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You are at:Home»Business»HDFC Bank Q1FY23 Results: Private lender’s consolidated profit surges 21% to Rs 9,579 cr, asset quality improves
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HDFC Bank Q1FY23 Results: Private lender’s consolidated profit surges 21% to Rs 9,579 cr, asset quality improves

By July 16, 2022No Comments2 Mins Read
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India’s largest private lender HDFC Bank on Saturday reported an almost 21 per cent jump in its consolidated net profit at Rs 9,579.11 crore in the first quarter of the financial year 2022-23  (Q1FY23) as compared to Rs 7,922.09 crore in the same period a year-ago.

On a standalone basis, the bank’s net profit increased to Rs 9,195.99 crore in June-end quarter of FY23 as against Rs 7,729.64 crore in the year-ago period.

On the contrary, the bank’s both consolidated and standalone profit dipped sequentially, as in March-end quarter it had reported, Rs 10,443 crore and Rs 10,055.18 crore.

HDFC Bank’s net interest income (NII) for June-end quarter grew by 14.5 per cent to Rs 19,481.4 crore from Rs 17,009.0 crore in year-ago quarter, driven by advances growth of 22.5 per cent, deposits growth of 19.2 per cent and total balance sheet growth of 20.3 per cent, it said in filing.

The core net interest margin was at 4 per cent on total assets, and 4.2 per cent based on interest earning assets, the bank further said adding that it continued to add new liability relationships at a robust pace of 2.6 million during the quarter.

Gross non-performing assets (GNPA) were at 1.28 per cent of gross advances as on June 30, 2022, as against 1.47% as on June 30, 2021, while Net non performing assets (NNPA) were at 0.35 per cent of net advances as on June 30, 2022, HDFC Bank said in filing.

The bank held floating provisions of 1,451 crore and contingent provisions of 9,630 crore as on June 30, 2022, and total provisions (comprising specific, floating, contingent and general provisions) were 170% of the gross non-performing loans as on June 30, 2022, the regulatory filing also said.



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