The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2023, at its meeting held in Mumbai on Monday, July 17, 2023. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.
CONSOLIDATED FINANCIAL RESULTS: The Bank’s consolidated net revenue grew by 25.9% to ₹ 35,067 crore for the quarter ended June 30, 2023 from ₹ 27,844 crore for the quarter ended June 30, 2022. The consolidated net profit for the quarter ended June 30, 2023 was ₹12,370 crore, up 29.1%, over the quarter ended June 30, 2022. Earnings per share for the quarter ended June 30, 2023was at ₹22.2and book value per share as of June 30, 2023 was ₹ 542.7.
STANDALONE FINANCIAL RESULTS: Profit & Loss Account: Quarter ended June 30, 2023 The Bank’s net revenue grew by 26.9% to ₹ 32,829 crore for the quarter ended June
30, 2023 from ₹ 25,870 crore for the quarter ended June 30, 2022.
Net interest income (interest earned less interest expended) for the quarter ended June 30, 2023 grew by 21.1% to ₹23,599 crore from ₹ 19,481 crore for the quarter ended June 30, 2022.Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.
Other income (non-interest revenue) at ₹ 9,230 crore was 28.1% of the net revenues for the quarter ended June 30, 2023 as against ₹ 6,388 crore in the corresponding quarter ended June 30, 2022.The four components of other income for the quarter ended June 30, 2023 were fees & commissions of ₹6,290 crore (₹5,360 crore in the corresponding quarter of theprevious year), foreign exchange & derivatives revenue of ₹1,309 crore (₹1,024 crore in the corresponding quarter of the previous year), net trading and mark to market gain of ₹552 crore (loss of ₹1,077 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹1,079crore (₹1,080 crore in the corresponding quarter of the previous year). Other income, excluding net trading and mark to market income, grew by 16.2%over the quarter ended June 30, 2022.
Operating expenses for the quarter ended June 30, 2023were ₹14,057crore, an increase of33.9% over ₹10,502crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 42.8%.
Pre-provision Operating Profit (PPOP) at ₹ 18,772 crore grew by 22.2% over the corresponding quarter of the previous year.
Provisions and contingencies for the quarter ended June 30, 2023 were ₹ 2,860 crore as against ₹ 3,188 crore for the quarter ended June 30, 2022.
The total credit cost ratio was at 0.70%, as compared to 0.91% for the quarter ending June 30, 2022.
Profit before tax (PBT) for the quarter ended June 30, 2023 was at ₹ 15,912 crore. After providing ₹3,960 crore for taxation, the Bank earned a net profit of ₹11,952 crore, an increase of 30.0% over the quarter ended June 30, 2022.