HDFC Bank on July 17 reported a net profit of Rs 11,951 crore for the April-June quarter FY24, a jump from Rs 9,196 crore in the quarter ended June 30, 2022. The net profit slightly exceeded the market expectations. At least four brokerages had predicted a net profit of Rs 11,581 crores whereas HDFC Bank reported a net profit of Rs 11,951 crore.
The country's largest private sector bank's net interest income (NII) grew by 21.1 percent to Rs 23,599 crore from Rs 19,481 crore for the quarter ended June 30, 2022. Core net interest margin was at 4.1 percent on total assets, and 4.3 percent based on interest earning assets.
The lender's gross non-performing assets (GNPA) ratio stood at 1.17 percent, improving from 1.28 percent in the corresponding period a year ago.
Similarly, its net NPA (NNPA) stood at 0.30 percent from 0.35 percent last year. The lender's net profit jumped from Rs 9,196 crores in the corresponding quarter last year to Rs 11,951 crores in Q1FY24.
In reaction, the stock rose nearly 1.5 percent and was trading at Rs 1,668 at 1.25 pm on the NSE.
Also read: HDFC Bank dips marginally ahead of Q1 results
Robust deposit and advances growth
On the deposit side, total deposit of the bank stood at Rs 19.13 lakh crores, jumping by 19.2 percent on a year-on-year basis.
Current account and savings account (CASA) grew by 10.7 percent where total current account deposits stood at Rs 2.52 lakh crores and savings account deposits stood at Rs 5.6 lakh crores. Whereas time deposits of the bank stood at Rs 11 lakh crores, improving by 26.4 percent.
Total advances of the bank grew by 15.8 percent on a year-on-year basis and stood at Rs 16.15 lakh crores.
Domestic retail loans grew by 20 percent, commercial and rural banking loans grew by 29.1 percent and corporate and other wholesale loans grew by 11.2 percent.
Segment wise revenue
The lender's treasury segment reported a revenue of Rs 10,537 crores, jumping from Rs 7,379 crores in the corresponding quarter last year.
Retail banking, which formed the bank's major revenue, stood at Rs 42,939 crores compared to Rs 31,685 crores last year. Whereas the lender's wholesale banking stood at Rs 28,332 crores, jumping from Rs 18,642 crores.
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