Tamsil Shahezad Khan | Editor |9.31 AM IST
New Dehli: In a noteworthy financial update, HDFC Bank, the largest private sector lender in India, revealed its second-quarter earnings for fiscal year 2024 on October 16, 2023. This marks the bank's first quarterly report after its merger with Housing Development Finance Corporation (HDFC), which became effective on July 1. The bank's Q2 FY24 results demonstrate a substantial year-on-year growth.
Key Highlights of HDFC Bank's Q2 Results for September 2023:
1. Net Profit Soars : The bank reported an impressive 6% year-on-year increase in net profit, reaching ₹15,980 crore.
2. Strong Net Interest Income : HDFC Bank's net interest income (NII) also exhibited robust growth, rising by 6.7% year-on-year to ₹27,385 crore.
3. Operating Profit Climbs : Operating profit witnessed substantial growth, with a 30.5% year-on-year increase, totaling ₹22,694 crore.
4. Increased Operating Expenses : Operating expenses saw a notable rise, surging by 37.2% year-on-year to ₹15,399 crore.
5. Rapid Revenue Growth : The bank's net revenue showed a remarkable increase of 114% year-on-year, reaching ₹66,317 crore.
6. Asset Quality : The gross non-performing assets (NPA) stood at 1.34%, with net NPA increasing to 0.35%.
Balance Sheet and Other Key Details:
- The total balance sheet for September 2023 stood at a substantial ₹34,16,310 crore, compared to ₹22,27,893 crore in the previous year.
- Total deposits experienced strong growth, increasing by 29.8% year-on-year, totaling ₹21,72,858 crore.
- The capital adequacy ratio as of September 30, 2023, was reported at 19.5%, compared to 18% in the previous year.
Impressive Consolidated Growth:
HDFC Bank disclosed that its consolidated net revenue for Q2 FY24 grew by an astounding 114.8%, reaching ₹66,317 crore, compared to ₹30,871 crore in the same period of the previous year. Additionally, the consolidated profit after tax for the half-year ending September 30, 2023, surged by 40.9% to ₹29,182 crore, surpassing the figures from the same period in 2022.
