HDFC Bank Q3 Results: HDFC Bank’s net profit in the third quarter of the fiscal year 2024 jumped by 33%, reaching ₹16,372 crore, compared to ₹12,259 crore a year earlier. The bank’s gross non-performing assets (NPA) stood at 1.26 percent, up from 1.23 percent last year
The third quarter of FY24 marked a significant milestone for HDFC Bank, as the institution witnessed a substantial surge in its net profit by nearly 34%. This outstanding performance propelled the bank’s net profit to an impressive Rs 16,373 crore, eclipsing the forecasts put forth by industry analysts.
This remarkable achievement underscores the robust and strategic financial management undertaken by HDFC Bank, positioning it as a formidable player in the banking landscape. The bank’s ability to exceed expectations reflects its prudent decision-making, adaptability to market dynamics, and effective execution of its business strategies.
HDFC Bank Q3 Results
This surge in net profit not only signals strong financial health and resilience but also serves as a testament to the bank’s commitment to driving sustained value for its stakeholders and facilitating economic growth.
➢ Advances growth ₹ 1.1 tr in the quarter (↑4.9%)
➢ Deposits increased ₹ 0.4 tr in the quarter (↑1.9%)
✓ Retail deposits grew ₹ 0.5 tr in the quarter (↑2.9%)
➢ Asset quality continues to remain stable
➢ RoA of 2.0% and RoE of 15.8% in the current quarter
➢ Consolidated EPS of ₹ 22.7 for the quarter and BVPS of ₹ 576.0
➢ Capital adequacy ratio at 18.4%; positioned for continued growth
Read Also | ICICI Bank Q3 Result
Income
The HDFC bank’s total income on a standalone basis rose to ₹81,720 crore in the October-December quarter of FY24 against ₹51,208 crore in the year-ago period. Its consolidated total income rose to ₹115,015 crore in Q3 of FY24 from ₹54,123 crore at the end of the same quarter in the previous fiscal year.
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Deposits
HDFC Bank’s total deposits increased by 27.7% to ₹28.47 lakh crore in Q3 of FY24, from ₹22.29 lakh crore a year ago.
Current account and savings account (CASA) deposits grew by 9.5 per cent with savings account deposits reported at ₹5.79 lakh crore and current account deposits reported at ₹2.58 lakh crore.
NPAs
HDFC Bank’s bad loans (Non Performing Assets NPA) were 1.26% in Q3 of FY24, up from 1.23% last year. The net bad loans in Q3 of FY24 were 0.31%, compared to 0.33% last year.
NPA stands for Non-Performing Assets. Non-Performing Assets are loans or advances that have stopped generating income for the lender. This occurs when the borrower has failed to make interest or principal repayments for a specific period of time, usually 90 days. NPAs are a key concern for banks and financial institutions as they impact profitability and financial stability.
Interest income
The Bank’s net interest income (NII) rose to ₹28,471 crore in Q3 of FY24 from ₹27,385 crore in the previous quarter. The core net interest margin was unchanged sequentially. It rose 3.4 per cent on total assets and 3.6 per cent on interest-earning ones year-on-year.
Capital Adequacy Ratio (CAR)
HDFC Bank’s total capital adequacy ratio (CAR) as per Basel Ill guidelines was at 18.4 per cent as on December 31, 2023 (19.4 per cent as on December 31, 2022) as against a regulatory requirement of 11.7 per cent. Tier 1 CAR was at 16.8 per cent and common equity Tier 1 capital ratio was at 16.3 per cent as of December 31, 2023.
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