HDFC Bank Q2 results: Net profit jumps 18% to Rs 8,834.3 crore, beats estimates

HDFC Bank, the country's largest private sector lender, on Saturday, reported a 17.6 percent jump in net profit at Rs 8,834.3 crore during the quarter ended September 30.

In the corresponding quarter last year, the Mumbai-headquartered bank posted a net profit of Rs 7,513 crore. CNBC-TV18 Poll had predicted a profit of Rs 8796.8 crore for the quarter under review.

Total consolidated income during the quarter under review rose to Rs 41,436.36 crore from Rs 38,438.47 crore in July-September 2020, HDFC Bank said in a statement. On a standalone basis, after providing Rs 3,048.3 crore for taxation, it earned a net profit of Rs 8,834.3 crore, an increase of 17.6 percent over the quarter ended September 30, 2020.

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The bank had earned a net profit of Rs 7,513.1 crore on a standalone basis in the same quarter a year ago, the statement said. Total income (standalone) grew to Rs 38,754.16 crore in the second quarter of FY2022 from Rs 36,069.42 crore in the year-ago quarter.

The bank's net revenues increased by 14.7 percent to Rs 25,085.2 crore for the quarter ended September 30, 2021, from Rs 21,868.8 crore for the quarter ended September 30, 2020.

Net interest income for the quarter ended September 30, 2021, grew by 12.1 percent to Rs 17,684 crore from Rs 15,776.4 crore for the quarter ended September 30, 2020.

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Total deposits as of September 30, 2021, were Rs 1,406,343 crore, an increase of 14.4 percent over September 30, 2020. CASA deposits grew by 28.7 percent with savings account deposits at Rs 452,381 crore and current account deposits at Rs 205,851 crore.

Time deposits were Rs 748,111 crore, an increase of 4.2 percent over the corresponding quarter of the previous year, resulting in CASA deposits comprising 46.8 percent of total deposits as of September 30, 2021.

The bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 20.0 percent as of September 30, 2021 (19.1 percent as of September 30, 2020) as against a regulatory requirement of 11.075 percent which includes a Capital Conversion Buffer of 1.875 percent, and an additional requirement of 0.02 percent on account of the bank being identified as a Domestic Systemitallcally Important Bank.

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Gross non-performing assets were at 1.35 percent of gross advances as of September 30, 2021, (1.2 percent excluding NPAs in the agricultural segment) as against 1.47 percent as on June 30, 2021 (1.3 percent excluding NPAs in the agricultural segment) and 1.37 percent (proforma approach) as on September 30, 2020 (1.2 percent excluding NPAs in the agricultural segment.

As of September 30, 2021, the bank's distribution network was at 5,686 branches and 16,642 ATMs/cash deposit and withdrawal machines (CDMs) across 2,929 cities and towns as against 5,430 branches and 15,292 ATMs/CSMs across 2,848 cities as of September 30, 2020.