HDFC Bank Q4 Results: Net profit increases marginally to Rs 16,511 crore; miss analysts' forecast

NEW DELHI: HDFC Bank posted smaller-than-expected quarterly (Q4) profit of Rs 16,511 crore for the January-March quarter (Q4) of the financial year 2023-24 (FY24) on Saturday. This marks a 0.84 per cent jump when compared to Rs 16,373 crore clocked in the previous quarter.
However, the quarterly profit of the largest private lender is below analysts' forecast of Rs 17,315, according to LSEG data.Its net interest income (NII) increased to Rs 29,080 crore from Rs 28,470 core in the previous quarter, while the other income stood at Rs 18,170 crore.
HDFC Bank has reported its core net interest margin of 3.44% on total assets while the gross non-performing assets (NPA) ratio came at 1.24%.
The results cannot be compared on a year-over-year basis as HDFC Bank merged with its parent company, Housing Development Finance Corp, in the month of July.
The shares of HDFC Bank settled 2.5% higher prior to the announcement of the results on Friday.