HDFC Bank Q1 net profit dips 1.31 pc, makes Rs 9k cr contingent provisioning
The lender had reported a net profit of Rs 16,475 crore in the year-ago period.
On a standalone basis, the country's largest private sector lender reported a net profit of Rs 18,155 crore for the quarter, up from Rs 16,174 crore a year ago.
The core net interest income growth moderated to 5 per cent to Rs 31,400 crore during the quarter, as the net interest margin narrowed to 3.35 per cent from 3.46 per cent in the quarter-ago period amid a 6.7 per cent growth in gross advances.
The bank's chief financial officer Srinivasan Vaidyanathan said about 70 per cent of its assets are linked to external benchmarks, which are directly exposed to rate revisions by the RBI, and declined to give an outlook on how it sees the key number going ahead.
He said the bank, which has previously disclosed its target to grow advances in sync with the industry, is set to grow its deposit market share this fiscal year.
The overall provisions jumped to Rs 14,442 crore from Rs 2,602 crore a year ago, the bank said, adding that this includes a floating provision of Rs 9,000 crore.
Vaidyanathan clarified that the excess provisions, which are at par with the gains made by share sale in the HDB Financial Services' initial public offering, are not done keeping any specific event in mind or any build of stress.
The gross non-performing assets ratio inched up to 1.4 per cent as of June 30 from 1.33 per cent three months ago, largely because of cyclical reverses in the agricultural portfolio.
The fresh slippages increased to RS 9,000 crore from Rs 7,500 crore in the quarter-ago period, including agri advances, while excluding the agri portfolio, the same increased to Rs 6,800 crore from Rs 6,200 crore.
The bank seemed to be continuing with its 'circumspect" view on the home mortgage front, where it grew by 9 per cent. The CFO stressed that top cities are seeing home loan finance coming at 7.2 per cent, which HDFC Bank finds very low.
At present, 80 per cent of the bank branches sell home loans, and the aim is to take it up to 100 per cent.
The overall capital adequacy of the bank was at 19.9 per cent, including the core buffers at 17.4 per cent, as of June 30. PTI AA BAL BAL
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July 19, 2025, 19:45 IST
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