HDFC Bank Q1 FY25 results: Profit up 35% YoY at Rs 16,175 crore; total income jumps 45%

HDFC Bank Ltd on Saturday reported a 35.33 per cent surge in its year-on-year (YoY) standalone net profit during the first-quarter of the ongoing financial year 2024-25 (Q1 FY25). During the quarter under review, the country's largest private lender's profit came at Rs 16,174.75 crore compared with Rs 11,951.77 crore in the year-ago period.

However, net profit for the quarter ended on June 30 this year was down 2.04 per cent, sequentially, from Rs 16,511.85 crore in the previous quarter (Q4 FY24).

The bank's total income rose 44.77 per cent to Rs 83,701.25 crore in Q1 FY25 from Rs 57,816.67 crore in the corresponding period last year. And, income was up 6.62 per cent on a quarter-on-quarter (QoQ) basis.

Interest earned in Q1 FY25 stood at Rs 73,033.14 crore, up 50.31 per cent YoY and 2.18 per cent QoQ. Total balance sheet size was Rs 356.72 crore in the June 2024 quarter compared with Rs 250.17 crore in Q1 FY24.

"Total deposits were at Rs 237.91 crore as of June 30, 2024, an increase of 24.4 per cent over June 30, 2023. 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," HDFC Bank stated in a press release.

Gross advances were at Rs 248.69 crore in Q1 FY25, an increase of 52.6 per cent over the year-ago period. The bank's advances under management, on an average basis, were Rs 253.27 crore for the June 2024 quarter, a growth of 54.1 per cent over Rs 164.39 crore for the June 2023 quarter, and a growth of 0.8 per cent over Rs 251.25 crore for the March 2024 quarter.

Percentage of gross non-performing asset (NPA) to gross advances rose to 1.33 per cent in the June 2024 quarter from 1.17 per cent in Q1 FY24. Net NPA to net advances percentage was at 0.39 per cent YoY from 0.3 per cent in the same period last year.

On Friday, HDFC Bank shares settled 0.67 per cent lower at Rs 1,607.10 ahead of quarterly results. At this price, the stock has slipped 5.50 per cent in 2024 so far.