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HDFC net profit grows 19%, but non-performing assets swell sequentially

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  • HDFC Bank today reported a 19% growth in the first quarter to ₹9,169 crore.
  • Net interest income for the quarter was up 14.5% to ₹19,481 crore.
  • The bank’s other income excluding trading and mark-to-market losses increased by 35%.

HDFC Bank today reported 19% growth in FY23 first-quarter net profit to 9,169 crore, from ₹7,729 crore in the same quarter last year. Total revenues increased by 13% to 41,560 crore compared to ₹36,771 crore last year.

Net interest income for the quarter increased 14.5% to 19,481 crore from ₹17,799 crore last year. This was driven by a 22.5% growth in advances and 19.2% growth in its deposits, India’s largest private bank said in its press release.

Gross Non-Performing Assets or NPAs grew 11.7% to ₹18,033 crore compared to the fourth quarter of the last fiscal year. Also, net NPAs are up about 10.8% compared to the last quarter.

On a sequential basis, net profit also declined by 8.5%.

In an annual general meeting held on the same day as the results were announced, the chairman of the company, Atanu Chakraborthy, the bank’s chairman, claimed that they had added 90 lakh customers over the course of the year.

As inflation reared its ugly head, the resulting monetary tightening has led to rate hikes and currency depreciation, Chakraborthy said. In its latest financial year ending March 2022, it paid a dividend of 15.5 per share, he said in his AGM speech.

Margins remain the same, while commission costs rise

India’s largest private bank reported a core net interest margin of about 4%. Other income, excluding trading and mark-to-market losses, was up 35%, the bank said.

“The four components of other income for the quarter were fees and commissions, currency and derivatives income, loss on sales/revaluation of investments of ₹1311 crore, which had increased by ₹601 crore in the corresponding quarter of the previous year, and various income, including recoveries and dividends,” the bank said in a press release.

The bank’s fees and commissions for the quarter were ₹5,360 crore.

Operating expenses for the quarter came in at ₹10,502 crore and were up 28.7%.


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