HDFC Bank Reports Robust Net Profit Growth in June 2024 Quarter

HDFC Bank's consolidated net profit surged by 33.17% to Rs 16,474.85 crore in the June 2024 quarter, compared to Rs 12,370 crore in the same period last year. The bank’s total income rose to Rs 83,701 crore, while provisioning reduced to Rs 2,602 crore. Gross NPAs saw a slight increase to 1.33%.

HDFC Bank's consolidated net profit surged by 33.17% to Rs 16,474.85 crore for the June 2024 quarter, up from Rs 12,370 crore a year earlier, the bank revealed in its regulatory filing.

On a standalone basis, the net profit for the June quarter rose to Rs 16,174 crore, compared to Rs 11,951 crore in the same period last year, although down from the preceding March quarter’s Rs 16,511 crore.

The bank’s overall income increased significantly to Rs 83,701 crore from Rs 57,816 crore a year ago. Additionally, the provisioning dropped to Rs 2,602 crore from Rs 2,860 crore last year. However, the bank's gross non-performing assets (NPAs) ratio edged up to 1.33% from 1.24% in March 2024. The overall capital adequacy stood at 19.33% as of June 30, 2024.