HDFC Bank Q1 Results FY2024, Profit at Rs. 11,951.77 crores

On 17th July 2023, HDFC Bank announced its quarterly results for the last quarter of FY2023.

HDFC Bank Financial Highlights:

- The Bank's net revenue grew by 26.9% to Rs.32,829 crore for the quarter ended June 30, 2023 from Rs.25,870 crore for the quarter ended June 30, 2022.
- Net interest income for the quarter ended June 30, 2023, grew by 21.1% to Rs. 23,599 crore from Rs.19,481 crore for the quarter ended June 30, 2022. 
- Core net interest margin was at 4.1% on total assets, and 4.3% based on interest-earning assets.
- Pre-provision Operating Profit (PPOP) reported at Rs.18,772 crore grew by 22.2% over the corresponding quarter of the previous year.
- Provisions and contingencies for the quarter ended June 30, 2023 were at Rs. 2,860 crore as against Rs.3,188 crore for the quarter ended June 30, 2022.
- The total credit cost ratio was at 0.70%, as compared to 0.91% for the quarter ending June 30, 2022.
- Profit before tax (PBT) for the quarter ended June 30, 2023 was at Rs.15,911.99 crore. 
- HDFC Bank reported a net profit of Rs.11,951.77 crore, an increase of 29.97% over the quarter ended June 30, 2022.

HDFC Bank Business Highlights:

- Total balance sheet size as of June 30, 2023 was Rs.25,01,693 crore as against Rs.21,09,772 crore as of June 30, 2022, a growth of 18.6%.
- Total Deposits showed a healthy growth and were at Rs.19,13,096 crore as of June 30, 2023, an increase of 19.2% over June 30, 2022. 
- CASA deposits grew by 10.7% with savings account deposits at Rs.5,60,604 crore and current account deposits at Rs.2,52,350 crore. 
- Time deposits were at Rs.11,00,142 crore, an increase of 26.4% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 42.5% of total deposits as of June 30, 2023.
- Total advances as of June 30, 2023 were Rs.16,15,672 crore, an increase of 15.8%. 
- Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by 20.1% over June 30, 2022. 
- Domestic retail loans grew by 20.0%, commercial and rural banking loans grew by 29.1%, and corporate and other wholesale loans grew by 11.2%. 
- Overseas advances constituted 2.6% of total advances
- Gross non-performing assets were at 1.17% of gross advances as on June 30, 2023 (0.94% excluding NPAs in the agricultural segment), as against 1.12% as on March 31, 2023 (0.94% excluding NPAs in the agriculture segment), and 1.28% as on June 30, 2022 (1.06% excluding NPAs in the agricultural segment). 
- Net non-performing assets were at 0.30% of net advances as on June 30, 2023.
- As of June 30, 2023, the Bank's distribution network was at 7,860 branches and 20,352 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,825 cities/towns as against 6,378 branches and 18,620 ATMs/CDMs across 3,203 cities/towns as of June 30, 2022. 52% of the branches are in semi-urban and rural areas.