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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹38,093 Cr
verified against source
Revenue YoY
33%
reported change
EBITDA
Pending
latest reported figure
Source
screener in partial
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
HDFC Bank reported a strong Q2 FY24, its first post-merger with HDFC Ltd. Net profit surged 50% YoY to ₹15,976 crore, driven by robust deposit and loan growth. Deposits grew 5.3% sequentially (₹1.1 lakh crore), with 83% retail, while advances rose 4.9% sequentially (₹1.0 lakh crore). Net interest margin (NIM) was 3.65% on total assets, absorbing ~25 bps drag from excess liquidity and ICRR. Asset quality remained stable with GNPA at 1.34%. Management expressed confidence in sustaining growth and profitability (ROA 1.9-2.1%), with plans to expand construction finance and cross-sell. Key risk: potential normalization of credit costs from current benign levels.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated its ability to maintain return on assets in the 1.9%-2.1% range, consistent with historical performance.
- The bank plans to grow the construction finance portfolio, which will support top-line and margin recovery.
- Margins are expected to improve as the bank substitutes high-cost debt with deposits and shifts loan mix towards retail.
Risks flagged
- Current credit costs at 49 bps are below historical mean of ~80-100 bps; reversion could pressure profitability.
- The 25 bps drag from ICRR and debt-funded liquidity may persist longer than expected, delaying NIM recovery.
- Though management downplays risk, the inherited non-retail book has some tail risk of further slippage.
Key quotes
- I can categorically say that the bank will not incur any incremental costs or losses on account of this book into our P&L going forward.
- We are very sanguine and very confident that funding is never going to be an issue, and you will see the kind of execution that we are capable of going forward as well.
- The bank is poised to silently deliver the core growth that you have just seen in this quarter, and I'm very confident and sanguine that it'll continue to do so quarter after quarter, even on a larger scale.
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