HDFC Bank Q1 net profit rises 33% to ₹16,474 cr
The Hindu
HDFC Bank reports strong financial performance with significant profit growth and improved asset quality in June 2024.
HDFC Bank’s consolidated net profit grew 33.17% to ₹16,474.85 crore in the June 2024 quarter.
The bank had posted a post-tax net profit of ₹12,370 crore on a consolidated basis in the year-ago period, it said in a regulatory filing.
On a standalone level, its June quarter net profit rose to ₹16,174 crore from ₹11,951 crore in the year-ago period but was down from the preceding March quarter’s 16,511 crore.
The bank’s total income increased to ₹83,701 crore from ₹57,816 crore a year ago.
Its provisioning was reduced to ₹2,602 crore from ₹2,860 crore a year earlier.
The lender’s gross non-performing assets ratio inched up to 1.33% from 1.24% in March.
HDFC Bank’s overall capital adequacy was 19.33% as of June 30, 2024.
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