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HDFC Bank Q1 results: Net profit jumps 19% to ₹9,196 crore; NII rises 14.5% | Mint – Mint

HDFC Bank Q1 FY23 Results: HDFC Bank, the country’s largest private lender, on Saturday reported a 19% year-on-year (YoY) rise in its net profit for the April-June quarter at 9,196 crore after providing 2,984.1 crore for taxation.

HDFC Bank had posted a net profit of 7,729.64 crore in the year-ago period.

Net interest income (NII) for the June quarter grew by 14.5% to 19,481.4 crore from 17,009.0 crore for the same quarter last year. It was driven by advances growth of 22.5%, deposits growth of 19.2% and total balance sheet growth of 20.3%.

The private lender’s net revenue (excluding trading and Market to Market losses) grew by 19.8% to 27,181.4 crore for the June quarter from 22,696.5 crore for the same quarter last year. 

The total net revenues i.e. net interest income plus other income) were 25,869.6 crore for the April-June quarter.

Core net interest margin was at 4.0% on total assets, and 4.2% based on interest earning assets. “We continued to add new liability relationships at a robust pace of 2.6 million during the quarter,” the bank said in a regulatory filing.

Gross non-performing assets (NPA) were at at 1.28% of gross advances as on 30 June this year (1.06% excluding NPAs in the seasonal agricultural segment) as against 1.47% as on 30 June last year, (1.26% excluding NPAs in the seasonal agricultural segment). Net NPA were at 0.35% of net advances as on 30 June, 2022.

Pre-provision Operating Profit (PPOP) was at 15,367.8 crore. PPOP, excluding trading and Mark to Market losses, grew by 14.7% over the quarter ended 30 June last year.

Provisions and contingencies for the Q1FY23 were 3,187.7 crore (which were specific loan loss provisions) as against total provisions of 4,830.8 crore for Q1FY22.

Meanwhile, global brokerage BNP Paribas expected the lender’s bottom-line to grow mere 13.4% ( 9,284.5 crore) YoY, JPMorgan pegged the expansion at a more aggressive pace of 32.4% ( 10,232 crore).

Domestic brokerages Motilal Oswal Financial Services, and Emkay Global Financial Services had expected PAT (profit after tax) to swell up to 20% ( 9,280 crore) YoY.

Ahead of the results on Friday, shares of HDFC Bank settled 0.96% higher at 1,364.00 apiece on the NSE.

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