HDFC Bank Q1 result: Net profit up 35% at Rs 16,175 cr

However, sequentially net profit of the lender was down 2 per cent from Rs 16,511.85 crore in Q4FY24 due to lower income growth and higher tax expenses.

By Connect Gujarat Desk 20 Jul 2024 in Business

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HDFC Bank Q1 result: Net profit up 35% at Rs 16,175 cr

The country’s largest private sector lender HDFC Bank on Saturday reported a 35 per cent Year-on-Year (Y-o-Y) growth in net profit at Rs 16,175 crore for the quarter ended June 2024 (Q1FY25), aided by healthy net interest income (NII) and lower provisions.

Analysts at Bloomberg had estimated that the bank may post a net profit of Rs 15,652 crore.

However, sequentially net profit of the lender was down 2 per cent from Rs 16,511.85 crore in Q4FY24 due to lower income growth and higher tax expenses.

The lender had reported a net profit of Rs 11,952 crore in the corresponding period a year ago (Q1FY24).

The figures for Q1FY25 include the operations of erstwhile HDFC Ltd, which was amalgamated with and into the bank on July 1, 2023.

The bank reported a NII of Rs 29,837 crore in Q1FY25, up 26.4 per cent from the corresponding period a year ago, aided by robust growth in advances.

Sequentially, NII was up 2.6 per cent sequentially from Q4FY24. Net interest margin of the lender improved to 3.47

per cent in Q1FY25, compared to 3.44 per cent in Q4FY24.