During the quarter, HDFC Bank’s net interest income (NII) rose 10% YoY to Rs 30,113 crore and was in line with ET Now poll estimates.
The core net interest margin (NIM) was at 3.46% on total assets, and 3.65% based on interest-earning assets.
The lender’s total deposits grew 15.1% YoY in the September quarter to Rs 25,00,100 crore while gross advances recorded a growth of 7% YoY to Rs 25,19,000 crore.
As of September-end, HDFC Bank’s gross NPA rose to 1.36% of gross advances as against 1.33% in Q1 of FY25 and 1.34% in Q2 of FY24.
The net non-performing assets were at 0.41% of net advances at the end of Q2.HDFC Bank said its other income (non-interest revenue) for the quarter ended September 2024 rose to Rs 11,480 crore as against Rs 10,710 crore in the corresponding quarter ended September 30, 2023.Operating expenses for the quarter rose 9.7% to Rs 16,890 crore over Rs 15,400 crore during the corresponding quarter of the previous year.
The cost-to-income ratio for the quarter was at 40.6%.
Provisions and contingencies for the quarter ended September 30, 2024, were Rs 2,700 crore as against Rs 2,900 crore for the quarter ended September 30, 2023. The total credit cost ratio was at 0.43%, as compared to 0.49% for the quarter ending September 30, 2023.