HDFC Bank Q2 net profit grows 20% to Rs. 10,605 crore

HDFC Bank reported a net profit of Rs 10,605 crore for the quarter ended September 2022, an increase of 20.1% over the year-ago period. The consolidated net profit for the latest quarter was Rs 11,125 crore, up 22.3% over the quarter ended September 30, 2021.

The bank’s deposits grew faster than the industry at 19% over previous year to Rs 16,73,408 crore. The low-cost current and savings account (CASA) deposits grew by 15.4% with savings account deposits at Rs 5,29,745 crore and current account deposits at Rs 2,29,951 crore. Time deposits were at Rs 9,13,712 crore, an increase of 22.1% over the corresponding quarter of the previous year. As a result, the share of CASA deposits dipped marginally to 45.4% of total deposits as of September 30, 2022.

Consolidated advances expanded by 22.8% from Rs 12,49,331 crore as on September 30, 2021 to Rs 15,33,945 crore as on September 30 this year. Total advances as of September 30, 2022 were Rs 14,79,873 crore, an increase of 23.4% over September 30, 2021. Gross nonperforming assets were at 1.2% of gross advances as on September 30, 2022, as against 1.4% as on September 30, 2021. Net non-performing assets were at 0.33% of net advances as on September 30, 2022.