New Delhi: HDFC Bank Limited has announced its financial performance in its quarter 4 (Q4) results for the March 31, 2024 quarter. 

The bank reported a net profit of Rs 165.1 billion for the quarter, marking an increase of 37.1 percent over the same quarter in the previous year, HDFC said in a release. PBT for the quarter ended March 31, 2024, stood at Rs 157.6 billion.

For the fiscal year ending March 31, 2024, the bank achieved a consolidated profit after tax of Rs 640.6 billion, indicating a substantial growth of 39.3% over the previous fiscal year. The total balance sheet size increased significantly to Rs 36,176 billion as of March 31, 2024, compared to Rs 24,661 billion as of March 31, 2023. Total deposits grew by 26.4% to reach Rs 23,798 billion as of March 31, 2024.

Current account savings account (CASA) deposits witnessed growth, with savings account deposits at Rs 5,987 billion and current account deposits at Rs 3,100 billion, reflecting a healthy increase in customer confidence.

Net revenue surged by 47.3 percent to Rs 472.4 billion for the quarter ended March 31, 2024, compared to Rs 320.8 billion for the same quarter in the previous year.

At the same time, net interest income (NII) for the quarter ended March 31, 2024, grew by 24.5% to Rs 290.8 billion, while NII for the fiscal year crossed Rs 1 trillion, reaching Rs 1,085.3 billion, up by 25.0 percent over the previous fiscal year.

Net non-performing assets (NPAs) remained low at 0.33% of net advances as on March 31, 2024, indicating healthy asset quality management.

The bank expanded its distribution network, reaching 8,738 branches and 20,938 ATMs across 4,065 cities and towns as of March 31, 2024, compared to 7,821 branches and 19,727 ATMs across 3,811 cities and towns as of March 31, 2023.

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