HDFC Bank’s Net Profit Increased By 23 Percent

HDFC Bank’s net profit increased by 23 percent, and total income increased to 41085 crores. HDFC Bank’s fourth-quarter financial results are out.

The bank said in the business results released on Saturday that its standalone net profit for the quarter ended March 2022 has increased by 22.8 percent to Rs 10,055.2 crore.

The country’s largest private sector bank HDFC Bank had made a net profit of Rs 8,186.50 crore in the corresponding fourth quarter of the last financial year.

After withdrawing Rs 2,989.5 crore for taxation, the bank earned a net profit of Rs 10,055.20 crore, an increase of 22.8 percent over the quarter ended March 31, 2021.

Total income (standalone) increased to Rs 41,085.78 crore.

HDFC Bank said in a regulatory filing that total income (standalone) increased to Rs 41,085.78 crore during the fourth quarter of FY22 from Rs 38,017.50 crore in the year-ago period.

7 percent jump in the net revenue of the bank.

Net revenue (net interest income and other income) for the quarter ended March rose 7.3 percent to Rs 26,509.80 crore, from Rs 24,714.10 crore a year ago.

Net interest income up 10.2 percent to Rs 18,872.70 crore.

Net interest income (interest accrued less interest) for the reported quarter rose 10.2 percent to Rs 18,872.70 crore from a year ago.

On the asset quality front, the bank said gross non-performing assets (NPAs) stood at 1.17 percent of gross advances as of March 31, 2022, from 1.26 percent a year ago.

Bad loans stood at 0.4 percent.

Net NPAs (or bad loans) accounted for 0.32 percent of net advances as against 0.40 percent.

Other income during Q4 of FY22 grew by 28.8% to Rs 7,637.1 crore of net revenue as against Rs 7,593.9 crore in the corresponding period of last year.

Mysore’s Kaynes Technology to bring IPO.

Kaynes Technology India Limited (KTIL) has applied for a Launch of Offer (IPO) in the Capital Market.

An end-to-end and IoT solutions enabled integrated electronics manufacturing company on Saturday filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

According to the Draft Red Herring Prospectus (DRHP), the IPO consists of a fresh issue of equity shares worth Rs 650 crore and an offer for sale (OFS) of 7.2 crore equity shares by a promoter and an existing shareholder.