HDFC Bank, the largest private lender in the country, has reported a standalone net profit of Rs 11,952 crore for the quarter ended June 2023, registering a growth of 30 per cent from Rs 9,196 crore in the same quarter of last year.
The bank’s net revenue grew by 26.9 per cent to Rs 32,829 crore for the quarter ended June 2023 from Rs 25,870 crore for the quarter ended June 2022. Net interest income (interest earned less interest expended) for the quarter grew by 21.1 per cent to Rs 23,599 crore from Rs 19,481 crore for the quarter ended June 2022. Core net interest margin was at 4.1 per cent on total assets, and 4.3 per cent based on interest earning assets.
HDFC Bank shares gained 2.07 per cent at Rs 1679.20 on the BSE on Monday. Mortgage major HDFC Ltd merged with HDFC Bank with effect from July 1, 2023.
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According to the bank, provisions and contingencies for the quarter were Rs 2,860 crore as against Rs 3,188 crore for the quarter ended June 30, 2022. Total balance sheet size was Rs 25,01,693 crore as against Rs 21,09,772 crore as of June 30, 2022, a growth of 18.6 per cent.
Total deposits showed a healthy growth and were at Rs 19,13,096 crore as of June 2023, an increase of 19.2 per cent over June 30, 2022. CASA deposits grew by 10.7 per cent with savings account deposits at Rs 5,60,604 crore and current account deposits at Rs 2,52,350 crore. Total advances were Rs 16,15,672 crore, an increase of 15.8 per cent over June 2022.
The bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.9 per cent as of June 2023 (18.1 per cent as of June 2022) as against a regulatory requirement of 11.7 per cent which includes Capital Conservation Buffer of 2.5 per cent, and an additional requirement of 0.2 per cent on account of the bank being identified as a Domestic Systemically Important Bank (D-SIB).
Gross non-performing assets were at 1.17 per cent of gross advances as on June 30, 2023 (0.94 per cent excluding NPAs in the agricultural segment), as against 1.12 per cent as on March 31, 2023 (0.94 per cent excluding NPAs in the agricultural segment), and 1.28 per cent as on June 30, 2022.