HDFC Bank Limited Financial Results (Indian GAAP) for the Quarter and Half Year Ended September 30, 2024

Udaipur: On Saturday, October 19, 2024, the Board of Directors of HDFC Bank Limited approved the Bank’s financial results (Indian GAAP) for the quarter and half year ending on September 30, 2024. The accounts have undergone a ‘Limited Review’ by the statutory auditors.

Consolidated Financial Results:

• The Bank’s consolidated net revenue grew by 14.7% to ₹760.4 billion for the quarter ended September 30, 2024, compared to ₹663.2 billion for the same quarter in 2023.
• Consolidated profit after tax (PAT) for the quarter was ₹178.3 billionadjusted for trading gains and tax credits from the previous year, growing by 17.4% year-over-year.
• For the half-year ended September 30, 2024, consolidated PAT was ₹343.0 billion.
• Earnings per share (EPS) for the quarter were ₹23.4and the book value per share stood at ₹631.4.

Standalone Financial Results:

Profit & Loss Account: Quarter Ended September 30, 2024

• Net revenue grew by 9.2% to ₹416.0 billion from ₹380.9 billion in the same quarter of the previous year.
• Net interest income (NII) grew by 10.0% to ₹301.1 billion.
• Other income for the quarter was ₹114.8 billioncompared to ₹107.1 billion in the same quarter in 2023.
  • Fees & commissions: ₹81.4 billion
  • Foreign exchange & derivatives revenue: ₹14.6 billion
  • Net trading and mark-to-market gain: ₹2.9 billion
  • Miscellaneous income: ₹15.9 billion
• Operating expenses increased by 9.7% to ₹168.9 billionleading to a cost-to-income ratio of 40.6%.
• Provisions and contingencies for the quarter were ₹27.0 billiondown from ₹29.0 billion in the same quarter of the previous year.
• Profit before tax (PBT) was ₹220.1 billion.
• Profit after tax (PAT) stood at ₹168.2 billiona 17.0% growth after adjusting for previous year’s trading gains and tax credits.

Balance Sheet: As of September 30, 2024

• The total balance sheet size was ₹36,881 billionup from ₹34,163 billion a year ago.
• Total deposits grew by 15.1% to ₹25,001 billion.
  • CASA deposits grew by 8.1%.
  • Time deposits increased by 19.3%forming 35.3% of total deposits.
• Gross advances were ₹25,190 billionan increase of 7.0%.
  • Retail loans grew by 11.3%commercial and rural loans by 17.4%while corporate loans decreased by 12.0%.

Half-Year Ended September 30, 2024

• For the half year, total income was ₹1,692 billionwith net revenues at ₹821 billion and PAT at ₹330 billionrepresenting an 18.1% growth.

Capital Adequacy:

• Capital Adequacy Ratio (CAR) was 19.8% under Basel III guidelines, compared to a regulatory requirement of 11.7%.
• Tier 1 CAR was 17.8%with a Common Equity Tier 1 Capital ratio of 17.3%.

Network:

• As of September 30, 2024, the Bank had 9,092 branches and 20,993 ATMs across 4,088 cities/townsup from 7,945 branches and 20,596 ATMs a year earlier.

Asset Quality:

• Gross non-performing assets (NPAs) stood at 1.36% of gross advances, compared to 1.33% in June 2024 and 1.34% in September 2023.
• Net NPAs were 0.41% of net advances.

Subsidiaries:

HDB Financial Services Ltd (HDBFSL):

• Net revenue: ₹24.1 billion for the quarter.
• PAT: ₹5.9 billion for the quarter.

HDFC Life Insurance Company Ltd:

• PAT: ₹4.3 billion for the quarter, a 14.9% increase.
• PAT for the half-year was ₹9.1 billion.

HDFC ERGO General Insurance Company Ltd:

• PAT: ₹2.0 billion for the quarter.

HDFC Asset Management Company Ltd (HDFC AMC):

• PAT: ₹5.8 billion for the quarter, up 31.8%.
• Assets Under Management: ₹7,588 billion.

HDFC Securities Ltd (HSL):

• PAT: ₹3.2 billion for the quarter, a 47.1% growth.

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