HDFC Bank’s Profit Jumps Nearly 20% To Rs 9,196 Crore

HDFC Bank’s consolidated net profit for June quarter increases 20.91%

HDFC Bank’s net profit for the June quarter rose by 19 per cent year-on-year to Rs 9,196 crore.

In the first quarter of the current fiscal year, the bank’s core net revenue (excluding trading and Mark-to-Market losses) increased by 19.8% to Rs 27,181.4 crore from Rs 22,696.5 crore in the similar period of the previous fiscal.

The bank’s overall net income for the three months ended June 30, 2022, which includes net interest income as well as other income, was Rs 25,869.6 crore.

Following trading and Mark-to-Market losses of Rs 1,311.7 crore, profit before tax (PBT) for the quarter came to Rs 12,180.1 crore, up 18.2% from the same period the previous year, according to a statement from HDFC Bank.

The bank reported a net profit of Rs 9,196.0 crore, an increase of 19.0 per cent over the quarter ended June 30, 2021, after setting aside Rs 2,984.1 crore for taxes.

At its meeting held on Saturday in Mumbai, the Board of Directors of HDFC Bank Limited approved the bank’s (Indian GAAP) results.

The bank’s net interest income increased by 14.5 per cent to Rs 19,481.4 crore from Rs 17,009.0 crore in the same period a year ago, thanks to increases in advances of 22.5 per cent, deposits of 19.2 per cent, and the total balance sheet of 20.3 per cent.

On total assets and interest-earning assets, the core net interest margin was 4 per cent and 4.2, respectively. During the quarter, we kept up a steady pace of adding new liability relationships, adding 2.6 million in total, according to HDFC Bank.

Operating costs for the bank were Rs 10,501.8 crore for the quarter that ended on June 30, 2022, up 28.7 per cent from Rs 8,160.4 crore for the same period the year before.

Excluding trading and Mark to Market losses, the cost-to-income ratio for the quarter was 38.6 per cent.

As opposed to 1.67 percent for the quarter ending June 30, 2021, HDFC Bank reported that its overall credit cost ratio decreased to 0.91 percent for the quarter ending June 30, 2022.