The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2023, at its meeting held in Mumbai.
The Bank’s consolidated net revenue grew by 113.5% to Rs 717.7 billion for the quarter ended December 31, 2023 from Rs 336.2 billion for the quarter ended December 31, 2022. The consolidated profit after tax for the quarter ended December 31, 2023 was Rs 172.6 billion, up 35.9%, over the quarter ended December 31, 2022. Earnings per share for the quarter ended December 31, 2023 was Rs 22.7 and book value per share as of December 31, 2023 was Rs 576.0.
The consolidated profit after tax for the nine months ended December 31, 2023 was Rs 464.4 billion, up 39.0%, over the nine months ended December 31, 2022.
The Bank’s net revenue grew by 25.8% to Rs 396.1 billion for the quarter ended December 31, 2023 from Rs 314.9 billion for the quarter ended December 31, 2022.
Net interest income (interest earned less interest expended) for the quarter ended December 31, 2023 grew by 23.9% to Rs 284.7 billion from Rs 229.9 billion for the quarter ended December 31, 2022. Core net interest margin was at 3.4% on total assets, and 3.6% based on interest earning assets.
Profit before tax (PBT) for the quarter ended December 31, 2023 was at Rs 194.3 billion. Total Deposits were at Rs 22,140 billion as of December 31, 2023, an increase of 27.7% over December 31, 2022.
Gross advances were at Rs 24,693 billion as of December 31, 2023, an increase of 62.4% over December 31, 2022. Grossing up for transfers through inter-bank participation certificates and bills rediscounted, advances grew by 60.7% over December 31, 2022. Domestic retail loans grew by 111.1%, commercial and rural banking loans grew by 31.4% and corporate and other wholesale loans (excluding non-individual loans of eHDFC Ltd of approximately Rs 989 billion) grew by 11.2%. Overseas advances constituted 1.7% of total advances.
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.4% as on December 31, 2023 (19.4% as on December 31, 2022) 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% as of December 31, 2023. Risk-weighted Assets were at Rs 23,865 billion.
Gross non-performing assets were at 1.26% of gross advances as on December 31, 2023, as against 1.34% as on September 30, 2023, and 1.23% as on December 31, 2022. Net non-performing assets were at 0.31% of net advances as on December 31, 2023.
