India's largest private sector lender HDFC Bank on Saturday reported that its standalone profit after tax for the quarter ended September 2024 rose 5.3% year-on-year (YoY) to Rs 16,821 crore. The PAT figure was above Street estimates.
During the quarter, HDFC Bank's net interest income (NII) rose 10% YoY to Rs 30,113 crore and was in line with ET Now poll estimates.
The core net interest margin (NIM) was at 3.46% on total assets, and 3.65% based on interest-earning assets.
The lender's total deposits grew 15.1% YoY in the September quarter to Rs 25,00,100 crore while gross advances recorded a growth of 7% YoY to Rs 25,19,000 crore.
As of September-end, HDFC Bank's gross NPA rose to 1.36% of gross advances as against 1.33% in Q1 of FY25 and 1.34% in Q2 of FY24.
The net non-performing assets were at 0.41% of net advances at the end of Q2.
HDFC Bank said its other income (non-interest revenue) for the quarter ended September 2024 rose to Rs 11,480 crore as against Rs 10,710 crore in the corresponding quarter ended September 30, 2023.
Operating expenses for the quarter rose 9.7% to Rs 16,890 crore 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%.
Provisions and contingencies for the quarter ended September 30, 2024, were Rs 2,700 crore as against Rs 2,900 crore for the quarter ended September 30, 2023. The total credit cost ratio was at 0.43%, as compared to 0.49% for the quarter ending September 30, 2023.
Balance Sheet
HDFC Bank's total balance sheet size rose to Rs 36,88,100 crore as against Rs 34,16,300 crore YoY. The total deposits rose 15.1% to Rs 25,00,100 crore while CASA deposits grew 8.1% with savings account deposits at Rs 6,08,100 crore and current account deposits at Rs 2,75,400 crore.
Time deposits were 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-end.
The bank's average deposits were Rs 23,54,000 crore for the September quarter, 15.5% growth over Rs 20,38,500 crore for posted in the September 2023 quarter.
"Gross advances rose 7% YoY to Rs 25,19,000 crore. Grossing up for transfers through inter-bank participation certificates, bills rediscounted and securitisation/assignment, advances under management grew by 8.0% over September 30, 2023," HDFC Bank said.
Retail loans grew by 11.3%, commercial and rural banking loans by 17.4% and corporate and other wholesale loans were lower by 12.0%.
Overseas advances constituted 1.7% of total advances. The bank's advances under management, on an average basis, grew 10.2% YoY to Rs 25,63,900 crore for the September quarter.
The bank's total capital adequacy ratio (CAR) as per Basel III guidelines was at 19.8% in Q2 of FY25 vs 19.5% in Q2 FY24 as against a regulatory requirement of 11.7%. The Tier 1 CAR was at 17.8% and the Common Equity Tier 1 capital ratio was at 17.3% as of September-end.
On Friday, HDFC Bank shares ended 0.47% higher at Rs 1,681.15 on the BSE.
During the quarter, HDFC Bank's net interest income (NII) rose 10% YoY to Rs 30,113 crore and was in line with ET Now poll estimates.
The core net interest margin (NIM) was at 3.46% on total assets, and 3.65% based on interest-earning assets.
The lender's total deposits grew 15.1% YoY in the September quarter to Rs 25,00,100 crore while gross advances recorded a growth of 7% YoY to Rs 25,19,000 crore.
As of September-end, HDFC Bank's gross NPA rose to 1.36% of gross advances as against 1.33% in Q1 of FY25 and 1.34% in Q2 of FY24.
The net non-performing assets were at 0.41% of net advances at the end of Q2.
HDFC Bank said its other income (non-interest revenue) for the quarter ended September 2024 rose to Rs 11,480 crore as against Rs 10,710 crore in the corresponding quarter ended September 30, 2023.
Operating expenses for the quarter rose 9.7% to Rs 16,890 crore 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%.
Provisions and contingencies for the quarter ended September 30, 2024, were Rs 2,700 crore as against Rs 2,900 crore for the quarter ended September 30, 2023. The total credit cost ratio was at 0.43%, as compared to 0.49% for the quarter ending September 30, 2023.
Balance Sheet
HDFC Bank's total balance sheet size rose to Rs 36,88,100 crore as against Rs 34,16,300 crore YoY. The total deposits rose 15.1% to Rs 25,00,100 crore while CASA deposits grew 8.1% with savings account deposits at Rs 6,08,100 crore and current account deposits at Rs 2,75,400 crore.
Time deposits were 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-end.
The bank's average deposits were Rs 23,54,000 crore for the September quarter, 15.5% growth over Rs 20,38,500 crore for posted in the September 2023 quarter.
"Gross advances rose 7% YoY to Rs 25,19,000 crore. Grossing up for transfers through inter-bank participation certificates, bills rediscounted and securitisation/assignment, advances under management grew by 8.0% over September 30, 2023," HDFC Bank said.
Retail loans grew by 11.3%, commercial and rural banking loans by 17.4% and corporate and other wholesale loans were lower by 12.0%.
Overseas advances constituted 1.7% of total advances. The bank's advances under management, on an average basis, grew 10.2% YoY to Rs 25,63,900 crore for the September quarter.
The bank's total capital adequacy ratio (CAR) as per Basel III guidelines was at 19.8% in Q2 of FY25 vs 19.5% in Q2 FY24 as against a regulatory requirement of 11.7%. The Tier 1 CAR was at 17.8% and the Common Equity Tier 1 capital ratio was at 17.3% as of September-end.
On Friday, HDFC Bank shares ended 0.47% higher at Rs 1,681.15 on the BSE.
You may also like
26 km 'Rally for Justice' in Bengal seeks justice for RG Kar rape-murder victim
Paul Merson's 'time is up' as he's dealt massive blow ahead of Strictly Come Dancing
John Fetterman says Elon Musk is a concern for Democrats: 'Some people see him as Tony Stark'
Northward Shift In Summer Winds Worsening Heatwaves In North-Central India, IIT Bombay Study Reveals
Bruce Springsteen slams 'enormous pressures' on singers after Liam Payne's tragic death
