Winning Business Desk
Mumbai. The standalone profit of the country's largest private bank HDFC Bank grew by 22.8% in January-March in the last quarter of the last financial year 2021-22. With this jump, the bank's profit reached Rs 10,055.2 crore in the March 2022 quarter. In its previous financial year 2020-21, the bank had a profit of Rs 8,186.50 crore in the same quarter.
The bank has given this information in its regulatory filing. According to the filing, after paying tax of Rs 2,989.5 crore in the March 2022 quarter, the bank had a net profit of about Rs 10 thousand crore. Total Rs 38,017.50 crore was earned during the period.
Net revenue also increased by 7.3%
Net revenue (net interest income and other income) also increased by 7.3% to Rs 26,509.80 crore as compared to Rs 24,714.10 crore in January-March 2021 in the same quarter last year. In terms of asset quality, the bank's gross non-performing assets (GNPAs) accounted for 1.17% of gross advances in the March 2022 quarter as against 1.26% in the previous quarter. Net NPA (Bad Loans) Net Advances stood at 0.32%.
HDFC and HDFC Bank will merge
Earlier this month, HDFC Group announced the merger of Housing Development Finance Corporation (HDFC) and HDFC Bank. Under this deal, HDFC will have 41% stake in HDFC Bank. This merger of HDFC and HDFC Bank will be completed by the second or third quarter of FY 2024.