HDFC Bank Q1 Results: Net Profit Rises 30%, know more here!

HDFC Bank Limited is a prominent banking company in India. It was among the first to receive approval from the Reserve Bank of India (RBI) to operate as a private sector bank. With its registered office in Mumbai, HDFC Bank offers a comprehensive range of banking and financial services, including retail banking, wholesale banking and treasury operations. HDFC Bank is currently the largest private sector bank in India. 

On July 17, 2023, HDFC Bank Ltd announced their Q1FY24 results in which the Bank’s net revenue increased by 25.9% to Rs 35,067 crore compared to Rs 27,844 crore in Q1FY23 while the net profit amounted to Rs 12,370 crore, marking a growth of 29.1% over the previous year’s quarter. The earnings per share for the quarter were Rs 22.2 and the book value per share as of June 30, 2023, was Rs 542.7. 

Furthermore, the total balance sheet size of the bank reached Rs 25,01,693 crore, indicating a growth of 18.6% compared to Q1FY23. Total deposits showed a healthy increase of 19.2% and amounted to Rs 19,13,096 crore. CASA deposits, comprising savings and current accounts, grew by 10.7%, with savings account deposits at Rs 5,60,604 crore and current account deposits at Rs 2,52,350 crore.  

The bank’s Capital Adequacy Ratio (CAR) as per Basel III guidelines was 18.9%, exceeding the regulatory requirement of 11.7%. The gross non-performing assets (NPAs) were at 1.17%, while the net NPAs stood at 0.30% as of June 30, 2023. 

The company has delivered returns of 24% over the past year and returns of 52% over the past 3 years. 

On Monday, shares of the company surged by more than 1.5% and made an intraday high of Rs 1,674.80. 

Investors should keep a close eye on this trending large-cap banking stock. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.