Private sector lender HDFC Bank on Tuesday reported a massive 34% jump in its standalone net profit. According to an exchange notification, HDFC Bank’s standalone net profit jumped to ₹16,373 crore for the third quarter ended December 2023.
The bank had earned a net profit of ₹12,259 crore in the corresponding quarter of the previous fiscal year.
HDFC Bank’s total income on a standalone basis rose to ₹81,720 crore in the October-December quarter against ₹51,208 crore in the year-ago period.
HDFC Bank’s net interest income was reported at ₹28,470 crore in the December quarter, a 24% year-on-year growth.
The consolidated total income rose to ₹1,15,015 crore from ₹54,123 crore at the end of the same quarter the previous year. The total deposits of the bank also jumped by 27.7 per cent to ₹28.47 lakh crore compared to ₹22.29 lakh crore in the corresponding quarter last year.
The bank’s gross non-performing assets (NPAs) also saw a marginal increase – from 1.23 per cent to 1.26 per cent – by the quarter ending in December. However, its net NPAs came down to 0.31 per cent from 0.33 per cent at the end of the third quarter of the previous fiscal.
This was HDFC Bank’s second earnings report since its merger with parent Housing Development Finance Corp (HDFC) in July. The numbers are not comparable to a year ago when the lender and HDFC operated as separate firms, according to Reuters.
Meanwhile, ahead of the announcement of the results, the share prices of HDFC Bank ended slightly higher in the share market.
At the end of the trade, shares of HDFC Bank recorded a 0.38% growth at ₹1,679.15 apiece. The HDFC Bank share opened at 1,673 a piece and saw an intra-day high of 1,683.65.