On Friday, HDFC Bank reported a consolidated net profit of Rs 3,668.82 crore for the first quarter of this year. The profit was higher than last year’s profit of Rs 3,001 crore. The net profit slipped from Rs 3,700 crore in the fourth quarter of FY22. At the end of the June quarter, the consolidated PAT stood at Rs 5,574 crore. The asset under management at the end of the first quarter at Rs 6.71 trillion, compared to last year (Q1FY22) at Rs 5.74 trillion.

• Indian Farmers Switch Crops Amid Rising Temperatures
• Lutnick’s Firm in Talks with Tether for $2 Billion Bitcoin Lending Deal
• India Criticizes COP29 Climate Deal
• Agarwal Toughened Glass India IPO GMP, Open/Close Date & Minimum Investment
• Co-living Startup Truliv Expands into Bengaluru

“As of June 30, 2022, individual loans comprise 79% of the Assets Under Management (AUM). On an AUM basis, the growth in the individual loan book was 19 per cent. This marks the highest percentage growth in the individual loan AUM in 8 years,” HDFC said. Additionally, loan book growth after adding old loans sold in the financial year 2022 was 28 per cent.