HDFC Bank Q2 net profit rises 22.3% to Rs 11,125 crore powered by loan growth

The consolidated net profit of the bank was reported on October 15. The profit was more than double what it was in the previous fiscal.

The asset quality is pristine and the loan growth is strong.

The bank's net profit increased by 20 percent year-on-year in the second quarter of the current financial year.

Commercial and rural banking loans grew by more than 30 percent. Corporate and other wholesale loans increased in size.

The bank's asset quality improved with gross non-performing assets coming in at 1.23 percent, as against 1.28 percent in the year ago period. Net non-performing assets were at 0.33 percent of net advances as on September 30, 2022, as against 0.35 percent in Q1 FY23.

The shareholders' meeting for the merger of HDFC Bank and HDFC Bank has been approved.

The operating expenses increased by 21 percent. The cost-to-income ratio for Q2FY23 was 38.2%.

In the same quarter last fiscal, the provisions and contingencies fell to Rs 3,962.4 million. The NIM on total assets was 4.1 percent.

There was a growth of 20.8 percent in the total balance sheet size as of September 30, 2020.

As of September 30, 2022, the lender's total deposits were at over one million dollars, an increase of 19 percent. Savings account deposits grew by more than 15 percent and current account deposits grew by more than 10 percent.