HDFC Bank’s Strong Q3 Performance Highlights Robust Growth and Steady Profits – Net Profit Soars to Rs 16,372 Crore, Surpassing Market Estimates by 33.5%. HDFC Bank, a leading private sector bank, unveiled its third-quarter financial results on January 16, showcasing a remarkable 33.5% surge in net profit for the December quarter, reaching Rs 16,372 crore.
In comparison, the same quarter in the previous year recorded a profit of Rs 12,259 crore, indicating substantial growth. The bank’s net profit closely aligns with the market estimate of Rs 16,427 crore, reinforcing its robust financial standing. The announcement was made after the market closed, with the bank’s shares experiencing a marginal increase of 0.31%, closing at Rs 1,678.
HDFC Bank Q3 Results
- Net Interest Income (NII) at Rs 28,470 Crore: The bank reported a notable 23.9% increase in NII for the December quarter, amounting to Rs 28,470 crore, compared to Rs 22,990 crore in the corresponding quarter of the previous financial year. Despite falling slightly below the market estimate of Rs 29,554 crore, the bank’s NII reflects strong performance.
- Gross and Net NPAs: The gross non-performing assets (NPA) of the bank remained steady at 1.26%, compared to 1.23% in the previous year. Conversely, net NPA saw a positive trend, decreasing to 0.31% from 0.33% in the same quarter last year.
Deposit and Loan Growth
- Total Deposits Surge by 27.7%: HDFC Bank witnessed a substantial growth of 27.7% in total deposits during the October-December FY24 quarter, reaching Rs 28.47 lakh crore, up from Rs 22.29 lakh crore in the corresponding quarter last year. Current account and savings account deposits experienced a 9.5% increase, with savings account deposits reaching Rs 5.79 lakh crore and current account deposits reaching Rs 2.58 lakh crore.
- Total Advances Increase by 62.4%: The bank’s total advances marked a significant uptick, reaching Rs 24.69 lakh crore in the December quarter, reflecting a robust growth rate of 62.4%. The bank’s domestic retail loans saw a remarkable 111% surge, while commercial and rural loans increased by 31.4%, and corporate and houseless loans grew by 11.2%. Notably, these figures exclude non-individual loans of approximately Rs 98,900 crore from eHDFC Limited.