HDFC Bank Q2 Results: Net profit jumps 50% to ₹15,976.11 crore, NII up 30%

HDFC Bank Q2 Results: HDFC Bank announced its July-September quarter results for fiscal 2023-24 (Q2FY24), reporting a rise of 50.6 per cent in standalone net profit at ₹15,976.11 crore, compared to ₹10,605.78 crore in the corresponding period last year. The net interest income (NII) -the difference between interest earned and interest expended - of India's largest private lender grew 30.27 per cent to ₹27,385.23 crore, compared to ₹21,021.16 crore in the year-ago period.

HDFC Bank's gross non-performing assets were at 1.34% of gross advances as on September 30, as against 1.41% as on June 30, as per exchange filing. Net non-performing assets were 0.35% of net advances as on September 30. HDFC Bank Q2 Result LIVE Updates

On an absolute basis, Gross NPA marginally came in at ₹31,578 crore from ₹19,064 crore, QoQ. Net NPA stood at ₹8,072.79 crore from ₹4,776.87 crore, sequentially.

The bank's core interest margin stood at 3.65 per cent on total assets. Pre-provision operating profit (PPOP) in Q2FY24 grew by 30.5 per cent to ₹22,694 crore from ₹17,392 crore in the corresponding quarter of the previous year. The provisions and contingencies for the quarter ended September 30, 2023, were at ₹2,904 crore, compared to ₹3,240 crore in the year-ago period.

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Also Read: HDFC Bank share price falls ahead of Q2 results today; here’s what to expect

Other income for the quarter ended September stood at ₹10,708 crore as against ₹7,596 crore in the corresponding quarter ended September 2022.

As per the exchange filing, the operating expenses for the quarter ended September 30, stood at ₹15,399 crore, a surge of 37.2% over ₹11,225 crore reported last fiscal during the same period.

The bank's total capital adequacy ratio as per Basel III guidelines set was at 19.5% as on September 30, 2023, as per exchange filing. 

"Total deposits showed a healthy growth of approximately ₹1.1 lac crore during the quarter post merger, and were at ₹21,72, 858 crore as of September 30, 2023, an increase of 29.8% over September 30, 2022. 

CASA deposits grew by 7.6% with savings account deposits at ₹5,69,956 crore and current account deposits at ₹2,47,749 crore," HDFC Bank said in its exchange filing. 

This is HDFC Bank's second quarterly earnings after its mega $40 billion merger with parent Housing Development Finance Corporation (HDFC) -the largest in India's corporate history, which was completed in July 2023. HDFC Ltd, the largest pure-play home financier, ceased to exist 44 years after it was founded. After the merger, HDFC Bank became the fourth largest bank in the world by market capitalisation, just three spots behind JPMorgan Chase.

On Monday, October 14, shares of HDFC Bank settled 0.47 per cent lower at ₹1,529.50 apiece on the BSE.

Also Read: HDFC Bank Q2 Results Live Updates: Net profit at ₹15,980 crore, NII at ₹27,385 crore