GUWAHATI: HDFC Bank Limited, one of India’s leading banks, delivered a strong performance for the quarter that ended on September 30.
In a statement released on Tuesday, the bank reported a whopping 50.6% increase in its net profit which stood at ₹15,976 crore, as compared to the same period last year, after setting aside ₹3,814 crore for taxation. The pre-tax profits touched ₹19,790 crore.
Additionally, the bank also informed that its consolidated profit after tax for the mentioned quarter climbed by 51.1% to ₹16,811 crore, from the quarter ended September 30, 2022.
A marked increase in the bank’s total balance sheet size was evident, as it surged to ₹34,16,310 crore from ₹22,27,893 crore a year ago, marking a robust growth of over 53%.
Significantly, total deposits saw a healthy surge of around ₹1.1 lakh crore post-merger during the quarter, bringing the tally to ₹21,72,858 crore as of September this year, marking a growth of 29.8% year-on-year. CASA (Current Account and Savings Account) deposits witnessed a rise of 7.6% with savings deposits standing at ₹5,69,956 crore and current account deposits at ₹2,47,749 crore.
On the revenue front, HDFC Bank posted a 33.1% jump with net revenue touching ₹38,093 crore for the latest quarter, up from ₹28,617 crore during the same period in 2022. Net interest income, which is the difference between interest earned and expended, saw a rise of 30.3%, from ₹21,021 crore a year ago to ₹27,385 crore.
In terms of asset quality, the bank maintained its stringent standards with net non-performing assets (NPAs) being at a minimal 0.35% of net advances as of the end of September 2023.
Reflecting its commitment to expanding its reach, HDFC Bank increased its distribution network, boasting 7,945 branches and 20,596 ATMs spread across 3,836 cities and towns. This marks a substantial increase from 6,499 branches and 18,868 ATMs as of September 2022. Notably, over half of these branches are situated in semi-urban and rural areas, underscoring the bank’s emphasis on deeper penetration into these markets.
For the half-year ending September 2023, HDFC Bank reported a total income of ₹1,36,223 crore, a significant leap from ₹87,742 crore during the corresponding period last year. The profit after tax for the same period stood at ₹27,928 crore, up by an impressive 41% year-on-year.
The results underline HDFC Bank’s unwavering growth trajectory and its consistent performance in India’s dynamic banking sector.
