HDFC Bank Q1 FY23 ResultCountry’s largest private lender HDFC Bank on Saturday reported 19% year-on-year (YoY) growth in its net profit for the April-June quarter. 9,196 crore after providing 2,984.1 crore for taxation.
HDFC Bank posted a net profit of 7,729.64 crore in the year-ago period.
Net interest income (NII) for the June quarter rose by 14.5% to 19,481.4 crore 17,009.0 crore for the same quarter last year. This was driven by advances growth of 22.5%, deposit growth of 19.2% and overall balance sheet growth of 20.3%.
The private lender’s net revenue (excluding trading and market-to-market losses) rose 19.8% 27,181.4 crore for the June quarter 22,696.5 crore for the same quarter last year.
Total net revenue i.e. net interest income plus other income) were 25,869.6 crore for the April-June quarter.
Core Net Interest Margin was 4.0% based on Total Assets and 4.2% based on Interest Earning Assets. “We continued to add new liability relationships at a strong pace of 2.6 million during the quarter,” the bank said in a regulatory filing.
Gross Non-Performing Assets (NPAs) as on June 30 this year stood at 1.28% of Gross Advances (1.06% excluding NPAs in seasonal agriculture segment) as against 1.47 per cent as on June 30 last year, (1.26% excluding NPAs) seasonal Agriculture Division). Net NPAs as on June 30, 2022 were 0.35% of the net advances.
was at pre-admission operating profit (PPOP) 15,367.8 crores. PPOP, excluding trading and mark to market losses, grew by 14.7% in the quarter ended June 30 last year.
The provisions and contingencies for Q1FY23 were 3,187.7 crore (which were specific loan loss provisions) as against total provisions of Rs. 4,830.8 crore for Q1FY22.
Meanwhile, global brokerage BNP Paribas expects the lender’s bottom-line to grow only 13.4% ( 9,284.5 crore) year-on-year, JP Morgan forecast expansion at a more aggressive pace of 32.4% ( 10,232 crore).
Domestic brokerage firms Motilal Oswal Financial Services and Emkay Global Financial Services had expected PAT (profit after tax) to rise to 20%. 9,280 crore) year after year.
Shares of HDFC Bank closed with a gain of 0.96 per cent ahead of the results on Friday. 1,364.00 each on NSE.
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