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Key Highlights from HDFC Bank’s Q2 Results

HDFC Bank

Key Highlights from HDFC Bank’s Q2 Results – Net Profit Soars to ₹15,980 Crore, NII Reaches ₹27,385 Crore

HDFC Bank Q2 2023 Results Overview: HDFC Bank, India’s largest private sector lender, disclosed its financial performance for the second quarter of FY24 on October 16, 2023. This marks the bank’s inaugural quarterly report following its merger with Housing Development Finance Corporation (HDFC), which became effective on July 1. In the Q2FY24 results, HDFC Bank reported notable year-on-year increases in net profit and net interest income. Here are the key highlights from HDFC Bank’s Q2 results:

  1. Net profit up by 6% YoY to ₹15,980 crore.
  2. Net Interest Income (NII) rises by 6.7% YoY to ₹27,385 crore.
  3. Operating profit surges by 30.5% YoY to ₹22,694 crore.
  4. Operating expenses see a 37.2% YoY increase, reaching ₹15,399 crore.
  5. Net revenue witnesses a remarkable 114% YoY growth, reaching ₹66,317 crore.
  6. Gross Non-Performing Assets (NPA) stand at 1.34%, while net NPA increases to 0.35%.
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