New Delhi: The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2022, at its meeting held in Mumbai on Saturday, July 16, 2022.
Standalone Financial Results:
Profit & Loss Account: Quarter ended June 30, 2022
The Bank’s core net revenue (excluding trading and Mark to Market losses), grew by 19.8% to Rs. 27,181.4 crore for the quarter ended June 30, 2022 from Rs. 22,696.5 crore for the quarter ended June 30, 2021.
The total net revenues (net interest income plus other income) were Rs. 25,869.6 crore for the quarter ended June 30, 2022.
Net interest income (interest earned less interest expended) for the quarter ended June 30, 2022 grew by 14.5% to Rs. 19,481.4 crore from Rs. 17,009.0 crore for the quarter ended June 30, 2021, driven by advances growth of 22.5%, deposits growth of 19.2% and total balance sheet growth of 20.3%. Core net interest margin was at 4.0% on total assets, and 4.2% based on interest earning assets.
Bank mentioned, “We continued to add new liability relationships at a robust pace of 2.6 million during the quarter. The private lender also added 725 branches and 29,038 employees over the last twelve months and 36 branches and 10,932 employees during the quarter.
This, and other investments made during the quarter, will position the Bank to capitalise on the growth opportunity. Operating expenses for the quarter ended June 30, 2022 were Rs. 10,501.8 crore, an increase of 28.7% over Rs. 8,160.4 crore during the corresponding quarter of the previous year. The cost-to-income ratio, excluding trading and Mark to Market losses for the quarter was at 38.6%.
Pre-provision Operating Profit (PPOP) was at Rs. 15,367.8 crore. PPOP, excluding trading and Mark to Market losses, grew by 14.7% over the quarter ended June 30, 2021.
Provisions and contingencies for the quarter ended June 30, 2022 were Rs. 3,187.7 crore (which were comprised of specific loan loss provisions) as against total provisions of Rs. 4,830.8 crore for the quarter ended June 30, 2021.
The total credit cost ratio was at 0.91%, as compared to 1.67% for the quarter ending June 30, 2021.
Profit before tax (PBT) after trading and Mark to Market losses of Rs. 1,311.7 crore in the quarter, was at Rs. 12,180.1 crore, and grew by 18.2% over the corresponding quarter of the previous year. After providing Rs. 2,984.1 crore for taxation, the Bank earned a net profit of Rs. 9,196.0 crore, an increase of 19.0% over the quarter ended June 30, 2021.
The consolidated net profit for the quarter ended June 30, 2022 was Rs. 9,579 crore, up 20.9%, over the quarter ended June 30, 2021. Consolidated advances grew by 20.9% from Rs. 1,197,876 crore as on June 30, 2021 to Rs. 1,448,111 crore as on June 30, 2022.
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