HDFC Bank Q3 Net Profit Rises 2.2% YoY to ₹16,735.5 Cr, NII Up 7.6%

Photo: Instagram/@hdfcbank

HDFC Bank, India’s largest private-sector bank, reported a 2.2% increase in its standalone net profit for the third quarter of the current financial year, reaching ₹16,735.5 crore. This is a slight rise compared to the ₹16,372.54 crore recorded during the same period last year, as mentioned in the bank’s exchange filing on Wednesday.

The growth in net profit was primarily driven by a 25% reduction in provisions, which dropped to ₹3,153 crore compared to the previous year. However, provisions for contingencies and bad loans increased by 16.8% sequentially, rising from ₹2,700 crore in the previous quarter.

The bank’s net interest income (NII), representing the difference between interest earned and interest paid, saw a year-on-year increase of 7.6%, reaching ₹30,655 crore during the quarter, compared to ₹28,871.3 crore in the corresponding period last year.

HDFC Bank’s asset quality slightly deteriorated, with gross non-performing assets (GNPAs) rising to 1.42% in Q3 FY25, compared to 1.36% in Q2 FY25 and 1.28% in Q3 FY24. Loan growth remained muted, with advances growing by just 1.3% year-on-year to ₹25.18 lakh crore, compared to ₹24.8 lakh crore in the same period last year. In contrast, deposits showed stronger year-on-year growth of 15.8%, reaching ₹25.6 lakh crore from ₹22.12 lakh crore. The loan-to-deposit ratio stayed comfortably below 100%.

Retail loans grew by 10%, while commercial and rural banking loans increased by 11.6%. However, corporate and other wholesale loans saw a 10.4% decline.
The bank expanded its operations significantly, with the number of branches increasing to 9,143 and ATMs reaching 21,049 across 4,101 cities and towns as of December 31, 2024. This marked an improvement from 8,091 branches and 20,688 ATMs in December 2023. The employee count also grew slightly, reaching 2,10,219 during the October-December quarter, up from 2,08,066 in the same quarter last year.

HDFC Bank’s stock reacted positively to the earnings report, with shares rising by 1.57% to ₹1,668.25 per share on the National Stock Exchange at 3:00 PM on Wednesday.

The total interest income for the quarter rose by 7.6% year-on-year to ₹76,006 crore, compared to ₹70,582 crore in the same period last year. Meanwhile, interest expenses grew by 7.7%, reaching ₹45,353 crore.

This performance underscores HDFC Bank’s steady growth trajectory, despite challenges in asset quality and muted loan growth, demonstrating its resilience in a competitive market.

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