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HDFC 2022 Q1 result: HDFC Bank’s profit jumps 19 percent, shares on recovery track

By Priyanka Verma 
Updated Date

New Delhi: The country’s largest private lender HDFC Bank has released its quarterly results. during the April-June quarter, the bank’s net profit grew by 19% to Rs 9,196 crore. In the same period a year ago, HDFC Bank had reported a net profit of Rs 7,729.64 crore .

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The bank’s net interest income (NII) grew by 14.5% to Rs 19,481.4 crore in the June quarter as against Rs 17,009.0 crore in the same quarter last year.net interest margin was at 4.0% on total assets, and 4.2% based on interest earning assets. “We continued to add new liability relationships at a robust pace of 2.6 million during the quarter,” the bank said in a regulatory filing. The bank’s net revenue (excluding trading and market-to-market losses) grew 19.8% to ₹27,181.4 crore for the June quarter as against ₹22,696.5 crore for the same quarter last year.

Let us tell you that on Friday, HDFC Bank shares closed at Rs 1,364 level, up 0.96% on NSE. Let us tell you that on June 17, the bank’s stock touched the 52-week low level. The share price on this day was Rs 1,271.75. Gross non-performing assets (NPA) were at at 1.28% of gross advances as on 30 June this year (1.06% excluding NPAs in the seasonal agricultural segment) as against 1.47% as on 30 June last year, (1.26% excluding NPAs in the seasonal agricultural segment). Net NPA were at 0.35% of net advances as on 30 June, 2022.

From this perspective, the bank’s stock is once again on the recovery track. The 52-week high of the bank is Rs 1,724.30, which was in October last year. Pre-provision Operating Profit (PPOP) was at ₹15,367.8 crore. PPOP, excluding trading and Mark to Market losses, grew by 14.7% over the quarter ended 30 June last year. Provisions and contingencies for the Q1FY23 were ₹3,187.7 crore (which were specific loan loss provisions) as against total provisions of ₹4,830.8 crore for Q1FY22.

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