HDFC Q2 Net Profit Jumps Over 50%, First Quarterly Results Post Housing Finance Arm Merger
Portfolio Pulse from Lekha Gupta
HDFC Bank Ltd (NYSE: HDB) reported a Q2 consolidated net revenue increase of 114.8% Y/Y to INR 66,317 crore ($8.02 billion). The company's consolidated profit after tax rose 51.1%. On a standalone basis, the Bank's net revenue rose by 33.1% Y/Y. Net interest income grew 30.3% Y/Y. Total deposits stood at INR 21,72,858 crore (+29.8% Y/Y), and gross advances came in at INR 23,54,633 crore (+57.7% Y/Y). Gross non-performing assets stood at 1.34% of gross advances. HDB shares are trading higher by 1.94% at $59.33.
October 16, 2023 | 4:08 pm
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HDFC Bank Ltd reported strong Q2 results with significant increases in net revenue and profit after tax. The bank's shares are trading higher.
HDFC Bank Ltd reported a significant increase in Q2 consolidated net revenue and profit after tax. This strong performance is likely to have a positive impact on the bank's share price in the short term.
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