HDFC Bank Q1 results: Profit jumps 30% to Rs 11,952 crore

HDFC Bank on Monday reported a 30 per cent year-on-year (YoY) rise in standalone net profit at Rs 11,951.70 crore for the June quarter compared with Rs 9,196 crore in the corresponding quarter last year. Pre-provision operating profit (PPOP) grew 22.2 per cent to Rs 18,772 crore, HDFC Bank said in a BSE filing.

The standalone net interest income (NII) for the quarter came in at Rs 23,599 crore, up 21.1 per cent over 19,481 crore in the year-ago quarter. Core net interest margin (NIM) was at 4.1 per cent on total assets, and 4.3 per cent based on interest earnings assets.

Gross non-performing assets as percentage of gross advances stood at 1.17 per cent against 1.12 per cent in March and 1.28 per cent in the year-ago quarter. Provisions and contingencies for the quarter stood at Rs 2,860 crore compared with Rs 3188 crore in the same quarter last year.

Other income (non-interest revenue) at Rs 9,230 crore was 28.1 per cent of the net revenues for the quarter against Rs 6,388 crore in the year-ago quarter. Fee and commissions came in at Rs 6,290 crore against Rs 5,360 crore YoY; foreign exchange and derivatives revenue stood at Rs 1,309 crore against Rs 1,024 crore; net trading and mark to market (MTM) gain stood at Rs 552 crore against loss of Rs 1,077 crore YoY while miscellaneous income, including recoveries and dividend came in at Rs 1,079 crore against Rs 1,080 crore, HDFC Bank said on Monday.

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The total credit cost ratio for the quarter stood at 0.70 per cent against 0.91 per cent in the June quater of last year.
Total balance sheet rose 18.6 per cent YoY to Rs 25,01,693 crore against Rs 21,09,772 crore YoY. The bank's ttoal capital adequacy ratio as per Basel III guidelines was at 18.9 per cent against 18.1 per cent as on June 30.

HDFC Bank clocked Rs 16,15,672 crore in advances in the June quarter, up 15.8 per cent over Rs 13,95,100 crore in the same quarter last year. This translated to a 0.9 per cent sequential growth in advances over Rs 16,00,600 crore in the March quarter. In a business update in the first week of July, HDFC Bank said its deposits aggregated to Rs 19,13,096 crore as on June 30, up 19.2 per cent over Rs 16,04,800 crore as on June 30, 2022. Deposits were up 1.6 per cent over Rs 18,83,400 crore as on March 31, 2023.

CASA deposits grew 10.7 per cent with saving deposits at Rs 5,60,604 crore and current account deposits at Rs 2,52,350 crore. Following the results, shares of HDFC Bank rose 11.15 per cent to Rs 663.65 on BSE.

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