- Total deposits grew 19.2% to ₹19.13 tn in the quarter, says India’s largest private sector lender
- The strong performance was attributed to higher net interest income (NII) and robust loan growth
NE BUSINESS BUREAU
MUMBAI, JULY 17
HDFC Bank, the largest private lender in the country, on Monday reported a standalone net profit of ₹11,951.7 crore for the quarter ended June 2023, registering a growth of 30% from ₹9,196 crore in the same quarter last year.
The strong performance was attributed to higher net interest income (NII) and robust loan growth.
HDFC Bank’s core lending income, known as net interest income, experienced a substantial 21.1 percent rise to reach ₹ 23,599 crore. The bank stated that its net interest margin stood at 4.1 percent, according to a press release.
The Bank’s consolidated net revenue grew by 25.9% to ₹35,067 crore for the quarter ended June 30, 2023 from ₹27,844 crore for the quarter ended June 30, 2022. The consolidated net profit for the quarter ended June 30, 2023 was ₹12,370 crore, up 29.1%, over the quarter ended June 30, 2022. Earnings per share for the quarter ended June 30, 2023 was at ₹22.2 and book value per share as of June 30, 2023 was ₹542.7.
Other income (non-interest revenue) at ₹ 9,230 crore was 28.1% of the net revenues for the quarter ended June 30, 2023 as against ₹ 6,388 crore in the corresponding quarter ended June 30, 2022. The four components of other income for the quarter ended June 30, 2023 were fees & commissions of ₹ 6,290 crore (₹ 5,360 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,309 crore (₹ 1,024 crore in the corresponding quarter of the previous year), net trading and mark to market gain of ₹ 552 crore (loss of ₹ 1,077 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,079 crore (₹ 1,080 crore in the corresponding quarter of the previous year). Other income, excluding net trading and mark to market income, grew by 16.2% over the quarter ended June 30, 2022.
Operating expenses for the quarter ended June 30, 2023 were ₹ 14,057 crore, an increase of 33.9% over ₹ 10,502 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 42.8%.
Total deposits grew 19.2% to ₹19.13 trn in the quarter, says India’s largest private sector lender.
. The bank’s asset quality remained largely stable, with a slight decrease in the gross non-performing assets (NPA) ratio from 1.12 percent in the previous quarter to 1.17 percent.
This figure was 1.28 percent a year ago. Meanwhile, provisions and contingencies, allocated to cover potential loan losses, decreased by 10.3 percent to ₹2,860 crore.
