HDFC Bank Net Profit Rises 16% To Rs 7,729 Crore In 1st Quarter Of Current Fiscal

HDFC Bank Q1 Earnings: Net profit rose to 16 per cent in April-June quarter
HDFC Bank Q1 Earnings: Net profit rose to 16 per cent in April-June quarter
  1. On a sequential basis, the bank's standalone net profit declined 5.9 per cent, compared to Rs 8,186 crore reported at the end of the preceding January-March quarter in the financial year 2020-21 (Also Read: HDFC Bank Profit Rises 18% To Rs 8,186 Crore In March Quarter )
  2. The bank's gross non-performing asset (NPA) stood at 1.37 per cent of the gross advances (1.3 per cent excluding NPAs in the agricultural segment), compared to 1.32 per cent in the preceding March quarter, and 1.36 per cent in the year-ago period.
  3. HDFC Bank's net interest income - the difference between interest earned and interest expended - grew to Rs 17,009.0 crore, compared to Rs 15,665.4 crore in the year-ago period, driven by advances growth of 14.4 per cent, and a core net interest margin of 4.1 per cent
  4. The bank's non-interest revenue (other income) at Rs 6,288.5 crore was 27 per cent of the net revenues and registered a growth of 54.3 per cent, compared to Rs 4,075.3 crore in the corresponding quarter of the previous fiscal
  5. HDFC Bank said that business activities remained curtailed for almost two-thirds of the quarter due to disruptions led by the second wave of the COVID-19 pandemic. This resulted in lower revenues, a decrease in retail loan origination, sale of third-party products, among others.
  6. The operating expenses in the June quarter were Rs 8,160.4 crore, marking a growth of 18.1 per cent, compared to Rs 6,911.5 crore in the corresponding quarter of the previous fiscal. The cost-to-income ratio for the quarter stood at 35 per cent. 
  7. HDFC Bank's net revenues - net interest income plus other income, increased by 18 per cent to Rs 23,297.5 crore for the April-June quarter, compared to Rs 19,740.7 crore in the same quarter of the previous fiscal.
  8. The bank reported a pre-provision operating profit of Rs 15,137 crore, registering a growth of 18 per cent, compared to the year-ago period. Profit before tax stood at Rs 10,306.2 crore in the June quarter, up 15.3 per cent year-on-year.
  9. HDFC Bank's balance sheet size in the quarter stood at Rs 17,53,941 crore, up 13.5 per cent compared to Rs 15,45,103 crore in the corresponding period of the previous fiscal.
  10. On Friday, July 16, shares of HDFC Bank settled 0.08 per cent higher at Rs 1521.70 apiece on the BSE