HDFC reports 20% jump in Q4 net profit to ₹4,425 crore

Specialized real estate financing HDFC On Thursday, it announced a 20 per cent growth in standalone net profit to ₹4,425 crore for the quarter ended March 2023 on the back of higher interest income.

The bank’s profit in the January-March quarter of 2021-22 was ₹3,700 crore.

In a filing to stock exchanges, HDFC said there was an 18 per cent growth in standalone profit after tax for the year ended March 31, 2023, at ₹16,239 crore compared to ₹13,742.18 crore in 2021-22.

The assets under management amounted to more than ₹ 7.2 crore.

“After providing ₹973 crore for tax, reported profit after tax was ₹4,425 crore as compared to ₹3,700 crore in the corresponding quarter of the previous year, which is a growth of 20 per cent,” said the lender.

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Net Interest Income (NII) for the quarter ended 31st March 2023 was ₹5,321 crore as compared to ₹4,601 crore in the previous year, representing a growth of 16 per cent.

The board declared an interim dividend for the year ending March 31, 2023 of ₹44 per equity share at a par value of ₹2 each compared to a final dividend of ₹30 per share in the previous year, HDFC said.

The lender also said for the year ended March 2023, consolidated profit after tax attributable to Housing Development Finance Corporation Limited (HDFC) was Rs.26,161 crore, up by 16 per cent year-on-year.