HDFC Bank Results: Latest Quarterly Results & Analysis

HDFC Bank announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

Consolidated Financial Results:

• Net Revenue: Consolidated net revenue surged by 133.6% to Rs 807.0 billion for Q4FY24 compared to Rs 345.5 billion in Q4FY23.
• Profit After Tax (PAT): Reported a 39.9% increase with a PAT of Rs 176.2 billion for Q4FY24 versus the same period last year.
• Earnings Per Share (EPS): For Q4FY24, EPS stood at 23.2.

Standalone Numbers:

• Net Revenue: Grew by 47.3% to Rs 472.4 billion for Q4FY24.
• Net Interest Income (NII): For Q4FY24, NII increased by 24.5% to Rs 290.8 billion.
• Core Net Interest Margin: Recorded at 3.44% on total assets, and 3.63% based on interest-earning assets.
• Other Income: Totaled Rs 181.7 billion for Q4FY24, a considerable rise from Rs 87.3 billion in Q4FY23.
• Operating Expenses: Climbed 33.5% to Rs 179.7 billion for Q4FY24, including staff ex-gratia provision of Rs 15 billion.
• Cost-to-Income Ratio: Maintained at 38.0%, adjusted to 41.3% without certain gains and provisions.
• Provisions and Contingencies: Rs 135.1 billion for Q4FY24, comprising Rs 109.0 billion in floating provisions.
• Credit Cost Ratio: Excluding floating provisions was at 0.42% for Q4FY24.
• PAT: Reached Rs 165.1 billion, marking a 37.1% increase from Q4FY23.
• Retail Loans: Saw a substantial hike of 108.9%.
• Corporate and Wholesale Loans: Gained 4.2%.

FY24 Financial Highlights:

• Net Revenue: Grew to Rs 1,577.7 billion from Rs 1,180.6 billion in the previous year.
• Net Interest Income: Crossed Rs 1 trillion, up by 25% from Rs 1085.3 billion in the previous year.
• Book Value Per Share: As of March 31, 2024, was Rs 600.8.
• Consolidated PAT: For the year ended March 31, 2024, was Rs 640.6 billion, a 39.3% uptick over the previous year.
• Annual PAT: For the year ended March 31, 2024, was Rs 608.1 billion, a 37.9% uptick over the previous year.
• Total balance sheet size: Grew to Rs 36,176 billion from Rs 24,661 billion in the previous year.
• Total Deposits: Increased by 26.4% to Rs 23,798 billion.
• Gross Advances: Jumped by 55.4% to Rs 25,078 billion.
• Capital Adequacy Ratio was at 18.8% as on March 31, 2024 as against 19.3% on March 31, 2023. 
• Gross Non-performing Assets (GNPA): Improved slightly to 1.24% from 1.26% in the previous quarter.

Network Expansion:

• The Bank expanded its branch network to 8,738 and its ATM count to 20,938 across 4,065 cities/towns.

Result PDF

HDFC Bank announced Q2FY24 results:

1. Financial Performance:
- The consolidated net revenue of HDFC Bank grew by 114.8% to Rs 66,317 crore for the quarter ended September 30, 2023.
- The standalone net revenue increased by 33.1% to Rs 38,093 crore for the same period.
- Net interest income for the quarter grew by 30.3% to Rs 27,385 crore.

2. Profitability:
- The consolidated profit after tax for the quarter ended September 30, 2023, was Rs 16,811 crore, up 51.1% from the previous year.
- Earnings per share for the quarter ended September 30, 2023, was Rs 22.2.
- The reported NIM for the quarter was 3.4% on total assets and 3.6% on interest-earning assets.

3. Balance Sheet:
- Total balance sheet size as of September 30, 2023, was Rs 34,16,310 crore.
- Total Deposits showed a healthy growth of approximately Rs 1.1 lakh crore during the quarter, reaching Rs 21,72,858 crore.
- Gross advances increased by approximately Rs 1.1 lakh crore during the quarter, amounting to Rs 23,54,633 crore.

4. Asset Quality:
- Gross non-performing assets were at 1.34% of gross advances as of September 30, 2023.
- Net non-performing assets were at 0.35% of net advances as of September 30, 2023.

5. Capital Adequacy:
- The Bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.5% as of September 30, 2023.
- Tier 1 CAR was at 17.8% and Common Equity Tier 1 Capital ratio was at 17.3% as of September 30, 2023.

6. Subsidiaries:
- HDB Financial Services Ltd's net revenue for the quarter was Rs 2,357 crore, with a total loan book of Rs 77,857 crore.
- HDFC Life Insurance's net premium income for the quarter was Rs 14,756 crore.
- HDFC ERGO General Insurance's premium earned (net) for the quarter was Rs 2,592 crore.
- HDFC Asset Management's Quarterly Average Assets Under Management were approximately Rs 5.25 lakh crore.
 

Result PDF

HDFC Bank announced Q1FY24 results:

• Consolidated Q1FY24:
  • The Bank's consolidated net revenue grew by 25.9% to Rs 35,067 crore for Q1FY24 from Rs 27,844 crore for Q1FY23.
  • The consolidated net profit for Q1FY24 was Rs 12,370 crore, up 29.1%, over Q1FY23.
  • EPS for Q1FY24 was at Rs 22.2 and book value per share as of June 30, 2023, was Rs 542.7
• Standalone Q1FY24:
  • The Bank's net revenue grew by 26.9% to Rs 32,829 crore for Q1FY24 from Rs 25,870 crore for Q1FY23.
  • Net interest income (interest earned less interest expended) for Q1FY24, grew by 21.1% to Rs 23,599 crore from Rs 19,481 crore for Q1FY23. The core net interest margin was at 4.1% on total assets, and 4.3% based on interest-earning assets.
  • Other income, excluding net trading and mark-to-market income, grew by 16.2% over Q1FY23.
  • Operating expenses for Q1FY24 were Rs 14,057 crore, an increase of 33.9% over Rs 10,502 crore during Q1FY23. The cost-to-income ratio for the quarter was at 42.8%.
  • The total credit cost ratio was at 0.70%, as compared to 0.91% for Q1FY23.
  • Profit before tax (PBT) for Q1FY24 was at Rs 15,912 crore. After providing Rs 3,960 crore for taxation, the Bank earned a net profit of Rs 11,952 crore, an increase of 30.0% over Q1FY23.
  • Total balance sheet size as of June 30, 2023 was % 25,01,693 crore as against Rs 21,09,772 crore as of June 30, 2022, a growth of 18.6%.

Result PDF

HDFC Bank announced Q4FY23 results:

• Consolidated Q4FY23:
  • The bank's consolidated net revenue grew by 20.3% to Rs 34,552.8 crore for Q4FY23 from Rs 28,733.9 crore for Q4FY22.
  • The consolidated net profit for Q4FY23 was Rs 12,594.5 crore; up 20.6% over Q4FY22.
  • Earnings per share for Q4FY23 was at Rs 22.6 and book value per share as of March 31, 2023, was Rs 518.7.
  • The consolidated net profit for FY23 was Rs 45,997.1 crore; up 20.9% over FY22.
• Standalone Q4FY23:
  • The bank's standalone net revenue grew by 21.0% to Rs 32,083.0 crore for Q4FY23 from Rs 26,509.8 crore for Q4FY22.
  • Net interest income (interest earned less interest expended) for Q4FY23 grew by 23.7% to Rs 23,351.8 crore from Rs 18,872.7 crore for Q4FY22.
  • The core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.
  • Other income (non-interest revenue) at Rs 8,731.2 crore was 27.2% of the net revenues for Q4FY23 as against Rs 7,637.1 crore in Q4FY22.
  • Operating expenses for Q4FY23 were Rs 13,462.1 crore; an increase of 32.6% over Rs 10,152.8 crore during Q4FY22. The cost-to-income ratio for the quarter was at 42.0%.
  • Pre-provision Operating Profit (PPOP) was at Rs 18,620.9 crore. PPOP, excluding net trading and mark-to-market income, grew by 14.4% over Q4FY22.
  • Provisions and contingencies for Q4FY23 were Rs 2,685.4 crore as against Rs 3,312.4 crore for Q4FY22.
  • The total credit cost ratio was 0.67% for Q4FY23, as compared to 0.96% for Q4FY22.
  • Profit before tax (PBT) for Q4FY23 was at Rs 15,935.5 crore. After providing Rs 3,888.1 crore for taxation, the bank earned a net profit of Rs 12,047.5 crore; an increase of 19.8% over Q4FY22.
• The board of directors recommended a dividend of Rs 19.0 per equity share of Rs 1 for FY23, as against Rs 15.5 per equity share of Rs 1 for FY22. This would be subject to approval by the shareholders at the next annual general meeting.

Result PDF

HDFC Bank announced Q3FY23 results:

• Q3FY23:
  • The Bank's net revenue, grew by 18.3% to Rs 31,487.7 crore for the quarter ended December 31, 2022 from Rs 26,627.0 crore for the quarter ended December 31, 2021.
  • Excluding net trading and mark to market income, the net revenue grew by 22.1 % over the quarter ended December 31, 2021.
  • Net interest income (interest earned less interest expended) for the quarter ended December 31, 2022 grew by 24.6% to Rs 22,987.8 crore from Rs 18,443.5 crore for the quarter ended December 31, 2021.
  • Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.
  • The four components of other income for the quarter ended December 31, 2022 were fees & commissions of Rs 6,052.6 crore (Rs 5,075.1 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs 1,074.1 crore (Rs 949.5 crore in the corresponding quarter of the previous year), net trading and mark to market income of Rs 261.4 crore (Rs 1,046.5 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of Rs 1,111.8 crore (Rs 1,112.5 crore in the corresponding quarter of the previous year).
  • Operating expenses for the quarter ended December 31, 2022 were Rs 12,463.6 crore, an increase of 26.5% over Rs 9,851.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 39.6%.
  • Profit before tax (PBT) for the quarter ended December 31, 2022 was at Rs 16,217.6 crore. After providing Rs 3,958.1 crore for taxation, the Bank earned a net profit of Rs 12,259.5 crore, an increase of 18.5% over the quarter ended December 31, 2021.
• Consolidated Q3FY23:
  • The consolidated net profit for the quarter ended December 31, 2022 was Rs 12,698 crore, up 19.9%, over the quarter ended December 31, 2021.
  • Consolidated advances grew by 19.2% from Rs 1,312,142 crore as on December 31, 2021 to Rs 1,563,799 crore as on December 31, 2022.
  • The consolidated net profit for the nine months ended December 31, 2022 was Rs 33,403 crore, up 21.0%, over the nine months ended December 31, 2021.

Result PDF

HDFC Bank announced Q2FY23 results:

• Standalone:
  • The Bank's core net revenue (excluding trading and Mark to Market losses), grew by 18.3% to Rs 28,869.8 crore for the quarter ended September 30, 2022 from Rs 24,409.7 crore for the quarter ended September 30, 2021.
  • The total net revenues (net interest income plus other income) were Rs 28,616.7 crore for the quarter ended September 30, 2022.
  • Net interest income (interest earned less interest expended) for the quarter ended September 30, 2022 grew by 18.9% to Rs 21,021.2 crore from Rs 17,684.4 crore for the quarter ended September 30, 2021.
  • Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.
  • Profit before tax (PBT) for the quarter ended September 30, 2022 was at Rs 14,152.0 crore.
  • After providing Rs 3,546.3 crore for taxation, the bank earned a net profit of Rs 10,605.8 crore, an increase of 20.1% over the quarter ended September 30, 2021.
• Consolidated:
  • The consolidated net profit for the quarter ended September 30, 2022 was Rs 11,125 crore, up 22.3%, over the quarter ended September 30, 2021.
  • Consolidated advances grew by 22.8% from Rs 1,249,331 crore as on September 30, 2021 to Rs 1,533,945 crore as on September 30, 2022.
  • The consolidated net profit for the half year ended September 30, 2022 was Rs 20,704 crore, up 21.7%, over the half year ended September 30, 2021.

Result PDF

HDFC Bank Announced Q1FY23 Result :

• The Bank’s core net revenue (excluding trading and Mark to Market losses), grew by 19.8% to Rs 27,181.4 crore for the quarter ended June 30, 2022 from Rs 22,696.5 crore for the quarter ended June 30, 2021. The total net revenues (net interest income plus other income) were & 25,869.6 crore for the quarter ended June 30, 2022.

• Net interest income (interest earned less interest expended) for the quarter ended June 30, 2022 grew by 14.5% to & Rs 19,481.4 crore from Rs 17,009 crore for the quarter ended June 30, 2021, driven by advances growth of 22.5%, deposits growth of 19.2% and total balance sheet growth of 20.3%. Core net interest margin was at 4.0% on total assets,
  and 4.2% based on interest earning assets. We continued to add new liability. relationships at a robust pace of 2.6 million during the quarter.

• The four components of other income for the quarter ended June 30, 2022 were fees & commissions of Rs 5,360.4 crore (Rs 3,885.4 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs 1,259.3 crore Rs 1,198.7 Crore in the corresponding quarter of the previous year), loss on sale / revaluation of investments of Rs 1,311.7 crore (gain of Rs 601.0 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of Rs 1,080.2 crore (Rs 603.5 crore in the corresponding quarter of the previous year). Other income, excluding trading and Mark to Market losses, grew by 35.4% over the quarter ended June.

• We added 725 branches and 29,038 employees over the last twelve months and 36 branches and 10,932 employees during the quarter. This, and other investments made during the quarter, will position the Bank to capitalise on the growth opportunity. Operating expenses for the quarter ended June 30, 2022 were Rs 10,501.8 crore, an increase of 28.7% over Rs 8,160.4 crore during the corresponding quarter of the previous year. The cost-to-income ratio, excluding trading and Mark to Market losses for the quarter was at 38.6%.

• Pre-provision Operating Profit (PPOP) was at Rs 15,367.8 crore. PPOP, excluding trading and Mark to Market losses, grew by 14.7% over the quarter ended June 30, 2021.

• Provisions and contingencies for the quarter ended June 30, 2022 were Rs 3,187.7 crore (which were comprised of specific loan loss provisions) as against total provisions of Rs 4,830.8 crore for the quarter ended June 30, 2021.

• The total credit cost ratio was at 0.91%, as compared to 1.67% for the quarter ending  June 30, 2021.

• Profit before tax (PBT) after trading and Mark to Market losses of Rs 1,311.7 crore in the quarter, was at Rs 12,180.1 crore, and grew by 18.2% over the corresponding quarter of the previous year. After providing Rs 2,984.1 crore for taxation, the Bank earned a net profit of 9,196.0 crore, an increase of 19.0% over the quarter ended June 30, 2021.
   

Result PDF

HDFC Bank's net revenues increased by 7.3% for the quarter.

HDFC Bank declares Q4FY22 result:

• The Bank's net revenues (net interest income plus other income) increased by 7.3% to Rs 26,509.8 crore for the quarter ended March 31, 2022 from Rs 24,714.1 crore for the quarter ended March 31, 2021. Net Revenues, excluding trading income, grew by 10.4% to Rs 26,550.2 crore for the quarter ended March 31, 2022 from Rs 24,059.0 crore for the quarter
  ended March 31, 2021.
• Net interest income (interest earned less interest expended) for the quarter ended March 31, 2022 grew by 10.2% to Rs 18,872.7 crore from Rs 17,120.2 crore for the quarter ended March 31, 2021. Advances were up 20.8%, with the growth coming across products and segments. Core net interest margin was at 4.0% on total assets, and 4.2% based on interest earning assets. We continued to add new liability relationships at a robust pace of 2.4 million during the quarter. Liquidity coverage ratio was healthy at 112%, well above the regulatory requirement.
• Other income (non-interest revenue) at Rs 7,637.1 crore was 28.8% of net revenues for the quarter ended March 31, 2022 as against Rs 7,593.9 crore in the corresponding quarter of the previous year. Other income, excluding trading income, grew by 10.6% over the quarter ended March 31, 2021. The four components of other income for the quarter ended March 31, 2022 were fees & commissions of Rs 5,630.3 crore (Rs 5,023.3 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs 892.5 crore (Rs 879.3 crore in the  corresponding quarter of the previous year), loss on sale / revaluation of investments of Rs 40.3 crore (gain of Rs 655.1 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of Rs 1,154.7 crore (Rs 1,036.2 crore in the corresponding quarter of the previous year)
• The bank added 563 branches and 7,167 employees during the quarter and 734 branches and 21,486 employees during the year. This, and other investments made during the year, will position the bank to capitalise on the growth opportunity. Operating expenses for the quarter ended March 31, 2022 were Rs 10,152.8 crore, an increase of 10.6% over Rs 9,181.3 crore during the corresponding quarter of the previous year. in cost-to-income ratio for the quarter was at 38.3%.

Result PDF

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2021

• The Bank’s net revenues (net interest income plus other income) increased by 14.7% to Rs 25,085.2 crore for the quarter ended September 30, 2021 from Rs 21,868.8 crore for the quarter ended September 30, 2020.
• Net interest income (interest earned less interest expended) for the quarter ended September 30, 2021 grew by 12.1% to Rs 17,684.4 crore from Rs 15,776.4 crore for the quarter ended September 30, 2020. Advances grew at 15.5% reaching new heights driven through relationship management, digital offering and breadth of products. Core net interest margin was at 4.1%. New liability relationships added during the quarter were at an all time high. This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123%, well above the regulatory requirement, which positions the Bank favorably to capitalize on the opportunities that would arise as the economy gains momentum during the festive months.
• Other income (non-interest revenue) at Rs 7,400.8 crore was 29.5% of net revenues for the quarter ended September 30, 2021 and grew by 21.5% over Rs 6,092.5 crore in the corresponding quarter of the previous year. The four components of other income for the quarter ended September 30, 2021 were fees & commissions of Rs 4,945.9 crore (Rs 3,940.3 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs 867.3 crore (Rs 560.4 crore in the corresponding quarter of the previous year), gain on sale / revaluation of investments of Rs 675.5 crore (Rs 1,016.2 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of Rs 912.1 crore (Rs 575.6 crore in the corresponding quarter of the previous year).
• We added 256 branches and 12,259 people over the last twelve months and made other investments to position ourselves and capitalize on the growth opportunity. Operating expenses for the quarter ended September 30, 2021 were Rs 9,277.9 crore, an increase of 15.2% over Rs 8,055.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.0%. Pre-provision Operating Profit (PPOP) at Rs 15,807.3 crore grew by 14.4% over the corresponding quarter of the previous year
• Provisions and contingencies for the quarter ended September 30, 2021 were Rs 3,924.7 crore (consisting of specific loan loss provisions of Rs 2,286.4 crore and general and other provisions of Rs 1,638.3 crore) as against Rs 3,703.5 crore (consisting of specific loan loss provisions of Rs 1,240.6 crore and general and other provisions of Rs 2,462.9 crore) for the quarter ended September 30, 2020. Total provisions for the current quarter included contingent provisions of approximately Rs 1,200 crore
• The total credit cost ratio was at 1.30%, as compared to 1.67% for the quarter ending June 30, 2021 and 1.41% for the quarter ending September 30, 2020. Profit before tax (PBT) for the quarter ended September 30, 2021 at Rs 11,882.6 crore grew by 17.5% over corresponding quarter of the previous year. After providing Rs 3,048.3 crore for taxation, the Bank earned a net profit of Rs 8,834.3 crore, an increase of 17.6% over the quarter ended September 30, 2020.

Balance Sheet:

• As of September 30, 2021 Total balance sheet size as of September 30, 2021 was Rs 1,844,845 crore as against Rs 1,609,428 crore as of September 30, 2020, a growth of 14.6%.
• Total deposits as of September 30, 2021 were Rs 1,406,343 crore, an increase of 14.4% over September 30, 2020. CASA deposits grew by 28.7% with savings account deposits at Rs 452,381 crore and current account deposits at Rs 205,851 crore.
• Time deposits were at Rs 748,111 crore, an increase of 4.2% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 46.8% of total deposits as of September 30, 2021.
• Total advances as of September 30, 2021 were Rs 1,198,837 crore, an increase of 15.5% over September 30, 2020. Retail loans grew by 12.9%, commercial and rural banking loans grew by 27.6% and other wholesale loans grew by 6.0%. Overseas advances constituted 3.5% of total advances.

Result PDF