New Delhi: India’s largest private sector lending bank HDFC, on Monday reported a hike in its net profits by 30 per cent year-on-year (YoY) to Rs 11,952 crore for the June quarter of 2023.
Last year, the bank reported net profits of Rs 9,196 crore in the same quarter.
The bank’s net revenue climbed 26.9 per cent to Rs 32,829 in the June quarter of 2023 from Rs 25,870 crores during the same quarter last year. The private bank’s net interest income (NII) for the quarter stood at Rs 23,599 crore from Rs 19,481 crore a year back.
Moreover, the bank also reported a jump in its total deposits by 19.2 per cent to Rs 19.13 lakh crores.
For the first quarter of FY23, the bank’s net income (NI) stood at Rs 57,816 crores from Rs 41,560 crores in the corresponding period a year back.
HDFC asset quality remained stable as it reported a gross non-performing assets (GNPA) ratio of 1.17 per cent.
On the other hand, the bank’s net NPA (NNPA) stood at 0.30 per cent, which improved from 0.35 per cent.
HDFC further reported that its treasury business revenue stood for Q1FY23 stood at Rs 10,537 crore compared to Rs 7,379 crore for the same quarter last year.
The retail banking unit of the bank reported revenue of Rs 42,939 crores for the June quarter as compared to Rs 31,685 in the corresponding quarter of the previous year.
The wholesale banking revenue for the bank shot up by 66 per cent to Rs 28,332 in Q1FY23 from Rs 18,642 in Q1FY22.
On Monday capitalisation size of HDFC crossed $100 billion in market cap, thus becoming the world’s seventh largest bank.
