HDFC Bank Q2 Results: PAT Up 50% To Rs 15,976 Cr, NII Climbs 30.3% YoY

While announcing its Q2FY24 results today, India's largest private sector lender HDFC Bank stated that on a standalone basis, its net profit stood at Rs 15,976 crore, up 50.6% from Q2FY23. Meanwhile, net interest income (NII) jumped by 30.3% to Rs 27,385 crore for Q2FY24 from Rs 21,021 crore for Q2FY23.

A 51.1% increase over the quarter ended September 30, 2022, the consolidated profit after tax for the quarter ended September 30, 2023 was Rs 16,811 crore. Earnings per share for Q2FY24 were Rs 22.2, and book value per share was Rs 552.5. For the half-year that ended on September 30, 2023, the consolidated profit after taxes was Rs 29,182 crore, which is a rise of 40.9% from the half-year that ended on September 30, 2022.

On a standalone basis, the bank's net revenue went up from Rs 28,617 crore for the quarter ended September 30, 2022 to Rs 38,093 crore for the quarter ended September 30, 2023, which is a 33.1% YoY growth. On a consolidated net revenue jumped by 114.8% to Rs 66,317 crore for the quarter ended September 30, 2023 from Rs 30,871 crore for the quarter ended September 30, 2022.

For the quarter, the core net interest margin on total assets and interest-earning assets was 3.65% and 3.85%, respectively. On total assets and interest-earning assets, the reported NIM for the quarter were 3.4% and 3.6%, respectively. The quarter ended September 30, 2023 saw Rs 10,708 crore in other income (non-interest revenue), up from Rs 7,596 crore in the comparable quarter ended September 30, 2022.

Operating expenses for the bank were Rs 15,399 crore for the quarter that ended on September 30, 2023, up 37.2% from Rs 11,225 crore for the same period the year before. For the quarter, the cost-to-income ratio was 40.4%. The total credit cost ratio was 0.49%, down from the quarter ending September 30, 2022, when it was 0.87%. For Q2FY24, profit before tax (PBT) was Rs 19,790 crore.

Compared to September 30, 2022, when the total balance sheet size was Rs 22,27,893 crore, it was Rs 34,16,310 crore as of September 30, 2023. The total deposits held by the bank jumped by an impressive 1.1 lac crore in the quarter following the merger, reaching Rs 21,72,858 crore as of September 30, 2023, a rise of 29.8% from September 30, 2022.

Savings account deposits climbed by 7.6% to Rs 5,69,956 crore and current account deposits to Rs 2,47,749 crore. As of September 30, 2023, time deposits accounted for 13,55,153 crore, an increase of 48.3% over the same quarter the previous year. As a consequence, CASA deposits made up 37.6% of all deposits.

As of September 30, 2023, the bank's gross advances were Rs 23,54,633 crore, up 57.7% from September 30, 2022, a rise of around 1.1 lac crore during the quarter following the merger. Domestic retail loans jumped by 112.1 percent, commercial and rural banking loans by 29.5 per cent, and corporate and other wholesale loans-which do not include eHDFC Ltd's non-individual loans of about Rs 1,02,800 crore-by 7.9 per cent. advancements made overseas made for 1.7% of all advances.