HDFC Bank Q2 results: Standalone net profit rises 17.6% to Rs 8,834 cr
The Bank's net revenues increased by 14.7% to Rs 25,085.2 crore for the quarter ended September 30, 2021 from Rs 21,868.8 crore for the quarter ended September 30, 2020.
The country's biggest mortgage lender HDFC Bank on Saturday reported an increase of 17.6% in standalone profit at Rs 8,834.31 crore for the September quarter of FY22 (Q2FY22). In the year-ago period, the profit stood at Rs 7,513.11 crore.
The Bank's net revenues (net interest income plus other income) increased by 14.7% to Rs 25,085.2 crore for the quarter ended September 30, 2021 from Rs 21,868.8 crore for the quarter ended September 30, 2020.
Net interest income (Interest earned less interest expended) for the quarter ended September 30, 2021 grew by 12.1% to Rs 17,684.4 crore from Rs 15,776.4 crore for the quarter ended September 30, 2020. Advances grew at 15.5% reaching new heights driven through relationship management, digital offering, and breadth of products.
The core net interest margin was at 4.1%. New liability relationships added during the quarter were at an all-time high. This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123%, well above the regulatory requirement, which positions the Bank favorably to capitalize on the opportunities that would arise as the economy gains momentum during the festive months.
Other income (non-interest revenue) at Rs 7,400.8 crore was 29.5% of net revenues for the quarter ended September 30, 2021 and grew by 21.5% over Rs 6,092.5 crore in the corresponding quarter of the previous year.
The four components at other income for the quarter ended September 30, 2021 were fees and commissions of Rs 4,945.9 crore (Rs 3,940.3 crore in the corresponding quarter of the previous year), foreign exchange and derivatives revenue of Rs 867.3 crore (Rs 560.4 crore in the corresponding quarter of the previous year), gain on sale/ revaluation of investments of Rs 675.5 crore (Rs 1,016.2 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividends of Rs 912.1 crore (Rs 575.6 crore in the corresponding quarter of the previous year.
See Zee Business Live TV Streaming Below:
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
