HDFC Bank Net Revenue Rises By 25.9% To ₹35,067 In Q1FY24

HDFC Bank Net Revenue Rises By 25.9% To ₹35,067 In Q1FY24

The Bank's consolidated net revenue grew by 25.9% to ₹35,067 crore for the quarter June 30, 2023 from ₹27,844 crore for the quarter ended June 30,2022.

FPJ Web DeskUpdated: Monday, July 17, 2023, 01:46 PM IST
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HDFC Bank Net Revenue Rises By 25.9% To ₹35,067 In Q1FY24 | Image credit: Wikipedia (Representative)

The Board of Directors of HDFC Bank Ltd approved the Bank's result for the quarter ended June 30, 2023, at its meeting held in Mumbai on Monday, the company announced through an exchange filing.

Consolidated financial results

The Bank's consolidated net revenue grew by 25.9% to ₹35,067 crore for the quarter June 30, 2023 from ₹27,844 crore for the quarter ended June 30,2022. The consolidated net profit for the quarter ended June 30, 2023 was at ₹12,370 crore, up 29.1% over the quarter ended June 30, 2022. Earnings per share for the quarter ended June 30, 2023 was ta ₹22.2 and book value per share as of June 30, 2023 was ₹542.7.

Standalone Financial results

The Bank's net revenue grew by 26.9% to ₹32,829 crore for the quarter ended June 30,2022.

Net Interest income for the quarter ended June 30,2023 grew by 21.1% to ₹23,599 crore from ₹19,481 crore for the quarter ended June 30,2022. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.

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.

HDFC Bank Shares

The shares of HDFC Bank on Monday at 1:40 pm IST were at ₹1,669.75, up by 1.54 percent.

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