HDFC Bank Q1FY23 results: Private lender’s consolidated profit up 21% to Rs 9,579 crore, asset quality improves

India’s largest private lender HDFC Bank on Saturday reported a nearly 21 per cent rise in its consolidated net profit at Rs 9,579.11 crore in the first quarter of FY 2022-23 (Q1FY23), as compared to Rs 9,579.11 crore in the same period a year ago. It was Rs 7,922.09 crore. -before.

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

In contrast, the bank’s consolidated and standalone profit fell sequentially, as against Rs 10,443 crore and Rs 10,055.18 crore in the March-end quarter.

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

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

Gross Non-Performing Assets (GNPA) was 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) was 0.35 per cent of Net Advances. As of June 30, 2022, HDFC Bank said in the filing.

As on June 30, 2022, the bank kept provisional provisions of ₹ 1,451 crore and contingency provisions of ₹ 9,630 crore, and the total provisions (inclusive of specific, temporary, contingent and general provisions) were 170 percent of the gross non-performing loans as on June 30. 2022, the regulatory filing also said.

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