December 8, 2021

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HDFC Bank Q2 net profit up 17.6% YoY on higher income

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India’s largest private sector lender HDFC Bank Ltd reported a 17.6% rise in its net profit for the July-September quarter on higher total income.

The bank’s net profit for the quarter stood at Rs 8,834 crore, as compared with Rs 7,513 crore a year ago and a Bloomberg analyst estimate of Rs 8,183 crore.

Net interest income, or core income, for the bank rose 12% year-on-year to Rs 17,684 crore. Other income too rose 21.5% from last year to Rs 7,401 crore.

HDFC Bank’s asset quality improved on a sequential basis, with gross non-performing asset ratio at 1.35%, as compared with 1.47% as of June 30. Net NPA ratio too improved by 8 basis points quarter-on-quarter to 0.4%.

Total provisions for the bank rose 6% year-on-year to Rs 3,925 crore.

According to quarterly data shared by the bank, out of Rs 5,647.5 crore worth retail loans restructured under the Reserve Bank of India’s framework for Covid-affected borrowers, about a fourth or Rs 1,283 crore turned non-performing, as of Sept 30. HDFC Bank also wrote off retail loans worth Rs 808.5 crore during the second quarter.

Total restructured loans under the RBI’s special window stood at Rs 7,829.48 crore, of which, Rs 1,687 crore turned NPA and Rs 856.7 crore were written off.

Business Growth

  • Total advances rose 15.4% year-on-year to Rs 11.98 lakh crore

  • Retail advances rose 12.9%, commercial and rural banking loans rose 27.6%, while wholesale loans were up by 6% from a year ago.

  • Total deposits stood at Rs 14.06 lakh crore, up 14.4% year-on-year

  • Current account savings account deposits were up by 28.7% from a year ago, where CASA deposits now constitute 46.8% of total deposits

Among retail assets, personal loans rose 11.6% from a year ago to Rs 1.26 lakh crore. Loans classified as payment products, which includes credit card loans, were up by 13% and stood at Rs 67,783 crore. Outstanding gold loans stood at Rs 8,109 crore, up 17% year-on-year.

HDB Financial Services

According to information disclosed in the HDFC Bank press statement, HDB Financial Services, the non-bank lending arm of the bank, reported a net profit of Rs 192 crore, as compared with a net loss of Rs 85 crore a year ago.

The company’s outstanding loans rose marginally to Rs 60,008 crore. Total revenue improved 12.5% year-on-year to Rs 1,916.7 crore. Gross stage 3 assets, or loans which have been in default for more than 90 days, fell to 6.1% of the loan book, down 200 basis points sequentially.

Vishwanath Nair
2021-10-16 05:41:19

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