HDFC Bank Q2 Results: Net Profit Jumps 50% To Rs 15,976 Crore, Check Details – News18

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HDFC Bank Q2 Results: Net Profit Jumps 50% To Rs 15,976 Crore, Check Details – News18

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HDFC Bank has declared its Q2 financial results.

HDFC Bank has declared its Q2 financial results.

HDFC Bank Q2 Results: Its net interest income during the September 2023 quarter stands at Rs 27,385 crore

HDFC Bank, India’s largest private sector bank, on Monday reported a 50 per cent year-on-year jump in its net profit to Rs 15,976.11 crore for the July-September 2023 quarter. It is the first financial result since the merger with Housing Development Finance Corporation (HDFC).

On a quarter-on-quarter basis, net profit rose 33.7 per cent. The bank’s gross non-performing assets (NPA) deteriorated to 1.34 per cent in the reporting quarter.

HDFC Bank’s net interest income — interest earned less interest expended — jumped 30.3 per cent to Rs 27,385 crore during the quarter ended September 30, 2023. It had stood at Rs 21,021 crore, according to a BSE filing.

The bank’s core net interest margin for the quarter was 3.65 per cent on total assets and 3.85 per cent on interest earning assets.

Its operating expenses during July-September 2023 stood at Rs 15,399 crore, which is 37.2 per cent higher as compared with Rs 11,225 crore in the corresponding period last year.

HDFC Bank’s provisions and contingencies during the quarter dropped to Rs 2,904 crore, compared with Rs 3,240 crore a year ago.

Its gross non-performing assets (NPA) rose to 1.34 per cent of the total advances as of September 30, 2023, compared with 1.23 per cent as of September 30, 2022. Net NPA stood at 0.35 per cent of the net advances at the end of the September 2023 quarter.

HDFC Bank’s capital adequacy ratio (CAR) as per Basel III guidelines was at 19.5 per cent as of September 30, 2023, against 18 per cent a year ago. It is compared with the regulatory requirement of 11.7 per cent.

HDFC Bank’s CASA (current account saving account) deposits grew 7.6 per cent with savings deposits at about Rs 5.7 lakh crore and current account deposits at nearly Rs 2.48 lakh crore, according to the filing.

For the first half of the financial year ended September 30, 2023, HDFC Bank’s net profit jumped 41 per cent to Rs 27,928 crore. Its total income stood at Rs 1,36,226 crore, compared with Rs 87,742 crore a year ago.

Shares of HDFC Bank on Monday fell Rs 7.25 or 0.47 per cent to close at Rs 1,529.5 apiece on the BSE.

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