India’s HDFC Bank net profit up 18.3% in Q4

Net interest income and fee income rose to INR6,052.6 crore during the quarter..

India’s HDFC Bank reported an 18.3% rise in net revenue to INR31,487.7 crore in Q4 2022, according to its latest financial report.

The bank’s net interest income for the quarter grew by 24.6% to INR22,987.8 crore, HDFC Bank reported. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.

Fees and commissions rose to INR6,052.6 crore in Q4 2022, from INR5,075.1 crore in Q4 2021.

Foreign exchange and derivatives revenue also rose to INR1,074.1 crore from INR949.5 crore over the same period of comparison.

In contrast, net trading and mark-to-market income fell to INR261.4 crore from INR1,046.5 crore in Q4 2021.

Other income, excluding net trading and mark to market income, grew by 15.4% over the quarter that ended 31 December, HDFC Bank said.

Operating expenses rose 26.5% to INR12,463.6 crore compared to the same period the previous year. Cost-to-income ratio in Q4 2022 was 39.6%.

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