HDFC Bank Q2 results: Consolidated PAT rises to Rs 17,830 crore, revenue up 14.7% YoY

The country's largest private sector lender, HDFC Bank, reported a consolidated profit after tax (PAT) of Rs 17,830 crore. The consolidated PAT adjusted for trading & mark to market gains and tax credits in the prior year, grew by 17.4 percent over the quarter ended September 30, 2023, the bank said in a disclosure to the exchanges on October 19. The consolidated PAT for the half year ended September 30, 2024 stood at Rs 34,300 crore. 

The bank’s consolidated revenue grew by 14.7 percent YoY to Rs 76,040 crore for the quarter ended September 30, 2024, from Rs 66,320 crore billion for the quarter ended September 30, 2023.  

Its earnings per share for the quarter ended September 30, 2024 stood at Rs 23.4 and book value per share as of September 30, 2024, was at Rs 631.4. 

The bank’s net revenue grew by 9.2% to Rs 41,600 crore for the quarter ended September 30, 2024 from Rs 38,090 crore for the quarter ended September 30, 2023. 

Its net interest income (interest earned less interest expended) for the quarter ended September 30, 2024, grew by 10.0% to Rs 30,110 crore from Rs 27,390 crore for the quarter ended September 30, 2023. Core net interest margin was at 3.46% on total assets, and 3.65% based on interest earning assets. 

Other income (non-interest revenue) for the quarter ended September 30, 2024 was Rs 11,480 crore compared to Rs 10,710 crore in the corresponding quarter ended September 30, 2023.  

Operating expenses for the quarter ended September 30, 2024 stood at Rs 16,890 crore, an increase of 9.7% over Rs 15,400 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 40.6%. 

As of September 30, 2024, the lender’s total balance sheet size increased to Rs 36,88,100 crore as against Rs 34,16,300 crore as of September 30, 2023. 

Total deposits for the quarter stood at Rs 25,00,100 crore an increase of 15.1% over September 30, 2023. Its CASA deposits grew by 8.1% with savings account deposits at Rs 6,08,100 crore and current account deposits at Rs 2,75,400 crore.  

Time deposits stood at Rs 16,16,500 crore, an increase of 19.3% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 35.3% of total deposits as of September 30, 2024. 

The bank’s average deposits were Rs 23,54,000 crore for the September 2024 quarter, a growth of 15.5% over Rs 20,38,500 crore for the September 2023 quarter, and 3.1% over Rs 22,83,100 crore for the June 2024 quarter. 

The lender’s gross non-performing assets (GNPA) stood at 1.36 percent. NNPA stood at 0.41 percent.

Gross NPA stood at 1.36% compared to 1.33% in the previous quarter (QoQ). Net NPA increased to 0.41% from 0.39% QoQ. In absolute terms, gross NPAs rose to Rs 34,250.6 crore from Rs 33,025.7 crore, while net NPAs climbed to Rs 10,308.5 crore from Rs 9,508.4 crore QoQ. Provisions for the quarter amounted to Rs 2,700.5 crore, down from Rs 2,903.8 crore YoY but slightly up from Rs 2,602.06 crore QoQ.