HDFC Bank Q4 net profit jumps 37% YoY to Rs 16,511 cr, declares Rs 19.5 dividend

The country's largest private sector lender, HDFC Bank, on April 20 reported a 37.05 per cent jump in its standalone net profit to Rs 16,511.85 crore for January-March quarter.

Its net interest income (interest earned less interest expended) during the quarter recorded a 24.51 percent growth at Rs 29,076.82 crore from Rs 23,351.83 crore a year ago. Core net interest margin stood at 3.44 percent on total assets, and 3.63 percent based on interest earning assets.

On a consolidated basis, HDFC Bank’s net profit stood at Rs 17,622.38 crore, up 39.92 percent as against Rs 12,634.01 crore in the quarter ended March 31, 2023, according to a BSE filing. 

The bank's net revenue registered a 47.3 percent growth at Rs 47,240 crore (including transaction gains of Rs 7,340 crore from stake sale in subsidiary HDFC Credila Financial Services Ltd) for the quarter ended March 31, 2024 from Rs 32,080 crore for the quarter ended March 31, 2023.

Other income (non-interest revenue) for the quarter ended March 31, 2024 was Rs 18,170 crore as against Rs 8,730 crore in the corresponding quarter ended March 31, 2023. Operating expenses for the quarter ended stood at Rs 17,970 crore, an increase of 33.5 percent over Rs 13,460 crore during the corresponding quarter of the previous year. The operating expenses for the quarter included staff ex-gratia provision of Rs 715 croer.

Credit performance across all segments continues to remain healthy, and GNPA at 1.24 percent has shown an improvement over the prior quarter, the bank said in its filing.

The lender also declared a dividend of Rs 19.50 per equity share. “The Board of Directors, at its meeting held today, has recommended a dividend of Rs 19.50 per equity share of Re 1 each fully paid up (i.e. 1,950 per cent) out of the net profits for the year ended March 31, 2024, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Bank,” the bank said in the filing.

Shares of HDFC Bank closed at Rs 1,531.30 on April 19, up 2.46 percent in BSE.