Q4 Results for HDFC Bank: Net Profit Increases 37% YoY to Rs 16,511 Crore, NII Rises 24%, and a Rs 19.5 Dividend is Declared

The biggest private sector lender in India, HDFC Bank, said on Saturday that its standalone net profit for the January–March 2024 quarter (Q4 FY24) increased by 37.05 percent to Rs 16,511.85 crore.

According to a BSE filing, for the quarter ended March 31, 2024, its net interest income (interest received minus interest paid) increased by 24.51% to Rs 29,076.82 crore from Rs 23,351.83 crore the previous year.

According to a BSE report, HDFC Bank’s net profit on a consolidated basis was Rs 17,622.38 crore, up 39.92 percent from Rs 12,634.01 crore in the quarter that ended on March 31, 2023.

Additionally, HDFC Bank announced a dividend of Rs 19.50 for each equity share. “A dividend of Rs 19.50 per equity share of Re 1 each fully paid up (i.e., 1,950 percent) out of the net profits for the year ended March 31, 2024, has been recommended by the Board of Directors at its meeting held today, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Bank,” the filing stated.

Friday, May 10, 2024, is the record date used to determine whether members are eligible to earn dividends on equity shares.

“Operating expenses were Rs 179.7 billion (Rs 17,970 crore) for the quarter ended March 31, 2024, up 33.5% from Rs 134.6 billion (Rs 13,460 crore) in the same quarter last year,” the bank said in a statement.

HDFC Bank’s net profit for the whole fiscal year 2023–24 was Rs 60,810 crore, a 37.9% increase over the same time the previous year.

Q4 FY24 NPA for HDFC Bank

In terms of asset quality, as of March 31, 2024, HDFC Bank’s gross non-performing assets increased slightly from 1.26 percent as of December 31, 2023, to 1.24 percent of gross advances. On the other hand, it was greater than 1.12% on March 31, 2023. As of March 31, 2024, net non-performing assets accounted for 0.33 percent of net advances.

HDFC Bank’s Capital Adequacy Q4 FY24
In comparison to the minimum requirement of 11.7 percent, the lender’s total capital adequacy ratio (CAR), as determined by Basel-III rules, was 18.8% as of March 31, 2024, and 19.3% as of March 31, 2023. As of March 31, 2024, the common equity tier-1 capital ratio was 16.3 percent, and the Tier 1 CAR was 16.8%. With a risk weight of Rs 24.68 lakh crore, the assets were.