HDFC Bank, the largest private sector lender in the country, reported a 37.05% increase in its standalone net profit to Rs 16,511.85 crore for the January-March quarter on April 20.
During the quarter, the net interest income grew by 24.51% to Rs 29,076.82 crore compared to Rs 23,351.83 crore a year ago. The core net interest margin was 3.44% on total assets and 3.63% on interest-earning assets.
On a consolidated basis, HDFC Bank’s net profit was Rs 17,622.38 crore, an increase of 39.92% from Rs 12,634.01 crore in the quarter ended March 31, 2023, as per a BSE filing.
The bank’s net revenue for the quarter ended March 31, 2024, was Rs 47,240 crore, including transaction gains of Rs 7,340 crore from the stake sale in subsidiary HDFC Credila Financial Services Ltd, compared to Rs 32,080 crore in the same quarter of the previous year.
Other income for the quarter was Rs 18,170 crore, up from Rs 8,730 crore in the corresponding quarter of the previous year. Operating expenses for the quarter were Rs 17,970 crore, including a staff ex-gratia provision of Rs 715 crore.
Credit performance remained strong across all segments, with GNPA at 1.24% showing improvement over the previous quarter, as stated in the filing.
The bank also announced a dividend of Rs 19.50 per equity share, subject to shareholder approval at the upcoming Annual General Meeting. Shares of HDFC Bank closed at Rs 1,531.30 on April 19, up 2.46% on BSE.
