HDFC Bank’s Q1 profit rises 19% to Rs 9,196 cr

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Ziraat Times
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File photo: HDFC Srinagar

New Delhi, July 16: HDFC Bank on Saturday reported a 19 per cent year-on-year increase in its standalone net profit at Rs 9,196 crore in the quarter ending June (Q1), after providing Rs 2,984 crore for taxation.

In a press statement, HDFC said that during the same period last year, the net profit of the country’s largest private bank stood at Rs 7,729.64 crore. On a sequential basis, however, HDFC Bank’s net profit declined from Rs 10,055.18 crore in January-March.

The bank’s pre-provision operating profit was at Rs 15,367.8 crore in Q1FY23.

For the quarter ending June, the bank’s net interest income, the difference between the interest earned and the interest expended, rose 14.5 per cent to Rs 19,481.4 crore.

The rise in net interest income in Q1FY23 was on account of a 22.5 per cent on-year growth in advances versus a growth in deposits of 19.2 per cent. HDFC Bank’s total balance sheet grew at 20.3 per cent for the period under review, the lender said.

As on June 30, the size of the total balance sheet stood at Rs 21, 09,772 crore.

Total deposits stood at Rs 1,604,760 crore as on June 30, showing a growth of 19.2 per cent on-year.

Current Account Savings deposits rose by 20.1 per cent, with savings account deposits at Rs 5,14,063 crore for the quarter under review. Current account deposits were at Rs 220,584 crore, the bank said.

CASA deposits accounted for 45.8 per cent of total deposits as on June 30.

HDFC Bank’s total loans were at Rs 13, 95,068 crore as on June 30, registering an on-year growth of 21.6 per cent. Total advances gross of transfers through interbank participation certificates and bills rediscounted, grew by 22.5 per cent over the same period a year ago.

Within the loan book, retail loans grew by 21.7 per cent on-year, while commercial and rural banking loans rose 28.9 per cent on-year. Corporate and other wholesale loans grew 15.7 per cent, while overseas advances made up 3.5 per cent of total advances, the bank said.

Retail loans now account for 39 per cent of HDFC Bank’s loan book, the press release showed.

For the period under review, the bank’s core net revenue grew 19.8 per cent on year to Rs 27,181.4 crore.

The total net revenue for the April-June quarter was at Rs 25,869.6 crore.

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