HDFC Bank Q1 results| PAT rises 35% on-year to Rs 16,174.75 crore

HDFC Bank

Private sector lender HDFC Bank on July 20 reported a 35.3 percent rise in its profit after tax to Rs 16,174.75 crore in the first quarter of the current financial year.

HDFC Bank's consolidated net profit grew 33.17 percent to Rs 16,474.85 crore in the June 2024 quarter.

The bank had posted a post-tax net profit of Rs 12,370 crore on a consolidated basis in the year-ago period, it said in a regulatory filing.

On a sequential basis, HDFC Bank's net profit fell 2.1 percent.

The bank's total income increased to Rs 83,701 crore from Rs 57,816 crore a year ago.

Asset quality

In the reporting quarter, gross non-performing assets (NPA) ratio of the bank increased to 1.33 percent as on June 30, as compared to 1.24 percent in the previous quarter and 1.17 percent in the year ago period.

Similarly, net NPA ratio jumped to 0.39 percent as on June 30, as compared to 0.33 percent as on March 31, and 0.30 percent as on June 30, 2023.

In absolute terms, gross NPA of the bank rose to Rs 33,025.69 crore as on June 30, as against Rs 31.173.32 crore as on March 31, and Rs 19,064.12 crore as on June 30, 2023.

Net NPA in absolute terms stood at Rs 9,508.44 crore in the reporting quarter, as compared to 8,091.74 crore in a quarter ago period and Rs 4,776.87 crore in a year ago period.

Its provisioning was reduced to Rs 2,602 crore from Rs 2,860 crore a year earlier.

Deposits and advances

Total deposits of the bank were at Rs 23.79 lakh crore as of June 30, which increased 24.4 percent on-year.

CASA deposits grew 6.2 percent, with saving account deposit at Rs 5.97 lakh crore, and current account deposit at Rs 2.67 lakh crore. Time deposit were at Rs 15.15 lakh crore, which increased by 37.8 percent over a corresponding quarter last year.

Gross advances stood at Rs 24.87 lakh crore as on June 30, which was up 52.6 percent on-year.

As per press release, retail loans grew 100.4 percent, commercial and rural banking loans grew 23 percent and other wholesale loans grew 18.7 percent.

Overseas advances constitute 1.5 percent of total advances.

Capital adequacy

HDFC Bank's overall capital adequacy was 19.33 per cent as of June 30, 2024, as against the regulatory requirement of 11.7 percent.

Tier I CAR was at 17.3 percent and common equity tier 1 capital ratio was at 16.8 percent as of June 30.

Risk weighted assets were at Rs 24.56 lakh crore, release said.