HDFC Bank Q3 FY24 Update: Net Profit Income record Jumps to Rs 16,372 Crore.

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On January 16, HDFC Bank announced a profit of Rs 16,372 crore for the period October-December 2023-24. This is a 33.5 percent increase compared to Rs 12,259 crore profits from the same time previous year.

The HDFC Bank reported profit of Rs 16,372 crore is very close to what the market had expected, which was Rs 16,427 crore. The bank’s net interest income (NII), or the money earned from interest, lifted to Rs 28,470 crore. This is a 23.9% increase from the Rs 22,990 crore reported in the same quarter of the previous fiscal year. However, it is slightly lower than the market‘s guess of Rs 29,554 crore.

Looking at the bank’s performance, the percentage of difficult loans, known as gross non-performing assets (NPA), grew to 1.26 percent from 1.23 percent the previous year. On the plus side, net NPA for the quarter fell to 0.31 percent from 0.33 percent the previous year.

In the October-December quarter of FY24, total deposits in the bank made it up by 27.7 percent to Rs 28.47 lakh crore, up from Rs 22.29 lakh crore in the same quarter the previous year. Deposits in current and savings accounts climbed by 9.5%, with savings accounts holding Rs 5.79 lakh crore and current accounts holding Rs 2.58 lakh crore.

HDFC Bank’s total loans increased by 62.4 percent, hitting Rs 24.69 lakh crore. Domestic retail loans went up by 111%, commercial and rural loans by 31.4%, and corporate and wholesale loans by 11.2%.

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