HDFC Bank Records 51.1% Growth in Consolidated Net Profit for Q2

HDFC Bank announced a substantial 51.1% surge in its consolidated net profit for the July-September quarter, reaching Rs 16,811 crore. Notably, these financial results are the bank’s first since merging with its housing finance company, HDFC.

The bank’s consolidated net revenue also displayed remarkable growth, surging by 114.8% to reach Rs 66,317 crore during the quarter, compared to Rs 30,871 crore from the same quarter in the previous year. These unaudited standalone and consolidated financial results were approved during a Board of Directors meeting held recently.

For the half-year ending on September 30, 2023, the consolidated profit after tax amounted to Rs 29,182 crore, marking a significant increase of 40.9% compared to the half-year ending September 30, 2022.

Moreover, HDFC Bank’s net revenue for the September quarter exhibited robust growth, ascending by 33.1% to Rs 38,093 crore compared to Rs 28,617 crore from the corresponding quarter in the previous year. The bank’s net interest income for the quarter ending September 30, 2023, also witnessed substantial growth, rising by 30.3% to reach Rs 27,385 crore, in contrast to Rs 21,021 crore for the same quarter in the prior year.

Following the merger with HDFC, HDFC Bank reported a notable increase in its total deposits, showing a growth of around Rs 1.1 lakh crore during the quarter. As of September 30, 2023, total deposits amounted to Rs 2,172,858 crore, reflecting a year-on-year increase of 29.8%.

Within these deposits, CASA (Current Account and Savings Account) deposits grew by 7.6%, with savings account deposits reaching Rs 569,956 crore and current account deposits at Rs 247,749 crore.

HDFC Bank successfully completed the merger with HDFC, India’s premier housing finance company, effective from July 1, 2023, following all necessary approvals from shareholders and regulatory authorities. The merger was announced on April 4, 2022, and the combined entity is expected to create substantial value for customers, employees, and shareholders through enhanced scale, a comprehensive product offering, balance sheet resilience, and synergies across various revenue opportunities and operational efficiencies.

Also Read: Hamas Attack: Israeli Minister Thanks India For Support
Catch all the Latest Business News, Breaking News Events, and Latest News Updates on NewsX