HDFC Bank Q4 Results 2024

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HDFC Bank Q4 FY2023-24 results showcased a 37.1% rise in profit after tax to ₹16,511 Crore, with a strong performance across key financial metrics. Net Interest Income (NII) jumps 24.5%. 


HDFC Bank, one of India's leading private sector banks, has once again demonstrated remarkable financial performance in the fourth quarter of the fiscal year 2023-24, underscoring its resilience and strategic prowess in a dynamic economic environment. This blog delves into the bank's latest quarterly financial results, analyzing key figures such as income, profit, and other significant metrics, and explores the strategic initiatives driving its growth.

5 Key Financial Highlights

HDFC Bank's financial results for Q4 FY2023-24 are particularly noteworthy, reflecting strong growth across various segments. Here are five key highlights from the report:

Explore: HDFC Bank Share Price

  • Net Profit: The bank reported a net profit of ₹16,511 Crore, marking a substantial increase of 37.1% from the previous year.
  • Advances Growth: Total advances surged by 55.4%, with gross advances reaching ₹25 Lakh crore.
  • Net Interest Income (NII): NII grew by 24.5%, amounting to ₹29,080 Crore, supported by robust loan growth and a stable net interest margin of 3.4%.
  • Deposits: Total deposits grew by 26.4% year-over-year, with a significant contribution from both retail and corporate banking.
  • Asset Quality: The Gross NPA ratio was maintained at 1.24%, reflecting the bank's strong risk management practices.

Profitability Analysis

HDFC Bank's profitability in the latest quarter was impressive, with the bank reporting a profit after tax of ₹16,511 Crore, which marks a significant 37.1% increase over the previous year. This robust growth in profitability was primarily driven by an increase in both net interest income, which rose to ₹29,080 Crore, representing a 24.5% increase, and other income, which includes fees and commissions, foreign exchange and derivatives revenue, and gains from trading activities. This substantial growth in profitability reflects HDFC Bank's effective management strategies and its ability to capitalize on growth opportunities in a dynamic economic environment.

Analysis of Key Financial Ratios

HDFC Bank's key financial ratios for the quarter underscore the institution's strong financial health and operational efficiency. The Capital Adequacy Ratio (CAR) stood at a robust 18.8%, well above the regulatory requirements, showcasing the bank's strong capital base and resilience against potential financial shocks. The Net Interest Margin (NIM) for the quarter was reported at 3.4%, indicating efficient management of interest-earning assets and liabilities. While this shows a slight compression from previous periods, it remains a strong indicator of the bank's ability to generate profit from its core business activities.

Revenue from Segments

Revenue segmentation at HDFC Bank reveals a diversified and strong income base, contributing to its overall financial growth. The bank reported significant increases across various income streams. Notably, net interest income from core banking operations grew substantially, supported by a solid increase in loan disbursements and advances, which saw a 55.4% increase year-over-year. Additionally, non-interest income also showed a remarkable uptick, driven by a 108.1% growth in fees and commissions alongside significant trading gains. This diversification in revenue streams not only bolsters HDFC Bank's profitability but also enhances its ability to manage risks associated with different sectors and economic cycles.

Major Financial Metrics

The table below presents a comprehensive view of HDFC Bank's financial results, encapsulating key metrics and their performance over the last quarter:


Q4 FY2023-24

Q4 FY2022-23

Year-on-Year Growth

Net Interest Income (₹ Crore)




Profit After Tax (₹ Crore)




Total Advances (₹ Crore)

25 Lakh

16 Lakh


Total Deposits (₹ Crore)

24 Lakh

19 Lakh


Gross NPA (%)




Consolidated Financial Results for the Quarter and year ended on March 31, 2024

(Rs. in Crores)

Additional Red: Quarterly Reports

Strategic Initiatives and Future Outlook

Digital Transformation

HDFC Bank continues to leverage technology to enhance customer experience and operational efficiency. The bank's investment in digital platforms and solutions is aimed at meeting the evolving needs of its customers, thereby driving customer satisfaction and retention.

Expansion and Inclusion

The bank's strategic focus on expanding its branch network, particularly in semi-urban and rural areas, aligns with its goal of financial inclusion. This expansion not only broadens HDFC Bank's customer base but also supports its objective of providing banking services to underbanked regions.

Sustainable Practices

HDFC Bank is committed to incorporating sustainable practices into its operations and banking solutions. These initiatives are not only geared towards environmental stewardship but also aim to promote sustainable economic growth.

As HDFC Bank wraps up another successful fiscal quarter, the spotlight not only shines on its stellar financial achievements but also on the underlying strategies that have propelled its growth. The bank's focused approach towards enhancing customer engagement, diversifying its financial products, and capitalizing on strategic mergers has significantly contributed to its impressive performance.

Enhancing Customer Engagement

HDFC Bank has consistently prioritized customer engagement, understanding that a satisfied customer base is fundamental to sustained business success. The bank’s initiatives range from optimizing digital channels to offering personalized financial solutions that cater to the diverse needs of its customers. By investing in advanced analytics, HDFC Bank can now deliver more tailored banking and financial services, enhancing user experience and satisfaction.

Diversifying Financial Products

Diversification of financial products remains a key strategy for HDFC Bank. This fiscal quarter, the bank has broadened its suite of offerings, introducing innovative products in the realms of digital banking, retirement planning, and wealth management services. These initiatives are designed not only to attract a broader clientele but also to meet the evolving financial needs of existing customers, thereby fostering deeper relationships and ensuring customer retention.

Additional Red: Annual Reports

Capitalizing on Strategic Mergers

The merger with HDFC Ltd, effective from July 1, 2023, has been a pivotal move for HDFC Bank. This strategic merger has expanded the bank's asset base and customer reach, further solidifying its position in the financial sector. The integration has enabled HDFC Bank to offer a more comprehensive range of financial solutions, including housing loans, which complements its existing portfolio of retail and corporate banking products. This merger has not only enhanced the bank’s market competitiveness but also promises significant long-term growth potential.


HDFC Bank's impressive Q4 FY2023-24 financial results are a testament to its robust business model and strategic execution. With a clear focus on innovation, customer service, and sustainable growth, HDFC Bank is well-positioned to maintain its leadership in the Indian banking sector and deliver value to its stakeholders in the coming years.

About The Company

HDFC Ltd was one of the first in India to receive preliminary approval from the Reserve Bank of India (RBI) in 1994 to establish a private sector bank, aligning with the RBI's liberalization of the banking sector. HDFC Bank was established in Mumbai in August 1994 and began operations in January 1995 as a Scheduled Commercial Bank.

On April 4, 2022, HDFC Bank, India's largest private sector bank, announced its merger with HDFC Ltd, the country's leading housing finance company with a history of 45 years in the sector. This merger enhances HDFC Bank's ability to offer comprehensive home loan services across urban and rural India. As of February 29, 2024, HDFC Bank operates a vast network of 8,192 branches and 20,760 ATMs across 3,836 cities, incorporating HDFC Ltd’s 737 outlets. The bank also has an international presence with branches in four countries and representative offices in Dubai, London, and Singapore, serving the home loan needs of Non-Resident Indians and Persons of Indian Origin.

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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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