HDFC Bank Ltd, the largest private lender in India, reported a significant 35.33 per cent year-on-year (YoY) increase in standalone net profit for the first quarter of the financial year 2024-25 (Q1 FY25). The net profit for the quarter stood at Rs 16,174.75 crore, compared to Rs 11,951.77 crore in the same period last year. However, sequentially, the net profit saw a slight dip of 2.04 per cent from Rs 16,511.85 crore in the previous quarter (Q4 FY24).
The bank’s total income for Q1 FY25 rose impressively by 44.77 per cent to Rs 83,701.25 crore, up from Rs 57,816.67 crore in Q1 FY24. On a quarter-on-quarter (QoQ) basis, the income increased by 6.62 per cent. Interest earned during the quarter was Rs 73,033.14 crore, marking a 50.31 per cent YoY growth and a 2.18 per cent QoQ increase. The total balance sheet size at the end of June 2024 was Rs 356.72 crore, compared to Rs 250.17 crore in the same period last year.
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HDFC Bank reported a 24.4 per cent YoY increase in total deposits, which reached Rs 237.91 crore as of June 30, 2024. Current Account and Savings Account (CASA) deposits grew by 6.2 per cent, with savings account deposits at Rs 59.64 crore and current account deposits at Rs 26.73 crore.
The bank’s gross advances surged by 52.6 per cent YoY to Rs 248.69 crore in Q1 FY25. On an average basis, advances under management were Rs 253.27 crore, reflecting a 54.1 per cent YoY growth and a 0.8 per cent increase from Rs 251.25 crore in Q4 FY24.
Despite these positive figures, the bank’s gross non-performing asset (NPA) ratio increased to 1.33 per cent in Q1 FY25, up from 1.17 per cent in Q1 FY24. The net NPA ratio also rose to 0.39 per cent from 0.3 per cent in the same period last year.
