HDFC Bank Ltd. reported fourth-quarter standalone net profit rose 37.1% to ₹16,512 crore, from ₹12,047 crore within the year-earlier interval, aided by a 24.5% development in net curiosity revenue (NII) at ₹29,080 crore.
Core net curiosity margin was at 3.44% on complete belongings, and three.63% based mostly on curiosity incomes belongings, the non-public sector financial institution stated in a submitting.
For the 12 months ended March 31, the financial institution’s profit after tax elevated 37.9% to ₹60,810 crore.
The Board of Directors really helpful a dividend of ₹19.5 per fairness share of ₹1 for the 12 months ended March 31, 2024.
“The credit environment in the economy remains benign, and the bank’s credit performance across all segments continues to remain healthy,” CFO Srinivasan Vaidyanathan stated on a post-earnings convention name. “The bank’s GNPA at 1.24% has shown an improvement over the prior quarter,” he added.
“The bank has considered this as an opportune stage to enhance its floating provisions, which are not specific to any portfolio, but act as a countercyclical buffer for making the balance sheet more resilient, and these also qualify as Tier 2 Capital within the regulatory limits,” he stated, including that the lender had put aside floating provisions of ₹10,900 crore.
Provisions and contingencies for the quarter ended March 31 amounted to ₹13,510 crore (together with the floating provisions of ₹10,900 crore).
Provisions and contingencies, excluding the floating provisions, declined to ₹2,610 crore, from ₹2,690 crore within the year-earlier interval.
The complete credit score value ratio (excluding the floating provisions) was at 0.42%, in contrast with 0.67% for the quarter ending March 31, 2023, the financial institution stated.
Total deposits elevated 26.4% to ₹23,79,800 crore as of March 31, 2024, and gross advances elevated 55.4% to ₹25,07,800 crore.
Gross non-performing belongings had been at 1.24% of gross advances as on March 31, 2024, as in opposition to 1.26% as on December 31, 2023, and 1.12% as on March 31, 2023. Net non-performing belongings had been at 0.33% of net advances as on March 31, 2024.
The financial institution’s consolidated profit after tax for the quarter elevated 30.9% to ₹17,620 crore.
The consolidated profit after tax for the 12 months ended March 31 rose 39.3% to ₹64,060 crore.
