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Bond Market News

HDFC Bank’s Earnings Beat as Profits Rise 20%

October 17, 2022

India’s largest private lender HDFC Bank reported a 20% YoY rise in its net income to INR 106.1bn ($1.3bn), slightly beating estimates of INR 105.5bn ($1.3bn). The bank’s net interest income was up 19% YoY to INR 210.2bn ($2.6bn). Besides, the bank’s CASA deposits grew over 15% to INR 7.6tn ($92bn) with its overall CASA ratio at 45.4% of total deposits. The lender’s total loans were at INR 14.8tn ($180bn), up over 23% YoY. HDFC Bank reported a gross NPA ratio of 1.23% vs. 1.35% a year ago and a net NPA ratio of 0.33% vs. 0.35% last year. Its CET1 ratio stood at 16.3% to end the quarter.

HDFC Bank’s 3.7% Perp 81.63, yielding 9.51% to call.

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