HDFC Bank, the largest private sector lender in India, released its financial results for the second quarter of the fiscal year 2024 on October 16, 2023. This marks the inaugural quarterly report for HDFC Bank following its merger with Housing Development Finance Corporation (HDFC), a mortgage lender, which became effective on July 1. In Q2FY24, the bank witnessed notable growth in various key financial indicators:
The net profit experienced a year-on-year increase of 6%, reaching ₹15,980 crore.
Net Interest Income (NII) exhibited a 6.7% year-on-year rise, totaling ₹27,385 crore.
Operating profit surged by a remarkable 30.5% year-on-year, amounting to ₹22,694 crore.
Operating expenses saw a substantial 37.2% year-on-year increase, reaching ₹15,399 crore.
Net revenue witnessed an impressive 114% year-on-year growth, reaching ₹66,317 crore.
Gross Non-Performing Assets (NPA) stood at 1.34%, while net NPA increased to 0.35%.
As of September 2023, the bank’s total balance sheet stood at ₹34,16,310 crore, compared to ₹22,27,893 crore in the same period the previous year. Total deposits registered a robust year-on-year growth of 29.8%, reaching ₹21,72,858 crore. The capital adequacy ratio as of September 30, 2023, was reported at 19.5%, up from 18% in the previous year.
On October 16, 2023, HDFC Bank’s stock closed at Rs.1,532 on the NSE, representing a marginal decrease of 0.24%.