HDFC Bank, the leading private sector bank in the country, announced a remarkable 37.05 percent surge in its standalone net profit for the January-March quarter, reaching Rs 16,511.85 crore. During the same quarter, the bank's net interest income experienced a growth of 24.51 percent compared to the previous year, amounting to Rs 29,076.82 crore. The core net interest margin stood at 3.44 percent on total assets and 3.63 percent based on interest-earning assets, showcasing strong financial performance.
On a consolidated basis, HDFC Bank's net profit soared to Rs 17,622.38 crore, a substantial 39.92 percent increase from the previous year. The bank's net revenue also showed a remarkable 47.3 percent growth, totaling Rs 47,240 crore, with a significant portion attributed to transaction gains from the stake sale in subsidiary HDFC Credila Financial Services Ltd. Additionally, non-interest revenue for the quarter witnessed a substantial rise to Rs 18,170 crore, while operating expenses increased to Rs 17,970 crore, including a provision for staff ex-gratia. The bank highlighted healthy credit performance across all segments and an improvement in the Gross Non-Performing Assets (GNPA) at 1.24 percent.
Furthermore, HDFC Bank declared a dividend of Rs 19.50 per equity share, reflecting the strong financial performance and profitability achieved during the year. The shares of HDFC Bank closed at Rs 1,531.30 on April 19, recording a 2.46 percent increase on the Bombay Stock Exchange (BSE), indicating positive market response to the bank's robust financial results for the quarter.