Big news from HDFC Bank! They just released their latest financial results for the second quarter of this fiscal year (FY24) on Monday, October 16, 2023. This is the first time they’re sharing their numbers since their merger with Housing Development Finance Corporation (HDFC) took effect on July 1. Excitingly, the bank’s net profit and net interest income have both shown an increase compared to this time last year.
HDFC Bank’s latest Q2 financial report is in, and the numbers are looking promising. As of September 2023, their total balance sheet has reached a substantial ₹34,16,310 crore, marking a significant increase from ₹22,27,893 crore in the same period last year. Impressively, total deposits have surged by 29.8 percent, now standing at a substantial ₹21,72,858 crore. The capital adequacy ratio, a crucial measure of a bank’s financial health, has also improved, reaching 19.5 percent compared to 18 percent in the previous year. These figures indicate a robust growth trajectory for HDFC Bank, underlining its strong position in the financial landscape.
HDFC Bank just released its second-quarter results, and the numbers are quite impressive.
They’ve reported a significant boost in their net revenue, which has surged by a whopping 114.8%, reaching a staggering ₹66,317 crore compared to ₹30,871 crore in the same period last year. Not just that, their consolidated profit after tax for the first half of the financial year ending on September 30, 2023, has also seen a substantial increase of 40.9%, totaling ₹29,182 crore. These numbers indicate a remarkable performance and growth for the bank during this period.
Gross, net NPA jump QoQ
HDFC Bank’s Latest Quarterly Report shows an increase in troubled loans. This quarter, the percentage of loans that turned bad before provisions rose to 1.34%, up from 1.17% in the last quarter. Additionally, after factoring in provisions, the actual troubled loans increased to 0.35% from 0.30% in the last quarter.
Business earnings rose by 30.5% compared to last year, and our customers’ current and savings account balance makes up 37.6% of our total deposits.
In the last quarter (September 2023), the bank’s earnings before expenses were around ₹22,694 crore, which is a significant increase of 30.5 percent compared to the same period last year. Also, the ratio of the money they hold on your behalf compared to what they lend out (CASA ratio) is at 37.6 percent.
