HDFC Bank's Q2 Profits Soar 6%, Surpassing Expectations; NII and PPOP See Significant Growth
October 22, 2024UCO Bank's total operating income rose by 16.47% to Rs 6078.36 crore in the quarter ending September 2024.
UCO Bank's gross non-performing assets (GNPA) decreased to 3.18% in Q2 FY25 from 3.32% in the previous quarter.
Average deposit growth for UCO Bank was robust at 15% year-on-year, significantly driven by retail branches.
HDFC Bank reported a net profit increase of 6.03% to Rs 17,825.91 crore for the quarter ending September 2024, surpassing market expectations.
The bank's net interest income (NII) grew by 10% year-on-year to Rs 30,110 crore, while its net interest margin (NIM) remained stable at 3.46%.
Profit before tax (PBT) rose by 14% to Rs 23,968.42 crore, reflecting strong operational performance.
HDFC Bank's total capital adequacy ratio (CAR) was reported at 19.8% as of September 30, 2024, slightly up from 19.5% a year earlier.
The bank's stock advanced by 0.47% to Rs 1681.15 following the release of its strong Q2 results.
Total income for HDFC Bank increased by 9.05% year-over-year to Rs 85,499.64 crore, up from Rs 78,406.23 crore in the same quarter last year.
Pre-provision operating profit (PPOP) surged by 27.24% year-on-year to Rs 23,884.64 crore for the quarter.
Gross advances for HDFC Bank amounted to Rs 25,19,000 crore as of September 30, 2024, reflecting a 7% year-on-year growth.
These financial results highlight HDFC Bank's continued growth and performance in the competitive banking sector.
Summary based on 9 sources
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Sources
Investing.com • Oct 21, 2024
Earnings call: HDFC Bank reports stable Q2 FY25 growth amid macro challengesBusiness Standard • Oct 19, 2024
UCO Bank consolidated net profit rises 50.37% in the September 2024 quarterBusiness Standard • Oct 21, 2024
HDFC Bank consolidated net profit rises 6.03% in the September 2024 quarterBusiness Standard • Oct 21, 2024
Punjab & Sind Bank standalone net profit rises 26.71% in the September 2024 quarter