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BusinessHDFC Bank reports record Q4 profits of Rs. 16,511 crore on robust...

HDFC Bank reports record Q4 profits of Rs. 16,511 crore on robust business expansion

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HDFC Bank, one of 's leading private sector banks, has reported stellar quarterly and annual financial results amid robust performance across key segments. The banking major registered a net profit of Rs. 16,511 crore for the fourth quarter of FY23-24, marking a 0.84% rise over the previous quarter and a sizeable 37.1% year-on-year growth.

The board approved an equity dividend of Rs. 19.5 per share for the full financial year and also cleared plans to raise Rs. 60,000 crore in Tier 1 and Tier 2 capital over the next year. Total revenues increased by 47.3% to Rs. 47,240 crore for the quarter when compared to the corresponding period last year, driven by strong growth in net interest as well as non-interest income. Net interest margin stood at 4.1% as of March 2024.

Asset quality showed signs of resilience with gross NPAs declining marginally to 1.24% from 1.26% in Q3. Retail lending portfolios maintained momentum with outstanding mortgages rising to Rs. 7.72 lakh crore. Deposits and advances grew in double digits to Rs. 23.798 lakh crore and Rs. 25.07 lakh crore respectively. Provisions were enhanced during the quarter with floating provisions of Rs. 10,900 crore created.

Bank management noted credit demand remains healthy across segments while macroeconomic conditions stay supportive. With a well-capitalized balance sheet and continued focus on expanding operations, HDFC Bank appears well positioned for further growth over the coming years.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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