On Saturday, HDFC Bank reported a 19 per cent increase every year with a standalone net profit of Rs 9,196 crore in the first quarter of this year. Last year in the same duration, the net profit of the country’s largest private bank stood at Rs 7,729.64 crore.
However, in last year’s last quarter, HDFC Bank’s net profit declined from Rs 10,055.18. The difference between net interest income and interest earned increased to Rs 19,481.4 crore.
The rise in net interest income in Q1FY23 was due to a 22.5 per cent on-year growth in advances versus growth in deposits of 19.2 per cent. Per the lenders, the total balance sheet of HDFC Bank grew at 20.3 per cent for the period under review.
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Till the last date of June, the size of the total balance sheet stood at Rs 21, 09,772 crores. Total deposits stood at Rs 1,604,760 crore as of June 30, showing a growth of 19.2 per cent.
Current Account Savings deposits rose by 20.1 per cent, with savings account deposits at Rs 5,14,063 crore for the quarter under review. Current account deposits were at Rs 220,584 crore, the bank said.
