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HDFC Bank net rises 18% on non-interest income

The country’s largest private sector lender HDFC Bank on Saturday reported an 18.1% rise in its standalone net profit to ₹10,342.2 crore for the quarter ended December, helped by healthy non-interest income and a fall in provisioning for bad loans.

Total income rose to ₹40,651.60 crore in the October-December quarter of FY22, as against ₹37,522.92 crore a year earlier, HDFC Bank said in a filing.

Its non-interest income constituted almost 31% of net revenue at ₹8,183.6 crore, rising about 10% from a year earlier.

Net interest income (interest earned minus interest expended) climbed 13% to ₹18,443.50 crore.

Advances grew 16.5%, driven through relationship management, digital offerings and a breadth of products, the bank said.

Total deposits grew 13.8% to ₹1,445,918 crore as of December. Total advances rose 16.5% to ₹1,260,863 crore.

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