HDFC Bank reported a robust 50.6% YoY increase in Profit After Tax (PAT) to Rs 15,976 crore for Q2FY24, surpassing street estimates. This marks the first quarterly earnings report after the bank’s mega-merger with HDFC Ltd. Net revenue for the quarter grew by 33.1% YoY to Rs 38,093 crore, and net interest income surged by 30.3% to Rs 27,385 crore. However, the net interest margins (NIM) declined to 3.4%, attributed to debt financing of liquidity before the merger. The bank’s asset quality witnessed a slight deterioration, with gross non-performing assets (NPA) ratio at 1.34%. Total deposits grew by 29.8% YoY to Rs 21.72 lakh crore.