Udaipur: HDFC Bank’s consolidated net profit rose 133.6% to Rs 8,070 crore for the quarter ended March 31, 2024 from Rs 3,455 crore for the quarter ended March 31, 2023. Consolidated profit after tax for the quarter ended March 31, 2024 increased 39.9% to Rs 1,762 crore as compared to the quarter ended March 31, 2023. Earnings per share for the quarter ended March 31, 2024 was Rs 23.2 and book value per share was Rs 600.8 as on March 31, 2024.
Consolidated profit after tax for the year to March 31, 2024 rose 39.3% to £640.6 billion compared to the year to March 31, 2023.
Independent financial results:
Income statement: quarter ended March 31, 2024
The bank’s net profit for the quarter ended March 31, 2024 rose to Rs 4,724 billion from Rs 3,208 billion in the quarter ended March 31, 2023.
Net interest income (interest income less interest expense) for the quarter ended March 31, 2024 increased 24.5% to Rs 2,908 billion from Rs 2,335 billion in the quarter ended March 31, 2023. Core net profit margin was 3.44% of total assets . , 3.63% based on interest assets.
Other income (non-interest income) was Rs 1,817 billion for the quarter ended March 31, 2024 and other income was Rs 87.3 billion for the quarter ended March 31, 2023. The four components of other income for the quarter ended March 31, 2024 were: Fees and commissions of Rs 79.9 billion (compared to Rs 66.3 billion in the same period last year), Foreign exchange and derivatives income of of 11.4 billion rupees (compared to 10.1 billion rupees). billion rupees in the same period last year) and net trading and market profit. It stood at Rs 75.9 billion, up from Rs 73.4 billion, including a trading profit of Rs 1,400 crore (compared to a loss of Rs 400 crore in the same period last year) and other income including provisions and dividends in Amount of Rs 14,400 Crore (in comparison). with Rs 1 crore). 11,300 Crore loss in the same period last year). Last year).
Operating costs for the quarter ended March 31, 2024 were £179.7 billion, up 33.5% from £134.6 billion in the same period last year. Operating expenses for the quarter ended March 31, 2024 included tip payments of Rs 15 billion to employees. The cost-to-income ratio for the quarter was 38.0%. Excluding certain trading gains and accelerated payments, the cost-to-income ratio for the quarter was 38.0 percent. In the quarter it was 41.3%.
The credit environment in the economy remains favorable and the bank’s credit performance remains strong across all sectors. The bank’s GNPA was 1.24%, an improvement from the previous quarter. We see this as an opportunity to strengthen our volatility provisions, which, while not specific to a portfolio, act as a countercyclical cushion to improve balance sheet flexibility and can also be considered Tier 2 capital within regulatory limits. Accordingly, the bank has made a fluctuation reserve of Rs 1,090 crore during the quarter.
Provisions and contingent liabilities for the quarter ended March 31, 2024 stood at Rs 1,351 billion (including the variable provision of Rs 1,090 billion mentioned above). Provisions and contingent liabilities excluding variable provisions stood at Rs 26.1 billion for the quarter ended March 31, 2024 and Rs 26.9 billion for the quarter ended March 31, 2023.
The total credit expense ratio (excluding the variable allowance mentioned above) was 0.42%, compared to 0.67% for the quarter ended March 31, 2023.
Profit before tax (PBT) for the quarter ended March 31, 2024 was Rs 1,576 crore. Profit after tax (PAT) after certain tax credits stood at Rs 1,651 crore for the quarter, up 37.1% over the last quarter. March 31, 2023.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
