HDFC Bank's profit rises by 5 percent to Rs 16,820 cr; employee count increases by 4.5 percent to 2,06,758
The number of employees were at 2,06,758 as of September 30, 2024 (as against 1,97,899 as of September 30, 2023).
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HDFC Bank reported a 5% year-on-year increase in its net profit for the second quarter of fiscal year 25, reaching Rs 16,821 crore. This figure surpassed the expectations of analysts, with an average estimate of Rs 16,570 crore from seven brokerages, as per reports.
The Bank’s net revenue grew by 9.2% to Rs 416.0 billion for the quarter ended September 30, 2024 from ₹ 380.9 billion for the quarter ended September 30, 2023.
Profit before tax (PBT) for the quarter ended September 30, 2024 was at Rs 220.1 billion. Profit after tax (PAT) for the quarter was at Rs 168.2 billion. PAT, adjusted for trading & mark to market gains and tax credits in the prior year, grew by 17.0% over the quarter ended September 30, 2023.
As of September 30, 2024, the Bank’s distribution network was at 9,092 branches and 20,993 ATMs across 4,088 cities / towns as against 7,945 branches and 20,596 ATMs across 3,836 cities / towns as of September 30, 2023. 51% of its branches are in semi-urban and rural areas. In addition, HDCFC has 15,217 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,06,758 as of September 30, 2024 (as against 1,97,899 as of September 30, 2023).
Subsidiaries
Amongst the Bank’s key subsidiaries, HDFC Life Insurance Company Ltd and HDFC ERGO General Insurance Company Ltd prepare their financial results in accordance with Indian GAAP and other subsidiaries do so in accordance with the notified Indian Accounting Standards ('Ind-AS'). The financial numbers of the subsidiaries mentioned herein below are in accordance with the accounting standards used in their standalone reporting under the applicable GAAP.
HDB Financial Services Ltd (HDBFSL), is a non-deposit taking NBFC in which the Bank holds a 94.5% stake. For the quarter ended September 30, 2024, HDBFSL’s net revenue was at ₹ 24.1 billion. Profit after tax for the quarter ended September 30, 2024 was ₹ 5.9 billion compared to ₹ 6.0 billion for the quarter ended September 30, 2023.
HDFC ERGO General Insurance Company Ltd (HDFC ERGO), in which the Bank holds a 50.5% stake, offers a range of general insurance products. Profit after tax for the quarter ended September 30, 2024 was ₹ 2.0 billion, as against profit after tax of ₹2.4 billion for the quarter ended September 30, 2023. Profit after tax for the half year ended September 30, 2024 was ₹ 3.3 billion.
HDFC Asset Management Company Ltd (HDFC AMC), in which the Bank holds a 52.5% stake, is the Investment Manager to HDFC Mutual Fund, and offers a comprehensive suite of savings and investment products. For the quarter ended September 30, 2024, HDFC AMC’s Quarterly Average Assets Under Management were approximately ₹ 7,588 billion. Profit after tax for the quarter ended September 30, 2024 was ₹ 5.8 billion compared to ₹ 4.4 billion for the quarter ended September 30, 2023, a growth of 31.8%. Profit after tax for the half year ended September 30, 2024 was ₹ 11.8 billion.
HDFC Securities Ltd (HSL), in which the Bank holds a 94.9% stake, is amongst the leading broking firms. For the quarter ended September 30, 2024, HSL’s total revenue was ₹ 9.1 billion. Profit after tax for the quarter ended September 30, 2024 was ₹ 3.2 billion, as against ₹ 2.1 billion for the quarter ended September 30, 2023, a growth of 47.1%. Profit after tax for the half year ended September 30, 2024 was ₹ 6.1 billion.
