HDFC Bank presents Q3 results, profit up 18.5%, NII jumps 25%. HDFC Bank is the largest private sector bank in the country.
The Bank said on Saturday that its standalone net profit increased by 18.5 percent to Rs 12,259.5 crore in the third quarter (Q3 Results) of the current financial year.
The bank had earned a net profit of Rs 10,342.2 crore in the same quarter of the previous financial year.
HDFC Bank said in the information given to the stock market that its total income on a standalone basis increased to Rs 51,207.61 crore in the October-December quarter of the financial year 2022-23, from Rs 40,651.60 crore in the same period of the previous financial year.
The gross non-performing assets (NPAs) of the bank stood at 1.23 percent of gross advances as on December 30, 2022.
Net NPA stood at third percentage, which became 0.37 percent at the stop of December 2021.
Similarly, financial provisions and contingencies for the quarter ending December 31, 2022, stood at Rs 2,806.4 crore. In the same period a year ago, this figure was Rs 2,994 crore.
The financial institution stated that its internet hobby earnings improved via way of means of 24.6 percent to Rs 22,987.eight crore withinside the area beneath neath review.
HDFC Bank presents Q3 results: Bank will provide financial assistance to farmers.
In December 2022, HDFC Bank has partnered with Lawrencedale Agro Processing India (LEAF), an integrated full-stack Agri technology solutions provider, to support the farming community in three southern states.
Under the agreement with the company, the bank will extend its special services and facilities to farmers, agri-producers, and other rural communities.
Following the Memorandum of Understanding (MoU), HDFC Bank will work with the Leaf Farmers Network in the operational areas under ‘LEAF’ in Andhra Pradesh, Karnataka, and Tamil Nadu.
The agreement has been signed to enhance financial access and inclusiveness to farmers and to expand the scope of the Farmer Producer Organization (FPO) ecosystem, a statement said.
4 million farm household benefits.
Four million farmers from the three states will benefit from the contract.
Anil Bhavnani, HDFC Senior Vice President and Head of Rural Banking, exchanged documents with P. Vijayaraghavan, Founder and CEO of LEAF.