HDFC Bank Q1 Result: Net Profit Rises 30 Per Cent To Rs 11,952 Crore, NII Jumps 21 Per Cent

HDFC Bank's gross non-performing assets (GNPAs) rose slightly to 1.17 per cent in the quarter as compared to 1.12 per cent in the quarter that ended on March 31

HDFC Bank, India’s private biggest lender, on Monday clocked a 30 per cent jump in its net profit for the quarter that ended on June 30 to Rs 11,952 crore. HDFC Bank’s net revenue grew 26.9 per cent to Rs 32,829 crore in the quarter as compared to Rs 25,870 crore in the same quarter last year. The net interest income (NII) during the quarter jumped 21.1 per cent to Rs 23,599 crore from Rs 19,481 crore last year.

The bank’s gross non-performing assets (GNPAs) rose slightly to 1.17 per cent in the quarter as compared to 1.12 per cent in the quarter that ended on March 31. On June 30, the GNPAs were 1.28 per cent. The net NPAs were 0.30 per cent as of June 30.

Similarly, its net NPA (NNPA) stood at 0.30 percent from 0.35 percent last year. The lender's net profit jumped from Rs 9,196 crores in the corresponding quarter last year to Rs 11,951 crores in Q1FY24.

Retail banking, which formed the bank's major revenue, stood at Rs 42,939 crores compared to Rs 31,685 crores last year. Whereas the lender's wholesale banking stood at Rs 28,332 crores, jumping from Rs 18,642 crores.

As of June 30, total advances of the bank grew by 15.8 per cent on a year-on-year (YoY) basis and stood at Rs 16.15 lakh crores.

On Monday, the bank also crossed $100 billion in market cap and became the world's seventh largest bank.

HDFC Bank’s current account and savings account (CASA) grew by 10.7 per cent where total current account deposits stood at Rs 2.52 lakh crores and savings account deposits stood at Rs 5.6 lakh crores. Whereas time deposits of the bank stood at Rs 11 lakh crores, improving by 26.4 per cent.

Domestic retail loans grew by 20 per cent, commercial and rural banking loans grew by 29.1 per cent and corporate and other wholesale loans grew by 11.2 per cent.

HDFC Bank, the largest private sector lender in the country, merger with HDFC Ltd, the world's largest pure-housing finance firm, came into effect on July 1. The boards of directors of both companies approved the merger plan, which was initially proposed on April 4 last year. As a result of the merger, HDFC Ltd, which had been in operation for 44 years, will cease to exist as an independent entity.

HDFC Bank stocks went up by 2.05 per cent to Rs 1,679 apiece on the BSE on Monday.