HDFC Bank Q2 net profit jumps 18% to Rs 9,096 crore

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HDFC Bank on Saturday reported a 18.1 per cent jump in consolidated net profit at Rs 9,096 crore in the July-September quarter of the current fiscal year. The bank had registered a net profit of Rs 7,703 crore during the same quarter last fiscal.

On a standalone basis, after providing Rs 3,048.3 crore for taxation, HDFC Bank earned a net profit of Rs 8,834.3 crore, an increase of 17.6 per cent over the Rs 7,513.1 crore standalone net profit reported in the quarter ended September 30, 2020.

The lender’s standalone net revenue increased 14.7 per cent to Rs 25,085.2 crore during the quarter ended September 30, 2021 from Rs 21,868.8 crore in the quarter ended September 30, 2020.

HDFC Bank’s interest income grew 12.1 per cent to Rs 17,684.4 crore from Rs 15,776.4 crore in the July-September quarter of the previous fiscal year. Other income (non-interest revenue) stood at Rs 7,400.8 crore, 21.5 per cent higher than Rs 6,092.5 crore in the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended September 30, 2021 were at Rs 3,924.7 crore as against Rs 3,703.5 crore during the same quarter of the previous fiscal. The bank credit ratio dropped to 1.30 per cent from 1.41 per cent in the same quarter of the last fiscal.

“We added 256 branches and 12,259 people over the last twelve months and made other investments to position ourselves and capitalize on the growth opportunity,” the bank said.

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