The private lender's net profit rose 18.97% to Rs 9,195.99 crore on 13.02% increase in total income to Rs 41,560.27 crore in Q1 FY23 over Q1 FY22.
The bank's profit before tax (PBT) rose 18.18% year on year to Rs 12,180.11 crore in the quarter ended 30 June 2022.The bank's provisions and contingencies (excluding tax provisions) declined 34.01% to Rs 3,187.73 crore in Q1 FY23 over Q1 FY22.
The bank's gross non-performing assets (NPAs) stood at Rs 18,033.67 crore as on 30 June 2022 as against Rs 16,140.96 crore as on 31 March 2022 and Rs 17,098.51 crore as on 30 June 2021.
The ratio of gross NPAs to gross advances stood at 1.28% as on 30 June 2022 as against 1.17% as on 31 March 2022 and 1.47% as on 30 June 2021.
The ratio of net NPAs to net advances stood at 0.35% as on 30 June 2022 as against 0.32% as on 31 March 2022 and 0.48% as on 30 June 2021.
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Net interest income (interest earned less interest expended) for the quarter ended 30 June 2022 grew by 14.5% to Rs 19,481.4 crore from Rs 17,009 crore for the quarter ended 30 June 2021, driven by advances growth of 22.5%, deposits growth of 19.2% and total balance sheet growth of 20.3%. Core net interest margin was at 4% on total assets, and 4.2% based on interest earning assets. The bank continued to add new liability relationships at a pace of 2.6 million during the quarter.
Pre-provision operating profit (PPOP) was at Rs 15,367.8 crore. PPOP, excluding trading and mark to market losses, grew by 14.7% over the quarter ended 30 June 2021. The total credit cost ratio was at 0.91%, as compared to 1.67% for the quarter ending 30 June 2021.
Total deposits were at Rs 1,604,760 crore as of 30 June 2022, an increase of 19.2% over June 30, 2021. CASA deposits grew by 20.1% with savings account deposits at Rs 514,063 crore and current account deposits at Rs 220,584 crore. Time deposits were at Rs 870,113 crore, an increase of 18.5% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 45.8% of total deposits as of 30 June 2022.
Total advances as of June 30 2022 were Rs 1,395,068 crore, an increase of 21.6% over 30 June 2021. Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by around 22.5% over 30 June 2021. Retail loans grew by 21.7%, commercial and rural banking loans grew by 28.9% and corporate and other wholesale loans grew by 15.7%. Overseas advances constituted 3.5% of total advances.
The bank's total capital adequacy ratio (CAR) as per Basel III guidelines (including profits for the quarter ended 30 June 2022) was at 18.1% as on 30 June 2022 (19.1% as on June 30, 2021).
HDFC Securities (HSL) is amongst the leading retail broking firms in India. As on 30 June 2022, the bank held 96% stake in HSL. For the quarter ended 30 June 2022, HSL's total revenue was at Rs 432.5 crore, as against Rs 455.6 crore for the quarter ended 30 June 2021. Profit after tax for the quarter was at Rs 189.3 crore, as against Rs 251.1 crore for the quarter ended 30 June 2021. As on 30 June 2022, HSL had 216 branches across 147 cities / towns in the country.
HDB Financial Services (HDBFSL) is a non-deposit taking non-banking finance company ('NBFC') offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on 30 June 2022, the bank held 95% stake in HDBFSL.
In Q1 FY23, HDBFSL's net revenue was at Rs 2,193.8 crore as against Rs 1,941.1 crore for the quarter ended 30 June 2021, a growth of 13.0%. Profit after tax for the quarter ended 30 June 2022 was Rs 441.3 crore compared to Rs 88.6 crore for the quarter ended 30 June 2021. The total loan book was Rs 61,814 crore as on 30 June 2022. Stage 3 loans were at 4.95% of gross loans. As on 30 June 2022, total CAR was at 20.3% with Tier-I CAR at 15.4%.As on 30 June 2022, HDBFSL had 1,403 branches across 1,007 cities / towns.
HDFC Bank is private sector lender. As of 30 June 2022, the bank's distribution network was at 6,378 branches and 18,620 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,203 cities / towns as against 5,653 branches and 16,291 ATMs / CDMs across 2.917 cities /towns as of 30 June 2021. Number of employees were at 152.511 as of June 30, 2022 (as against 123,473 as of 30 June 2021).
Shares of HDFC Bank rose 0.93% to Rs 1,363.85 on the BSE.
Meanwhile, the Pension Fund Regulatory and Development Authority (PFRDA) approved the proposed composite scheme of amalgamation of HDFC Investments and HDFC Holdings, wholly-owned subsidiaries of Housing Development Finance Corporation with and into HDFC and HDFC with and into HDFC Bank.
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