HDFC Bank Q1 profit rises 35% to Rs 16,175 crore

HDFC Bank Q1 earnings: The country's largest private sector lender, HDFC Bank, on Saturday reported net profit of Rs 16,175 for April-June period, marking an upside of 35 per cent from Rs 11,952 crore during the same period last year. The sharp jump in profit came on the back of lower provisioning as its provisions fell sharply to Rs 2,602 crore as against Rs 13,512 crore in the previous quarter and Rs 2,860 crore in the year ago period.

HDFC Bank's net interest income or the difference between interest earned on loans and expended on deposits rose 26 per cent to Rs 29,837 crore as against Rs 23,599 crore.

The bank's asset quality largely remained stable as its gross non-performing assets (NPA) as a percentage of total advances came in at 1.33 per cent versus 1.24 per cent in the previous quarter and 1.17 per cent in the year ago period.

In absolute terms gross NPA came in at Rs 33,025 crore.

At the end of June quarter, the Bank's distribution network was at 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.

“52 per cent of our branches are in semi-urban and rural areas. In addition, we have 15,146 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,13,069 as of June 30, 2024 (as against 1,81,725 as of June 30, 2023),” the bank said in a press release.

HDFC Bank shares ended 0.46 per cent lower at Rs 1,607, a day ahead of its earnings announcement.