HDFC Bank Q2 Results Review

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HDFC Bank Ltd.’s asset quality remains stable as gross non-performing asset stood at 1.23% versus 1.28% QoQ led by lower slippages.

Annualised slippage ratio declined to 1.5% versus 2.0% QoQ. Credit growth remain robust at 23.4% YoY versus 21.6% (Q1 FY23) led by corporate and commercial banking segments.

Restructured assets declined to 0.5% of advances versus 0.8% (QoQ) led by recoveries and write offs. Deposits growth remains strong at 19% YoY.

HDFC Bank’s net interest income grew by 8% QoQ led by improvement in net interest margins. Pre provision operating profit grew by 13% QoQ backed by 19% QoQ growth in other income; fee income grew by 8% QoQ.

Provisions remain flat (up 1.6% QoQ) resulted into credit cost at 0.9% versus 0.9% in Q1 FY23. Thus, profit after tax grew by 15% QoQ.

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