On April 20, India’s largest private sector lender reported a standalone net profit in the fourth quarter of January-March (Q4 FY24) standing at ₹16,512 crore, compared to ₹16,373 crore in the preceding December quarter.
This marked a 0.84 per cent jump compared to Rs 16,373 crore recorded in the previous quarter. The net interest income (NII) of Rs 29,007 crore jumped from Rs 28,470 crore reported in the previous quarter.
The report also stated that it is likely to report a 30-60 per cent year-on-year (YoY) rise in net profit for the March quarter, led by a surge in non-interest income due to the stake sale in HDFC.
The bank’s gross non-performing asset (NPA) stood at 1.24 percent, down from 1.26 percent in the last quarter. On the other hand, net NPA for the quarter stood at 0.33 percent compared to 0.31 percent.
The bank, in a statement, said: “Operating expenses for the quarter ended March 31, 2024, were Rs 179.7 billion (Rs 17,970 crore), an increase of 33.5 per cent over Rs 134.6 billion (Rs 13,460 crore) during the corresponding quarter of the previous year.”
The bank further announced that its board of directors recommended a dividend of ₹19.5 per equity share of ₹1 for the year ended March 31, 2024.
HDFC Bank’s shares ended 2.5% higher ahead of the results on Friday.
