HDFC Bank releases Q1FY23 results; here are top five takeaways

HDFC Bank reported its Q1FY23 consolidated net profit at Rs 9,579 crore.

HDFC Bank on July 16 reported strong first quarter earnings with double digit growth in bottomline on the back of lower provisions and steady asset growth. Here are the top five takeaway from India’s largest private lender’s Q1Fy23 earnings:

Stable Profit
The lender's consolidated net profit for Q1FY23 stood at Rs 9,579 crore, up 20.9 percent year-on-year YoY. This was on the back of lower provisions and higher asset growth.

Robust Credit Growth

The private bank’s total loans stood at Rs 13.95 lakh crore as on June 30, up 21.6 percent YoY. Retail loans, which accounted for 39 percent of the bank’s advances, grew by 21.7 per cent YoY, while commercial and rural banking loans, accounting for 35 per cent of loans, grew by 28.9 per cent on year. Corporate and other wholesale loans grow by 15.7 per cent YoY during the reporting quarter.

Net interest income for the quarter ended June 30, 2022 grew by 14.5% to Rs 19,481.4 crore from Rs 17,009.0 crore for the quarter ended June 30, 2021, driven by advances growth of 22.5%, deposits growth of 19.2% and total balance sheet growth of 20.3%,” the bank said in a regulatory filing.