Journalism of Courage
India’s largest private lender HDFC Bank’s standalone net profit in the first quarter of FY24 jumped 30 per cent year-on-year (YoY) to Rs 11,951 crore, the bank said in a regulatory filing on Monday. Its net profit in the same quarter a year ago stood at Rs 9,196 crore.
HDFC Bank’s total income in the June quarter jumped 39 per cent YoY to Rs 57,817 crore., from Rs 41,560 in the same period a year ago.
This is the first earnings announcement by HDFC Bank after its merger with the parent Housing Development Finance Corporation.
HDFC Bank’s gross non-performing assets (GNPA) ratio in the first quarter improved to 1.17 percent, from 1.28 percent in the same period last year. Its net NPA (NNPA) improved to 0.30 percent from 0.35 percent last year.
The bank’s treasury segment reported a rise of 42.7 per cent in revenue at Rs 10,537 crores, from Rs 7,379 crores in the same quarter last year.
Meanwhile, for retail banking, the revenue jumped 35.5 per cent YoY to Rs 42,939 crores, against Rs 31,685 crore in Q1FY23.
The private lender’s stock price jumped after its earning announcement and was trading 1.20 per cent higher on BSE at Rs 1,664.60, at the time of writing.
