India’s largest personal sector lender HDFC Bank at this time reported a 24% progress in consolidated web revenue to Rs 10,474 crore, in step with expectations pinned by most analysts. The financial institution’s revenue soared when in comparison with the earlier yr however was marginally decrease sequentially. Net curiosity earnings was additionally increased and provisions had been decrease from the earlier yr, as anticipated by the road. HDFC Bank instructions an 11% market share within the banking sector, second solely to public sector lender, State Bank of India (SBI). HDFC Bank shares fell throughout this week’s holiday-shortened buying and selling periods, down 3.34% to settle at Rs 1,464 per share.
The lender reported that its gross non-performing belongings had been at 1.17% of the gross advances on the finish of March 2022, down from 1.26% within the earlier quarter and 1.32% within the year-ago interval. Net non-performing belongings had been at 0.32% of web advances. The core web curiosity margin was at 4% on whole belongings.
Results at a look:
Net revenue (Consolidated) – Rs 10,474 crore
Net Interest Income – Rs 18,872 crore, up 10.2% from the earlier yr
Total Provisions – Rs 4,693 crore
Total deposits – Rs 15,59,217 crore, a 16.8% on-year enhance
Total advances Rs 13,68821 crore, up 20.8% from the earlier yr.
HDFC Bank mentioned that its retail loans grew by 15.2% whereas industrial and rural banking loans grew by 30.4%. Corporate and different wholesale loans had been up by 17.4%.
Subsidiary of HDFC Bank, HDFC Securities Limited, noticed a 16% on-year enhance in whole earnings to Rs 509 crore however web revenue was decrease at Rs 235.6 crore as towards Rs 244.5 crore a yr in the past. HDB Financial Services Limited, one other subsidiary of HDFC Bank, noticed a 7.9% progress in income and a decline in web revenue.
HDFC Bank mentioned that it added 563 branches and seven,167 workers in the course of the January-march quarter and 734 branches and 21,468 workers in the course of the yr. Operating bills for the quarter stood at Rs 10,152.8 crore, up 10.6% from the year-ago interval.
Source: www.financialexpress.com”