Q2 Results HDFC Bank: Net profit increased by 50% to Rs 15,976.11 crore, with a 30% increase in NII

HDFC Bank just shared how they did in the second quarter (Q2) of the year. This is their second earnings report since they joined forces in a massive $40 billion merger with their parent company, Housing Development Finance Corporation (HDFC). It’s the biggest merger ever in India’s business history.

HDFC Bank’s Q2 Results: HDFC Bank just told us how they did from July to September in 2023-24 (Q2FY24). They made a big profit of ₹15,976.11 crore, which is 50.6% more than what they made last year at ₹10,605.78 crore.

They also earned ₹27,385.23 crore from the difference between the money they earned from interest and the money they spent on interest. Last year, it was ₹21,021.16 crore.

Now, let’s talk about how many loans didn’t get paid back. On September 30, 1.34% of the loans weren’t paid, but in June, it was a little higher at 1.41%. The loans that weren’t paid back after taking away all the expenses were 0.35% on September 30.

HDFC Bank Q2 Results Live Updates

Q2 Results hdfc bank

In simple terms, the Gross NPA (bad loans) for the bank increased from ₹19,064 crore to ₹31,578 crore, compared to the previous quarter. The Net NPA, which is what’s left after subtracting expenses, went up from ₹4,776.87 crore to ₹8,072.79 crore in the same way.

The bank’s core interest margin, which is like the profit they make from their main business, was 3.65 percent of all the money they have. In the second quarter of this year (Q2FY24), they made ₹22,694 crore as profit before setting aside money for future problems. That’s a 30.5 percent increase compared to ₹17,392 crore in the same quarter last year.

When it comes to getting ready for any unexpected issues, they put aside ₹2,904 crore for this in the quarter ending on September 30, 2023. This is less than the ₹3,240 crore they put away in the same time last year.

Numbers of HDFC Bank Q2 Results

In the quarter ending September this year, the bank made ₹10,708 crore from sources other than their main business, which is more than what they made in the same quarter last year, which was ₹7,596 crore.

Now, when we talk about expenses, in this year’s September quarter, the bank spent ₹15,399 crore to run its operations. That’s a big jump of 37.2% from last year when it was ₹11,225 crore for the same period.

According to the Basel III guidelines, the bank had a total capital adequacy ratio of 19.5% on September 30, 2023.

Now, when it comes to the money people put in the bank, they saw an increase of about ₹1.1 lac crore in the quarter after the merger. By the end of September 30, 2023, the total deposits in the bank were ₹21,72,858 crore, which is almost 30% more than what it was on September 30, 2022.

HDFC Bank Q2 Financially Report

HDFC Bank shared that they’ve seen more money put into their savings and current accounts. The savings account got ₹5,69,956 crore, and the current account got ₹2,47,749 crore. That’s a 7.6% increase.

This is the second time HDFC Bank has shared how they’re doing financially, and it comes after a mega merger with HDFC, which is a huge housing finance company. This merger was super big, worth $40 billion, and it happened in July 2023. After the merger, HDFC Bank became the fourth biggest bank in the whole world in terms of how much it’s worth, just three spots away from the top dog, JPMorgan Chase.

By the way, on Monday, October 14, HDFC Bank’s shares on the stock market went down by 0.47% and settled at ₹1,529.50 each.

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