HDFC Bank Q2 net profit rises 22.3% to Rs 11,125 crore powered by loan growth

Stocks

The private sector lender’s net interest income grew 18.9 percent to Rs 21,021.2 crore from Rs 17,684.4 crore for the quarter ended September 30, 2021

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lastRsrs[e]= stkId; if(lastRsrs.length > 0) { var resStr=”; var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .get( “//www.moneycontrol.com/mccode/common/rhsdata.html”, function( data ) { $ (‘#backInner1_rhsPop’).html(data); $ .ajax({url:url, type:”POST”, dataType:”json”, data:{q_f:typparam1,wSec:secglbVar,wArray:lastRsrs}, success:function(d) { if(typparam1==’1′) // rhs { var appndStr=”; var newappndStr = makeMiddleRDivNew(d); appndStr = newappndStr[0]; var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); 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alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); 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HDFC Bank on October 15 reported consolidated net profit Rs 11,125 crore, up 22.3 percent, over the quarter ended September 30, 2021. This comes on the back of a strong 23 percent loan growth and pristine asset quality.

Standalone net profit grew 20 percent year-on-year to Rs 10,606 crore.

The private sector lender’s net interest income grew 18.9 percent to Rs 21,021.2 crore from Rs 17,684.4 crore for the quarter ended September 30, 2021.

Domestic retail loans grew by 21.4 percent, commercial and rural banking loans grew by 31.3 percent and corporate and other wholesale loans grew by 27.0 percent.

Asset quality of the bank improved with gross non-performing assets (NPAs) at 1.23 percent, as against 1.28 percent a quarter ago. Net non-performing assets were at 0.33 percent of net advances as on September 30, 2022, as against 0.35 percent in Q1FY23.

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Operating expenses for the quarter was Rs 11,224.6 crore, an increase of 21 percent YoY. The cost-to-income ratio for Q2FY23 stood at 39.2 percent.

Provisions and contingencies declined to Rs 3,240.1 crore as against Rs 3,924.7 crore in the corresponding quarter last fiscal. Meanwhile, core net interest margin stood at 4.1 percent on total assets.

Total balance sheet size as of September 30, 2022 was Rs 2,227,893 crore as against Rs 1,844,845 crore as of September 30, 2021, a growth of 20.8 percent.

Total deposits showed a healthy growth and were at Rs 1,673,408 crore as of September 30, 2022, an increase of 19 percent YoY. CASA deposits grew by 15.4 percent with savings account deposits at Rs 529,745 crore and current account deposits at Rs 229,951 crore.