HDFC Bank Q2 Results: HDFC Bank announced its July-September quarter results for fiscal 2024-25 (Q2FY25) on Saturday, October 19, reporting a rise of 5.3 per cent in standalone net profit at 16,821 crore, compared to 15,976 crore in the corresponding period last year.
HDFC Bank’s net interest income (NII) – the difference between interest earned and paid, rose 10 per cent to 30,110 crore compared to 27,390 crore in the year-ago period.
The total income of India’s largest private lender by market value increased to 85,500 crore during the quarter under review compared to 78,406 crore in the same period last year.
The bank reported interest income of 74,017 crore during the quarter compared to 67,698 crore in the same period a year ago.
HDFC Bank’s asset quality witnessed slight deterioration with the gross non-performing assets (NPAs) rising to 1.36 per cent of the gross loans by the end of September 2024 from 1.34 per cent a year ago.
Similarly, net NPAs or bad loans rose to 0.41 per cent from 0.35 per cent at the end of the second quarter of the previous fiscal.
HDFC Bank’s total balance sheet size increased to 36,88,100 crore, up from 34,16,300 crore year-on-year. Total deposits grew by 15.1 percent to reach 25,00,100 crore, while CASA deposits rose by 8.1 per cent. Savings account deposits totaled 6,08,100 crore, and current account deposits amounted to 2,75,400 crore.
Provisions and contingencies for the quarter ending September 30, 2024, amounted to 2,700 crore, down from 2,900 crore in the same quarter of 2023. The total credit cost ratio stood at 0.43 per cent, compared to 0.49 per cent for the quarter ending September 30, 2023.
HDFC Bank’s operating expenses for the quarter rose 9.7 percent to 16,890 crores 15,400 crore during the corresponding quarter of the previous year.
In the July-September quarter, gross advances of the bank increased by 7 percent on-year to 25.19 lakh crore.
Retail loans grew by 11.3 percent, and commercial and retail banking grew by 17.4 percent. However, corporate and other wholesale loans were lower by 12 percent.
Overseas advances constituted 1.7 percent of the total advances.
Bank’s advances under management, on an average basis were 25.64 lakh crore in July-September quarter, as compared to 23.27 lakh crore in a year ago period, and 25.33 lakh crore in a quarter ago period.
