Housing finance major HDFC on Thursday reported a 20 per cent growth in standalone net profit to Rs 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 Rs 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 Rs 16,239 crore compared to Rs 13,742.18 crore in 2021-22.

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Assets under management stood at over Rs 7.2 lakh crore.

“After providing Rs 973 crore for tax, the reported profit after tax stood at Rs 4,425 crore compared to Rs 3,700 crore in the corresponding quarter of the previous year, representing a growth of 20 per cent,” the lender said.

The net interest income (NII) for the quarter ended March 31, 2023, stood at Rs 5,321 crore compared to Rs 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 Rs 44 per equity share of face value of Rs 2 each compared to a final dividend of Rs 30 per equity share in the previous year, HDFC said.

The lender also said for the year ended in March 2023, the consolidated profit after tax attributable to the Housing Development Finance Corporation Limited (HDFC) stood at Rs 26,161 crore, a growth of 16 per cent year-on-year.