HDFC Bank Q4 Results: Net Profit Jumps 37% YoY To Rs 16,511 Crore, NII Up 24%, Rs 19.5 Dividend Declared

HDFC Bank, India’s largest private sector lender, on Saturday reported a 37.05 per cent jump in its standalone net profit to Rs 16,511.85 crore for January-March 2024 (Q4 FY24).

Its net interest income (interest earned less interest expended) during the quarter ended March 31, 2024, grew 24.51 per cent to Rs 29,076.82 crore, from Rs 23,351.83 crore a year ago, according to a BSE filing.

On a consolidated basis, HDFC Bank’s net profit stood at Rs 17,622.38 crore, surged 39.92 per cent as against Rs 12,634.01 crore in the quarter ended March 31, 2023, according to a BSE filing.

HDFC Bank also declared a dividend of Rs 19.50 per equity share. “The Board of Directors, at its meeting held today, has recommended a dividend of Rs 19.50 per equity share of Re 1 each fully paid up (i.e. 1,950 per cent) out of the net profits for the year ended March 31, 2024, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Bank,” it said in the filing.

The record date for determining the eligibility of members entitled to receive dividend on equity shares is Friday, May 10, 2024.

“Operating expenses for the quarter ended March 31, 2024 were Rs 179.7 billion (Rs 17,970 crore), an increase of 33.5 per cent over Rs 134.6 billion (Rs 13,460 crore) during the corresponding quarter of the previous year,” the bank said in a statement.

For the full year 2023-24, HDFC Bank’s net profit stood at Rs 60,810 crore, which is 37.9 per cent higher as compared with that in the year-ago period.

HDFC Bank Q4 FY24 NPA

On the asset quality, HDFC Bank’s gross non-performing assets marginally improved to 1.24 per cent of gross advances as on March 31, 2024, compared with 1.26 per cent as on December 31, 2023. However, it was higher when compared with 1.12 per cent as on March 31, 2023. Net non-performing assets were at 0.33 per cent of net advances as on March 31, 2024.

HDFC Bank Q4 FY24 Capital Adequacy

The lender’s total capital adequacy ratio (CAR) as per Basel-III guidelines was at 18.8 per cent as on March 31, 2024 (19.3 per cent as on March 31, 2023) 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 March 31, 2024. Risk-weighted Assets were at Rs 24.68 lakh crore.

(The story will be updated)