HDFC Bank Q1 net profit grows 30% to ₹11,952 crore

HDFC Bank reports 30% rise in Q1 net profit to ₹11,952 cr; NII up 21%, other income 28%, total balance sheet size 18.6% YoY. Net revenue up 26.9%, provisions & contingencies down 10.2%, total credit cost ratio 0.70%, CAR 18.9%.

HDFC Bank Ltd reported standalone net profit for first quarter that ended on June 30, 2023 grew 30% to ₹11,952 crore from the year-ago period led by improvement in asset quality, 28% growth in other income and 21% growth in Net Interest Income (NII).

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The bank’s net revenue during the quarter grew by 26.9% YoY to ₹32,829 crore. NII grew by 21.1% to ₹23,599 crore YoY and Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets, the bank said in a filing.

“Provisions and contingencies for the quarter were ₹2,860 crore as against ₹ 3,188 crore for the year-ago period. The total credit cost ratio was at 0.70%, as compared to 0.91% for the quarter ending June 30, 2022,” Srinivasan Vaidyanathan, CFO, HDFC Bank said in a conference call. .

The bank’s consolidated net revenue grew by 25.9% to ₹35,067 crore for the quarter Year on Year (YoY) and consolidated net profit at ₹12,370 crore, grew 29.1% YoY. 

Total balance sheet size as of June 30, 2023 was ₹25,01,693 crore, up 18.6% YoY.

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