HDFC Bank, India’s largest private bank, on Tuesday clocked a 34 per cent jump in its standalone net profit to Rs 16,373 crore for the third quarter (Q3) ended December 2023. In the corresponding quarter of the previous fiscal year, the bank had earned a net profit of Rs 12,259 crore .
HDFC Bank’s total income on a standalone basis rose to Rs 81,720 crore in the October-December quarter of FY24 against Rs 51,208 crore in the year-ago period, HDFC Bank said in a regulatory filing. On a consolidated basis, the bank’s profit increased 39 per cent to 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 at the end of the same quarter the previous year.
On the asset quality side, the bank witnessed a marginal increase in gross non-performing assets (NPAs) to 1.26 per cent of the gross loans by the end of December 2023 from 1.23 per cent a year ago. However, its net NPAs came down to 0.31 per cent from 0.33 per cent at the end of the third quarter of the previous fiscal year.
The bank’s total advances jumped 62.4 per cent to Rs 24.69 lakh crore. Domestic retail loans of the bank grew by 111 per cent, commercial and rural loans of the bank grew by 31.4 per cent and corporate and wholesale loans (excluding non-individual loans of eHDFC Ltd. of about Rs 98,900 crore) grew by 11.2 per cent.
Srinivasan Vaidyanathan, chief financial officer, HDFC Bank said that the bank has historically seen an improvement in its asset quality. “Historically, we have seen that our asset quality has improved and the current credit environment seems to be benign. The credit conditions seem to be quite good,” he said in the press meet after announcing the results.
Shares of HDFC Bank closed at Rs 1,678.95, apiece, up 0.42 per cent, on the BSE on Tuesday.
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