HDFC Bank Q2 Results: Here's All You Need To Know
On a sequential basis, the bank's standalone net profit increased 14.29 per cent, compared to Rs 7,729 crore reported at the end of the preceding April-June quarter in the financial year 2020-21. (Also Read: HDFC Bank Net Profit Rises 16% To Rs 7,729 Crore In 1st Quarter Of Current Fiscal )
At Rs 16,346 crore, the bank's gross non-performing asset (NPA) stood at 1.35 per cent of the gross advances (1.2 per cent excluding NPAs in the agricultural segment), compared to 1.47 per cent in the preceding June quarter, and 1.37 per cent in the year-ago period.
HDFC Bank's net interest income - the difference between interest earned and interest expended - grew 12.1 per cent to Rs 17,684.4 crore, compared to Rs 15,776.4 crore in the year-ago period, driven by advances growth of 15.5 per cent, and a core net interest margin of 4.1 per cent.
The net NPA in the September quarter stood at Rs 4,755 crore - which was 0.40 per cent of the net advances, compared to 0.17 per cent in the year-ago period, and 0.48 per cent in the preceding June quarter.
The bank's non-interest revenue (other income) at Rs 7,600.8 crore was 29.5 per cent of the net revenues and registered a growth of 21.5 per cent, compared to Rs 6,092.5 crore in the corresponding quarter of the previous fiscal.
The operating expenses for the September quarter were Rs 9,277.9 crore, an increase of 15.2 per cent, compared to Rs 8,055.1 crore during the corresponding quarter last year. The cost-to-income ratio for second quarter stood at 37 per cent.
HDFC Bank's net revenues - net interest income plus other income, increased by 14.7 per cent to Rs 25,085.2 crore for the July-September quarter, compared to Rs 21,868 crore in the corresponding quarter of the previous fiscal.
The bank's total advances in the September quarter stood at Rs 1,198,837 crore, marking an increase of 15.5 per cent from the year-ago period. Retail loans grew by 12.9 per cent, commercial and rural banking loans grew by 27.6 per cent, and other wholesale loans grew by six per cent.
During the quarter, the Reserve Bank of India (RBI) lifted the ban on HDFC Bank's credit card business. Since then, it has issued more than 4 lakh credit cards, as of September 21, 2021, according to the bank's statement. (Also Read: HDFC Bank Issues Over 4 Lakh Credit Cards Since Lifting Of Ban )
On Thursday, October 14, shares of HDFC Bank settled 2.86 per cent higher at Rs 1,685.90 apiece on the BSE. Ahead of the quarterly results, the bank's shares rallied on Thursday to touch a 52-week high of Rs 1,690 during the trading session.