HDFC Bank Q4 PAT climbs 37% YoY to Rs 16,512 cr

HDFC Bank Q4 PAT climbs 37% YoY to Rs 16,512 cr

HDFC Bank reported a significant increase in net profit, which surged by 37.06% to Rs 16,511.85 crore in Q4 FY24 compared to Rs 12,047.45 crore in Q4 FY23. Total income also witnessed a remarkable growth of 66.46% year-on-year (YoY) to Rs 89,693.9 crore from Rs 53,850.54 crore in the corresponding quarter last year.

The bank’s net revenue experienced a robust growth of 47.3% to Rs 47,240 crore for the quarter ended 31 March 2024, including transaction gains of Rs 7,340 crore from the stake sale in subsidiary HDFC Cedila Financial Services, compared to Rs 32,080 crore for the quarter ended 31 March 2023.

Profit before tax (PBT) for Q4 FY24 stood at Rs 15,762.60 crore, a marginal decrease of 1.09% from Rs 15,935.53 crore in Q4 FY23. Provisions and contingencies surged to Rs 13,511.64 crore during the quarter, compared to Rs 2,685.37 crore in Q4 FY23.

Net interest income (interest earned less interest expended) for the quarter ended 31 March 2024 grew by 24.5% to Rs 29,080 crore from Rs 23,350 crore for the quarter ended 31 March 2023. The core net interest margin for the quarter was 3.44% on total assets and 3.63% on interest-earning assets.

On the asset quality front, the bank’s gross non-performing assets (NPAs) stood at Rs 31,173.32 crore as of 31 March 2024, with the ratio of gross NPAs to gross advances increasing to 1.24%. The ratio of net NPAs to net advances stood at 0.33%.

Total deposits increased by 26.4% to Rs 2,37,980 crore as of 31 March 2024, while gross advances stood at Rs 2,50,780 crore, registering a growth of 55.4% YoY. The bank’s total capital adequacy ratio (CAR) as per Basel III guidelines was 18.8% as of 31 March 2024.

For the full fiscal year FY24, the company’s net profit rose by 37.87% to Rs 60,812.27 crore on a 59.53% increase in total income to Rs 3,07,581.55 crore compared to FY23.

The board declared a dividend of Rs 19.5 per equity share for the year ended 31 March 2024 and approved the annual renewal of issuance of Long-Term Bonds, Perpetual Debt Instruments, and Tier II Capital Bonds up to a total amount of Rs 60,000 crore over the next twelve months through private placement mode.

As of 31 March 2024, HDFC Bank’s distribution network comprised 8,738 branches and 20,938 ATMs across 4,065 cities/towns, compared to 7,821 branches and 19,727 ATMs across 3,811 cities/towns as of 31 March 2023.

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