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HDFC Bank Q4 PAT climbs 37% YoY to Rs 16,512 cr

20-Apr-24 17:19 Hrs IST

Total income jumped 66.46% YoY to Rs 89,6939 crore as compared with Rs 53,850.54 crore posted in corresponding quarter last year.

The bank?s net revenue grew by 47.3% to Rs 47,240 crore (including transaction gains of 7,340 core from stake sale in subsidiary HDFC Cedila Financial Services) for the quarter ended 31 March 2024 from Rs 32,080 crore for the quarter ended 31 March 2023.

Profit before tax (PBT) in Q4 FY24 stood at Rs 15,762.60 crore, down 1.09% from Rs 15,935.53 crore posted in Q4 FY23.

The bank's provisions and contingencies surged to Rs 13,511.64 crore during the quarter as against 2685.37 crore in Q4 FY23.

Net interest income (interest earned less interest expended) for the quarter ended 31 March 2024 grew by 24.5% to Rs 29,080 crore from Rs 23,350 crore for the quarter ended 31 March 2023. Core net interest margin for the quarter was 3.44% on total assets and 3.63% on interest earning assets.

On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 31,173.32 crore as on 31 March 2024 as against Rs 31,011.67 crore as on 31 December 2023 and Rs 18,019.03 crore as on 31 March 2023.

The ratio of gross NPAs to gross advances increased to 1.24% as on 31 March 2024 as against 1.26% as on 31 December 2023 and 1.12% as on 31 March 2023.

The ratio of net NPAs to net advances stood at 0.33% as on 31 March 2024 as against 0.31% as on 31 December 2023 and 0.27% as on 31 March 2023.

The total credit cost ratio was at 0.42%, as compared to 0.67% for the quarter ending 31 march 2023.

Total deposits were at Rs 2,37,980 crore as of 31 March 2024, an increase of 26.4% over 31 March 2023. CASA deposits increased by 8.7%, comprising 38.2% of total deposits as of 31 March 2024.

Gross advances stood at Rs 2,50,780 crore as on 31 March 2024, registering a growth of 55.4% YoY. Domestic retail loans soared 108.9%, commercial and rural banking loans grew by 24.6% and corporate and other wholesale loans (excluding non-individual loans of eHDFC of approximately Rs 8,070 crore) grew by 4.2%.

The bank's total capital adequacy ratio (CAR) as per basel III guidelines was at 18.8% as on 31 March 2024 as compared to 19.3% as on 31 March 2023. Tier 1 CAR was at 16.8% and common equity tier 1 capital ratio was at 16.3% as of 31 March 2024.

Year on Year basis, the company?s net profit jumped 37.87% to Rs 60,812.27 crore on 59.53% increase in total income to Rs 3,07,581.55 crore in FY24 over FY23.

Meanwhile, the board has declared a dividend of Rs 19.5 per equity share for the year ended 31 March 2024.

Further, the board has approved the annual renewal of issuance of Long-Term Bonds (Financing of Infrastructure and Affordable Housing), Perpetual Debt Instruments (part of Additional Tier I capital) and Tier II Capital Bonds up to total amount of Rs 60,000 crore over the period of next twelve months through private placement mode.

HDFC Bank is private sector lender, As of 31 March 2024, the bank's distribution network was at 8,738 branches and 20,938 ATMs across 4,065 cities / towns as against 7,821 branches and 19,727 ATMs across 3,811 cities / towns as of 31 March 2023.

The scrip rallied 2.46% to Rs 1,531.30 on Friday, 19 April 2024.