HDFC Bank Announced Q1FY23 Result : The Bank’s core net revenue (excluding trading and Mark to Market losses), grew by 19.8% to Rs 27,181.4 crore for the quarter ended June 30, 2022 from Rs 22,696.5 crore for the quarter ended June 30, 2021. The total net revenues (net interest income plus other income) were & 25,869.6 crore for the quarter ended June 30, 2022. Net interest income (interest earned less interest expended) for the quarter ended June 30, 2022 grew by 14.5% to & Rs 19,481.4 crore from Rs 17,009 crore for the quarter ended June 30, 2021, driven by advances growth of 22.5%, deposits growth of 19.2% and total balance sheet growth of 20.3%. Core net interest margin was at 4.0% on total assets, and 4.2% based on interest earning assets. We continued to add new liability. relationships at a robust pace of 2.6 million during the quarter. The four components of other income for the quarter ended June 30, 2022 were fees & commissions of Rs 5,360.4 crore (Rs 3,885.4 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs 1,259.3 crore Rs 1,198.7 Crore in the corresponding quarter of the previous year), loss on sale / revaluation of investments of Rs 1,311.7 crore (gain of Rs 601.0 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of Rs 1,080.2 crore (Rs 603.5 crore in the corresponding quarter of the previous year). Other income, excluding trading and Mark to Market losses, grew by 35.4% over the quarter ended June. We added 725 branches and 29,038 employees over the last twelve months and 36 branches and 10,932 employees during the quarter. This, and other investments made during the quarter, will position the Bank to capitalise on the growth opportunity. Operating expenses for the quarter ended June 30, 2022 were Rs 10,501.8 crore, an increase of 28.7% over Rs 8,160.4 crore during the corresponding quarter of the previous year. The cost-to-income ratio, excluding trading and Mark to Market losses for the quarter was at 38.6%. Pre-provision Operating Profit (PPOP) was at Rs 15,367.8 crore. PPOP, excluding trading and Mark to Market losses, grew by 14.7% over the quarter ended June 30, 2021. Provisions and contingencies for the quarter ended June 30, 2022 were Rs 3,187.7 crore (which were comprised of specific loan loss provisions) as against total provisions of Rs 4,830.8 crore for the quarter ended June 30, 2021. The total credit cost ratio was at 0.91%, as compared to 1.67% for the quarter ending June 30, 2021. Profit before tax (PBT) after trading and Mark to Market losses of Rs 1,311.7 crore in the quarter, was at Rs 12,180.1 crore, and grew by 18.2% over the corresponding quarter of the previous year. After providing Rs 2,984.1 crore for taxation, the Bank earned a net profit of 9,196.0 crore, an increase of 19.0% over the quarter ended June 30, 2021. Result PDF