HDFC Bank on October 15 reported a consolidated net profit of Rs 11,125 crore for the quarter ended September 30 (Q2FY23). The figure was 22.3 percent higher than the profit logged in the corresponding quarter of the previous fiscal. This comes on the back of a strong 23 percent loan growth and pristine asset quality.
The bank's standalone net profit increased by 20 percent year-on-year (YoY) to Rs 10,606 crore while its net interest income (NII) grew 18.9 percent to Rs 21,021.2 crore against Rs 17,684.4 crore logged in Q2FY22.
Domestic retail loans grew by 21.4 percent while commercial and rural banking loans saw a growth of 31.3 percent. That apart, corporate and other wholesale loans witnessed an increase of 2 percent.Asset quality of the bank also improved with gross non-performing assets (GNPAs) coming in at 1.23 percent, as against 1.28 percent in the year-ago period. Net non-performing assets (NNPAs) were at 0.33 percent of net advances as on September 30, 2022, as against 0.35 percent in Q1FY23.
Operating expenses for the quarter stood at Rs 11,224.6 crore, up 21 percent YoY. The cost-to-income ratio for Q2FY23 stood at 39.2 percent. Provisions and contingencies declined to Rs 3,240.1 crore as against Rs 3,924.7 crore in the corresponding quarter last fiscal. Meanwhile, the core net interest margin (NIM) came in at 4.1 percent on total assets.
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