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HDFC Bank sees 23% rise in net earnings in Q4

HDFC Bank sees 23% increase in net earnings in Q4

< img src="https://bharatsuchana.com/wp-content/uploads/2022/04/sHfpAO.jpg"class="ff-og-image-inserted"> MUMBAI: HDFC Bank has actually reported a net earnings of Rs 10,055 crore for the quarter ended March 2022, a boost of nearly 23%over Rs 8,186 crore for the same duration in FY21. Its net earnings for the year was Rs 36,916 crore, a boost of 18%over Rs 31,165 crore in FY21. The bank’s profits grew due to a 20.8% boost in its advances to Rs 13.7 crore. Its deposits grew 16.8 %to Rs 15.59 lakh crore. The growth of the balance sheet happens ahead of a proposed reverse merger with its moms and dad, HDFC. The boards of the bank and its moms and dad authorized the merger previously this month. Resolving experts after the results, Srinivasan Vaidyanathan, chief monetary officer at HDFC Bank, stated the bank’s wholesale loans grew quicker than retail loans, which were earlier the essential of the bank.”This has actually reversed. Retail is now 45%of our advances and wholesale is 55%,”stated Vaidyanathan. He included that the shift in loans from unsecured retail to high-rated corporates resulted in a dip in net interest margin from 4.2 %in FY21 to 4% in FY22. Nevertheless, when changed for credit expenses(defaults), the net interest margin improved to 3.3%from 3.1%for FY21. Published at Sat, 16 Apr 2022 23:19:27 +0000

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