HDFC Bank Q2 Results FY2023, PAT at Rs. 10,605.8 crores

On 15th October 2022, HDFC Bank announced its second quarter results for the period ending 30th September 2022. 

Q2FY23 Performance updates:

- The Bank's core net revenue, grew by 18.3% to Rs. 28,869.8 crore for the Q2FY23.
- The total net revenues (net interest income plus other income) were Rs. 28,616.7 crore for the Q2FY23. 
- Net interest income for the Q2FY23 grew by 18.9% to Rs. 21,021.2 crore 
- Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets
- The total credit cost ratio was at 0.87%
 - Profit before tax (PBT) for the Q2FY23 was at Rs. 14,152.0 crore.
- The Bank reported a net profit of Rs. 10,605.8 crore, an increase of 20.1% for Q2FY22.
- Total balance sheet size was Rs.  2,227,893 crore, with a growth of 20.8%. 

Business Highlights:

- Total Deposits showed a healthy growth and were at Rs. 1,673,408 crore, an increase of 19.0% YoY. 
- CASA deposits grew by 15.4% with savings account deposits at Rs. 529,745 crore and current account deposits at 229,951 crore. 
- Time deposits were at Rs. 913,712 crore, with an increase of 22.1% YoY, resulting in CASA deposits comprising 45.4% of total deposits.
- Total advances were at Rs.1,479,873 crore, an increase of 23.4% YoY. 
- Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by around 25.8% YoY.
- Domestic retail loans grew by 21.4%, commercial and rural banking loans grew by 31.3% and corporate and other wholesale loans grew by 27.0%.
- Overseas advances constituted 3.1% of total advances. 
- The Bank's total Capital Adequacy Ratio (CAR) was at 18.0% for Q2FY23 as against a regulatory requirement of 11.7% which includes Capital Conservation Buffer of 2.5%.
- The Bank's distribution network was at 6,499 branches and 18,868 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,226 cities / towns as against 5,686 branches and 16,642 ATMs / CDMs across 2,929 cities / towns.
- Gross non-performing assets were at 1.23% of gross advances for Q2FY23, as against 1.35% for Q2FY22. Net non-performing assets were at 0.33% of net advances for Q2FY23. 

Consolidated Financial Results:

- The consolidated net profit for Q2FY23 was Rs. 11,125 crore, up 22.3%, for Q2FY22. 
- Consolidated advances grew by 22.8% from Rs.1,249,331 crore for Q2FY22 to 1,533,945 crore for Q2FY23. 
- The consolidated net profit for the half year ended September 30, 2022 was Rs. 20,704 crore, up 21.7%, over the half year ended September 30, 2021. 
 

Post-results the HDFC Bank share price went up by 0.52%