HDFC Bank Q1 net profit jumps 29% to Rs 12,370 crore

Largest private sector lender HDFC Bank on Monday reported a 29.13 per cent jump in consolidated net profit for the June quarter at Rs 12,370.38 crore.

The bank, which recently merged mortgage financier parent HDFC into itself, had reported a net profit of Rs 9,579.11 crore in the year-ago period and Rs 12,594.47 crore in the preceding March quarter.

Its total income for the quarter under review rose to Rs 61,021 crore, as against Rs 44,202 crore in the year-ago period.

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Operating expenses rose to Rs 15,177 crore during the quarter under review, from Rs 11,355 crore in the year-ago period, as per a regulatory filing.

The gross non-performing assets ratio came at 1.17 per cent as of June 30, 2023, as against 1.12 per cent at the end of March and 1.28 per cent in the year-ago period.

The HDFC Bank scrip was trading 0.60 per cent up at Rs 1,657 a piece on the BSE at 1307 hrs, as against gains of 0.39 per cent on the benchmark.