on Saturday reported a 19 per cent year-on-year (YoY) rise in standalone net profit to Rs 9,195.99 crore for the quarter eneded June 30, 2022. The company had posted a net profit of Rs 7,729.64 crore in the corresponding quarter last year.
Analysts in an ET NOW poll had estimated PAT at Rs 9,800 crore.
The largest private lender in the country reported a total revenue growth of 13 per cent to Rs 41,560.27 crore in June 2022 quarter as against Rs 36,771.47 crore in June 2021 quarter. On a sequential basis, the profit figure was down by 8.9 per cent from Rs 10,055.18 crore whereas revenue marginally increased from Rs 41,085.78 crore.
The private lender’s net interest income (NII) rose 14.5 per cent YoY to Rs 19,481.4 crore from Rs 17,009 crore in the same quarter last year. Core interest margin was at 4 per cent on total assets.
Similarly, non-interest income also grew to Rs 9,011.6 crore from Rs 6,288.6 crore YoY, the bank said. Pre-provision operating profit (PPOP) of HDFC Bank rose by 14.7 per cent YoY to Rs 15,367.8 crore for the quarter ended June 2022.
HDFC Bank made provisions worth Rs 3,187.7 crore for the June 2022 quarter, which are down 34 per cent from the year-ago quarter’s Rs 4,830.8 crore. Provisions in the March quarter stood at Rs 3,312.35 crore.
Gross non performing assets (GNPA) was lower in Q1FY23 at 1.28 per cent compared with 1.47 per cent in Q1 FY22. It was, however, higher than 0.32 per cent reported in Q4FY22.
Net non performing assets (NNPA) of the lender dropped to 0.35 per cent in Q1 FY23 as against 0.48 per cent in Q1 FY22 but was marginally higher than 0.32 per cent in Q4FY22.
The lender added 725 branches and 29,039 employees over the last 12 months, whereas 36 branches and 10,932 employees were added in the said quarter, HDFC Bank said in a release.