HDFC Bank shares decline 0.9% after Q4 FY24 results
Upstox
2 min read • Updated: April 22, 2024, 11:36 AM
Summary
HDFC Bank reported a consolidated net profit of ₹64,060 crore for FY24. On a standalone basis, the private sector lender's net profit stood at ₹16,511.85 crore in the January-March quarter as against ₹16,372.54 crore in Q3 FY24.
Shares of HDFC Bank were trading in the negative territory on Monday, shedding early gains, after reporting its results for the fourth quarter of financial year 2023-24 (Q4 FY24) over the weekend.
At 11:30 am, the stock dipped 0.92% to ₹1,517 after opening at ₹1,557 on the National Stock Exchange (NSE). Intraday, the scrip reported a low of ₹1,513.
On the BSE, HDFC Bank shares were trading 0.84% lower at ₹1518 after opening at ₹1550.
HDFC Bank reported a consolidated net profit of ₹64,060 crore for FY24. On a standalone basis, the private sector lender's net profit stood at ₹16,511.85 crore in the January-March quarter as against ₹16,372.54 crore in Q3 FY24.
In July 2023, the bank merged its home loan-focused parent, HDFC, into itself.
The bank, which is among the first lenders to announce the numbers for the quarter, reported that the core net interest income grew to ₹29,080 crore for the reporting quarter, while the other income grew to ₹18,170 crore.
The net interest margin (NIM), wherein it faced investors' concerns earlier, reported a 0.04% improvement to 3.44% for the reporting quarter.
The gross non-performing assets ratio improved marginally to 1.24% from 1.26% in the quarter-ago period.
The asset quality of the lender came in strong as the gross non-performing assets (GNPA) and net non-performing assets (NNPA) ratios were 1.24% and 0.33%, respectively, in the fourth quarter of FY24 as compared to 1.13% and 0.27% in the year-ago quarter.
The bank also recommended a dividend of ₹19.5 per share of ₹1 for the year ended March 31, 2024.
With PTI inputs