NEW DELHI: India’s largest private sector lender HDFC Bank on Saturday reported a 19% rise in standalone net profit to Rs 9,196 crore for the quarter ended June 30, 2022 (Q1FY23) as against Rs 7,730 crore in the corresponding quarter last year (Q1FY22).On a sequential basis, however, net profit was down by nearly 9% as the lender had reported a profit of Rs 10,055 crore in Q4FY22.
The bank’s total revenue grew by 13% to Rs 41,560 crore in Q1FY23 as against Rs 36,771 crore in Q1FY22. Sequentially, it was nearly flat as the lender’s revenue stood at Rs 41,086 crore in Q4FY22.
The private sector lender’s net interest income (NII), the difference between the interest earned and the interest expended, rose 14.5% YoY to Rs 19,481 crore from Rs 17,009 crore in the same quarter the previous year. The rise came on the back of 22.5% year-on-year growth in advances, 19.2% rise in deposits and total balance sheet growth of 20.3%.
As of June 30, the size of HDFC Banks’ total balance sheet stood at Rs 21, 09,772 crores while total deposits stood at Rs 1,604,760 crore. Current account savings deposits grew by 20.1%, while savings account deposits stood at Rs 5,14,063 crore for the quarter under review. Current account deposits were at Rs 220,584 crore, the lender said.
The bank’s total loans were at Rs 13, 95,068 crores as of June 30, up 21.6% YoY. Its retail loans, accounting for 39% of the loan book, grew by 21.7% YoY, while commercial and rural banking loans rose 28.9% YoY. Corporate and other wholesale loans grew 15.7%, while overseas advances made up 3.5% of total advances, the bank regulatory filing showed.
HDFC Bank’s gross non-performing assets (GNPA) fell in Q1FY23 to 1.28% compared with 1.47% in Q1FY22. It was, however, higher than 0.32% reported in Q4FY22. The net non-performing assets (NNPA) came down to 0.35% in Q1FY23 as against 0.48% in Q1FY22. NNPA was 0.32% in Q4FY22.
The bank made provisions worth Rs 3,187.7 crore for the first quarter of FY23, which are down 34% from the year-ago quarter’s Rs 4,830.8 crore. Provisions in the March quarter came at Rs 3,312.35 crore.