HDFC Bank logs ~30% y-o-y growth in Q1FY24 net profit; stock zooms ~2%

17 Jul 2023 , 02:26 PM

HDFC Bank announced its results for the quarter ending June 2023. Bank’s net profit for the quarter was reported at Rs 11,951 crore, up by 29.96% y-o-y, against Rs 9,196 crore in the previous corresponding quarter.

The bank’s net interest income (NII) climbed 21.1% year-on-year to Rs 23,599.1 crore from Rs 19,481.4 crore in Q1FY24.

The private lender said that its gross non-performing assets (GNPA) ratio came in at 1.17%, improving from 1.28% in the same quarter of previous year. Also, its NPA stood at 0.30% in Q1FY24 compared to 0.35% in Q1FY23.

The treasury division of the lender posted income of Rs 10,537 crore in the June quarter, up from Rs 7,379 crore in the same period last year.

Retail banking, the bank’s main source of earnings, increased to Rs 42,939 crore from Rs 31,685 crore last year. Whereas, the lender’s wholesale banking revenue increased from Rs 18,642 crore to Rs 28,332 crore.

The bank said that provisions and contingencies stood Rs 2,860 crore for June quarter, compared to Rs 3,188 crore the previous corresponding quarter.

Following this development, HDFC Bank’s counter surged as much as 2%.

At around 2.23 PM, HDFC Bank was trading 1.61% higher at Rs 1,671 per share, against the previous close of Rs 1,644.50 on NSE. The counter hit an intraday high and low of Rs 1,675.05 and Rs 1,633, respectively.

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