HDFC Bank logs 5% rise in profit on margin pressure
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Listen to this article in summarized format "Things remain reasonably healthy at a macro level and at the institution level, and we are at the cusp of having a different kind of energy over the next couple of years, and that is what we are all focusing on for the medium and long term," said MD and CEO Sashidhar Jagdishan. Regarding the pending matter of the managing director's appointment, the bank said the Group Nomination and Remuneration Committee and the board are seized of the matter and that the process is underway. Jagdishan's Term to End in October | page 7 Once a decision is reached, the bank said it would inform stakeholders and the exchanges of the outcome. Jagdishan's current term is due to end in October and the bank is reviewing his potential reappointment for a third term. Gross advances rose 15.4% to ₹30.60 lakh crore from ₹26.53 lakh crore in the same period last year. Within this, retail loans grew 7.2%, business banking loans rose 22.3%, and corporate loans increased 18.6%. "The corporate and mid-market segments, along with other wholesale, have again grown at about 18.5-19%, which should give you a good sense of the growth we're seeing on the consumption side, spanning retail, mid-market, and corporate," said deputy managing director Kaizad Bharucha. The gross non-performing asset ratio improved to 1.17% from 1.40% in the year-ago period. Fresh slippages stood at ₹3,580 crore, up from ₹3,410 crore in the March quarter. Deposits grew 13.3% to ₹30.11 lakh crore, from ₹26.57 lakh crore a year earlier. "Margin pressures persisted as both loan yields and funding costs moved adversely, tempering NII growth despite robust loan and deposit accretion," said Pranav Gundlapalle, head of india financials at Bernstein. "Against this backdrop, the bank once again leaned on operating efficiency to protect profitability, while stable asset quality provided an additional cushion." (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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