Business

Nii up 2.3% Qoq at Rs 18,873 Crore; Profit after tax declines 2.8% sequentially to Rs 10,055 crore


HDFC Bank Limited on Saturday announced net interest income (NII) of Rs 18,872.70 crore for the quarter ended March 31, 2022, a sequential increase of 2.3% (quarterly) and an increase of 10.24% year-on-year. This was slightly lower than the Rs 19,960 crore predicted by analysts polled by CNBCTV-18.

The bank reported an after-tax profit of Rs 10,055.20 crore, a decline of 2.8% QoQ, but an increase of 22.8% YoY. In its quarterly earnings report released on Saturday, the bank reported consolidated net profit of Rs 10,443.01 crore, down 1.32% QoQ but up 24% YoY.

Overall, the bank said it was an operationally weak quarter with its weakest operating profit growth and its net interest margin (NIM) at an all-time low.

Total revenue (stand alone) increased to Rs 41,085.78 crore in the fourth quarter of FY22 from Rs 38,017.50 crore a year ago. Net income (net interest income plus other income) rose 7.3% to Rs 26,509.80 crore for the quarter ended March from Rs 24,714.10 crore earlier, the report said. bank.

On the asset quality front, the bank said gross non-performing assets (NPA) stood at Rs 16,141 crore, 1.17% of gross advances as of March 31, 2022, from 1.26% earlier – the lowest in five quarters. GNPAs increased 0.8% quarter-on-quarter.

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Net NPAs (or bad debts) stood at Rs 4,407.7 crore or 0.32% of net advances, down from 0.37% earlier, also the lowest in five quarters. NNPAs reduced QoQ by 5.75%. Additionally, the bank said its NIM was at an all-time low of 4%, down from 4.1% in the prior quarter, while operating profit growth was 5.3% year-on-year, the lowest in 23 quarters.

In addition, the bank said it created contingent reserves during the quarter under review, bringing the total contingent reserves to Rs 9,685 crore, up 12.15% from the previous quarter.

The bank said its non-interest income stood at Rs 7,637.10 crore or 28.8% of net income in the reported quarter. This is an increase of 0.57% from the Rs 7,593.9 crore reported in Q3FY22, and a 10.6% increase year-on-year. This includes income from fees and commissions (Rs 5,630.3 crore), foreign exchange and derivatives (Rs 892.5 crore), loss on sale/revaluation of assets (Rs 40.3 crore) and miscellaneous income (Rs 1,154.7 crore).

Additionally, the bank said it added 563 branches and 7,167 employees during the reported quarter and a total of 734 branches and 21,486 employees during the fiscal year.

First post: STI


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