Impressive Surge: HDFC Bank’s Q2 Profit Soars 5% YoY to Rs 16,821 Crore, Exceeding Expectations!
India’s premier private sector bank, HDFC Bank, reported a 5.3% increase in its standalone profit after tax (PAT) for the September 2024 quarter, reaching Rs 16,821 crore. This figure surpassed market expectations. The bank’s net interest income (NII) climbed 10% year-on-year to Rs 30,113 crore, aligning with ET Now poll estimates. HDFC’s core net interest margin (NIM) stood at 3.46% on total assets, and 3.65% based on interest-earning assets.
The company experienced a 15.1% growth in total deposits, rising to Rs 25,00,100 crore, while gross advances grew by 7% to Rs 25,19,000 crore. Gross NPAs slightly rose to 1.36% of gross advances, compared to 1.33% in the previous quarter and 1.34% in the same quarter of the prior year. Net NPAs were recorded at 0.41%. The bank’s non-interest revenue increased to Rs 11,480 crore from the previous year’s Rs 10,710 crore.
Operating expenses grew by 9.7% to Rs 16,890 crore. The cost-to-income ratio was maintained at 40.6%. Provisions and contingencies reduced to Rs 2,700 crore from Rs 2,900 crore recorded in the same period last year. The total credit cost ratio improved to 0.43%, down from 0.49% a year ago.
HDFC’s balance sheet reached Rs 36,88,100 crore, up from Rs 34,16,300 crore year-on-year. CASA deposits rose 8.1%, with savings at Rs 6,08,100 crore and current account deposits at Rs 2,75,400 crore. Time deposits saw a 19.3% rise. The bank’s average deposits were Rs 23,54,000 crore, a 15.5% increase from last year.
Gross advances under management rose 8%, and retail loans grew by 11.3%. The bank’s capital adequacy ratio, adhering to Basel III norms, improved to 19.8%, with a Tier 1 ratio of 17.8%. HDFC Bank shares ended Friday’s session 0.47% higher at Rs 1,681.15 on the BSE.
Original Story https://m.economictimes.com/markets/stocks/earnings/hdfc-bank-q2-results-pat-rises-5-yoy-to-rs-16821-crore-beats-street-estimates/articleshow/114371837.cms
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