India’s largest private sector lender HDFC Bank on Saturday reported a 37.1% year-on-year (YoY) increase in its standalone profit at Rs 16,512 crore in the March quarter.
Its net interest income (NII) during the quarter grew by 24.5% to Rs 29,077 crore.
While announcing its quarterly numbers, HDFC Bank also declared a dividend of Rs 19.5 per share for FY24.
The lender’s core net interest margin was at 3.44% on total assets and 3.63% based on interest earning assets. During the quarter, it made a floating provision of Rs 10,900 crore to act as a countercyclical buffer for making the balance sheet more resilient.
“The credit environment in the economy remains benign, and the bank’s credit performance across all segments continues to remain healthy. The bank’s GNPA at 1.24% has shown an improvement over the prior quarter,” HDFC Bank said in a filing.
More to come…
