HDFC Bank Q1 Results Highlights: Net profit falls 2% QoQ to ₹16,175 crore, NII at ₹29,837 crore

HDFC Bank on Saturday, July 20, declared its results for the first quarter of the current fiscal. The private lender's net profit slipped 2% sequentially to ₹16,175 crore. However, year-on-year, the net profit was up 35.3%.

The bank's net interest income (NII), which is the difference between interest earned and interest paid, climbed 2.6% sequentially to ₹29,837 crore in the June 2024 quarter.

The lender's asset quality slipped during Q1FY25, as gross NPA ratio increased to 1.33% from 1.24% in Q4FY24. In the same period, net NPA ratio increased to 0.39% from 0.33%.

HDFC Bank Q1 Results LIVE Update at 3:20 pm: Employee count jumps 17% YoY

HDFC Bank said its total count of employees at the end of the June 2024 quarter stood at 2,13,069, which is 17.2% higher as compared to 1,81,725 employees at the end of June 2023 quarter.

HDFC Bank Q1 Results LIVE Update at 3:12 pm: 991 more bank branches added as against year-ago period

• As of June 30, 2024, the bank's distribution network stood at 8,851 branches, as against 7,860 branches as of June 30, 2023. This means that the bank's network of branches has increased by 991 in the last 12 months.
• Around 52% of the bank's branches are in semi-urban and rural areas. "In addition, we have 15,146 business correspondents, which are primarily manned by Common Service Centres (CSC)," the release added.

HDFC Bank Q1 Results LIVE Update at 3:05 pm: Gross advances jump 52.6% YoY

• Gross advances were at ₹24,869 billion as of June 30, 2024, an increase of 52.6% as compared to the year-ago period.
• Retail loans grew by 100.4%, commercial and rural banking loans grew by 23% and corporate and other wholesale loans grew by 18.7%.
• Overseas advances constituted 1.5% of total advances.

HDFC Bank Q1 Results LIVE Update at 2:55 pm: Total deposits up 24.4% YoY, CASA deposits rise 6.2% YoY

• Total deposits stood at ₹23,791 billion as of June 30, 2024, an increase of 24.4% over June 30, 2023.
• Current account and savings account (CASA) deposits grew by 6.2% with savings account deposits at ₹5,964 billion and current account deposits at ₹2,673 billion.
• Time deposits stood at ₹15,154 billion, an increase of 37.8% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 36.3% of total deposits as of June 30, 2024.

HDFC Bank Q1 Results LIVE Update at 2:45 pm: Gross NPA rises 6% QoQ

• The gross non-performing asset (NPA) increased 6% quarter-on-quarter to ₹33,026 crore in the June quarter, as compared to ₹31,173 crore in the preceding March quarter.
• The gross NPA ratio jumped by 9 basis points sequentially, as it stood at 1.33% in Q1FY25 as against 1.24% in Q4FY24.

HDFC Bank Q1 Results LIVE Update at 2:40 pm: Net NPA rises 17.5% sequentially

• The net NPA rose 17.5% sequentially. It stood at ₹9,508.4 crore in Q1FY25, as against ₹8.091.7 crore in Q4FY24.
• The net NPA ratio increased by 6 basis points to 0.39%, as against 0.33% in the preceding March quarter.

HDFC Bank Q1 Results LIVE Update at 2:33 pm: Net profit rises 35.3% on YoY basis

The standalone net profit, at ₹16,175 crore, has climbed by 35.3% on a year-on-year basis in Q1FY25. In Q1FY24, the lender had reported a net profit of ₹11,952 crore.

HDFC Bank Q1 Results LIVE Update at 2:25 pm: NII climbs 2.6% QoQ to ₹29,837 crore

The bank's net interest income (NII), which is the difference between interest earned and interest paid, rose 2.6% quarter-on-quarter to ₹29,837 crore. In the March quarter, the NII clocked was ₹29,078 crore.

HDFC Bank Q1 Results LIVE Update at 2:20 pm: Net profit falls 2% QoQ to ₹16,175 crore

HDFC Bank's net profit in the first quarter dropped 2% sequentially to ₹16,175 crore, as compared to ₹16,512 crore in Q4FY24.

HDFC Bank Q1 Results LIVE Update at 12:01 pm: How the bank performed in Q4FY24

• The lender had reported a 37% YoY jump in net profit at ₹16,511 crore in the March quarter.
• The net interest income had grown by 29% YoY to ₹29,077 crore.

HDFC Bank Q1 Results LIVE Update at 11:15 am: What are the key estimates?

• As per the average of estimates shared by eight brokerages, NII is likely to rise by 27% YoY to ₹29,621 crore.
• The net profit is estimated to grow by 32% YoY to ₹15,905 crore.

HDFC Bank Q1 Results LIVE Update at 10:35 am: How to trade in HDFC Bank ahead of its Q1 earnings?

HDFC Bank Q1 Results LIVE Update at 9:55 am: How the bank's stock has performed in recent period

Over the past week, HDFC Bank's stock has declined by around 1.4%. The monthly decline has been of about 3.8%, whereas the shares are down by around 5.5% year-to-date.

HDFC Bank Q1 Results LIVE Update at 9:45 am: Shares settled in the red ahead of results

In the last trading session on Friday, HDFC Bank's stock settled in the red. The shares last traded 0.46% lower at ₹1,607 apiece on the National Stock Exchange (NSE).

Ahead of the results, an average of estimates shared by eight brokerages showed the bank's net profit likely rising by 32% year-on-year (YoY) to ₹15,905 crore, as against ₹12,047 crore clocked in Q1 FY24.

The net interest income (NII), which is the difference between interest earned and interest paid, is estimated to grow by 27% YoY to ₹29,621 crore in the June 2024 quarter, as compared to ₹23,352 crore in the June 2023 quarter.