HDFC BANK Net Profit rises by 33.5% Stock to deliver more value for investors!
HDFC Bank declared Q3 results of FY 23-24 today i.e 16th Jan 2024, In which it reported an increase in Net Profit by 33.5% YoY Basis to Rs 16,372 Crores from Rs 12,259 Crores in the same quarter last year.
This is 2nd Quarter after the merger of HDFC Ltd & HDFC Bank.
It has reported Net Interest Income (NII) of Rs 28,470 Crore from Rs 22,990 Crore in the same Quarter in the previous year i.e. spike of almost 23.9%.
HDFC BANK Asset Quality
The Gross Non-Performing Assets (NPA) is 1.26% up from 1.23% last year, while Net Non-Performing Assets (NPA) is 0.31% from 0.33% last year.
The largest private sector bank has raised by almost 50% Provisions to Rs 4,216 Crores. This shows that the Bank is not confident about the recovery of more assets which is the biggest negative sign in the whole result.
Balance sheet analysis of HDFC BANK
Bank’s total Advances rose to Rs 24.69 lakh crore, which is increased by 62.4%. Retail Loans of the Bank grew by 111%, commercial and rural loans grew by 31% and Corporate & Wholesale loans grew by 11.2%.
Total Deposits of banks increased to Rs 28.47 lakh crore from Rs 22.29 lakh crore last year, which is an increase of 27.7%. Current Account Saving Account (CASA) deposits also grew by 9.5%.
Summary of HDFC BANK Result
HDFC Bank has given mixed results.
Positive: Advances, Deposits, NII & Net Profit increased rapidly.
Negative: Asset Quality has degraded as GNPA increased slightly and the Bank has increased provisions heavily.
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