HDFC Bank has reported a 20.9% on-year jump in consolidated net profit to Rs 9,579 crore in the April-June quarter. The bank recorded a 14.5% jump in Net Interest Income (NII) to Rs 19,481 crore. The total credit cost ratio was at 0.91% as compared to 1.67% for the year-ago period. Gross NPAs were at 1.28% of gross advances in the April-June period as compared to 1.47% in the same period last year.
The standalone net revenue of the Bank grew by 19.8% to Rs 27,181 crore. Total net revenue was at Rs 25,869 crore. NII was higher driven by advances growth of 22.5% and deposit growth of 19.2%. The total balance sheet grew by 20.3%. The Bank added 36 branches and 10,938 employees during the first quarter of the financial year. Provisions were reduced in the quarter, falling to Rs 3,187 crore from Rs 4,830 crore a year ago. The standalone net profit was up 19% from Q1 of FY22 to Rs 9,196 crore.
The Bank’s total capital adequacy ratio as per Basle 3 norms was at 18.1% at the end of June this year, against the regulatory requirement of 11.7%. Along with GNPAs, which were lower at 1.28% of gross advances, net NPAs were at 0.35%, down from 0.5% a year earlier.
