On July 17, HDFC Bank announced a net profit for the April-June quarter of FY24 of Rs 11,951 crore, up from Rs 9,196 crore in the quarter ended June 30, 2022. The net profit marginally above market projections. While HDFC Bank recorded a net profit of Rs 11,951 crore, at least four brokerages had forecast a net profit of Rs 11,581 crore.
Net Interest Income (NII) for the three months ending June 30, 2022, increased by 21.1 percent to Rs 23,599 crore from Rs 19,481 crore. On total assets, the core net interest margin was 4.1 percent, and on interest-earning assets, it was 4.3 percent.
Gross Non-performing Assets (GNPA) ratio for the lender was 1.17 percent, down from 1.28 percent in the same period a year earlier.
Likewise, its net NPA (NNPA) decreased from 0.35 percent to 0.30 percent from the previous year. The lender’s net profit increased significantly from the same period previous year’s Rs 9,196 crores to Rs 11,951 crores in Q1FY24.
The stock increased as a result, rising roughly 1.5 percent, and it was trading at Rs 1,668 on the NSE at 1:25 pm.
On the deposit side, the bank’s total deposits increased by 19.2 percent year over year to Rs 19.13 lakh crores.
The total amount of current account deposits, which were at Rs 2.52 lakh crores, and the total amount of savings account deposits, which were at Rs 5.6 lakh crores, both increased by 10.7%. While the bank’s time deposits increased by 26.4 percent to Rs 11 lakh crores.
The bank’s total advances increased by 15.8% year over year to reach Rs 16.15 lakh crores.
