NEW DELHI: In line with street estimate, HDFC Bank on Saturday reported a 22.3 per cent jump in its consolidated net profit for the September quarter (Q2FY23) at Rs 11,125 crore. The bank had reported a consolidated net profit of Rs 9,096 crore in the year-ago quarter (Q3FY22).
On a standalone basis, the leading private lender’s net profit rose by over 20 per cent to Rs 10,606 crore as against Rs 8,834 crore in the year-ago period and Rs 9,196 crore in the preceding June quarter (Q1FY23).
HDFC Bank’s total income rose to Rs 46,182 crore in Q2FY23 from Rs 38,754 crore in the year-ago period. The bank’s net interest income (interest earned less interest expended) for the quarter that ended September 30, 2022, grew by 18.9 per cent to Rs 21,021 crore from Rs 17,684 crore for the quarter that ended September 30, 2021.
The core net interest margin was at 4.1 per cent on total assets, and 4.3 per cent based on interest-earning assets. Gross non-performing assets of HFDC Bank came down to 1.23 per cent of gross advances as of September 30, 2022, as against 1.35 per cent as of September 30, 2021.
Net non-performing assets were at 0.33 per cent of net advances as of September 30, 2022. Total advances as of September 30, 2022, were Rs 1,479,873 crore, an increase of 23.4 per cent over September 30, 2021. Domestic retail loans grew by 21.4 per cent, commercial and rural banking loans grew by 31.3 per cent and corporate and other wholesale loans grew by 27.0 per cent.
Overseas advances constituted 3.1 per cent of total advances.
While HDFC Bank’s total balance sheet size grew by 21 per cent Rs 2,227,893 crore from Rs 1,844,845 crore, its total deposit showed healthy growth and was at Rs 1,673,408 crore as of September 30, 2022, an increase of 19.0 per cent over September 30, 2021. Current Account Savings Account (CASA) deposits grew by 15.4 per cent, with savings account deposits at Rs 5.30 lakh crore and current account deposits at Rs 2.3 lakh crore.
Meanwhile, the HDFC-HDFC Bank merger moved one step closer on Friday with the National Company Law Tribunal (NCLT) asking the companies to hold a shareholders’ meeting.
Total income rises to Rs 46,182 cr in Q2FY23
HDFC Bank’s total income rose to Rs 46,182 cr in Q3FY23 from Rs 38,754 cr in the year-ago period. The bank’s net interest income (interest earned less interest expended) for the quarter that ended Sept 30, 2022, grew by 18.9 per cent to Rs 21,021 cr from Rs 17,684 cr for the quarter that ended Sept 30, 2021. Core net interest margin was at 4.1 per cent on total assets, and 4.3 per cent based on interest-earning assets