HDFC Bank Q4 results: Profit jumps 37% to Rs 16,512 crore, NII up 24.5%.
HDFC Bank's Q4 2024 results: Net profit up 37.1%, NII grows 24.5%, GNPA at 1.24%, floating provisions increased.
HDFC Bank, a private sector lender, recorded a significant 37.1 percent increase in net profit to Rs 16,512 crore for the quarter ending on March 31, 2024, compared to Rs 12,047 crore in the same quarter of the previous year. Additionally, net interest income surged by 24.5 percent to Rs 29,080 crore, while the core net interest margin stood at 3.44 percent on total assets and 3.63 percent on interest-earning assets. Non-interest income for the quarter more than doubled to Rs 18,166 crore, primarily driven by trading and mark-to-market gains of Rs 7,950 crore, in contrast to a loss of Rs 40 crore in the corresponding period last year.
The bank's asset quality remained robust with gross non-performing assets (GNPA) at 1.24 percent, slightly down from 1.26 percent in the previous quarter and up from 1.12 percent in the fourth quarter of the previous financial year. During the quarter, HDFC Bank bolstered its floating provisions by Rs 1,090 crore, aiming to fortify its balance sheet against potential economic downturns. This move also strengthens the bank's Tier-II Capital within regulatory boundaries.
HDFC Bank witnessed a healthy growth in total deposits, up by 26.4 percent year-on-year, with current and savings account (CASA) deposits expanding by 8.7 percent. CASA deposits constituted 38.2 percent of total deposits. Furthermore, gross advances surged by 55.4 percent year-on-year.
As of March 31, 2024, the bank's total Capital Adequacy Ratio (CAR) under Basel III guidelines stood at 18.8 percent, down from 19.3 percent a year earlier, exceeding the regulatory requirement of 11.7 percent.
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