HDFC Bank reports Q2 net profit at ₹16,811 cr; ₹15,976 cr as standalone - Hindustan Times

HDFC Bank reports Q2 net profit at 16,811 crore; 15,976 crore on standalone basis

Oct 16, 2023 05:00 PM IST

These were the first results since the June merger of HDFC Limited with and into HDFC Bank.

Largest private sector lender HDFC Bank on Monday reported a net profit of 16,811 crore on a consolidated level.

Representational Image
Representational Image

In the first results of the merged entity after the amalgamation of its parent HDFC Ltd into the lender, HDFC Bank reported a net profit of 15,976 crore on a standalone basis.

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In the year-ago period, the net profit of the merged entity would have been 11,162 crore on a consolidated level, while the same on a standalone basis would have been 10,606 crore.

The total income grew to 78,406 crore on a standalone basis, from 46,181 crore in the year-ago period.

On the net interest margin (NIM) front, the bank reported a narrowing to 3.4 per cent after absorbing the debt funded cost for additional liquidity and merger management.

Its gross non-performing assets ratio came at 1.34 per cent, as against 1.23 per cent in the year-ago period.

The HDFC Bank scrip closed 0.47 per cent down at 1,529.50 a piece on the BSE, as against a 0.17 per cent correction on the benchmark.

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