HDFC Bank’s share price drops ahead of Q2FY24 results announcement – Thaiger World
The HDFC Bank’s Q2FY24 results indicate strong financial performance. The net profit for this quarter reached ₹15,980 crore, representing a 6% year-on-year increase. Similarly, the net interest income (NII) stood at ₹27,385 crore, marking a 6.7% YoY growth. These figures reflect the bank’s continued profitability.
One notable development is the merger of HDFC Bank with Housing Development Finance Corporation (HDFC), effective July 1, 2023. This is the bank’s first quarterly financial result following the merger. Despite the merger, HDFC Bank managed to report a YoY increase in both net profit and net interest income.
The operating profit also demonstrated substantial growth, rising by 30.5% YoY to ₹22,694 crore. However, operating expenses surged by 37.2% YoY to ₹15,399 crore, indicating increased costs for the bank.
The net revenue increased significantly, with a remarkable 114% YoY growth, reaching ₹66,317 crore. On the asset quality front, the gross non-performing assets (NPA) remained relatively low at 1.34%, while the net NPA increased to 0.35%.
In summary, HDFC Bank’s Q2FY24 results showcase a robust financial performance, with notable increases in net profit, net interest income, and operating profit. The merger with HDFC seems to have had a positive impact on the bank’s financials, but operating expenses also witnessed a significant increase. Additionally, the bank maintained a healthy asset quality with low NPA levels.
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