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HDFC Bank net profit rises 37 per cent to 16,511 crore

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MUMBAI: HDFC Bank has reported a

net profit

of Rs 16,511 crore for the quarter ending March 2024. This is a 37 per cent increase from Rs 12,047 crore in the same quarter last year and a

marginal increase

from Rs 16,372 crore in the preceding quarter. The increase in post-tax profits was due to a writeback of taxes worth Rs 749 crore, as opposed to a tax outgo of Rs 3,888 crore in the same quarter last year.
Pre-tax profits

were down 1.1 per cent at Rs 15,762 crore, compared to Rs 15,935 crore in the same quarter last year.

The decline in operating profit was due to a massive provisioning of Rs 13,511 crore during the quarter. This was an increase of 403 per cent from Rs 2,685 crore in the same quarter last year.
The bank made a floating provision of Rs 10,800 crore during the quarter in line with

board-approved policy

.

The bank’s credit and deposits growth has been twice as much as the banking system. As of March 31, the total deposits of the bank stood at Rs 23,79,800 crore. This marks a 26.4 per cent increase compared to the same period in 2023. Within this, CASA deposits grew 8.7 per cent, with savings account deposits totalling Rs 5,98,700 crore and current account deposits amounting to Rs 3,10,000 crore.
Meanwhile, time deposits rose to Rs 14,71,000 crore, growing 40.4 per cent from the corresponding quarter last year. Consequently, CASA deposits accounted for 38.2 per cent of the total deposits by the end of March 2024.
Announcing the results, CFO Srinivasan Vaidyanathan said the bank would not need to use pricing to grow its deposits. “We are not looking at price to be an incentive to bring in the deposits,” he said, adding that the credit-deposit ratio adjusting for the impact of the merger was in line with pre-merger trends.

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