HDFC’s Net Profit Increases by 19%

HDFC Bank today reported a 19% increase in net profit in the first quarter of FY23 to 9,169 crores, up from 7,729 crores in the same quarter last year. Its total revenue increased by 13% to 41,560 crores from 36,771 crores the previous year.
Net interest income increased by 14.5 percent to 19,481 crores for the quarter, up from 17,009 crores the previous year. This was driven by a 22.5 percent increase in advances and a 19.2 percent increase in deposits, according to a press release from India's largest private bank.
Its gross non-performing assets (NPAs) increased by 11.7 percent to 18,033 crores in the fourth quarter of the previous fiscal year. Its net NPAs increased by around 10.8 percent when compared to the previous quarter. Net profits fell by 8.5 percent sequentially as well.

In an annual general meeting held on the same day as the results were announced, the bank's chairman, Atanu Chakraborthy, claimed that the bank had added 90 lakh customers during the year.

While inflation has reared its ugly head, monetary tightening has resulted in rate increases and currency depreciation, according to Chakraborthy. It paid a dividend of $15.5 per equity share in the fiscal year ending March 2022, he said in his AGM speech.