In first earnings after merger, HDFC Bank reports 51% rise in Q2 net profits

Business Tuesday 17/October/2023 12:25 PM
In first earnings after merger, HDFC Bank reports 51% rise in Q2 net profits

New Delhi: HDFC Bank on Monday reported 51.1 per cent rise in its consolidated net profits for the July-September quarter at Rs 16,811 crore.

Notably, this is the first earnings results after it merged its housing finance company HDFC with itself.

The bank's consolidated net revenue grew by 114.8 per cent to Rs 66,317 crore during the quarter from Rs 30,871 crore same quarter last year.

The Board of Directors of the Bank at its meeting held on Tuesday deliberated on the unaudited standalone and consolidated financial results and approved the same.

The consolidated profit after tax for the half year ended September 30, 2023 was Rs 29,182 crore, up 40.9 per cent, over the half year ended September 30, 2022.

The bank's net revenue grew by 33.1 per cent to Rs 38,093 crore for the September quarter from Rs 28,617 crore for the same quarter last year.

Further, the bank's net interest income for the quarter ended September 30, 2023 grew by 30.3 per cent to Rs 27,385 crore from Rs 21,021 crore for the quarter ended September 30, 2022.

The bank's total deposits showed a healthy growth of approximately Rs 1.1 lac crore during the quarter post-merger with HDFC, and were at Rs 2,172,858 crore as of September 30, 2023, an increase of 29.8 year-on-year.

CASA deposits grew by 7.6 per cent with savings account deposits at Rs 569,956 crore and current account deposits at Rs 247,749 crore.

HDFC Bank on June 30 announced its successful completion of merger of HDFC, India's premier housing finance company with and into HDFC Bank, following the receipt of all requisite shareholder and regulatory approvals.

HDFC Bank and HDFC Ltd. had announced a decision to merge on April 4, 2022, subject to obtaining the requisite consent and approvals and had indicated a time frame of 15 to 18 months for the process to be concluded. The merger became effective from July 1, 2023.

The bank had then said the merged entity inter-alia brings together significant complementarities that exist between both the entities and is poised to create meaningful value for various stakeholders, including respective customers, employees, and shareholders of both the entities from increased scale, comprehensive product offering, balance sheet resiliency and ability to drive synergies across revenue opportunities, operating efficiencies and underwriting efficiencies.