Results for HDFC Bank's first quarter show that net profit increased by 19% to Rs 9196 Crore and NII


Results for Q1FY23 at HDFC Bank The largest private lender in India, HDFC Bank, announced on Saturday that its net profit for the three months that ended on June 30 increased by 19% year over year to Rs 9,195.99 crore. The net profit for the same quarter a year ago was Rs 7,729.64 crore.


In contrast to the Rs 22,696.5 crore in the June quarter of FY22, HDFC Bank's core revenue, excluding trading and market-to-market losses, increased by 19.8% year over year to Rs 27,181.4 crore in the June quarter of FY23. For the reviewed quarter, the sum of the net revenues (net interest income plus other income) was Rs 25,869.6 crore.


In comparison to the same quarter the previous year, the Net Interest Income (NII) for the April to June quarter climbed by 14.5% to Rs 19,481.4 crore from Rs 17,009.0 crore. During Q1FY23, the core interest margin was 4.2% based on interest-earning assets and 4.4% on total assets. This was fueled by a 22.5 percent increase in advances, a 19.2 percent increase in deposits, and a 20.3% increase in total balance sheet growth.


On the other side, the non-interest income also rose, from Rs 6,288.6 crore in the same quarter last year to Rs 9,011.6 crore in Q1FY23. For the quarter that ended in June 2022, HDFC Bank also recorded an increase in pre-provision operating profit (PPOP) of 14.7% on an annual basis to Rs 15,367.8 crore.

For the first quarter of the current fiscal year, HDFC Bank declared provisions of Rs 3,187.7 crore, a decrease of 34% from the Rs 4,830.8 crore reported for the same quarter last year. The provision for the quarter that ended in March 2021 was Rs 3,312,35.


The HDFC Bank's gross non-performing assets (GNPA) decreased this quarter, falling to 1.28 percent from 1.47 percent in Q1FY22. It did, however, increase little from the March 2022 quarter, by 0.32 percent. In contrast, the Net Non-Performing Assets (NNPA) decreased by 0.35 percent in Q1FY23 compared to Q1FY22 by 0.48 percent. It was, nevertheless, a little higher than the bank's 0.32 percent NNPA for Q4FY22.

An increase of 20.3% brought the total balance sheet size as of June 30, 2022, to Rs 2,109,772 crore from Rs 1,753,941 crore as of June 30, 2021. The total deposits, on the other hand, increased and were at Rs 1,604,760 crore as of June 30, 2022, a rise of 19.2 percent over the same quarter in the previous year.


With 6,378 branches and 18,620 ATMs/cash deposit and withdrawal machines (CDMs) spread over 3,203 cities and towns in Q1FY23, HDFC Bank reported an increase in its distribution networks compared to Q1FY22, when there were 5,653 branches and 16,291 ATMs/CDMs spread across 2,917 cities and towns. The bank has 50% of its locations in rural and semi-urban areas. The largest private sector bank in India has 152,511 workers as of June 30, 2022, up from 123,473 on the same date in the previous year, according to the institution.


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