HDFC Bank Q4 net up 23% to Rs 10,055 crore due to lower provisions

The net interest income of the bank grew by 10.2 per cent to Rs 18,872.7 crore on the back of 20.8 per cent growth in advances.

HDFC Bank reported on Saturday a 22.8 per cent year-on-year increase in net profit for the Jan-March quarter to Rs 10,055.2 crore, compared to Rs 8186 crore the same period of the previous year. The rise is mainly due to reduction in provisions by almost Rs 1300 crore.

Provision for the fourth quarter of the previous financial year was at Rs 3312 crore, compared to Rs 4693 crore in the Jan-March period of 2020-21. Total provisions consisted of specific loan loss provisions of Rs 1,778.2 crore and general and other provisions of Rs 1,534.2 crore.

“Total provisions for the current quarter included