HDFC Bank on April 20 reported a net profit of Rs 16,511 crore for the January-March quarter of the financial year 2023-24, marking a 0.84 percent jump compared to Rs 16,373 crore clocked in the previous quarter. The net profit is almost in line the market estimates of Rs 16,576 crore.
The bank’s year-on-year financial results are not comparable due to the merger with the parent entity HDFC Ltd during the year.
The net interest income (NII) of Rs 29,007 crore jumped from Rs 28,470 crore reported in the previous quarter. The NII is slightly lower as against the market estimates of Rs 29,172 crore.
The bank's gross non-performing asset (NPA) stood at 1.24 percent, down from 1.26 percent in the last quarter. On the other hand, net NPA for the quarter stood at 0.33 percent compared to 0.31 percent.
The net revenue of the lender grew to Rs 47,240 crore including transaction gains of Rs 7340 crore from the stake sale in subsidiary HDFC Credila Financial Services during the quarter.
The board of directors recommended a dividend of Rs 19.5 per equity share of Rs 1 for the year ended March 31, 2024, the bank said in a press release. Provisions and contingencies for the quarter were Rs 13,500 crore which included floating provisions of Rs 10,900 crore, the bank said. For FY24, the total profit of the bank stood at Rs 64,060 crore.
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