HDFC Bank on Monday posted its fiscal first quarter profit at Rs 12,370.38 crore, up 29.1 per cent as against Rs 9,579.11 crore during Q1FY23, beating estimates. The bank which recently merged parent company HDFC into itself, recorded total interest earned during the quarter ended June 2023 at Rs 51,168.14 crore, up 37.3 per cent in comparison to Rs 37,273.81 crore during the same quarter last year. According to CNBC TV18 estimates, HDFC Bank was expected to post a profit of Rs 11,433.5 crore, and NII at Rs 23,922.6 crore during the quarter.
Its total income for the quarter was at Rs 61,021.29 crore, up 38 per cent as against Rs 44,202.32 crore in Q1FY23. Meanwhile, total expenditure for the quarter was at Rs 41,132.47 crore. Operating expenses rose to Rs 15,177 crore during the quarter under review, from Rs 11,355 crore during the same quarter last year.
The gross non-performing assets were at 1.17 per cent of gross advances as on June 30, 2023, as against 1.12 per cent as on March 31, 2023 and 1.28 per cent as on June 30, 2022. Net non-performing assets were at 0.30 per cent of net advances during the quarter.
On a standalone basis, HDFC Bank’s net revenue grew by 26.9 per cent to Rs 32, 829 crore during the first quarter of FY24 from Rs 25,870 crore during the same period last fiscal year.
HDFC Bank’s balance sheet during Q1FY24
In terms of deposits, HDFC Bank’s total deposits were at Rs 19,13,096 crore during Q1FY24, up 19.2 per cent on-year. CASA deposits grew by 10.7 per cent with savings account deposits at Rs 5,60,604 crore and current account deposits at Rs 2,52,350 crore. HDFC Bank further stated that its total advances grew by 15.8 per cent on-year to reach Rs 16,15, 672 crore. Elaborating on performance across segments, HDFC Bank said that the domestic retail loans grew by 20 per cent, commercial and rural banking loans grew by 29.1 per cent and corporate and other wholesale loans grew by 11.2 per cent.
In terms of revenue generation, HDFC Bank’s retail banking posted a revenue of Rs 10,537.87 crore, while wholesale banking revenue was at Rs 28,332.89 crore during the quarter.
HDFC Bank’s expansive reach
As of June 30, 2023, HDFC Bank had a distribution network that encompassed 7,860 branches and 20,352 ATMs/ cash deposits and withdrawal machines across 3,825 cities/towns. A year earlier, it had 6,378 branches and 18,620 ATMs across 3,203 cities/towns. “Number of employees were at 1,81,725 as of June 30, 2023 as against 1,52,511 as of June 30, 2022,” it said.