HDFC Bank Q3 Results: See Major Highlights

New Delhi: 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 on Tuesday, January 16, 2024. 

CONSOLIDATED FINANCIAL RESULTS: 

The Bank's consolidated net revenue grew by 113.5% to 717.7 billion for the quarter ended December 31, 2023 from 336.2 billion for the quarter ended December 31, 2022. The consolidated profit after tax for the quarter ended December 31, 2023 was 172.6 billion, up 35.9%, over the quarter ended December 31, 2022. Earnings per share for the quarter ended December 31, 2023 was 22.7 and book value per share as of December 31, 2023 was 576.0. 

The consolidated profit after tax for the nine months ended December 31, 2023 was 464.4 billion, up 39.0%, over the nine months ended December 31, 2022. 

STANDALONE FINANCIAL RESULTS:  

Profit & Loss Account: Quarter ended December 31, 2023 The Bank's net revenue grew by 25.8% to 396.1 billion for the quarter ended December 31, 2023 from 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 284.7 billion from 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.

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Other income (non-interest revenue) for the quarter ended December 31, 2023 was 111.4 billion as against 85.0 billion in the corresponding quarter ended December 31, 2022. The four components of other income for the quarter ended December 31, 2023 were fees & commissions of 69.4 billion (Z 60.5 billion in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of 12.1 billion (Z 10.7 billion in the corresponding quarter of the previous year), net trading and mark to market gain of 14.7 billion (gain of 2.6 billion in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of 15.2 billion 11.1 billion in the corresponding quarter of the previous year). 

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Operating expenses for the quarter ended December 31, 2023 were 159.6 billion, an increase of 28.1% over 124.6 billion during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 40.3%. 

Pre-provision operating profit (PPOP) at 236.5 billion grew by 24.3% over the corresponding quarter of the previous year. 

Provisions and contingencies for the quarter ended December 31, 2023 were 42.2 billion as against 28.1 billion for the quarter ended December 31, 2022. Total provisions for the current quarter included contingent provisions of 12.2 billion. 

The total credit cost ratio (excluding the contingent provisions mentioned above) was at 0.49%, as compared to 0.74% for the quarter ending December 31, 2022. 

Profit before tax (PBT) for the quarter ended December 31, 2023 was at 194.3 billion. After providing 30.6 billion for taxation, the Bank earned a net profit of 163.7 billion, an increase of 33.5% over the quarter ended December 31, 2022. 

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