HDFC Bank reports 34% y-o-y rise in net profit to Rs 16,373 crore

17 Jan 2024 , 12:51 PM

HDFC Bank posted a strong December quarter net profit of Rs 16,372.54 crore, up roughly 34% year-on-year (YoY). 

Net interest income (NII), which is the difference between interest earned and interest expenditure, increased 24% year-on-year to Rs 28,471.34 crore. However, the NII result was lower than expected at Rs 29,067 crore.

Profit jumped 2.5% sequentially, while net interest income increased by roughly 4%. Provisions jumped to Rs 4,217 crore in the December quarter, up from Rs 2,806 crore the year before and Rs 2,904 crore the previous quarter.

The gross non-performing assets (GNPA) ratio as of December 31 was 1.26%, compared to 1.23% a year ago and 1.34% a quarter ago. The net non-performing assets (NNPA) ratio was 0.31% as of December 31, compared to 0.33% a year ago and 0.35% a quarter ago.

The core net interest margin was 3.4% for total assets and 3.6% for interest-earning assets. Other income for the quarter totaled Rs 11,137 crore, up from about Rs 8,500 crore in the previous corresponding period.

Operating expenses for the quarter stood at Rs 15,961 crore, up from Rs 12,464 crore in the previous year. The cost-to-income ratio in the quarter was 40.3%.

 Pre-provision operating profit (PPoP) increased by more than 24% year-on-year to Rs 23,647.30 crore.

Total deposits increased by approximately 28% year on year to Rs 22.14 lakh crore at the end of December. Current account savings account (CASA) deposits climbed by 9.5% in the fourth quarter, while time deposits jumped by 42%.

Gross advances at the end of December were Rs 24.69 lakh crore, up more than 62% from the previous year. Domestic retail loans more than doubled in the past quarter, while commercial and rural banks loans increased by more than 31%.

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