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According to Market Intelligence, April 2023

HDFC Bank fiscal Q1 net profit rises 20.2% YOY on interest income

Mumbai-based HDFCBank Ltd. reported a 20.2% increase in net profit for the quarterended June 30, as interest income grew.

Unaudited net profit increased to 32.39 billion rupees in thethree months from 26.96 billion rupees a year earlier, the company said July 21.

Net interest income rose to 77.81 billion rupees in thefiscal first quarter from 63.89 billion rupees in the prior-year period. Thebank boosted loans 23.2% as of June 30 from a year earlier. The net interestmargin for the three months was 4.4%.

Noninterest revenue rose to 28.07 billion rupees year overyear in the quarter from 24.62 billion rupees, helping lift total income to193.23 billion rupees from 165.03 billion rupees.

Operating expenses grew 19.2% to 47.69 billion rupees duringthe quarter from a year earlier.

Provisions and contingencies increased to 8.67 billionrupees from 7.28 billion rupees. The gross nonperforming asset ratio rose to1.04% as of June 30 from 0.95% a year earlier. On a net basis, the figure as ofJune 30 was 0.32%.

Under Basel III, HDFC Bank's capital adequacy ratio incheddown to 15.5% as of June 30 from 15.7% a year earlier, although its Tier 1capital adequacy ratio rose to 13.3% from 12.8% over the same period.

As of July 20, US$1was equivalent to 67.16 Indian rupees.