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Business News/ Companies / Company Results/  HDFC Bank Q4 Results: Net profit at 16,512 crore, NII rises to 29,007 crore; dividend declared
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HDFC Bank Q4 Results: Net profit at ₹16,512 crore, NII rises to ₹29,007 crore; dividend declared

HDFC Bank Q4 Results: The bank announced that its board of directors recommended a dividend of ₹19.5 per equity share of Re 1 for the year ended March 31, 2024.

HDFC Bank net profit stood at ₹16,512 crore in the March quarter. (REUTERS)Premium
HDFC Bank net profit stood at 16,512 crore in the March quarter. (REUTERS)

HDFC Bank Q4 Results: HDFC Bank announced its January-March quarter results for fiscal 2023-24 (Q4FY24) reporting a standalone net profit of 16,512 crore, compared to 16,373 crore in the preceding December quarter. HDFC Bank merged with its parent Housing Development Finance Corporation (HDFC) in July, which means its results are not comparable on a year-over-year basis.

India's biggest private lender's asset quality remained stable, with a gross non-performing assets (NPA) ratio of 1.24 per cent at the end of March, compared with 1.26 per cent three months earlier. Similarly, net NPA increased marginally to 0.33 per cent from 0.31 per cent in the previous quarter.

Follow HDFC Bank Q4 Results Live Updates: Net profit at 16,512 crore, Retail loans lead with 108.9% growth

Gross NPA amounted to 31,173.3 crore, while net NPA stood at 8,091.7 crore. The bank's net revenue surged to 47,240 crore, inclusive of transaction gains of 7,340 crore from the stake sale in subsidiary HDFC Credila Financial Services during the quarter. 

HDFC Bank's core net interest income -the difference between interest earned and paid- grew to 29,080 crore for the reporting quarter, while the other income grew to 18,170 crore. The lender has reported its core net interest margin (NIM) of 3.44 per cent on total assets. The bank announced that its board of directors recommended a dividend of 19.5 per equity share of Re 1 for the year ended March 31, 2024.

HDFC Bank made higher provisions against potential bad loans, while its lending margins were stable. HDFC's higher borrowing costs and lower-yielding loan book weighed on the merged entity's margins. D-Street analysts had expected the lender to slow loan growth in favour of deposit growth until it restored key ratios to pre-merger levels.

Provisions and contingencies for the quarter were 13,500 crore which included floating provisions of 10,900 crore, the bank said. For FY24, the total profit of the private lender stood at 64,060 crore. On Friday, shares of HDFC Bank settled 2.46 per cent higher at 1,531.30 apiece on the BSE.

 

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Published: 20 Apr 2024, 02:37 PM IST
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