HDFC Bank posts `16,511 cr Q4 profit, declares `19.5 per equity dividend

Hdfc bank, india’ s largest private bank, has reported a net profit of Rs 16,511 crore for the Januarymarch quarter (Q4) of the financial year 2023-24, marking a 0.84 per cent jump compared to Rs 16,373 crore clocked in the December quarter and a 37.1 per cent rise from Rs 12,050 crore in the same period of last year.

However, the bank’s year-on year financial results are not comparable due to the merger with the parent entityhdfc ltd during the year.

The board of directors has recommended a dividend of Rs 19.5 per equity share of Rs one for the year ended March 2024.

The board also cleared raising of perpetual debt Instruments (part of additional Tier I capital) and tier ii capital bonds up to a totalamount of rs 60,000 cr ore over the period of next twelve months through private placement mode.

The bank’s gross non-performing asset (NPA) stood at 1.24 per cent, down from 1.26 per cent in the last quarter. On the other hand, net NPA for the quarter stood at 0.33 per cent compared to 0.31 per cent. Retail mortgages were at Rs 7.72 lakh crore as of March 2024.

The bank’s shares closed 2.46 per cent higher at Rs 1,531.30 on the BSE on Friday.

The net revenue of the lender grew by 47.3 per cent to Rs 47,240 crore including transaction gains of Rs 7,340 crore from the stake sale in subsidiary HDFC Credila Financial Services during the quarter. it was rs 32,080 cr ore last year. Net interest income rose by

The bank’s gross NPA stood at 1.24%, down from 1.26% in the last quarter. On the other hand, net NPA for the quarter stood at 0.33% compared to 0.31%

24.5 per cent to Rs 29,080 crore

Meanwhile, the bank’ s consolidated net revenue grew by 133.6 per cent to Rs 80,700 crore for the quarter ended March 2024 from Rs 34,550 crore for the quarter ended March 31, 2023. The consolidated profit after tax for the year ended March 2024 was Rs 64,060 crore, up 39.3 per cent, over the year ended March 2023.

Deposits were at Rs 23.798 lakh crore and gross advances were Rs 25.07 lakh crore.

“The credit environment in the economy remains benign, and the bank’s credit performance across all segments continues to remain healthy. the b an k’ sgn pa at 1.24 percent has shown an improvementover the prior quarter ,” the bank said in a statement.

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 regulatorylimits. therefore, the bank has made floating provisions of Rs 10,900 crore during the quarter, it said.

Provisions and contingencies for the quarter ended march 2024 were Rs 13,510 crore (including the floating provisions).