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The largest private lender in the nation, HDFC Bank, recorded a standalone net profit of 11,951.7 crore for the quarter ended in June 2023, an increase of 30% from the 9,196 crore reported for the same period in the previous year.
Net interest income (NII) for the bank increased by 21.1% in the first quarter of fiscal year 24 from 19,481.4 crore to 23,599.1 crore. The bank reported that the core interest margin was 4.1% for all assets and 4.3% for assets with interest income. Pre-provision operating profit (PPOP) increased from 15 367.84 crore in the first quarter of the previous year to 18,772 crore in the first quarter of the current year, a 22.2% increase.
Provisions and contingencies were Rs. 2,860 crore for the three months ended June 30, 2023, down from Rs. 3,188 crore year over year. In the period ending in June 2023, HDFC Bank’s asset quality decreased sequentially. Gross non-performing assets (NPA) climbed by 5.7% to reach 19,045.1 crore from 18,019 crore, while net NPA jumped by 9.4% to reach 4,776.9 crore from 4.368.4 crore, quarter over quarter.
The Gross NPA ratio increased by 5 basis points to 1.17% in the first quarter of FY24 from 1.12%, and the Net NPA ratio increased by 3 bps to 0.30% from 0.27%, QoQ. At 1:15 PM, HDFC Bank shares were trading 1.12% higher on the BSE at Rs. 1,663.60 per share.
