HDFC Bank Q3 profit surges 34 per cent to Rs 16,373 crore, NPAs decline to 0.31 per cent

Image Source : PTI (FILE) HDFC Bank

HDFC Bank, the largest private sector lender in India, has reported a 34 per cent increase in its standalone net profit to Rs 16,373 crore for the third quarter ending December 2023. In the corresponding quarter of the previous fiscal year, the bank had earned a net profit of Rs 12,259 crore.

The total income on a standalone basis also witnessed substantial growth, reaching Rs 81,720 crore in the October-December quarter of FY24 compared to Rs 51,208 crore in the same period of the previous year, as per the regulatory filing by HDFC Bank.

On a consolidated basis, the bank’s profit showed a 39 per cent increase, reaching Rs 17,718 crore from Rs 12,735 crore. The consolidated total income rose to Rs 1,15,015 crore from Rs 54,123 crore in the corresponding quarter of the previous year.

Regarding asset quality, there was a slight uptick in gross non-performing assets (NPAs), which stood at 1.26 per cent of gross loans by the end of December 2023, compared to 1.23 per cent a year ago. However, net NPAs saw a decrease to 0.31 per cent from 0.33 per cent at the end of the third quarter of the previous fiscal year.

(With PTI inputs)

READ MORE: Jio Financial plunges nearly 6 per cent as Q3 net profit declines 56 per cent QoQ to Rs 293.82 crore 

READ MORE: Wipro surges over 13 per cent despite 12 per cent decline in Q3 profit YoY