HDFC Bank Q4 Results: Net profit grows to Rs 16,511 crore, NII grows 2.1% QoQ

The private banking major HDFC Bank on Saturday posted a muted set of Q4 earnings. The bank’s standalone net profit for the quarter ended March 2024 came in at Rs 16,511 crore against Rs 16,373 crore posted in the last quarter.

The private banking major HDFC Bank on Saturday posted a muted set of Q4 earnings. The bank’s standalone net profit for the quarter ended March 2024 came in at Rs 16,511 crore against Rs 16,373 crore posted in the last quarter. The bank’s net interest income for the quarter stood at Rs 29,077 crore against Rs 28,470 crore in the previous quarter of the same fiscal.

HDFC Bank’s Q4 provisions however surged nearly three times on a QoQ basis to Rs 13,511.6 crore against Rs 4,216.6 crore in the previous quarter. The provisions however included floating provisions of Rs 10,900 crore. The bank’s Gross NPA (Non Performing Assets) came in at 1.24% against 1.26% in the previous quarter. Net NPA however rose to 0.33% in Q4FY24 from 0.31% in Q3FY24.

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The board of directors recommended a dividend of Rs 19.5 per share of Rs 1 for the year ended March 31, 2024.

HDFC Bank’s numbers cannot be compared on a YoY basis as the bank underwent merger with the parent company HDFC Ltd during the year.