HDFC Bank Q1 Results: Standalone PAT grows 35% YoY to Rs 16,175 crore, falls 2%QoQ

HDFC Bank today reported a standalone net profit of Rs 16,175 crore for the quarter ended June 30, 2024, which was up by 35% over Rs 11,952 crore reported by the lender in the year ago period. However, it was down by 2% sequentially versus Rs 16,512 crore reported in Q4FY24.

The profit after tax (PAT) figures were in line with ETNow poll.

The interest earned by the largest private lender stood at Rs 73,033 crore in the reported quarter versus Rs 48,587 crore in the corresponding quarter of the previous financial year. It was up by 50% on the YoY basis.

The interest expended by HDFC in the said quarter stood at Rs 43,196 crore which was up from Rs 24,988 crore which was an uptick of 73% on the YoY basis.

HDFC Bank's net interest income for the reported quarter grew 26.4% to Rs 29,840 crore from Rs 23,600 in quarter ended June 30, 2023. Core interest margin was at 3.47% on total assets and 3.66% based on interest earning assets.

Provisions and contingencies in the April-June period stood at Rs 2,600 crore versus Rs 2,860 crore in the corresponding quarter of the last financial year.

Total balance sheet size as on June 30, 2024 was at Rs 35,67,200 crore as against Rs 25,01,700 crore in the year ago period.

Total deposits stood at Rs 23,79,100 crore in Q1FY25 which was a 24.4% YoY jump. Meanwhile, CASA deposits grew by 6.2% with savings account deposit reported at Rs 5,96,400 crore and current account deposits at Rs 2,67,300 crore.

Gross advances were reported at Rs 24,86,900 crore as of June 30, 2024 which was a 52.6% increase on the YoY basis.

Capital Adequacy Ratio (CAR) was at 19.3% as on June 30, 2024 versus 18.9% as on June 30, 2023. The regulatory requirement is 11.7%, the lender said.

Asset quality
Gross non-performing assets were at Rs 1.33% of gross advances as on June 30, 2024 versus 1.24% as on March 31, 2024. Net non-performing assets (NNPA) were at 0.39% of net advances as on June 30, 2024.

As of June 30,2024, bank's distribution network was 8,851 branches and 21,163 ATMs across 4,081 cities as against 7,860 branches and 20,352 ATMs across 3,825 cities as of June 30, 2023.