The country’s largest private-sector bank, HDFC Bank, released its first earnings report since its merger with HDFC Ltd. 

The bank posted a 29.13% year-on-year (YoY) rise in net profit to Rs 11,952 crore in the June quarter of FY2023-24, from Rs 9,196 crore in the same period last year. The net profit in the preceding quarter was Rs 12,047.45 crore. Market participants had expected the company to report slower growth. 

The lender’s advances grew by 15.8% YoY to Rs 16.15 lakh crore, with domestic retail loans witnessing a strong 20% growth. Commercial and rural banking loans surged 29.1%, and wholesale loans grew 11.2%.

On the other hand, the total deposits jumped 19.2% over the year to reach Rs 19.13 lakh crore, driven by a 10.7% growth in the Current account and savings account (CASA). Under CASA, savings account deposits stood at Rs 5.6 lakh crores, while those of the current account were Rs 2.52 lakh crore.  

The banking behemoth’s gross non-performing assets (GNPA) stood at 1.17% of gross advances in the latest quarter, improving from the 1.28% GNPA ratio in the corresponding quarter last year.