Udaipur : The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and half year ended September 30, 2021, at its meeting held in Mumbai on Saturday, October 16, 2021. The accounts have been subjected to an audit by the statutory auditors of the Bank.
The Bank’s net revenues (net interest income plus other income) increased by 14.7% to ₹ 25,085.2 crore for the quarter ended September 30, 2021 from ₹ 21,868.8 crore for the quarter ended September 30, 2020.
Net interest income (interest earned less interest expended) for the quarter ended September 30, 2021 grew by 12.1% to ₹ 17,684.4 crore from ₹ 15,776.4 crore for the quarter ended September 30, 2020. Advances grew at 15.5% reaching new heights driven through relationship management, digital offering and breadth of products. Core net interest margin was at 4.1%. New liability relationships added during the quarter were at an all time high. This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123%, well above the regulatory requirement, which positions the Bank favorably to capitalize on the opportunities that would arise as the economy gains momentum during the festive months.
Other income (non-interest revenue) at ₹ 7,400.8 crore was 29.5% of net revenues for the quarter ended September 30, 2021 and grew by 21.5% over ₹ 6,092.5 crore in the corresponding quarter of the previous year. The four components of other income for the quarter ended September 30, 2021 were fees & commissions of ₹ 4,945.9 crore (₹ 3,940.3 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 867.3 crore (₹ 560.4 crore in the corresponding quarter of the previous year), gain on sale / revaluation of investments of ₹ 675.5 crore (₹ 1,016.2 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 912.1 crore (₹ 575.6 crore in the corresponding quarter of the previous year).
We added 256 branches and 12,259 people over the last twelve months and made other investments to position ourselves and capitalize on the growth opportunity. Operating expenses for the quarter ended September 30, 2021 were ₹ 9,277.9 crore, an increase of 15.2% over ₹ 8,055.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.0%.
Pre-provision Operating Profit (PPOP) at ₹ 15,807.3 crore grew by 14.4% over the corresponding quarter of the previous year.
Provisions and contingencies for the quarter ended September 30, 2021 were ₹ 3,924.7 crore (consisting of specific loan loss provisions of ₹ 2,286.4 crore and general and other provisions of ₹ 1,638.3 crore) as against ₹ 3,703.5 crore (consisting of specific loan loss provisions of ₹ 1,240.6 crore and general and other provisions of ₹ 2,462.9 crore) for the quarter ended September 30, 2020. Total provisions for the current quarter included contingent provisions of approximately ₹ 1,200 crore.
The total credit cost ratio was at 1.30%, as compared to 1.67% for the quarter ending June 30, 2021 and 1.41% for the quarter ending September 30, 2020.
Profit before tax (PBT) for the quarter ended September 30, 2021 at ₹ 11,882.6 crore grew by 17.5% over corresponding quarter of the previous year. After providing ₹ 3,048.3 crore for taxation, the Bank earned a net profit of ₹ 8,834.3 crore, an increase of 17.6% over the quarter ended September 30, 2020.
