New Delhi, July 2024.
HDFC Bank reported a 35 per cent jump in its standalone profit after tax (PAT) at Rs 16,174.75 crore in the quarter ended June 30, compared to Rs 11,951.77 crore in the year ago period.
On a sequential basis, the bank’s net profit fell by 2 per cent in the April-June 2024 quarter.
Net interest income (NII), which is interest earned less interest expended, grew by 26.4 per cent to Rs 29,840 crore in Q1 FY2025, as against Rs 23,600 crore in the same quarter of last fiscal.
Net interest margin (NIM) stood at 3.7 per cent based on interest earning assets, and at 3.5 per cent on total assets.
In the reporting quarter, operating expenses increased by 18.2 per cent to Rs 16,620 crore, as against Rs 14,060 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 41 per cent, the bank said.
Gross non-performing assets (GNPA) were at 1.33 per cent of gross advances as on June 30, 2024 (1.16 per cent excluding NPAs in the agricultural segment), as against 1.41 per cent on a pro forma merged basis as on July 1, 2023 (1.25 per cent excluding NPAs in the agricultural segment). Net non-performing assets were at 0.39 per cent of net advances as on June 30, 2024.