NEW DELHI: Private sector lender HDFC Bank has reported standalone profit at Rs 8,834.31 crore for the quarter ended September 2021, registering a growth of 17.6 per cent against the same period last fiscal. The sequential growth in profit was at 14.3 per cent for the quarter, on account to high other income, and marginal increase in provisions.
“Advances grew at 15.5 per cent reaching new heights driven through relationship management, digital offering and breadth of products. Core net interest margin was at 4.1 per cent,” HDFC Bank said in its BSE filing. The advance was approximately Rs 11.98 lakh crore in Q2FY22. Net interest income also increased by 12.1 per cent YoY to Rs 17,684.4 crore during the quarter, with healthy loan growth.
The bank saw healthy growth in retail loan. “Retail segment that registered 12.9 per cent YoY growth and commercial & rural banking segment grew 27.6 per cent YoY during the quarter,” HDFC Bank said. Other wholesale loans grew by around 6 per cent YoY. “This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123 per cent, well above the regulatory requirement,” the bank said.
Deposits rose 14.4 per cent , with retail deposits growth 17.5 per cent at Rs 14.06 lakh crore by the end of September 30. HDFC Bank had said CASA deposits grew 28.7 per cent at Rs 6.58 lakh crore, while provisions and contingencies were at Rs 3,924.66 crore for the September quarter.
The bank said it held floating provisions of Rs 1,451 crore and contingent provisions of Rs 7,756 crore as of September 2021, and total provisions were 163 per cent of the gross non-performing loans as of September 2021. Provision coverage ratio improved further to 70.9 per cent in the second quarter of FY22, from 67.9 per cent in June quarter. HDFC Bank said other income (non-interest income) at Rs 7,400.8 crore in Q2FY22 grew by 21.5 per cent y-o-y, as fees & commissions, which accounted for 67 per cent of other income, jumped 25.5 per cent to Rs 4,945.9 crore y-o-y.
Advances at new peak
Advances grew at 15.5 per cent reaching new heights driven through relationship management, digital offering and breadth of products. Core net interest margin was at 4.1 per cent