Housing finance major HDFC on Thursday reported a 20 per cent growth in standalone net profit to ₹4,425 crore for the quarter ending 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 the standalone profit after tax for the year ended March 31, 2023, at ₹16,239 crore compared to ₹13,742.18 crore in 2021-22.
Assets under management stood at over ₹7.2-lakh crore.
“After providing ₹973 crore for tax, the reported profit after tax stood at ₹4,425 crore compared to ₹3,700 crore in the corresponding quarter of the previous year, representing a growth of 20 per cent,” the lender said.
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The net interest income (NII) for the quarter ended March 31, 2023, stood at ₹5,321 crore compared to ₹4,601 crore in the previous year, representing a growth of 16 per cent.
The Board of Directors declared an interim dividend for the year ended March 31, 2023 of ₹44 per equity share of face value of ₹2 each compared to a final dividend of ₹30 per equity share in the previous year, HDFC said.
The lender also said for the year ended in March 2023, the consolidated after-tax profit attributable to the Housing Development Finance Corporation Limited (HDFC) stood at ₹26,161 crore, a growth of 16 per cent year-on-year.