoY.
- Overseas advances constituted 2.8% YoY of total advances. 
- Tier 1 CAR was at 17.2% YoY. Common Equity Tier 1 Capital ratio was at 16.4% YoY. Risk-weighted Assets were at Rs. 1,536,272 crores.
- Gross non-performing assets were at 1.23% YoY of gross advances (1.00% YoY excluding NPAs in the agricultural segment). Net non-performing assets were at 0.33% YoY of net advances.
- The Bank's distribution network was at 7,183 branches and 19,007 ATMs / Cash Deposit & Withdrawal Machines (CD Ms) across 3,552 cities/ towns as against 5,779 branches and 17,238 ATMs / CDMs across 2,956 cities/ towns as of December 31, 2021.