HDFC Bank Q4 Results: Profit jumps 37% YoY to Rs 16,512 crore, NII up 24.5%
HDFC Bank on Saturday reported a 37.1% year-on-year (YoY) increase in its standalone profit at Rs 16,512 crore in the March quarter.
Its net interest income (NII) during the quarter grew by 24.5% to Rs 29,077 crore.
While announcing its quarterly numbers, HDFC Bank also declared a dividend of Rs 19.5 per share for FY24.
The lender's core net interest margin was at 3.44% on total assets and 3.63% based on interest earning assets. During the quarter, it made a floating provision of Rs 10,900 crore to act as a countercyclical buffer for making the balance sheet more resilient.
«The credit environment in the economy remains benign, and the bank's credit performance across all segments continues to remain healthy. The bank's GNPA at 1.24% has shown an improvement over the prior quarter,» HDFC Bank said in a filing.
Provisions and contingencies during Q4 stood at Rs 13,510 crore, including the floating provision. The total credit cost ratio, excluding floating provisions, was at 0.42%, as compared to 0.67% for the quarter.
On a YoY basis, the bank's total deposits rose 26.4% to Rs 23,798 billion and CASA deposits grew by 8.7%. Gross advances grew relatively faster by 55.4% and were at Rs 25,078 crore at the end of the March quarter.
HDFC Bank's domestic retail loans grew 109%, commercial and rural banking loans showed a growth of 24.6% while corporate and other wholesale loans grew by 4.2%.
The bank's total capital adequacy ratio as per Basel-III guidelines was at 18.8% in Q4 vs 19.3% in corresponding quarter of
