HDFC Bank Limited Profit jumps by 39.9%

Udaipur : HDFC Bank’s consolidated net revenue grew by 133.6% to ₹ 807.0billion for the quarter ended March 31, 2024 from ₹ 345.5billion for the quarter ended March 31, 2023. The consolidated profit after tax for the quarter ended March 31, 2024 was ₹176.2billion, up 39.9%, over the quarter ended March 31, 2023. Earnings per share for the quarter ended March 31, 2024was ₹23.2and book value per share as of March 31, 2024 was ₹ 600.8.

The consolidated profit after taxfor the year ended March 31, 2024 was ₹ 640.6billion, up 39.3%, over the year ended March 31, 2023.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended March 31, 2024

The Bank’s net revenue grew by 47.3% to ₹ 472.4billion(including transaction gains of ₹ 73.4 billion from stake sale insubsidiary HDFC Credila Financial Services Ltd) for the quarter ended March 31, 2024 from ₹ 320.8billion for the quarter ended March 31, 2023.

Net interest income (interest earned less interest expended) for the quarter ended March 31, 2024 grew by 24.5% to ₹290.8billion from ₹ 233.5billion for the quarter ended March 31, 2023.Core net interest margin was at 3.44% on total assets, and 3.63% based on interest earning assets.

Other income (non-interest revenue) for the quarter ended March 31, 2024 was ₹ 181.7billion as against ₹ 87.3billion in the corresponding quarter ended March 31, 2023.The four components of other income for the quarter ended March 31, 2024 were fees & commissions of ₹ 79.9 billion (₹ 66.3 billion in the corresponding quarter of theprevious year), foreign exchange & derivatives revenue of ₹ 11.4 billion (₹ 10.1billion in the corresponding quarter of the previous year), net trading and mark to marketgain of ₹75.9billion, including transaction gains of ₹ 73.4 billion mentioned above (loss of ₹ 0.4 billion in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend of ₹ 14.4 billion (₹ 11.3 billion in the corresponding quarter of the previous year).

Operating expenses for the quarter ended March 31, 2024were ₹179.7billion, anincrease of33.5% over ₹134.6billion during the corresponding quarter of the previousyear. Operating expenses for the quarter ended March 31, 2024 included staff ex-gratia provision of ₹ 15 billion.Thecost-to-income ratiofor the quarterwas at 38.0%.Excluding certain transaction gains and the ex-gratia provision, cost to income ratio for the quarter was at 41.3%.

The credit environment in the economy remains benign, and the Bank’s credit performance across all segments continues to remain healthy. The Bank’s GNPA at 1.24% has shown an improvement over the prior quarter. 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. Therefore,the Bank has made floating provisions of ₹ 109.0 billion during the quarter.

Provisions and contingencies for the quarter ended March 31, 2024 were ₹ 135.1 billion (including the floating provisions of ₹ 109.0 billion mentioned above). Provisions and contingencies, excluding the floating provisions, for the quarter ended March 31, 2024 were ₹ 26.1 billion as against ₹ 26.9 billion for the quarter ended March 31, 2023.

The total credit cost ratio (excluding the floating provisions mentioned above)was at 0.42%, as compared to 0.67% for the quarter ending March 31, 2023.

Profit before tax (PBT) for the quarter ended March 31, 2024 was at ₹ 157.6billion.Profit after tax (PAT) for the quarter, after certain tax credits, was at ₹ 165.1 billion, an increase of 37.1% over the quarter ended March 31, 2023.

Related posts:

फेडेक्स द्वारा आयोजित एसएमई कनेक्ट 2019 में लघु मध्यम व्यवसायी की औद्योगिक चुनौतियों पर मंथन
सात माह की बच्ची को मिली दुर्लभ ट्यूमर से निजात
आर्ची आर्केड में फूल और रंगोली से सजाये श्रीराम
उदयपुर में अमेजन द्वारा प्रशिक्षण कार्यशाला 7 को
Karan Rathore Assumes Role as Chairman of Services Export Promotion Council (SEPC)
BOSS Appliances Introduces India's First Hand Blender with a Revolutionary 5-Year Warranty
सीडीपी द्वारा हिंदुस्तान जिंक को क्लाइमेट चेंज और वाॅटर सिक्योरिटी श्रेणी में जलवायु और जल परिवर्तन ...
डॉ. देवेन्द्र सरीन रचित पोस्टर का विमोचन
JK Tyre honoured with ICC Social Impact Award for its Water Conservation Initiative
राजीव गांधी खेल ओलम्पिक का शुभारंभ 5 से
देवेन्द्र साहू जिला ओलंपिक संघ में विशेष आमंत्रित सदस्य बने
आकृति मलिक ने स्कोल्टेक यूनिवर्सिटी में किया भारत का प्रतिनिधित्व

Leave a Reply

Your email address will not be published. Required fields are marked *