HDFC Bank announced its financial results for the January-March quarter of the financial year 2023-24, revealing a net profit of Rs 16,511 crore. This represents a 0.84 percent increase compared to the previous quarter’s net profit of Rs 16,373 crore and is in line with market estimates of Rs 16,576 crore. For the entire fiscal year 2023-24, HDFC Bank’s total profit stood at Rs 64,060 crore.
- Standalone net profit came in at ₹16,511 crore, up 0.84% QoQ.
- Standalone net interest income grew 2.1% QoQ to ₹29,077 crore.
- The board recommended a dividend of ₹19.5 per equity share.
- The core net interest margin stood at 3.44% on total assets.
- The gross non-performing assets (NPA) ratio improved to 1.24%.
The bank’s net interest income (NII) for the quarter was reported at Rs 29,007 crore, showing growth from the previous quarter’s Rs 28,470 crore. However, the NII fell slightly short of market estimates, which projected Rs 29,172 crore.
In terms of asset quality, HDFC Bank’s gross non-performing asset (NPA) stood at 1.24 percent, a decrease from the previous quarter’s 1.26 percent. The net NPA for the quarter was 0.33 percent, slightly higher compared to the previous quarter’s 0.31 percent.
The lender’s net revenue experienced growth, reaching Rs 47,240 crore. This figure includes transaction gains of Rs 7,340 crore from the stake sale in subsidiary HDFC Credila Financial Services during the quarter. The board of directors also recommended a dividend of Rs 19.5 per equity share of Rs 1 for the fiscal year ended March 31, 2024, as stated in the bank’s press release. Additionally, provisions and contingencies for the quarter amounted to Rs 13,500 crore, including floating provisions of Rs 10,900 crore.
Download HDFC Bank’s Q4 Results
- Financial Results for the year ended March 31, 2024.
- Press Release to announce Financial Results for the Quarter and year ended March 31, 2024.
- Key Parameters_Financial Results for the Quarter ended March 31, 2024.
- Q4FY24 Earnings Presentation.
