HDFC Bank Delivers Stellar Q3 Performance, Profit Jumps to Rs 16,373 Crore
HDFC Bank, which is India’s biggest private bank, shared its Q3 results today, and here are some important things to know:
- Profit Increase: The bank made a net profit of Rs 16,373 crore, which is 34% more compared to the previous year. This was even better than what experts predicted.
- Interest Income: The net interest income (NII), which is the difference between the money earned and spent on interest, went up by 24% compared to last year, reaching Rs 28,471 crore. However, it didn’t quite meet the expectations.
- Provisions for Bad Loans: The bank set aside Rs 4,319 crore for bad loans, showing a 36% increase from last year and a 9% increase from the previous quarter.
- Asset Quality: The quality of the bank’s assets remained stable, with the gross non-performing assets (GNPA) ratio at 1.08% and the net NPA ratio at 0.17%.
- Growth in Deposits and Advances: Deposits in the bank grew by 25% from last year and 6% from the last quarter. Meanwhile, advances increased by 16% from the previous year and 4% from the last quarter.
- Dividend Approval: The bank’s board approved a dividend of Rs 6.50 per share for the quarter.
- Stock Performance: The bank’s stock closed at Rs 1,546.65, showing a 0.77% increase on the BSE today.
The overall performance of the bank was in line with what analysts expected. They had anticipated strong earnings growth and a stable asset quality for the quarter. The bank’s management also expressed confidence in the future, pointing to the economic recovery and growth opportunities in both the retail and corporate sectors. This indicates that the bank is optimistic about what lies ahead.
