HDFC Bank Q2 Results: Consolidated PAT up 17.4% YoY, revenue rises 14.7%; check key takeaways

India’s largest private lender on Saturday, October 19, reported a 17.4% rise in its consolidated net profit to ₹17,830 crore for the September quarter of FY 2024-25.

The bank had reported a consolidated net profit of ₹16,811 crore in the year-ago period.

Its consolidated revenue jumped by 14.7% to ₹76,040 crore for the quarter ended on September 30, 2024, from ₹66,320 crore in the same quarter a year ago.

Total income of the bank, which included interest income, income from investments and other revenue, rose by 9% YoY to ₹85,500 crore during the quarter under review compared to ₹78,406 crore in the July-September period of FY24.

Other income (non-interest revenue) for the quarter ended September 30, 2024, stood at ₹11,480 crore as against ₹10,710 crore in the corresponding quarter ended September 2023.

HDFC Bank NII rises nearly 10%

The net interest income (NII) of HDFC Bank rose by nearly 10% to ₹30,110 crore in the second quarter of FY25 compared to ₹27,390 crore in the corresponding period of the previous fiscal.

Net Interest Margin

The bank earned a total interest income of ₹74,017 crore during Q2FY25, up 8.5% against ₹67,698 crore in Q2FY24.

Core net interest margin was at 3.46% on total assets, and 3.65% based on interest earning assets, a bank statement said.

HDFC Bank posts a fall in provisions

According to the Q2 results filed with the stock exchanges, provisions and contingencies for the second quarter of FY25 declined to ₹2,700 crore against ₹2,900 crore in the year-ago period.

Asset Quality

The largest private sector lender reported an uptick in gross Non-Performing Assets (GNPA) ratio to 1.36% of the gross loans by the end of September 2024 from 1.34% a year ago.

Net NPAs, or bad loans, were higher at 0.41% in Q2 of FY25 against 0.35% at the end of the second quarter of the previous fiscal.

Total deposits and advances rise YoY

HDFC Bank posted a 15.1% year-on-year increase in total deposits to ₹25,00,100 crore as of September 2024, compared to the year-ago period.

CASA deposits grew by 8.1%, with savings account deposits at ₹6,08,100 crore and current account deposits at ₹2,75,400 crore.

Gross advances rose by 7% YoY to ₹25,19,000 crore in the September quarter of FY25.

Retail loans grew by 11.3%, commercial and rural banking loans grew by 17.4%, and corporate and other wholesale loans were lower by 12.0%.

Overseas advances constituted 1.7% of total advances, HDFC Bank informed the bourses.