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HDFC Bank Q4 results: Net profit remains flat, lender announces dividend of ₹19.5 per share
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
HDFC Bank Q4 results: Year-on-year numbers are not comparable as the bank concluded its mega merger with Housing Development Finance Corporation on July 1, 2023.
HDFC Bank, in its financial report for the fourth quarter of the financial year, announced 0.9% sequential increase in net profit, totaling ₹16,511.9 crore. However, this figure fell short of CNBC-TV18 poll, which had anticipated a profit of ₹18,361.5 crore.
The bank’s provisions soared to ₹13,511.6 crore for Q4, compared to ₹4,216.6 crore in the previous quarter.
Year-on-year numbers are not comparable due to the bank’s merger with Housing Development Finance Corporation (HDFC) on July 1, 2023.
Despite the rise in provisions, the bank’s net interest income (NII) grew by 2.1% over the previous quarter, reaching ₹29,076.9 crore.
Nonetheless, this figure fell short of the expected ₹28,876.4 crore, as per CNBC-TV18’s poll.
Asset quality exhibited marginal changes, with gross non-performing assets (NPA) decreasing slightly to 1.24% from 1.26% in the previous quarter.
Similarly, net NPA increased marginally to 0.33% from 0.31% in the previous quarter.
Gross NPA amounted to ₹31,173.3 crore, while net NPA stood at ₹8,091.7 crore.
The bank’s net revenue surged to ₹47,240 crore, inclusive of transaction gains of ₹7,340 crore from the stake sale in subsidiary HDFC Credila Financial Services during the quarter.
The bank further announced that its board of directors recommended a dividend of ₹19.5 per equity share of ₹1 for the year ended March 31, 2024.
Shares of HDFC Bank closed trading on April 19 at ₹1531.30, reflecting a 2.46% increase on the BSE.
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