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Mumbai: HDFC Bank on Saturday reported a 17.5% year-on-year growth in net profit in the second quarter of FY22. The bank’s net profit stood at 8,834.31 crore for the quarter ended September, compared to 7,513.11 crore during the same period last year.

Net interest income, or core income, rose 12% year-on-year to 17,684 crore. Other income too rose 21.5% from a year ago to 7,401 crore.

The bank’s asset quality improved on a sequential basis, with gross non-performing asset ratio at 1.35%, as compared with 1.47% as of June 30. Net NPA ratio too fell 8 basis points quarter-on-quarter to 0.4%.

Total provisions for the bank rose marginally, by 6% year-on-year, to 3,925 crore.

According to quarterly data shared by the bank, out of 5,647.5 crore worth retail loans restructured under the Reserve Bank of India's framework for Covid-affected borrowers, about a fourth or 1,283 crore turned non-performing, as of September 30. HDFC Bank also wrote off retail loans worth 808.5 crore during the second quarter.

Total restructured loans under the RBI's special window stood at 7,829.48 crore, of which, 1,687 crore turned NPA and 856.7 crore were written off.

Restructuring implemented under resolution framework 2.0 came in much higher at 14,100 crore towards personal loans, 1500 crore of individual business loans and Rs1,780 crore of small business loans. Together, the bank restructured 1.45% of advances under this framework and has created 2000 crore of provisions towards this.

HDFC Bank’s total advances rose 15.4% year-on-year to 11.98 lakh crore. Of this, retail advances rose 12.9%, commercial and rural banking loans rose 27.6%, while wholesale loans were up by 6% from a year ago. Total deposits rose 14.4% year-on-year to 14.06 lakh crore,

Current account savings account deposits were up by 28.7% from a year ago, where CASA deposits now constitute 46.8% of total deposits.

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