HDFC Bank Q4 net rises 23% to ₹10,055 cr. on loan growth, lower provisions

Board to meet on April 23 to consider dividend proposal

The country's largest private sector lender HDFC Bank on Saturday reported a 23% jump in standalone net profit to ₹10,055.20 crore for the March quarter, led by growth in loan demand across categories and lower provisioning as bad loans were trimmed.

The bank's net profit during the corresponding period of the previous fiscal stood at ₹8,186.51 crore.

"After providing ₹2,989.5 crore for taxation, the bank earned a net profit of ₹10,055.20 crore, an increase of 22.8% over the quarter ended March 31, 2021," HDFC Bank said in a regulatory filing.

Total income of the bank on a standalone basis rose by more than 8% to ₹41,085.78 crore in the January-March period of 2021-22, as against ₹38,017.50 crore in the same quarter of 2020-21.

"Advances were up 20.8%, with the growth coming across products and segments. We continued to add new liability relationships at a robust pace of 2.4 million (24 lakh) during the quarter," the lender said in a release.

The Mumbai-based bank witnessed an increase of 20.8% in its total advances from the year-earlier period to ₹13,68,821 crore, as of March 31, 2022.

Retail loans grew by 15.2%, commercial and rural banking loans by 30.4% and corporate and other wholesale loans by 17.4%, it said. Overseas advances constituted 3.1% of the total advances.