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HDFC Bank Q1 Results - FY 22- 23

16 July 2022

India’s largest private sector lender HDFC Bank posted its Q1 FY23 results on July 16, 2022. The bank reported a decline of 8.1% QoQ (Quarter on Quarter) in its net profit which came in at Rs 9,616 crore from Rs 10,474 crore in the previous quarter. On a YoY (Year on Year) basis, the net profit was up 21.1% to Rs 9,616 crore from Rs 7,940 crore in the year ago period.

The interest earned by the bank came in at Rs 37,273 crore, up 4.7% QoQ from Rs 35,574 crore in the previous quarter, and up 15.5% YoY from Rs 32,253 crore in the corresponding quarter in the previous fiscal year.

There was a staggering increase in the employee costs, which was up 9.6% QoQ, and 26.4% YoY to Rs 4,606 crore in the quarter under review. The bank’s Net Interest Income (NII) for the quarter under review came in at Rs 19,481 crore, up by 14.5% YoY from Rs 17,009 crore in the corresponding quarter in the previous fiscal year.

Gross NPA (Non Performing Assets) increased to 1.28% from 1.17% in the previous quarter while it reduced from 1.47% in the year ago period. The Net NPA is up at 0.35% from 0.32% in Q4 FY22, while it has come down from 0.48% in the year ago period.

The Board of Directors at its meeting held on April 23, 2022 recommended a dividend of Rs 15.50 per equity share of face value of 1/- each out of the net profits for the year ended March 31, 2022, subject to approval of the shareholders of the Bank.

HDFC Bank’s stock closed in the green at Rs 1,362.05 per share, after surging by 0.81% at the end of the intraday trading session on July 15, 2022 ahead of the bank’s Q1 FY23 results.

Hits of HDFC Q1 Results

  • Net profit up 21.1% YoY to Rs 9,616 crore from Rs 7,940 crore in the year ago period
  • Bank’s core net revenue grew by 19.8% YoY to Rs 27,181 crore from Rs 22,696 crore in the year ago period
  • Net Interest Income (NII) came in at Rs 19,481 crore, up by 14.5% YoY from Rs 17,009 crore in the year ago period
  • 725 branches over the last 12 months; 36 branches added over the last quarter
  • Total deposits up 19.2% YoY to Rs 16.04 lakh crore in the quarter under review
  • CASA deposits up 20.1% YoY, CASA deposits comprised 45.8% of the total deposits as of June 30, 2022
  • Capital Adequacy Ratio (CAR) reported at 18.1% against the regulatory requirement of 11.7%

Misses of HDFC Quarterly Results Q1 2023

  • Net profit down 8.1% QoQ, came in at Rs 9,616 crore from Rs 10,474 crore in the previous quarter
  • Net NPA up at 0.35% from 0.32% in the previous quarter
  • Gross NPA up at 1.28% from 1.17% in the previous quarter

Segment-wise revenue

  • Treasury: Revenue down 14.6% YoY to Rs 7,379 crore from Rs 8,644 crore in the year ago period
  • Retail Banking: Revenue up 17.4% YoY to Rs 31,685 crore from Rs 26,974 crore in the year ago period
  • Wholesale Banking: Revenue up 29.4% YoY to Rs 18,642 crore from Rs 14,406 crore in the year ago period
  • Other Banking Operations: Revenue up 37% YoY to Rs 8,626 crore from Rs 7,025 crore in the year ago period

Other things to know about HDFC Bank Results

  • The Board of Directors at its meeting held on April 04, 2022, approved a composite Scheme to merge HDFC Investments Limited and HDFC Holdings Limited, into and with Housing Development Finance Corporation Limited ("HDFC Limited"); and thereafter, HDFC Limited into HDFC Bank Limited. The share exchange ratio shall be 42 equity shares of face value of 1/- each of the Bank for every 25 equity shares of face value of 2/- each of HDFC Limited.
  • HDFC Bank’s P/E ratio is at 19.72 against the industry average of 18.71.
  • The company’s P/B ratio is at 3.03 against the industry average of 2.03.
  • HDFC Bank’s dividend yield is at 1.15% against the industry average of 0.97%

To read the RA disclaimer, please click here
Research Analyst: Bavadharini KS

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