HDFC Bank gains after Q2 PAT climbs 17.59% YoY to Rs 8834.31 cr

HDFC Bank rose 1.69% to Rs 1,716 after the bank's net profit rose 17.59% to Rs 8834.31 crore on 7.44% increase in total income to Rs 38,754.16 crore in Q2 September 2021 over Q2 September 2020.

Net interest income (interest earned less interest expended) for the quarter ended 30 September 2021 grew by 12.1% to Rs 17,684.4 crore from Rs 15,776.4 crore for the quarter ended 30 September 2020. Core net interest margin was at 4.1%.

The bank's profit before tax (PBT) jumped 17.53% to Rs 11,882.63 crore in Q2 September 2021 over Q2 September 2020.

The bank's gross non-performing assets (NPAs) stood at Rs 16,346.07 crore as on 30 September 2021 as against Rs 17,098.51 crore as on 30 June 2021 and Rs 11,304.60 crore as on 30 September 2020.

The ratio of gross NPAs to gross advances stood at 1.35% as on 30 September 2021 as against 1.47% as on 30 June 2021 and 1.08% as on 30 September 2020.

The ratio of net NPAs to net advances stood at 0.40% as on 30 September 2021 as against 0.48% as on 30 June 2021 and 0.17% as on 30 September 2020.

The bank's provisions and contingencies (excluding tax provisions) rose 5.97% to Rs 3,924.66 crore in Q2 September 2021 over Q2 September 2020.

Pre-provision Operating Profit (PPOP) stood at Rs 15,807.3 crore in Q2 FY22, rising 14.4% over the corresponding quarter of the previous year.

The total credit cost ratio was at 1.30% during the quarter, compared with 1.67% for the quarter ending 30 June 2021 and 1.41% for the quarter ending 30 September 2020.

Total advances as of 30 September 2021 were Rs 1,198,837 crore, an increase of 15.5% over 30 September 2020.

Retail loans grew by 12.9%, commercial and rural banking loans grew by 27.6% and other wholesale loans grew by 6.0%. Overseas advances constituted 3.5% of total advances.

Total deposits as of 30 September 2021 were Rs 14,06,343 crore, an increase of 14.4% over 30 September 2020.

CASA deposits grew by 28.7% with savings account deposits at Rs 4,52,381 crore and current account deposits at 2,05,851 crore.

Time deposits were at Rs 7,48,111 crore, an increase of 4.2% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 46.8% of total deposits as of 30 September 2021.

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

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