HDFC Bank posts 20% growth in net profit during Oct-Dec

HDFC Bank on Saturday posted 19.9 per cent growth in its net profit to Rs 12,698 crore for the quarter ended December 31, 2022.

The Bank also said consolidated advances grew 19.2 per cent to Rs 1,563,799 crore during the third quarter of 2022-23, against Rs 1,312,142 crore as on December 31, 2021. The bank shared the statement with exchanges on Saturday.

According to the bank's statement, the consolidated net profit for the nine months ended December 31, 2022, was Rs 33,403 crore, up 21 per cent, over the nine months ended December 31, 2021.

Net interest income for the quarter grew 24.6 per cent year-on-year to Rs 22,987.8 crore from Rs 18.443.5 crore in the year-ago period, while the core net interest margin came in at 4.1 per cent on total assets.

The bank's gross non-performing assets (GNPA) were at 1.23 per cent of gross advances as on December 31, 2022 (1 per cent excluding NPAs in the agricultural segment), as against 1.23 per cent in the previous quarter.

As on December 31, 2022, the bank said its distribution network was at 7,183 branches and 19,007 ATMs/cash deposit and withdrawal machines (CDMs) 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.

The bank also said 51 per cent of branches were in semi-urban and rural areas. In addition, it said there were 15,815 business correspondents, which are primarily manned by Common Service Centres (CSC).

The number of employees was at 166,890 as of December 31, 2022, against 134,412 as of December 31, 2021.

( With inputs from ANI )

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