The private lender bank HDFC’s net profit rose 20.1 per cent to Rs 10605.78 crore on a 19.2 per cent increase in total income to Rs 46181.96 crore in the second quarter of FY23 over the second quarter of FY22.

Profit before tax (PBT) rose 19.1 per cent yearly to Rs 14152.04 crore in Q2FY23. The bank’s provisions and contingencies (excluding tax provisions) declined 17.4 per cent to Rs 3240.13 crore in the second quarter of  FY23 over the second quarter of FY22.

• IIT Bombay Sets Up Rs 100 Crore Venture Capital Fund for Startups 
• Tata Power Inks MoU with Asian Development Bank for $4.25 Billion 
• Innovators Facade Shares Skyrocketed 11% on Securing Orders Worth Rs 110 Crore 
• Stocks in Focus: SJVN, Tata Power, Afcons Infrastructure, and Others
• Stocks Under F&O Ban: Adani Enterprises, Aarti Industries, Indraprastha Gas, and Others 

In Q2FY23, the bank’s gross non-performing assets (NPAs) stood at Rs 18301 crore compared with Rs 18033.67 crore as of Q1FY23 and Rs 16346.07 crore as of Q2FY22. The ratio of gross NPAs to gross advances stood at 1.23 per cent in Q2FY23 compared with 1.28 per cent in Q1FY23 and 1.35 per cent in Q2FY22.

The ratio of net NPAs to net advances stood at 0.33 per cent in the second quarter of FY23 as compared with 0.35 per cent in the first quarter of FY23, and 0.40 per cent Q2FY22 and the total credit cost ratio was at 0.87 per cent, as compared to 1.30 per cent for the Q2FY22.

At the end of the second quarter, HDFC Bank’s distribution network was at 6,499 branches and 18,868 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,226 cities and towns as against 5,686 branches and 16,642 ATMs / CDMs across 2,929 cities and towns from the same period of last year. On the National Stock Exchange (NSE), the shares of HDFC Bank were down 0.47 per cent to Rs 1,432.30.