HDFC Bank reported a 19% YoY rise in its standalone profits to INR 91.96bn ($1.2bn) during the quarter ended June 2022. Its net interest income (NII) grew 15% to INR 194.8bn ($2.4bn) driven by growth in advances by 23% and a growth in its deposits by 19%. Retail loans grew 22%, commercial and rural banking loans grew 29% and corporate and other wholesale loans grew 15.7%. Fees and commission income rose 38% to INR 53.60bn ($670mn). HDFC Bank’s Current Account Savings Account (CASA) deposits grew 20% YoY with its CASA ratio standing at 45.8% against 45.5% in the previous year. Its provisions fell 32% to INR 36.65bn ($460mn) with its gross non-performing asset (GNPA) ratio down 19bp YoY to 1.28%, while the net (NNPA) ratio fell 13bp YoY to 0.35%. During the quarter, its return on assets (RoA) was at 0.46%. The core net interest margin was at 4.2% vs. 4.3% during the previous year. Its Capital adequacy ratio and CET1 ratio stood at 18.1% and 16.5%, down 80bp and 20bp QoQ respectively.

HDFC Bank’s USD 3.7% Perp was down 0.1 points to 81.5, yielding 9.23%.

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