22-Apr-2024
2 mins read
India’s largest private sector lender, HDFC Bank had announced plans to raise Rs 60,000 crore via different debt instruments.
The decision was approved during a Board meeting held on Saturday, April 20, 2024 where key approval was granted for annual renewal of the issuance.
HDFC Bank approved the annual renewal of the issuance of Long-term bonds, Perpetual debt instruments, and Tier II capital bonds. Totalling Rs 60,000 crore over the next 12 months through private placement mode.
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HDFC Bank FY24 Q4 Result Update
HDFC Bank posted a standalone net profit of Rs 16,512 crore, with an increase of 37.1% YoY basis. The company’s net interest income during Q4 FY24 grew by 24.5% to Rs 29,077 crore.
The Bank’s core net interest margin was 3.44% on total assets and 3.63% based on interest-earning assets. In Q4, the Bank made a floating provision of Rs 10,900 crore to act as a countercyclical buffer and strengthen the balance sheet.
Provision and contingencies during the Q4 of FY24 stood at Rs 13,510 crore, including floating provision.
The total credit cost ratio excluding floating provisions, was at 0.42% as compared to 0.67% for the quarter.
HDFC bank’s Total Deposit Increased
On a year-on-year basis, HDFC bank’s total deposit increased by 26.4% to Rs 23,798 Billion, and CASA deposit grew by 8.7%. Gross advances grew faster by 55.4% and were at Rs 25,078 crore by the end of the fourth quarter.
The bank’s domestic retail loans increased by 109%, commercial and rural loans increased by 24.6%, and corporate and other wholesale loans increased by 4.2%.
At the end of March, HDFC bank’s net NPAs were 0.33% of net advances. While announcing Q4 numbers, the Bank declared a dividend of Rs 19.5 per share for FY24.
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