The country's largest private sector lender, HDFC Bank, on Saturday reported net profit of Rs 12,259 crore for quarter ended December 2022, marking an upside of 18.53 per cent from profit of Rs 10,342 crore during the same quarter last year.
HDFC Bank's net interest income or the difference between interest earned on loans and expended on deposits rose nearly 25 per cent to Rs 22,987.83 crore compared with Rs 18,443.48 crore during the same period last year.
Its asset quality remained stable during the quarter as gross non-performing assets (NPAs), as a percentage of total advances, came in at 1.23 per cent versus 1.23 per cent in the previous quarter and as against 1.26 per cent during the same period last year.
In absolute terms, gross NPAs came in at Rs 18,764 crore.
Net NPAs as a percentage of total advances remained unchanged sequentially at 0.33 per cent.
The bank's provisions during the quarter fell 13.38 per cent to Rs 2,806 crore from Rs 3,240 crore in the previous quarter.
The total credit cost ratio was at 0.74 per cent, as compared to 0.94 per cent for the quarter ending December 31, 2021, the country's largest private bank said.
As of December 31, 2022, the bank's distribution network was at 7,183 branches and 19,007 ATMs / Cash Deposit & Withdrawal Machines (CD Ms) 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. 51 per cent of our branches are in semi-urban and rural areas. HDFC Bank said.
HDFC Bank shares ended 0.07 per cent higher at Rs 1,600, a day ahead of its earnings announcement.