Result: HDFC & Bank of India

HDFC LTD. has posted a 20% year-on-year growth in standalone net profit in the March quarter to ₹4,425 crore. The company’s total operating revenue surged 36% from a year ago to ₹16,679 crore. NII for the quarter ended 31 March stood at ₹5,321 crore compared to ₹4,601 crore in the year ago, up 16%. Its reported NIM for the financial year was at 3.6%. In FY23, individual loan approvals and disbursements grew 16% from the previous fiscal year. In March, HDFC had recorded its highest-ever monthly disbursement to retail borrowers. It said the demand for home loans remained strong and growth was predominantly seen in the mid-income segment and for high-end properties. In FY23, 94% of new loan applications were received on digital channels, and the average size of individual loans stood at ₹36.2 lakh compared to ₹33.1 lakh in FY22, HDFC said.

BANK OF INDIA has reported a 115 per cent jump in its consolidated profit after tax for the March quarter to Rs 1,388.19 crore, helped by a jump in other income. The bank’s profit for FY23 increased to Rs 3,882 crore, up from Rs 3,406 crore in FY22. The bank is planning for a capital raise of Rs 4,500 crore in equity capital in FY24, which will help bring down the government’s stake in the lender to the Sebi-mandated 75 per cent. The bank’s core net interest income was up over 37 per cent to Rs 5,493 crore on a 13 per cent growth in advances. It posted a widening of net interest margin to 3.15 per cent from 2.56 per cent in the year-ago period.