*HDFC Bank Limited*
*FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023*
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. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.
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.
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 (₹ 60.5 billion in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 12.1 billion (₹ 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).
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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