HDFC Bank posts robust Q1FY24 results with 30% net profit growth
HDFC Bank, India’s largest private lender, reported an impressive 30% growth in standalone net profit, reaching ₹11,951.7 crore for Q1FY24 compared to ₹9,196 crore in the same period last year.
The bank’s net interest income (NII) also rose by 21.1% to ₹23,599 crore. HDFC Bank showcased positive asset quality trends, with the gross non-performing assets (GNPA) ratio improving to 1.17% from 1.28%, and the net NPA (NNPA) ratio declining to 0.30% from 0.35% last year.
The strong financial results led to a nearly 1.5% rise in the bank’s stock price, which was trading at Rs 1,668 on the NSE. HDFC Bank’s outstanding performance underscores its resilience and potential for sustained growth in the banking sector.