HDFC Bank Q2 Results: HDFC Bank announced its July-September quarter results for fiscal year 2024-25 (Q2FY25) on Saturday, October 19, reporting a 5.3 percent rise in standalone net profit in $16,821 crore, compared to $15,976 crore in the corresponding period last year.
HDFC Bank’s net interest income (NII) (the difference between interest earned and paid) rose 10 per cent to $30,110 crores compared to $27,390 crore in the same period of the previous year.
India’s largest private lender’s total revenue by market value rose to $85.5 billion during the quarter under review as compared to $78,406 crore in the same period last year.
The bank reported interest income of $74,017 crore during the quarter as compared to $67,698 crore in the same period a year ago.
HDFC Bank’s asset quality saw slight deterioration with gross non-performing assets (NPA) rising to 1.36 per cent of gross loans at end-September 2024 from 1.34 per cent a year ago.
Similarly, net doubtful or non-performing loans rose to 0.41 percent from 0.35 percent at the end of the second quarter of the previous fiscal year.
HDFC Bank’s total balance sheet size increased to $36,88,100 crore, as against $34,16,300 crores year on year. Total deposits grew by 15.1 percent to reach $25,00,100 crore, while CASA deposits increased by 8.1 per cent. Totalized savings account deposits $6,08,100 crores, and current account deposits amounted to $2,75,400 crores.
Provisions and contingencies for the quarter ended September 30, 2024 amounted to $2,700 crore, down from $2,900 crore in the same quarter of 2023. The total credit cost ratio stood at 0.43 per cent, as compared to 0.49 per cent for the quarter ended September 30, 2023.
HDFC Bank’s operating expenses for the quarter rose 9.7 percent to $16,890 crore more $15,400 crore during the corresponding quarter of the previous year.
In the July-September quarter, the bank’s gross advances rose 7 percent year-on-year to $25.19 lakh crores.
Retail lending grew 11.3 percent and commercial and retail banking grew 17.4 percent. However, corporate loans and other wholesale loans decreased by 12 percent.
Foreign advances constituted 1.7 percent of total advances.
The Bank’s advances under management, on average, were $25.64 crore in the July-September quarter, compared to $23.27 crores in the year-ago period, and $25.33 crore in the quarter ago period.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.