HDFC Bank Q1 Results FY2023, PAT at Rs.9196 Crore

On 16th July  2022, HDFC Bank announced its quarterly results for the first quarter of FY2023. 

Q1FY23 Key Highlights:

- The Bank recorded a core net revenue to Rs.27,181.4 crores, which grew by 19.8% YoY.

- The total net revenues were Rs. 25,869.6 crores for Q1FY23.

- Net interest income for Q1FY23 grew by 14.5% to Rs. 19,481.4 crores from Rs. 17,009.0 crores for the quarter ended June 30, 2021, driven by advances growth of 22.5%, deposits growth of 19.2%, and total balance sheet growth of 20.3%.

- Net profit for the quarter is Rs.9196 crores up by 14.5% YoY.

Business Highlights:

- The total credit cost ratio was at 0.91%, as compared to 1.67% for the quarter ending June 30, 2021.  

- Total balance sheet size was Rs. 2,109,772 crores as against Rs.1,753,941 crores as of June 30, 2021, a growth of 20.3%.

- Total Deposits showed robust growth and were at Rs. 1,604,760 crores as of June 30, 2022, an increase of 19.2% over June 30, 2021. 

- CASA deposits grew by 20.1% with savings account deposits at Rs. 514,063 crore and current account deposits at Rs. 220,584 crores. 

-Time deposits were at Rs. 870,113 crores, an increase of 18.5% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 45.8% of total deposits as of June 30, 2022

- Total advances as of June 30, 2022, were Rs. 1,395,068 crores, an increase of 21.6% over June 30, 2021. 

- Retail loans grew by 21.7%, commercial and rural banking loans grew by 28.9% and corporate and other wholesale loans grew by 15.7%. Overseas advances constituted 3.5% of total advances.

- The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines (including profits for the quarter ended June 30, 2022) was at 18.1% as on June 30, 2022 (19.1% as on June 30, 2021) as against a regulatory requirement of 11.7% which includes Capital Conservation Buffer of 2.5%, and an additional requirement of 0.2% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB).

- Gross non-performing assets were at 1.28% of gross advances as of June 30, 2022, (1.06% excluding NPAs in the seasonal agricultural segment) against 1.47% as of June 30, 2021, (1.26% excluding NPAs in the seasonal agrarian segment). Net nonperforming assets were at 0.35% of net advances as on June 30, 2022.