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HDFC Bank profit rises 30% in first quarter
July 19, 2023
HDFC Bank, the largest private lender in the country, has reported a standalone net profit of ₹11,952 crore for the quarter ended June 2023, registering a growth of 30 percent from ₹9,196 crore in the same quarter of last year.
The bank’s net revenue grew by 26.9 percent to ₹32,829 crore for the quarter that ended June 2023 from ₹25,870 crore for the quarter that ended June 2022. Net interest income (interest earned less interest expended) for the quarter grew by 21.1 percent to ₹23,599 crore from ₹19,481 crore for the quarter ended June 2022. Core net interest margin was at 4.1 percent on total assets, and 4.3 percent based on interest-earning assets.
HDFC Bank shares gained 2.07 percent at ₹1679.20 on the BSE on Monday. Mortgage major HDFC Ltd merged with HDFC Bank with effect from July 1, 2023.
According to the bank, provisions and contingencies for the quarter were ₹2,860 crore as against ₹3,188 crore for the quarter ended June 30, 2022. Total balance sheet size was ₹25,01,693 crore as against ₹21,09,772 crore as of June 30, 2022, a growth of 18.6 percent.
Total deposits showed healthy growth and were at ₹19,13,096 crore as of June 2023, an increase of 19.2 percent over June 30, 2022. CASA deposits grew by 10.7 percent with savings account deposits at ₹5,60,604 crore and current account deposits at ₹2,52,350 crore. Total advances were ₹16,15,672 crore, an increase of 15.8 percent over June 2022.
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