HDFC bank’s net profit is in line with analyst estimates of Rs 16,576 crore, and the board has proposed a dividend of Rs 19.5 per share for the year.
HDFC Bank reported a net profit of Rs 16,511 crore for the January-March quarter of 2023-24, a 0.84 percent increase from the previous quarter. This is in line with market estimates of Rs 16,576 crore, but year-on-year results are not comparable.
The bank’s net interest income increased to Rs 29,007 crore from Rs 28,470 crore in Q2, slightly below market estimates. Gross non-performing asset decreased to 1.24 percent, while net non-performing asset remained at 0.33 percent.
The lender’s net revenue increased to Rs 47,240 crore, including transaction gains of Rs 7340 crore from the stake sale in HDFC Credila Financial Services during the quarter.
The bank’s board recommended a Rs 19.5 per equity share dividend for the year ending March 31, 2024, with provisions and contingencies of Rs 13,500 crore, including floating provisions of Rs 10,900 crore.
HDFC Bank’s total profit for FY24 was Rs 64,060 crore, and its shares closed at Rs 1531.30 on April 19, a 2.46 percent increase on the BSE.