Gross advances stood at Rs 24.87 trillion, up 52.6 percent on-year. The net interest income rose by 50.31 percent to Rs 73,033.14 crore from Rs 48,586.81 crore during the same quarter of the previous year, the management told reporters in a concall on Saturday. On a consolidated basis, it grew 33.17 percent to Rs 16,474.85 crore in the June quarter.
On the impact of the merger and the resultant transition to the revised asset classification norms, the bank made a clean gain of Rs 482.87 crore after transition to the revised norms for classification, valuation and operation of investment portfolio of banks on April 1. The net interest income rose 2.6 percent in the repetitions quarter.
Income from investments grew by 40.76 percent or to Rs 12,543.82 crore from Rs 8,911.24 crore last year. The total income also increased by 44.77 percent to Rs 83,701.25 crore from Rs 57,816.67 crore last year. The bank’s operating expenses grew by 18.23 percent to Rs 16,620.61 crore from Rs 14,056.91 crore in the first quarter of the reporting financial year while total expenditure soared by 53.2 percent to Rs 59,816.61 crore. HDFC Bank, known for the best asset quality — lowest bad loan ratios — for decades, has seen its non-performing assets skyrocketing on an on- year basis.
As a result, the standalone gross NPAs shot up by 73.23 percent to Rs 33,025.69 crore from Rs 19,064.12 crore a year earlier. Similarly, the standalone net NPAs almost doubled, going from Rs 4,776.87 crore in the previous year’s first quarter to Rs 9,508.44 crore in this year’s quarter. This is a 99.05 percent increase, amounting to Rs 4,731.57 crore. The absolute numbers also include the assets of the merged parent HDFC.