hdfc: HDFC Bank sees 23% rise in net profit in Q4 – Times of India

MUMBAI: HDFC Bank has reported a web revenue of Rs 10,055 crore for the quarter ended March 2022, a rise of practically 23% over Rs 8,186 crore for a similar interval in FY21. Its web revenue for the 12 months was Rs 36,916 crore, a rise of 18% over Rs 31,165 crore in FY21.
The financial institution’s income grew on account of a 20.8% enhance in its advances to Rs 13.7 crore. Its deposits grew 16.8% to Rs 15.59 lakh crore. The growth of the stability sheet takes place forward of a proposed reverse merger with its dad or mum, HDFC. The boards of the financial institution and its dad or mum permitted the merger earlier this month.
Addressing analysts after the outcomes, Srinivasan Vaidyanathan, chief monetary officer at HDFC Financial institution, mentioned the financial institution’s wholesale loans grew quicker than retail loans, which have been earlier the mainstay of the financial institution.
“This has reversed. Retail is now 45% of our advances and wholesale is 55%,” mentioned Vaidyanathan. He added that the shift in loans from unsecured retail to high-rated corporates resulted in a dip in web curiosity margin from 4.2% in FY21 to 4% in FY22.
Nonetheless, when adjusted for credit score prices (defaults), the web curiosity margin improved to three.3% from 3.1% for FY21.

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