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HDFC Bank reported on Saturday a 22.8 per cent year-on-year increase in its net profit for the Jan-March quarter to Rs 10,055.2 crore, compared to Rs 8186 crore reported during the same period of the previous year.
The rise in net profit at the country’s largest private sector lender is mainly due to reduction in provisions by almost Rs 1300 crore.
Provision for the fourth quarter of the previous financial year was at Rs 3312 crore as compared to Rs 4693 crore in the Jan-March period of 2020-21.
The net interest income of the bank grew by 10.2 per cent to Rs 18,872.7 crore on the back of 20.8 per cent growth in advances. The bank said the loan growth came from across products and segments. Retail advances grew by 15.2 per cent, commercial and rural banking loan products grew by 30.4 per cent while wholesale loans registered a growth of 17.4 per cent.
The bank’s core net interest margin was 4% on total assets and 4.2% on interest earnings assets.
“We continue to add new liability relationships at a robust pace of 2.4 million during the quarter,” the bank said in a statement.
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