HDFC Bank announced Q2FY24 results:
1. Financial Performance:
- The consolidated net revenue of HDFC Bank grew by 114.8% to Rs 66,317 crore for the quarter ended September 30, 2023.
- The standalone net revenue increased by 33.1% to Rs 38,093 crore for the same period.
- Net interest income for the quarter grew by 30.3% to Rs 27,385 crore.
2. Profitability:
- The consolidated profit after tax for the quarter ended September 30, 2023, was Rs 16,811 crore, up 51.1% from the previous year.
- Earnings per share for the quarter ended September 30, 2023, was Rs 22.2.
- The reported NIM for the quarter was 3.4% on total assets and 3.6% on interest-earning assets.
3. Balance Sheet:
- Total balance sheet size as of September 30, 2023, was Rs 34,16,310 crore.
- Total Deposits showed a healthy growth of approximately Rs 1.1 lakh crore during the quarter, reaching Rs 21,72,858 crore.
- Gross advances increased by approximately Rs 1.1 lakh crore during the quarter, amounting to Rs 23,54,633 crore.
4. Asset Quality:
- Gross non-performing assets were at 1.34% of gross advances as of September 30, 2023.
- Net non-performing assets were at 0.35% of net advances as of September 30, 2023.
5. Capital Adequacy:
- The Bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.5% as of September 30, 2023.
- Tier 1 CAR was at 17.8% and Common Equity Tier 1 Capital ratio was at 17.3% as of September 30, 2023.
6. Subsidiaries:
- HDB Financial Services Ltd's net revenue for the quarter was Rs 2,357 crore, with a total loan book of Rs 77,857 crore.
- HDFC Life Insurance's net premium income for the quarter was Rs 14,756 crore.
- HDFC ERGO General Insurance's premium earned (net) for the quarter was Rs 2,592 crore.
- HDFC Asset Management's Quarterly Average Assets Under Management were approximately Rs 5.25 lakh crore.