HDFC Bank reports Q4 net profit at ₹16,512 crore - Hindustan Times
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HDFC Bank reports Q4 net profit at 16,512 crore

Apr 20, 2024 03:24 PM IST

HDFC Bank's net profit in fourth quarter stood at ₹16,512 crore, Reuters reported.

Private lender HDFC Bank's net profit in fourth quarter (January-March) stood at 16,512 crore. 

The standalone net profit figure was below analysts' forecast of 17,315 crore according to LSEG data, but above the 16,373 crore rupees reported in the previous quarter.

In its fourth quarter result, the private lending giant reported provisions and contingencies at 13,510 crore during the quarter, up from 4,217 crore in the three months to December as a "countercyclical buffer for making the balance sheet more resilient," the bank said in a press statement.

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HDFC Bank's net profit in fourth quarter stood at <span class='webrupee'>₹</span>16,512 crore, Reuters reported. (PTI)
HDFC Bank's net profit in fourth quarter stood at 16,512 crore, Reuters reported. (PTI)

Provisions for the January-March quarter included floating provisions of 10,900 crore. As per the statement released by the company, HDFC Bank's net interest income - the difference between interest earned and paid - rose 2.1% from the previous quarter to 29,080 crore.

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The bank's core net interest margin was 3.44% on total assets and 3.63% on interest-earning ones, versus 3.4% and 3.6%, respectively, in the previous quarter and a blended 4.1% in the same quarter last year.

HDFC's higher borrowing costs and lower-yielding loan book weighed on the merged entity's margins. 

According to a Reuters, report, the analysts had expected the lender to slow loan growth in favour of deposit growth until it restored key ratios to pre-merger levels.

HDFC Bank's gross loans grew 1.6% sequentially to 25.08 trillion rupees in the latest quarter, slower than in the previous quarter. Deposits grew 7.5% to 23.8 trillion rupees.

The bank's asset quality remained stable, with a gross non-performing assets ratio of 1.24% at the end of March, compared with 1.26% three months earlier.

HDFC Bank's shares ended 2.5% higher ahead of the results on Friday.

(With Reuters inputs)

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