HDFC Bank Registers 20.6% Net Profit Growth in Q4 FY23

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India’s largest private bank HDFC Bank in its consolidated net revenue for Q4 FY23 reported a growth of 20.3 per cent. During the quarter, its net profit was Rs 12,594.5 crore, up 20.6 per cent year-over-year (YoY).

Earnings per share for the quarter ended March 31, 2023 was at Rs 22.6 and book value per share as of March 31, 2023 was Rs 518.7.

The consolidated net profit for the year ended March 31, 2023 was Rs 45,997.1 crore, up 20.9 per cent, over the year ended 31 March, 2022.

The Bank's net revenue grew by 21.0 per cent to Rs 32,083.0 crore for Q4 FY23 in comparison to Rs 26,509.8 crore for Q4 FY22. Net interest income (interest earned less interest expended) for the quarter grew by 23.7 per cent to Rs 23,351.8 crore in comparison to Rs 18,872.7 crore for the quarter ended 31 March, 2022.

Core net interest margin was at 4.1 per cent on total assets, and 4.3 per cent based on interest earning assets.

Total balance sheet size as of 31 March, 2023 was Rs 2,466,081 crore as against Rs 2,068,535 crore as of 31 March, 2022, a growth of 19.2 per cent.

Meanwhile, Total Deposits were noted to be at Rs. 1,883,395 crore as of March 31, 2023, an increase of 20.8 per cent over March 31, 2022. CASA deposits grew by 11.3 per cent with savings account deposits at Rs 5,62,493 crore and current account deposits at Rs 2,73,496 crore. Time deposits were at Rs 10,47,406 crore, an increase of 29.6 per cent over the corresponding quarter of the previous year, resulting in CASA deposits comprising 44.4 per cent of total deposits as of 31 March, 2023.

HDFC Bank’s Board of Directors recommended a dividend of Rs 19.0 per equity share of Rs 1 for the year ended 31 March, 2023, as against Rs 15.5 per equity share of Rs 1 for the previous year.

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