HDFC Bank has posted a 33.5% jump in its net profit to Rs 16,372.54 crore in the fiscal third quarter ended December compared to Rs 12,259 crore a year ago.

On a quarter-on-quarter basis, net profit grew 2.5%. 

Deposit growth

The private sector lender’s total deposits grew 27.7% year-on-year to Rs 28.47 lakh crore as of December-end. In the year-ago period, deposits stood at Rs 22.29 lakh crore. 

Current account and savings account (CASA) deposits grew by 9.5%. While savings account deposits stood at Rs 5.79 lakh crore, current account deposits accounted for Rs 2.58 lakh crore. 

Time deposits increased by 42%.

Loan growth

The loan book was Rs 24.69 lakh crore as of December 2023, up over 62% from the year-ago period.

Domestic retail loans jumped 111% in the December quarter, while commercial and rural loans rose 31.4%. Corporate and wholesale loans (excluding non-individual loans of eHDFC Ltd of approximately Rs 98,900 crore) increased by 11.2%.

Net interest income

The private sector lender’s net interest income (NII) rose 24% year-on-year to Rs 28,471 crore in the December quarter.

On a quarter-on-quarter basis, NII grew by nearly 4%.

The core net interest margin was at 3.4% on total assets, and 3.6% based on interest-earning assets.

Provisions in the December quarter rose to Rs 4,217 crore from Rs 2,806 crore a year ago and Rs 2,904 crore a quarter ago.

NPAs

The bank’s gross non-performing assets (NPAs) was 1.26% in Q3 of FY24, compared to 1.23% a year ago and 1.34% a quarter ago.

Net NPAs in Q3 of FY24 stood at 0.31%, compared to 0.33% a year ago and 0.35% a quarter ago.

Capital adequacy

The capital adequacy ratio (CAR) as per Basel Ill guidelines was at 18.4% as of 31 December 31, as against a regulatory requirement of 11.7%. 

Tier 1 CAR was at 16.8% and common equity Tier 1 capital ratio was at 16.3%.