July 17, 2023
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HDFC Bank declared excellent Q1 Results
Profit increases by 30% YoY to Rs 11,952 crore; NII jumps 21%
This is the first earnings of the bank subsequent to the merger with parent Housing Development Finance Corporation.
The net interest income – the difference between interest earned and interest expended – rose more than 21% YoY to Rs 23,599 crore. The core net interest margin was at 4.1% on total assets and 4.3% based on interest earning assets.
The operating profit of the lender, before provisions and contingencies, increased 22% on year to Rs 18,772 crore. The cost-to-income ratio for the quarter was at 42.8%.
The provisions for the quarter stood at Rs 2,860 crore, compared to Rs 3,188 crore a year ago.
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 net NPA ratio was 0.30% as of June end, a tad higher than 0.27% a quarter ago, but lower than 0.35% in the year-ago period.
The bank has exhibited very healthy capital adequacy ratio of 18.93% as of June end, compared to 19.26% a quarter ago.
HDFC Bank’s total deposits saw a healthy growth of 19% YoY to Rs 19.13 lakh crore as of June end. The current account savings account (CASA) deposits grew by nearly 11% and made for 42.5% of the total deposits in the quarter.
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%.
Shares of the bank was today trading 1.2% higher at Rs 1,664.75 on the NSE.
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