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HDFC Bank shows 18.4% Jump in Q2 Profit at Rs.7,513 Crore

HDFC Bank, India’s largest private sector lender, reported a 18.4  percent year-on-year growth in profit at Rs 7,513.11 crore for the September-ended quarter.

HDFC Bank’s net income increased by 16.7 per cent year-on-year to 15776.4 crore during the previous quarter.

Its CASA ratio (A higher ratio means a larger portion of a bank’s deposits are in current and savings accounts, rather than term deposit accounts.

This is beneficial to a bank because it gets money at a lower cost.) was about 42 percent as of September 2020, compared to 39.3 percent as of September 2019 and 40.1 percent in June 2020

The stock gained more than 2 percent ahead of its quarterly earnings on Friday. It rallied over 12 percent during September quarter, but corrected over 5.5 percent year-to-date.

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