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MUMBAI: HDFC Bank has reported a net profit of Rs 16,511 crore for the quarter ending March 2024. This is a 37 per cent enhance from Rs 12,047 crore in the identical quarter final 12 months and a marginal enhance from Rs 16,372 crore within the previous quarter. The enhance in put up-tax income was due to a writeback of taxes price Rs 749 crore, as opposed to a tax outgo of Rs 3,888 crore in the identical quarter final 12 months.
Pre-tax income had been down 1.1 per cent at Rs 15,762 crore, in contrast to Rs 15,935 crore in the identical quarter final 12 months.
The decline in working profit was due to an enormous provisioning of Rs 13,511 crore in the course of the quarter. This was a rise of 403 per cent from Rs 2,685 crore in the identical quarter final 12 months.
The financial institution made a floating provision of Rs 10,800 crore in the course of the quarter in keeping with board-permitted coverage.
The financial institution’s credit score and deposits progress has been twice as a lot because the banking system. As of March 31, the overall deposits of the financial institution stood at Rs 23,79,800 crore. This marks a 26.4 per cent enhance in contrast to the identical interval in 2023. Within this, CASA deposits grew 8.7 per cent, with financial savings account deposits totalling Rs 5,98,700 crore and present account deposits amounting to Rs 3,10,000 crore.
Meanwhile, time deposits rose to Rs 14,71,000 crore, rising 40.4 per cent from the corresponding quarter final 12 months. Consequently, CASA deposits accounted for 38.2 per cent of the overall deposits by the top of March 2024.
Announcing the outcomes, CFO Srinivasan Vaidyanathan mentioned the financial institution wouldn’t want to use pricing to develop its deposits. “We are not looking at price to be an incentive to bring in the deposits,” he mentioned, including that the credit score-deposit ratio adjusting for the influence of the merger was in keeping with pre-merger tendencies.
Pre-tax income had been down 1.1 per cent at Rs 15,762 crore, in contrast to Rs 15,935 crore in the identical quarter final 12 months.
The decline in working profit was due to an enormous provisioning of Rs 13,511 crore in the course of the quarter. This was a rise of 403 per cent from Rs 2,685 crore in the identical quarter final 12 months.
The financial institution made a floating provision of Rs 10,800 crore in the course of the quarter in keeping with board-permitted coverage.
The financial institution’s credit score and deposits progress has been twice as a lot because the banking system. As of March 31, the overall deposits of the financial institution stood at Rs 23,79,800 crore. This marks a 26.4 per cent enhance in contrast to the identical interval in 2023. Within this, CASA deposits grew 8.7 per cent, with financial savings account deposits totalling Rs 5,98,700 crore and present account deposits amounting to Rs 3,10,000 crore.
Meanwhile, time deposits rose to Rs 14,71,000 crore, rising 40.4 per cent from the corresponding quarter final 12 months. Consequently, CASA deposits accounted for 38.2 per cent of the overall deposits by the top of March 2024.
Announcing the outcomes, CFO Srinivasan Vaidyanathan mentioned the financial institution wouldn’t want to use pricing to develop its deposits. “We are not looking at price to be an incentive to bring in the deposits,” he mentioned, including that the credit score-deposit ratio adjusting for the influence of the merger was in keeping with pre-merger tendencies.
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