HDFC Bank posts 35% rise in net profit at Rs 16,175 crore for April-June quarter

HDFC Bank posts 35% rise in net profit at Rs 16,175 crore for April-June quarter New Delhi, July 20 (IANS) HDFC Bank on Saturday reported a 35 per cent increase in net profit to Rs 16,175 crore for the April-June quarter of the current financial year from Rs 11,952 crore in the same period of 2023-24. However, the net profit was lower by 2 per cent sequentially compared to Rs 16,512 crore reported in Q4 FY24. On a consolidated basis, the private sector bank posted Q1 profit at Rs 16,474.85 crore. The interest income of HDFC Bank jumped by 50.3 per cent to Rs 73,033.14 crore during the quarter from Rs 48,586.81 crore in the same quarter of 2023-24. The Bank posted Net Interest Income (NII) at Rs 29,837.1 crore during the quarter. However, the gross non-performing assets (NPA) ratio of the bank increased to 1.33 per cent of total loans as of June 30, as compared to 1.24 per cent in the previous quarter and 1.17 per cent in the year-ago period, reflecting a decline in asset quality. Similarly, the net NPA ratio rose to 0.39 per cent as of June 30, as compared to 0.33 per cent as of March 31, and 0.30 per cent as of June 30, 2023. --IANS sps/dan