Private lender, HDFC Bank has reported a 19% YoY rise in profits, from Rs 7,730 crores last year to Rs 9,196 crores this year for the quarter ended in June 2022. However, profits were down 8.9% on a sequential basis. 

Its revenues grew 13% to Rs 41,560 crores, marginally increasing sequentially. Net Interest Income rose 14.5% to come in at Rs 19,481 crores as the interest margin was 4%.

Total standing deposits grew 19% to Rs 16,04,760 crores as the CASA ratio stood at 45.8%. Advances saw significant growth as they rose 22.5% during the quarter. 

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Total loans stood at Rs 13.95 lakh crores as retail loans grew 22% YoY, commercial and rural banking loans grew by 29% while corporate and other wholesale loans surged 16% YoY during the relevant quarter.

Gross NPAs declined to 1.28% while Net NPAs grew marginally to 0.35%. Provisioning saw a steep decline of 34% as the bank made provisions worth Rs 3,188 crores during the quarter. The bank added 36 new branches and 10,932 new employees during the quarter. 

HDFC Bank recently disclosed that it would be considering floating IPOs of HDFC Securities and HDB Financial Services after its merger with parent HDFC was completed. The stock of the bank opened at Rs 1,348.00 per share today. 

Article by Aman Agarwal. 

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