HDFC Bank Q1 net profit rises 30% YoY

Guwahati: HDFC Bank Limited on July 17 announced its results for the quarter ended June 30. 

The bank earned a net profit of Rs 11,952 crore, an increase of 30% over the quarter ended June 30, 2022, after providing Rs 3,960 crore for taxation. Profit before tax (PBT) for the quarter ended June 30, 2023, was at Rs 15,912 crore. The consolidated net profit for the quarter ended June 30 was Rs 12,370 crore, up 29.1%, over the quarter ended June 30, 2022.

Total balance sheet size as of June 30, 2023, was Rs 25,01,693 crore as against Rs 21,09,772 crore as of June 30, 2022, a growth of 18.6%. 
Total deposits showed healthy growth and were at ₹19,13,096 crore as of June 30, 2023, an increase of 19.2% over June 30, 2022. CASA deposits grew by 10.7% with savings account deposits at Rs 5,60,604 crore and current account deposits at Rs 2,52,350 crore.

The bank’s net revenue grew by 26.9% to Rs 32,829 crore for the quarter ended June 30, 2023, from Rs 25,870 crore for the quarter ended June 30, 2022. 
Net interest income (interest earned less interest expended) for the quarter ended June 30, 2023, grew by 21.1% to Rs 23,599 crore from Rs 19,481 crore for the quarter ended June 30, 2022.

The core net interest margin was at 4.1% on total assets, and 4.3% based on interest-earning assets. Net non-performing assets were at 0.30% of net advances as on June 30, 2023.

As of June 30, 2023, the bank’s distribution network was at 7,860 branches and 20,352 ATMs/cash deposit and withdrawal machines (CDMs) across 3,825 cities and towns as against 6,378 branches and 18,620 ATMs/CDMs across 3,203 cities and towns as of June 30, 2022.

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