HDFC Bank Q4 Earnings 2024 Boast of ₹16,512 Crore in Net Profit

HDFC Bank reported its financial results for the fourth quarter of fiscal year 2023-24 (Q4FY24) today and announced a staggering standalone net profit of ₹16,512 crore. This marked a slight increase from the previous December quarter’s profit of ₹16,373 crore.

The bank aims to restore its critical ratios post-merger and has shown willingness to slow down its growth rate. As a result, it stands at a gross non-performing assets (NPA) ratio of 1.24 per cent, a marginal improvement from the previous quarter’s 1.26 per cent.

Provisions and contingencies for the quarter amounted to ₹13,500 crore, inclusive of floating provisions worth ₹10,900 crore. The total annual profit for the fiscal year 2023-24 stood at a remarkable ₹64,060 crore.

HDFC Bank recorded a notable surge in its net revenue, bolstered by a transaction gain of ₹7,340 crore garnered from the subsidiary HDFC Credila Financial Services’ stake sale during the quarter. Gross NPAs stood at ₹31,173.3 crore compared to the previous quarter’s ₹31,011.7 crore.

The bank saw a remarkable 108.9% growth in retail loans for the financial year ending on March 31, 2024, marking a substantial increase. Additionally, gross advances climbed by 55.4% year-over-year, with commercial and rural banking loans showing a 24.6% rise.

HDFC Bank’s net interest income surged by 24.5% to ₹290.8 billion for the quarter ending March 31, 2024, a notable increase from the previous year. Deposits also grew significantly by 26.4% to ₹23,798 billion as of March 31, 2024, heavily influenced by the 40.4% rise in time deposits reaching ₹14,710 billion.

The bank proposed a dividend of ₹19.5 per share following its outstanding financial performance. Analyst groups anticipate HDFC Bank’s robust growth trend to persist, forecasting an approximate net profit of ₹15,663 crore for Q4FY24, rendering an expected growth of 30% from the previous year’s quarter.