HDFC Bank Q1 Earnings: Net profit rose to 16 per cent in April-June quarter HDFC Bank Q1 FY22 Results: HDFC Bank, the country's largest private lender, reported a net profit of Rs 7,729.6 crore on a standalone basis, marking an increase of 16.1 per cent in the April-June quarter from Rs 6,658.6 crore during the same period last year.
The bank's total income stood at Rs 36,771 crore, compared to Rs 34,453 crore in the year-ago period.
On a sequential basis,the bank's standalone net profit declined 5.9 per cent, compared toRs 8,186crore reported atthe end of the preceding January-March quarter inthe financial year 2020-21(Also Read:HDFC Bank Profit Rises 18% To Rs 8,186 Crore In March Quarter)The bank's gross non-performing asset (NPA) stood at1.37 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.HDFC Bank's net interest income - the difference between interest earned and interest expended -grew to Rs 17,009.0 crore, compared toRs 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 centThe bank's non-interest revenue (other income)at Rs6,288.5 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 fiscalHDFC 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 inretail loan origination, sale of third-party products, among others.The operating expenses in the June quarter wereRs 8,160.4 crore, marking a growth of18.1 per cent, compared to Rs 6,911.5 crore inthe corresponding quarter of the previous fiscal.The cost-to-income ratio for the quarter stood at 35 per cent.HDFC Bank's net revenues - net interest income plus other income, increased by 18 per centto Rs23,297.5 crore for the April-Junequarter, compared to Rs 19,740.7 crore in the same quarter of the previous fiscal.The bank reported a pre-provision operating profit of Rs 15,137crore, registering a growth of18 per cent, compared tothe year-ago period.
Profit before tax stood atRs10,306.2crore in the June quarter,up15.3 per cent year-on-year.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.On Friday, July 16, shares of HDFC Bank settled 0.08 per cent higher at Rs 1521.70 apiece on the BSE