On April 20, HDFC Bank revealed a net profit of Rs 16,511 crore for the January–March quarter of the fiscal year 2023–24. This is an increase of 0.84 percent over the previous quarter’s Rs 16,373 crore. The net profit of Rs 16,576 crore is virtually in line with market predictions.
Since the bank merged with its parent company, HDFC Ltd., throughout the year, its financial performance from year to year are not comparable.
Compared to the previous quarter’s reported amount of Rs 28,470 crore, the net interest income (NII) increased to Rs 29,007 crore. In comparison to the market projections of Rs 29,172 crore, the NII is somewhat lower.
You can see the full result details here – Official HDFC Result
HDFC Bank Q4 Results Details
The bank stated that its provisions and contingencies for the quarter were ₹13,500 crore, of which ₹10,900 crore were floating provisions. The private lender’s overall profit for FY24 was ₹64,060 crore.
Even though its lending margins remained steady, HDFC Bank increased its provisions against possible bad loans. The combined company’s profitability were negatively impacted by HDFC’s lower yielding loan portfolio and higher borrowing costs. Analysts on D-Street predicted that the company will reduce loan growth in favour of deposit growth until it brought important ratios back to levels seen before to the merger.
With transaction gains of ₹7,340 crore from the share sale in subsidiary HDFC Credila Financial Services during the quarter, the bank’s net revenue increased to ₹47,240 crore.
Conclusion
So, let’s see how the market reacts tomorrow. Indian Stock market may be given some trending moves tomorrow. Lets hope for the best.
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