HDFC Bank FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTERAND YEARENDED MARCH 31, 2022
Udaipur : The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarterand year endedMarch 31, 2022, at its meeting held in Mumbai on Saturday, April 16, 2022. The accounts have been subjected toan audit by the statutory auditors of the Bank.
The Bank’s net revenues (net interest income plus other income) increased by 7.3% to ₹26,509.8 crore for the quarter ended March 31, 2022 from ₹24,714.1crore for the quarter ended March 31, 2021.Net Revenues, excluding trading income, grew by 10.4% to ₹ 26,550.2crore for the quarter ended March 31, 2022 from ₹ 24,059.0crore for the quarter ended March 31, 2021.
Net interest income (interest earned less interest expended) for the quarter ended March 31, 2022grew by 10.2%to ₹18,872.7crore from ₹17,120.2crore for the quarter ended March 31, 2021. Advances were up 20.8%, with the growth coming across products and segments. Core net interest margin was at 4.0% on total assets, and 4.2% based on interest earning assets. We continued to add new liability relationships at a robust pace of 2.4 million during the quarter.Liquidity coverage ratio was healthy at 112%, well above the regulatory requirement.
Other income (non-interest revenue) at₹7,637.1 crore was28.8% of net revenues for the quarter ended March 31, 2022as against₹7,593.9 crore in the corresponding quarter of the previous year. Other income, excluding trading income, grew by 10.6% over the quarter ended March 31, 2021. The four components of other income for the quarter ended March 31, 2022 were fees & commissions of ₹5,630.3 crore(₹5,023.3 crore in the corresponding quarter of theprevious year), foreign exchange & derivatives revenue of ₹892.5 crore (₹879.3 crore in the corresponding quarter of the previous year), loss on sale / revaluation of investments of ₹40.3 crore (gain of ₹655.1 crore in the corresponding quarter of the previous year) and miscellaneous income, includingrecoveriesand dividend, of ₹1,154.7 crore (₹1,036.2 crore in the corresponding quarter of the previous year).
The bank added 563 branches and 7,167 employees during the quarter and 734 branches and 21,486 employees during the year. This, and other investments made during the year, will position the bank to capitalise on the growth opportunity.Operating expenses for the quarter ended March 31, 2022were ₹10,152.8crore, anincrease of10.6% over ₹9,181.3crore during the corresponding quarter of the previousyear. Thecost-to-income ratio for the quarterwas at 38.3%.
Pre-provision Operating Profit (PPOP) was at ₹16,357.0 crore.PPOP, excluding trading income, grew by 10.2% over the quarter ended March 31, 2021.
Provisions and contingencies for the quarter ended March 31, 2022 were ₹3,312.4 crore (consisting of specific loan loss provisions of ₹1,778.2crore and general and other provisions of ₹1,534.2 crore) as against total provisions of ₹4,693.7 crore for the quarter ended March 31, 2021. Total provisions for the current quarter included contingent provisions of approximately ₹1,000 crore.
The total credit cost ratio was at 0.96%, as compared to 0.94% for the quarter ending December 31, 2021and 1.64% for the quarter ending March 31, 2021.
Profit before tax (PBT) for the quarter ended March 31, 2022 at ₹13,044.7 crore grew by 20.3% over corresponding quarter of the previous year.After providing ₹2,989.5 crore for taxation, the Bank earned a net profit of ₹10,055.2 crore, an increase of 22.8% over the quarter ended March 31, 2021.
Balance Sheet: As of March 31, 2022
Total balance sheet size as of March 31, 2022was ₹2,068,535crore as against ₹1,746,871crore as of March 31, 2021, a growth of 18.4%.
Total deposits as of March 31, 2022were ₹1,559,217crore, an increase of 16.8% over March 31, 2021. CASA deposits grew by22.0% with savings account deposits at ₹511,739 crore and current account deposits at ₹239,311 crore.Time deposits were at ₹808,168crore, an increase of 12.3% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 48.2% of total deposits as of March 31, 2022.
Total advances as of March 31, 2022 were ₹1,368,821 crore, an increase of 20.8% over March 31, 2021. Retail loans grew by 15.2%, commercial and rural banking loans grew by 30.4% and corporate and other wholesale loans grew by 17.4%. Overseas advances constituted 3.1% of total advances.
Profit & Loss Account: Year ended March 31, 2022
For the year ended March 31, 2022, the Bank earned a total income of ₹157,263.0 crore as against ₹146,063.1 crore for the year ended March 31, 2021. Net revenues (net interest income plus other income) for the year endedMarch 31, 2022 were ₹101,519.5 crore, as against ₹90,084.5 crore for the year ended March 31, 2021. Net profit for the year ended March 31, 2022was ₹36,961.3crore, up 18.8%over the year endedMarch 31, 2021.
