The bank, one of the earliest lenders to release the quarter’s figures, stated that other income increased to Rs 18,170 crore and core net interest income increased to Rs 29,080 crore for the reporting quarter.
The largest private sector lender in the nation reported a net profit of Rs 16,511.85 crore on an independent basis, up from Rs 16,372.54 crore in the December quarter.
The biggest private bank in India, HDFC Bank, announced a net profit of Rs 16,511 crore for the January-March quarter (Q4) of the fiscal year 2023–24. This represents an increase of 37.1% from Rs 12,050 crore during the same period previous year and a 0.84 percent increase from Rs 16,373 crore recorded in the December quarter.
However, because of the merger with the parent company HDFC Ltd throughout the year, the bank’s financial statements from year to year are not comparable.
For the fiscal year that ends in March 2024, the board of directors has recommended a dividend of Rs 19.5 per equity share of Rs one.
The board also approved the raising of Tier II Capital Bonds and Perpetual Debt Instruments, which are components of additional Tier I capital, up to a total of Rs 60,000 crore through private placement over the course of the next year.
The gross non-performing asset (NPA) of the bank decreased from 1.26 percent to 1.24 percent in the previous quarter. However, net non-performing assets (NPA) for the quarter were 0.33 percent as opposed to 0.31 percent. As of March 2024, the value of retail mortgages was Rs 7.72 lakh crore.
On the BSE, the bank’s shares ended the day 2.46 percent higher at Rs 1,531.30.
The lender’s net revenue increased by 47.3% to Rs 47,240 crore during the quarter, which included transaction profits of Rs 7,340 crore from the sale of a stake in its subsidiary, HDFC Credila Financial Services. Last year, it was worth Rs 32,080 crore. The net interest income increased to Rs 29,080 crore, a 24.5% increase.
Concurrently, the bank’s overall net income increased by 133.6 percent, from Rs 34,550 crore to Rs 80,700 crore for the quarter that ended on March 31, 2023. For the year ending in March 2024, the consolidated profit after tax was Rs 64,060 crore, representing a 39.3% increase over the previous year’s conclusion in March 2023.
Gross advances were Rs 25.07 lakh and deposits were Rs 23.798 lakh crore.
The economy’s credit climate is still favourable, and the bank’s credit performance is still strong across the board. In comparison to the previous quarter, the bank’s GNPA of 1.24 percent has improved, the bank said in a statement.
The bank saw this as a good time to improve its floating provisions, which are not portfolio-specific but serve as a countercyclical buffer to strengthen the balance sheet’s resilience. They also meet the regulatory requirements for Tier 2 Capital. As a result, the bank stated that it made floating provisions of Rs 10,900 crore for the quarter.
For the quarter that concluded in March 2024, provisions and contingencies were Rs 13,510 crore, including floating provisions.
