HDFC Bank’s Q1 net profit at Rs.11,000 crore, up by 30%

HDFC Bank recorded a standalone net profit of ₹11,951.7 crore for the quarter ended June 2023. 

This is HDFC Bank’s first profit after its union with parent Housing Development Finance Corporation (HDFC).

HDFC reports a 30% increase in net profit:

HDFC Bank, the largest private lender in the nation, recorded a standalone net profit of ₹11,951.7 crore for the quarter that ended June 2023, reporting an increase of 30% from ₹9,196 crore in the same quarter last year.

The bank’s net interest income (NII) in Q1FY24 grew 21.1% to ₹23,599.1 crore from ₹19,481.4 crore YoY.

Core interest margin stood at 4.1% on overall assets and 4.3% based on interest income assets, the HDFC Bank confirmed.

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Pre-provision operating profit (PPOP) in Q1FY24 rose by 22.2% to ₹18,772 crore from ₹15,367.84 crores in the same quarter last year.

Provisions and contingencies for the June 30, 2023 quarter stood at ₹2,860 crore as against ₹3,188 crore YoY.

The Bank’s asset quality deteriorated consecutively during the quarter ended June 2023. Its Gross non-performing assets (NPA) rose 5.7% to ₹19,045.1 crore from ₹18,019 crore, while Net NPA increased 9.4% to ₹4,776.9 crore from ₹4.368.4 crore, QoQ.

The gross NPA ratio in Q1FY24 rose five basis points to 1.17% from 1.12%, and the Net NPA ratio increased by three bps to 0.30% from 0.27%, QoQ.