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HDFC Bank Q1 standalone net profit rises 30% YoY to Rs 11,952 crore

Jul 17, 2023

By: BlinkX Research Team

HDFC Bank, the largest private lender in the country, reported a standalone net profit of Rs 11,951.7 crore with an increase of 30% for the quarter ended June 2023. This is the first earnings of the bank following the merger with parent HDFC (Housing Development Finance Corporation).

The net interest income (NII) rose more than 21% YoY to Rs 23,599 crore. The gross non-performing assets (NPA) as a percentage of total loans was 1.17% as of June end, compared to 1.12% a quarter ago and 1.28% a year ago.

The operating profit before provisions and contingencies, increased 22% on year to Rs 18,772 crore.

The provisions for the quarter stood at Rs 2,860 crore as compared to Rs 3,188 crore a year ago.

The total income for the quarter increased 39% YoY to Rs 57,817 crore.

The capital adequacy ratio of the bank was 18.93% as of June end, compared to 19.26% a quarter ago. The core net interest margin was at 4.1% on total assets and 4.3% based on interest earning assets.

The cost-to-income ratio for the quarter was 42.8% and the total credit cost ratio at 0.70%, was lower compared to 0.91% a year ago.

The total advances grew nearly 16% over the last year to Rs 16.16 lakh crore, with domestic retail loans witnessing a strong 20% growth. Commercial and rural banking loans grew 29%, while corporate and other wholesale loans increased by 11.2%.

Source: Media reports