HDFC Bank Q3 profit rises 34% to Rs 16,373 crore; NPAs Come Down To 0.31%

New Delhi: India’s Largest private sector lender HDFC Bank on Tuesday reported standalone net profit to of Rs 16,373 crore, a 34 percent jump for the third quarter ended December 2023 as compared to Rs 12,259 crore in the corresponding quarter of the previous fiscal year.

Its total income on a standalone basis rose to Rs 81,720 crore in the third quarter against Rs 51,208 crore in the same period last year.

On a consolidated basis, the bank's profit for October-December quarter of FY24 increased 39 percent to Rs 17,718 crore from Rs 12,735 crore while consolidated total income rose to Rs 1,15,015 crore from Rs 54,123 crore.

HDFC witnessed a slight increase in gross non-performing assets (NPAs) to 1.26 percent of the gross loans from 1.23 percent a year ago. Meanwhile NPAs came down to 0.31 percent from 0.33 percent.

The total credit cost ratio was at 0.49 percent as compared to 0.74 percent for the quarter ending December 31, HDF bank said.

The domestic retail loans grew by 111.1 percent, commercial and rural banking loans grew by 31.4 percent and corporate and other wholesale loans grew by 11.2 percent, the bank added.