Mumbai: Lending major HDFC Bank has reported a year-on-year rise in net profit of 18.1 percent for the third quarter of FY22. The bank’s net profit increased to Rs 10,342.2 crore during the period under review over the quarter ended December 31, 2020.
Besides, the bank’s net interest income (income earned less interest expended) for the quarter under review grew by 13 percent to Rs 18,443.5 crore from Rs 16,317.6 crore for the quarter ended December 31, 2020.
The lender’s net revenues (net interest income plus other income) increased by 12.1 percent to Rs 26,627 crore from Rs 23,760.8 crore for the quarter that ended December 31, 2020.
“Advances grew at 16.5 percent, reaching new heights driven by relationship management, digital offering, and breadth of products. The core net interest margin was at 4.1 percent. New liability relationships added during the quarter remained at an all-time high,” HDFC Bank said in a statement. “This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123 percent, well above the regulatory requirement, which positions the bank favourably to capitalize on growth op parturition, it added.