HDFC Q4 FY24 result update:
On April 20, HDFC Bank announced a net profit of Rs 16,512 crore for the January-March quarter of the fiscal year 2023-24, indicating a 0.84 percent increase compared to the Rs 16,373 crore recorded in the previous quarter. This figure closely aligns with market estimates of Rs 16,576 crore.
The bank’s year-on-year financial comparisons are not feasible due to its merger with the parent entity HDFC Ltd during the year.
The net interest income (NII) surged to Rs 29,007 crore from Rs 28,470 crore reported in the preceding quarter, slightly below market estimates of Rs 29,172 crore.
HDFC Bank’s gross non-performing asset (NPA) decreased to 1.24 percent from 1.26 percent in the last quarter. Conversely, the net NPA for the quarter stood at 0.33 percent, compared to 0.31 percent previously.
The lender’s net revenue expanded to Rs 47,240 crore, inclusive of transaction gains of Rs 7,340 crore from the stake sale in subsidiary HDFC Credila Financial Services during the quarter.
In a press release, the bank announced that the board of directors proposed a dividend of Rs 19.5 per equity share of Rs 1 for the fiscal year ending March 31, 2024. Additionally, the bank stated that provisions and contingencies for the quarter amounted to Rs 13,500 crore, incorporating floating provisions of Rs 10,900 crore.
