However, the profit was below the Street estimate of Rs 17,233 crore. The lenders Net Interest Income (NII) for the quarter ended December 31, 2024, grew by 7.7%, reaching Rs 30,650 crore in Q3FY25, compared to Rs 28,470 crore for the quarter ended December 31, 2023.
The interest earned by the bank in Q3FY25 stood at Rs 76,007 crore, marking a 7.6% increase from Rs 70,583 crore in the corresponding quarter of the previous financial year.
The bank paid Rs 45,354 crore as interest in the reported quarter, up 7.7% from Rs 42,111 crore in Q3FY24. Despite the lower-than-expected PAT, HDFC Bank shares gained over 1%, reaching a high of Rs 1,659.90.
Core net interest margin stood at 3.43% on total assets and 3.62% based on interest-earning assets, according to its filing to the exchanges.
HDFC Bank’s net revenue grew by 6.3%, reaching Rs 42,110 crore for the quarter ended December 31, 2024, compared to Rs 39,610 crore for the quarter ended December 31, 2023.
HDFC Bank’s provisions & contingencies
The lender’s provisions and contingencies for the quarter ended December 31, 2024, were reported at Rs 3,150 crore, down from Rs 4,220 crore reported in the same period last year.
HDFC Bank Q3FY25 deposits
The bank’s average deposits were at Rs 24,52,800 crore for the December 2024 quarter, which is a growth of 15.9% over 21,17,100 crore for the December 2023 quarter, and 4.2% over 23,54,000 crore for the September 2024 quarter.
The average CASA deposits are reported at Rs 8,17,600 crore for Q3FY25, recording aa growth of 6% over 7,71,100 crore in Q3FY24 and 1.1% over 8,08,400 crore for the Q2FY25.
CASA deposits grew by 4.4% with savings account deposits at 6,05,600 crore and current account deposits at 2,67,100 crore. Time deposits were at 16,91,100 crore, an increase of 22.7% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 34% of total deposits as of December 31, 2024.
HDFC Bank Q3 advances
The bank’s advances under management, on an average basis, were 26,27,600 crore for the December 2024 quarter, which is a growth of 7.6% over 24,41,400 crore for the December 2023 quarter, and a growth of 2.5% over 25,63,900 crore for the September 2024 quarter.
Gross advances were at Rs 25,42,600 crore as of December 31, 2024, an increase of 3% over December 31, 2023.
Retail loans grew by 10%, commercial and rural banking loans grew by 11.6% and corporate and other wholesale loans were lower by 10.4%. Overseas advances constituted 1.8% of total advances.
HDFC Bank balance sheet
Total balance sheet size as of December 31, 2024 was Rs 37,59,000 crore as against 34,92,600 crore as of December 31, 2023.
HDFC Bank Asset Quality
Gross non-performing assets (GNPAs) were at 1.42% of gross advances as on December 31, 2024 (1.19% excluding NPAs in the agricultural segment), as against 1.36% as on September 30, 2024 (1.19% excluding NPAs in the agricultural segment). The GNPA as on December 31, 2023 stood at and 1.26% (1.11% excluding NPAs in the agricultural segment).
Net non- performing assets were at 0.46% of net advances as on December 31, 2024.
HDFC Bank Network
As of December 31, 2024, the bank’s distribution network was at 9,143 branches and 21,049 ATMs across 4,101 cities/towns as against 8,091 branches and 20,688 ATMs across 3,872 cities/towns as of December 31, 2023. In this, 51% of the branches are in semi- urban and rural areas.
