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HDFC Bank Q3 results: Net revenue up 12.1% YoY at Rs 26,627 crore; net profit over Rs 10,000 crore, up 20.8% yearly

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HDFC Bank today released its earnings report for the quarter ended December 31, 2021--net revenue at Rs 26,627 crore, net profit at Rs 10,591 crore, and consolidated advances of Rs 13,12,142 crore. These were largely in line with analysts' expectations.

HDFC Bank Q3 results: Net revenue up 12.1% YoY at Rs 26,627 crore; net profit over Rs 10,000 crore, up 20.8% yearly
HDFC Bank today reported a net revenue of Rs 26,627 crore by the end of the quarter ended December 31, 2021, a 12.1 percent year-on-year increase. The bank had reported a net revenue Rs 23,760.8 crore in the corresponding period last year.
The bank reported a consolidated net profit at Rs 10,591 crore, up 20.8 percent YoY, and consolidated advances of Rs 13,12,142 crore, an increase of 15.8 percent YoY.
In its quarterly earnings report, the bank also reported a 13 percent YoY growth in its net interest income (NII)--Rs 18,443.5 crore as compared to Rs 16,317.6 crore at the end of December 2020. This was largely in line with what analysts had predicted in a CNBC-TV18 poll--Rs 18,521.2 crore. The bank further report a profit after taxes at Rs 10,342.2 crore, which was better than the analysts' expectation of Rs 10,179.1 crore.
In its report, the bank reported non-interest revenue at Rs 8,183.6 crore, which it said grew 9.9 percent YoY and comprised 30.7 percent of the net revenues for the latest quarter. The bank further reported the four components of other income for Q3FY22 -- fees and commissions at Rs 5,075.1 crore (4,9974.9 crore in Q3FY21), foreign exchange and derivates at Rs 949.5 crore (Rs 562,2 crore in Q3FY21), gain on sale/revaluation of investments at Rs 1,046.5 crore (Rs 1,109 crore in Q3FY21), and miscellaneous income--including recoveries and dividend--at Rs 1,112.5 crore (Rs 797.1 crore in Q3FY21).

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"We have added 294 branches and 16,852 people over the past 12 months and made other investments to position ourselves and capitalise on the growth opportunity," the bank said in the report, adding that its operating expenses for the latest quarter stood at Rs 9,851.1 crore, a 14.9 percent YoY increase as compared to Rs 8,574.8 crore in Q3FY21. The bank reported a cost-to-income ratio of 37 percent.
The bank reported a total balance sheet size of Rs 19,38,286 crore as of December 31, 2021, as against Rs 16,54,228 crore in the year-ago period--a growth of 17 percent. The bank's total deposits at the end of Q3FY22 stood at Rs 14,45,918 crore, a 13.8 percent increase YoY. The bank's CASA deposits grew by 24.6 percent, with savings account deposits at Rs 4,71,029 crore and current account deposits at Rs 7,64,693 crore--a 5.6 percent YoY increase.
The bank reported a 13.3 percent growth in retail loans, 29.4 percent increase in commercial and rural banking loans, and a 7.5 percent rise in corporate and other wholesale loans.
In the report, as of December 31, 2021, the bank reported a distribution network of 5,779 branches 17,238 ATMs/Cash Deposit Machines across 2,956 cities and towns.
The bank reported that its gross non-performing assets were at 1.26 percent of gross advances, down from 1.35 percent QoQ and 1.385 YoY. Net non-performing assets were at 0.37 percent of net advances. The bank also reported that it held floating provisions of Rs 1,451 crore and contingent provisions of Rs 8,636 crore by the end of Q3FY22. As per the report, the total provisions--specific, floating, contingent, and general--were 172 percent of the non-performing loans.
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