HDFC Bank records 55.4% YoY growth in gross advances in Q4FY24
Bank’s advances inched up 1.6% from Rs 24.69 trillion at the end of December 31, 2023 (Q3 FY24).
HDFC Bank on Saturday posted a 14.36 per cent jump in consolidated net profit to Rs 8,760 crore for the December quarter as net interest income improved.
At the standalone level, net profit for the three-month period grew 18.09 per cent to Rs 8,758.29 crore as the net interest income grew 15.1 per cent to Rs 16,317 crore.
Bank’s deposits also witnessed a 19.1 per cent rise while the share of low-cost current and savings account deposits stood at 43 per cent.
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The data also showed an improvement of 0.81 per cent in the gross non-performing assets (NPA) at as against 1.42 per cent in the year-ago period and 1.08 per cent at the end of the preceding September quarter.
Its total income increased to Rs 37,522 crore on a standalone basis compared to Rs 36,039 crore in the year-ago period.
If one were to exclude the benefit of the Supreme Court order asking banks not to classify stress during the moratorium period in NPA computation, the GNPA ratio would have been at 1.38 per cent, it added.
Provisions and contingencies for the quarter under review, which saw the economy trying to recover from the reverses of the pandemic, stood at Rs 3,414 crore. It was reported at Rs 3,043 crore in the year-ago period. It held contingent provisions of Rs 8,656 crore and floating provisions of Rs 1,451 crore as of December 31.
The bank, which was barred by the Reserve Bank in November from issuing any new credit cards, reported a healthy increase of nearly 9 per cent in the overall advances under the category at Rs 63,332 crore during the quarter, from Rs 58,142 crore as of September-end.
HDFC Bank’s domestic retail loan jumped 5.2 per cent. Similarly, domestic wholesale loans also grew by 25 per cent.
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