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Deposit market share loss
View Risks →HDFC Bank Ltd — Q1 FY24
HDFC Bank reported a strong Q1 FY24 with net profit of INR 11,952 crore (+30% YoY) and net revenues of INR 32,829 crore (+26.9% YoY).
bullish
high
✓ Verified against BSE filing
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HDFC Bank reported a strong Q1 FY24 with net profit of INR 11,952 crore (+30% YoY) and net revenues of INR 32,829 crore (+26.9% YoY). NII grew 21% to INR 23,599 crore, with NIM at 4.1%. Advances grew 20% YoY (gross of IBPC) and deposits grew 19.2% YoY, with retail deposits up 21.5%. Asset quality remained stable with GNPA at 1.17% (core 1.03%) and credit cost at 70 bps. The merger with HDFC Ltd was completed on July 1, adding a large mortgage book and 4 million customers. Management guided for 17-18% loan growth and ROA in the 1.9-2.1% range. Key risk: deposit market share may face pressure given the large incremental funding requirement from the merged entity's higher credit-deposit ratio.
HDFC बैंक ने पहली तिमाही में 11,952 करोड़ रुपये का शुद्ध लाभ कमाया, जो पिछले साल से 30% ज्यादा है। कुल आय 32,829 करोड़ रुपये रही। ब्याज से कमाई 21% बढ़कर 23,599 करोड़ रुपये हुई। बैंक ने कर्ज 20% और जमा 19.2% बढ़ाया। खराब कर्ज सिर्फ 1.17% रहा, जो अच्छी बात है। 1 जुलाई को HDFC लिमिटेड का विलय हुआ, जिससे बैंक को 4 करोड़ नए ग्राहक और बड़ा होम लोन पोर्टफोलियो मिला। आगे बैंक 17-18% कर्ज बढ़ाने और 1.9-2.1% मुनाफा कमाने का अनुमान लगा रहा है। लेकिन सावधानी: विलय के बाद ज्यादा कर्ज देने के लिए जमा जुटाना मुश्किल हो सकता है।
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Read Transcript →Quarter Snapshot
Branch count
7,860
+1,482 YoY
Added 39 branches in Q1; total branches now 7,860, up 1,482 over last 12 months.
Customer base
85 million
+2.4 million QoQ
Added 2.4 million new liability relationships during the quarter, reaching over 85 million customers.
Credit card issuance
1.5 million
N/A
Issued 1.5 million credit cards in Q1; total cards outstanding at 18.4 million.
Retail deposit penetration
14.5%
+50bps YoY
Time deposit penetration improved to 14.5% from 14% a year ago, indicating deeper customer engagement.
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Guidance and risk preview
Management expects full-year loan growth in the 17-18% range, consistent with historical doubling every 4-5 years.
QoQ deposit growth was only 1.6% (INR 30,000 crore), significantly below system growth of ~5%, raising concerns about market share loss.
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