HDFC Bank on October 15 reported a consolidated net profit of Rs 11,125 crore for the quarter ended September 30 (Q2FY23). The figure was 22.3 percent higher than the profit logged in the corresponding quarter of the previous fiscal.
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 in the year-ago period.
Domestic retail loans grew by 21.4 percent while commercial and rural banking loans saw a growth of 31.3 percent. That apart, 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.
Operating expenses for the quarter were 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, the 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 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.