In the July-September quarter, the bank's standalone net profit soared to ₹15,976.11 crore, a 50.6% increase from ₹10,605.78 crore last year.
A key factor in this success was the substantial growth in net interest income (NII), which surged by 30.27% to ₹27,385.23 crore, up from ₹21,021.16 crore the previous year.
HDFC Bank improved its non-performing assets (NPA) management, with gross NPA decreasing from 1.41% on June 30 to 1.34% on September 30.
The bank's careful lending strategies resulted in a low net NPA of 0.35% of net advances for the same period.
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In Q2FY24, the bank's pre-provision operating profit (PPOP) surged to ₹22,694 crore, marking a substantial 30.5% increase from the previous year's ₹17,392 crore.
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HDFC Bank effectively diversified its income sources, with other income for the quarter reaching ₹10,708 crore, compared to ₹7,596 crore in the same quarter last year.
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However, the bank's operating expenses increased to ₹15,399 crore in the quarter ending September 30, showing a 37.2% rise from the same period last fiscal year.
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Despite this increase, HDFC Bank maintained a robust total capital adequacy ratio of 19.5% as per Basel III guidelines, indicating a strong capital base.
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A noteworthy accomplishment was the substantial increase in total deposits, reaching around ₹1.1 lakh crore after the merger during the quarter.
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Total deposits stood at ₹21,72,858 crore as of September 30, 2023, marking a substantial 29.8% growth compared to the same period in the previous year.
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