Private-sector lender HDFC Bank Saturday reported a 20.1 per cent jump in its standalone net profit at Rs 10,605.8 crore in the second quarter ended September 2022 as against Rs 8,834.3 crore in the year-ago quarter.
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On a consolidated basis, its net profit stood at Rs 11,125 crore, up 22.3 per cent, from Rs 9,096.19 crore in the same period of the previous fiscal.
In the half year ended September 2022, the lender’s standalone net profit jumped by 19.5 per cent to Rs 19,801.8 crore compared to Rs 16,563.9 crore in the corresponding period of the previous fiscal.
During the September quarter, net interest income (NII), which is the difference between the interest earned and interest expended, grew by 18.9 per cent to Rs 21,021.2 crore from Rs 17,684.4 crore in the same period of last year.
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Gross non-performing assets (GNPAs) showed slight improvement at 1.23 per cent of gross advances from 1.35 per cent in September 2021. Net NPAs stood at 0.33 per cent from 0.4 per cent.
In the reporting quarter, provisions and contingencies were Rs 3,240.1 crore as against Rs 3,924.7 crore in September 2021.
Its total capital adequacy ratio (CAR) was at 18 per cent in the second quarter as against a regulatory requirement of 11.7 per cent. Tier 1 CAR stood at 17.1 per cent and common equity tier 1 capital ratio was at 16.3 per cent. The lender raised additional tier 1 bonds of Rs 3,000 crore in the quarter.
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Total advances grew 23.4 per cent to Rs 1,479,873 crore. Domestic retail loans grew by 21.4 per cent, commercial and rural banking loans grew by 31.3 per cent and corporate and other wholesale loans grew by 27 per cent. Total deposits showed a healthy increase of 19 per cent at Rs 1,673,408 crore in the quarter. CASA (current account savings account) deposits grew by 15.4 per cent with savings account deposits at Rs 529,745 crore and current account deposits at Rs 229,951 crore.
HDFC Ltd-HDFC
Bank merger
The National Company Law Tribunal (NCLT) has directed HDFC Bank and HDFC Limited to convene meetings of their equity shareholders on November 25, 2022 for considering the proposed merger of the two entities. The stock exchanges, the Reserve Bank of India and the Competition Commission of India have already given in-principle approval for the amalgamation.