HDFC Bank Q3 results: Net profit jumps 33% at ₹16,372 crore – 8 key highlights

HDFC Bank on Tuesday announced its financial results for the third quarter ended December 31, 2023, for fiscal year 2024.

The private sector lender reported a 33 per cent jump in its net profit at ₹16,372 crore in Q3 of FY24, as compared to ₹12,259 crore a year ago. 

Here are the key highlights of HDFC Bank’s Q3 financial results.

Loan growth

HDFC Bank’s domestic retail loans surged by 111 per cent, commercial and rural loans rose 31.4 per cent, and corporate and wholesale loans (excluding non-individual loans of eHDFC of approximately ₹98,900 crore) increased by 11.2 per cent.

Deposits

HDFC Bank’s total deposits rose by 27.7 per cent to  ₹28.47 lakh crore in Q3 of FY24, as compared to ₹22.29 lakh crore a year ago. 

Current account and savings account (CASA) deposits grew by 9.5 per cent with savings account deposits reported at ₹5.79 lakh crore and current account deposits reported at ₹2.58 lakh crore. 

NPAs

HDFC Bank’s gross non-performing assets (NPAs) were reported at 1.26 per cent in Q3 of FY24, up from 1.23 per cent last fiscal year. Net NPAs in Q3 of FY24 stood at 0.31 per cent, as compared to 0.33 per cent last year.

Income

The bank’s total income on a standalone basis rose to ₹81,720 crore in the October-December quarter of FY24 against ₹51,208 crore in the year-ago period. Its consolidated total income rose to ₹115,015 crore in Q3 of FY24 from ₹54,123 crore at the end of the same quarter in the previous fiscal year.

Interest income

HDFC Bank’s net interest income (NII) rose to ₹28,471 crore in Q3 of FY24 from ₹27,385 crore in the previous quarter. The core net interest margin was unchanged sequentially. It rose 3.4 per cent on total assets and 3.6 per cent on interest-earning ones year-on-year.

Nine-month earnings

For the nine months ended December 31, 2023, HDFC Bank earned a total income of ₹217,940 crore as against ₹138,950 crore in the corresponding period of the previous year. Net revenue (net interest income plus other income) for the nine months ended December 31, 2023, was ₹110,530 crore, as against ₹86,000 crore for the nine months ended December 31, 2022. 

Capital adequacy

HDFC Bank’s total capital adequacy ratio (CAR) as per Basel Ill guidelines was at 18.4 per cent as on December 31, 2023 (19.4 per cent as on December 31, 2022) as against a regulatory requirement of 11.7 per cent. Tier 1 CAR was at 16.8 per cent and common equity Tier 1 capital ratio was at 16.3 per cent as of December 31, 2023.

Distribution network

As of December 31, 2023, the bank's distribution network included 8,091 branches and 20,688 ATMs across 3,872 cities as against 7,183 branches and 19,007 ATMs across 3,552 cities/ towns as of December 31, 2022. 

The number of employees at HDFC Bank stood at 208,066 as of December 31, 2023, (as against 1,66,890 as of December 31, 2022). 

Shares of HDFC Bank ended 0.42 per cent higher at ₹1,678.95 on the BSE on Tuesday.