HDFC Bank Q3 Net profit up 2.2% YoY

 

India’s largest private sector lender HDFC Bank reported its financial results for the third quarter of FY25, posting a 2.2 percent year-on-year rise in standalone net profit to Rs 16,736 crore. The earnings surpassed Street expectations, with analysts projecting a net profit of Rs 16,650 crore, according to a Moneycontrol poll.

The bank's net interest income (NII), a key metric of the bank's earnings, grew 8 percent YoY to Rs 30,690 crore during the quarter, in line with expectations. Net Interest Margin (NIM) for the quarter was flat at 3.4 percent.

This steady growth in HDFC Bank's core earnings - both NII and net profit - came in despite a rise in NPAs and NPA ratios.

Also Read - Quarterly Results of all banks for Q3FY25

HDFC Bank faced some pressure on asset quality during the quarter. Gross non-performing assets (GNPA) increased to Rs 36,019 crore as of December 31, 2024, up 16 percent from Rs 31,012 crore a year ago. Consequently, the GNPA ratio expanded by 18 basis points to 1.42 percent from 1.26 percent in the same period last year.

Similarly, net non-performing assets (NNPA) jumped 51 percent to Rs 11,588 crore, with the NNPA ratio increasing by 15 basis points to 0.46 percent from 0.31 percent YoY.

Provisions for the quarter declined to Rs 3,154 crore from Rs 4,217 crore in the same period last year, reflecting a YoY reduction of 25 percent.

Total deposits stood at Rs 25.6 lakh crore as of December 31, 2024, registering a 15.8 percent YoY growth, while total advances rose 3 percent to Rs 25.2 lakh crore during the same period.

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Top 10 Mobile Banking Applications in India

Over the past few decades, technology has advanced significantly. From computers to laptops and iPads, software to applications, and mobile phones to Android devices, the digital age is pervasive. These days, many people use mobile banking apps. When conducting online transactions, a mobile banking app provides convenience, speed, and flexibility.

Nowadays, a large number of Indians are uncomfortable using traditional banking. They have therefore embraced mobile banking. Because of this, practically all private sector and PSU banks offer mobile banking apps for online transactions. This lessens the need for a laptop or desktop computer, and most importantly, it eliminates the need for you to physically visit the bank in order to complete any banking task.

 

1. Kotak-811 & Mobile Banking App

Kotak-811 - A app from Kotak Mahindra Bank offers a zero-balance savings account with an internationally enabled virtual debit card. It features a slick digital banking app UI. It is the first app in India to offer WhatsApp banking. You may now bank on a familiar platform using this app.

Features

* View account details and transaction details, and download e-statements.

* Send and receive money for instant transfers using IMPS, NEFT, and UPI.

* Manage your zero-balance savings account with an internationally enabled virtual debit card for online payments.

* Connect your bank account with WhatsApp and initiate banking transactions through a chat interface.

Pros

User-friendly interface with innovative features, ero-balance savings account with virtual debit card,WhatsApp banking for convenient banking on a familiar platform

Cons

Limited investment options compared to dedicated investment apps, Occasional app crashes reported by some users, Might be overwhelming for users who only need basic functionalities

2. HDFC Bank Mobile Banking App

The HDFC Bank app from one of India’s largest banks, allows you to manage your finances conveniently. You can check account summaries, make payments, transfer funds, and pay utility bills all within the HDFC net banking app.

Features

* Send and receive money using IMPS, NEFT, and UPI through the HDFC bank mobile banking app.

* Schedule and pay various bills, including utilities and credit cards.

* Personalize your app dashboard to display the features you use most frequently.

* Access a streamlined version of the HDFC app download for users with slower internet connections.

Pros

User-friendly interface with customizable features, Reliable and secure platform from a major bank, Lite version available for users with slower internet

Cons

Limited investment options compared to dedicated investment apps, Some users report occasional app crashes, May not offer the most advanced features compared to some other apps

3. YONO SBI 

YONO SBI- App of State Bank of India, Previously known as SBI Anywhere Personal, YONO SBI offers a user-friendly and secure platform for SBI account holders. It supports multiple languages and allows click-based and voice-assisted transactions for a convenient banking experience.

Features

* Use YONO app to send and receive money using IMPS, NEFT, and UPI.

* Schedule and pay various bills, including utilities and credit cards.

* Access the SBI mobile banking app in multiple regional languages for broader accessibility.

* Perform banking transactions using voice commands for added convenience.

Pros

Voice-assisted transactions, All-in-one Platform (investments, shopping, travel booking), Cardless Cash Withdrawal

Cons

Might be overwhelming for users who only need basic functionalities., Customer service responsiveness might vary.,Limited investment options compared to dedicated investment apps.

4. Axis Mobile App

Renowned for its stability, Axis Mobile offers a comprehensive suite of banking services.

Features

* Use the Axis Bank app to schedule automatic payments for various bills, including utilities and credit cards.

* Track your mutual fund investments within the Axis mobile app.

* Set spending limits, turn contactless payments on/off, and temporarily block your card if misplaced.

Pros

Stable and reliable performance, Wide range of features for managing finances, Auto-pay functionality for bills, Debit card control options

Cons

Occasional app crashes reported by some users, Limited investment options compared to dedicated investment apps

5. IDBI Bank GO Mobile+ App

Designed for a smooth banking experience, IDBI GO Mobile+ offers a user-friendly interface and various services. You can check account statements, make payments, recharge prepaid mobiles, and pay utility bills.

Features

* Choose seasonal themes or customize your login screen on the IDBI bank app.

* Secure your login with a selfie picture.

* Use IDBI app to view holdings and transactions directly within the app.

Pros

Simple and easy-to-use interface,Supports regional languages,Covers essential banking needs,Mobile recharge functionality

Cons

Limited investment and advanced features,Customer service responsiveness might vary

6. BOB World

Developed by the Bank of Baroda, BOB World is an app known for its user-friendliness.

Features

* Withdraw cash at BOB ATMs using a one-time MPIN generated within the Bank of Baroda app.

* Generate QR codes on BOB mobile banking app for easy bill payments at merchant locations.

* Store and manage digital receipts for your transactions within the app.

Pros

Convenient bill payments & organized receipts, Simplified cash deposits, Security features (2FA, biometrics, data encryption)

Cons

Relies on QR reader compatibility & increases app storage use, Limited branch availability for cash deposit requests, Responsiveness of customer service

7. ICICI Bank iMobile Pay App

A highly rated app by ICICI Bank, iMobile Pay offers a comprehensive suite of banking services.

Features

* Open fixed deposits (FDs), invest in recurring deposits (RDs) and manage existing investments.

* Access and manage your ICICI Bank life insurance policies on the ICICI Bank mobile app.

* Get quick access to personal loans against your credit card on the imobile app.

Pros

The ICICI bank app features a streamlined layout for effortless navigation, Customize your dashboard for quick access to frequently used features, Clear menus and categorized services

Cons

The app may experience occasional technical glitches or crashes, Some users report slower processing times for transactions, The app might require frequent updates to ensure smooth performance

8. Canara Bank ai1 Mobile Banking App

Designed with the goal of “One Bank, One App,” Canara Bank’s ai1 app offers a variety of banking services.

Features

* Use Canara bank app to pay instantly at stores with a tap using your phone (RTGS/NEFT enabled).

* Start fixed or recurring deposits or invest in mutual funds all within the Canara bank mobile app.

* Set up recurring payments for your bills and savings goals.

Pros

Book flights, hotels, buses, and cabs directly through the app, Check your credit score and pay bills seamlessly through Bharat Bill Payment,Access insurance, Demat services, and IPO applications

Cons

Occasional problems might occur with UPI transactions, Features might be limited for users who don’t have a Canara Bank account, The app might experience occasional slowdowns or technical glitches.

9. Bank of India BOI Mobile App

BOI Mobile boasts a secure and comprehensive banking experience for Bank of India account holders.

Features

* View balances and statements and manage all accounts on the Bank of India app.

* Transfer funds quickly with IMPS, NEFT, and RTGS, and utilize the “Favourite” feature on the Boi mobile app.

* Locate ATMs, manage cheques, and access various banking services.

Pros

Efficient navigation for transfers and management, User-friendly interface with easy account access, Streamlined process for adding “Favourites.”

Cons

Interface might be challenging for new users to navigate, Lacks advanced features compared to some competitors, Occasional transaction delays and app crashes reported.

10. Punjab National Bank PNB ONE App

PNB ONE is the official mobile banking app from Punjab National Bank.

Features

* Gain quick access to all your accounts through an interactive interface by downloading the PNB One app.

* Invest in term deposits and mutual funds, all within the PNB One app.

* Track cheque status, request stop payments, and manage cheques conveniently.

Pros

Access value-added services like PAN/Aadhaar registration, Manage existing credit/debit cards, Enjoy the app in English, Hindi, and other languages.

Cons

 Features might be limited for non-PNB customers, May be complex for new users to navigate, App crashes and slow processing times reported.

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HDFC Bank Q4 results: Profit jumps 37%, NII up 24.5%

HDFC Bank on April 20 reported a net profit of Rs 16,511 crore for the January-March quarter of the financial year 2023-24, marking a 0.84 percent jump compared to Rs 16,373 crore clocked in the previous quarter. The net profit is almost in line the market estimates of Rs 16,576 crore.

The bank’s year-on-year financial results are not comparable due to the merger with the parent entity HDFC Ltd during the year.

The net interest income (NII) of Rs 29,007 crore jumped from Rs 28,470 crore reported in the previous quarter. The NII is slightly lower as against the market estimates of Rs 29,172 crore.

The bank's gross non-performing asset (NPA) stood at 1.24 percent, down from 1.26 percent in the last quarter. On the other hand, net NPA for the quarter stood at 0.33 percent compared to 0.31 percent.

The net revenue of the lender grew to Rs 47,240 crore including transaction gains of Rs 7340 crore from the stake sale in subsidiary HDFC Credila Financial Services during the quarter.

The board of directors recommended a dividend of Rs 19.5 per equity share of Rs 1 for the year ended March 31, 2024, the bank said in a press release. Provisions and contingencies for the quarter were Rs 13,500 crore which included floating provisions of Rs 10,900 crore, the bank said. For FY24, the total profit of the bank stood at Rs 64,060 crore.

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HDFC Bank Q3 Profit jumps 34%

 

HDFC Bank Ltd on Tuesday reported a 33.54 per cent year-on-year (YoY) rise in standalone net profit at Rs 16,372.54 crore for the December quarter compared with Rs 12,259.49 crore in the same quarter last year. The profit figure was largely in line with Street estimates. Net interest income (NII) for the quarter, which is interest earned less interest expended, rose 23.9 per cent YoY to Rs 28,470 crore compared with Rs 22,990 crore in the same quarter last year. The NII growth was slightly lower than analyst estimates of 25 per cent. 

Pre-provision operating profit jumped 24.3 per cent to about Rs 23,650 crore. Provisions for the quarter jumped to about Rs 4,220 crore from Rs 2,810 crore in the year-ago quarter. The private lender said its core net interest margin (NIM) stood at 3.4 per cent on total assets, and 3.6 per cent based on interest earning assets.

Gross non-performing assets were at 1.26 per cent of gross advances as on December 31, 2023, against 1.34 per cent as on September 30, 2023, and 1.23 per cent as on December 31, 2022. Net non-performing assets were at 0.31 per cent of net advances as on December 31.

Non-interest revenue for the quarter ended December 31, 2023 stood at about Rs 11,140 crore compared with Rs 8500 crore in the corresponding quarter ended December 31, 2022. Among the four components of other income, fees & commissions stood at Rs 6,940 crore billion against Rs 6,050 crore YoY.

Foreign exchange & derivatives revenue came in at Rs 1210 crore against Rs 1,070 crore YoY; net trading and mark-to-market gain stood at Rs 1,470 crore against a gain of Rs 260 crore YoY. Miscellaneous income, including recoveries and dividend, stood at Rs 1,520 crore against Rs 1,110 crore.

HDFC Bank said its operating expenses were up 28.1 per cent to Rs 15,960 crore over Rs 12,460 crore in the corresponding quarter last year. The cost-to-income ratio for the quarter was at 40.3 per cent.

The Bank's total Capital Adequacy Ratio (CAR) as per Basel II guidelines stood at 18.4 per cent against 19.4 per cent YoY. This is against a regulatory requirement of 11.7 per cent.

As of December 31, 2023, HDFC Bank's distribution network was at 8,091 branches and 20,688 ATMs across 3,872 cities / towns as against 7,183 branches and 19,007 ATMS across 3,552 cities / towns as of December 31, 2022. A total of 52 per cent of its branches were in semi-urban and rural areas.

"In addition, we have 15,053 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,08,066 as of December 31, 2023 (as against 1. ,66, 890 as of December 31, 2022)," the bank said in a BSE filing.

Domestic retail loans grew 111.1 per cent, commercial and rural banking loans grew 31.4 per cent and corporate, and other wholesale loans (excluding non-individual loans of eHDFC Ltd of approximately Rs 98,900 crore) grew 11.2 per cent. Overseas advances constituted 1.7 per cent of total advances.

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For 'biggest scam in India's history', RBI, two private sector banks get threat mails

The sender also claimed to have planted bombs at 11 locations across Mumbai, where the three banks – HDFC and ICICI are the other two – are headquartered.

The Reserve Bank of India (RBI), which is headquartered in Mumbai, and two city-based private sector banks (HDFC and ICICI) on Tuesday received threat mails, in which the sender accused the RBI and private sector banks of carrying out the ‘biggest scam in the history of India,’ and claimed to have planted bombs at 11 locations across the financial capital, Mint reported citing Mumbai Police.

The sender also demanded the resignation of Union finance minister Nirmala Sitharaman and RBI governor Shaktikanta Das, among others, for their 'involvement' in the so-called ‘scam.’

“We demand that both RBI Governor and Finance Minister to immediately resign from their posts and release a press statement with a full disclosure of the scam. We also demand government to give them both and all those who are involved the punishment they deserve,” the emails said, as per Mint.

Where were the ‘bombs’ planted?

Three of the locations at which the sender claimed to have planted bombs were: RBI-New Central Building, Fort; HDFC House-Churchgate; and ICICI Bank Towers, BKC (Bandra-Kurla Complex). Also, the mails warned that the explosives would detonate at 1:30 pm.

What did the police find?

The Mumbai Police said that upon being made aware of the mails, they sent their personnel to each of the 11 locations, though nothing was found.

“A case has been registered and the probe is underway,” a police official told news agency ANI.

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HDFC Bank Q1 Results: Net profit jumps 30%, maintains healthy asset quality

HDFC Bank on July 17 reported a net profit of Rs 11,951 crore for the April-June quarter FY24, a jump from Rs 9,196 crore in the quarter ended June 30, 2022. The net profit slightly exceeded the market expectations. At least four brokerages had predicted a net profit of Rs 11,581 crores whereas HDFC Bank reported a net profit of Rs 11,951 crore.

The country's largest private sector bank's net interest income (NII) grew by 21.1 percent to Rs 23,599 crore from Rs 19,481 crore for the quarter ended June 30, 2022. Core net interest margin was at 4.1 percent on total assets, and 4.3 percent based on interest earning assets.

The lender's gross non-performing assets (GNPA) ratio stood at 1.17 percent, improving from 1.28 percent in the corresponding period a year ago.

Similarly, its net NPA (NNPA) stood at 0.30 percent from 0.35 percent last year. The lender's net profit jumped from Rs 9,196 crores in the corresponding quarter last year to Rs 11,951 crores in Q1FY24.

On the deposit side, total deposit of the bank stood at Rs 19.13 lakh crores, jumping by 19.2 percent on a year-on-year basis.

Current account and savings account (CASA) grew by 10.7 percent where total current account deposits stood at Rs 2.52 lakh crores and savings account deposits stood at Rs 5.6 lakh crores. Whereas time deposits of the bank stood at Rs 11 lakh crores, improving by 26.4 percent.

Total advances of the bank grew by 15.8 percent on a year-on-year basis and stood at Rs 16.15 lakh crores.

Domestic retail loans grew by 20 percent, commercial and rural banking loans grew by 29.1 percent and corporate and other wholesale loans grew by 11.2 percent.

The lender's treasury segment reported a revenue of Rs 10,537 crores, jumping from Rs 7,379 crores in the corresponding quarter last year.

Retail banking, which formed the bank's major revenue, stood at Rs 42,939 crores compared to Rs 31,685 crores last year. Whereas the lender's wholesale banking stood at Rs 28,332 crores, jumping from Rs 18,642 crores.

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HDFC Bank Q4 Results: Net profit rises 21% YoY , asset quality stable

HDFC Bank on April 15 reported a 21 percent YoY rise in consolidated net profit to Rs 12,594.5 crore for the quarter ended March 31. The private lender posted a 20.3 percent YoY growth in consolidated net revenue to Rs 34,552.8 crore during the quarter, against Rs 28,733.9 crore recorded during the quarter ended March 31, 2022.

Profit before tax (PBT) for the quarter ended March 31, 2023 was at Rs 15,935.5 crore. After providing Rs 3,888.1 crore for taxation, the bank earned a net profit of Rs 12,047.5 crore, an increase of 19.8 percent over the quarter ended March 31, 2022.

Net interest income (NII), or the difference between interest earned and interest expended, grew by 23.7 percent to Rs 23,351 crore from Rs 18,872 crore for the quarter ended March 31, 2023, HDFC Bank said in an exchange filing.

The average of a poll of three brokerages estimated that the profits will rise to Rs 12,181 crore. Net interest income (NII) was expected to increase 30.5 percent on-year (up 8.8 percent QoQ) to Rs 24,601.9 crore, whereas the average poll of estimates saw HDFC Bank to report 21.9 percent YoY rise in March quarter profits.

Standalone revenue grew by 21 percent to Rs 32,083.0 crore for the quarter ended March, 2023 from Rs 26,509.8 crore posted a year ago.

The lender said its total deposits showed healthy growth and were at Rs 1,883,395 crore as of March 31, 2023, an increase of nearly 21 percent over March 31, 2022. Meanwhile, total advances as of March 31, 2023 were Rs 1,600,586 crore, an increase of 16.9 percent over March 31, 2022.

“Domestic retail loans grew by 20.8 percent, commercial and rural banking loans grew by 29.8 percent and corporate and other wholesale loans grew by 12.6 percent,” HDFC Bank said in the exchange filing.

Coming to asset quality, the gross non-performing assets were at 1.12 percent of gross advances as on March 31, 2023 as against 1.23 percent as on December 31, 2022 and 1.17 percent as on March 31, 2022. While, net non-performing assets were at 0.27 percent of net advances as on March 31, 2023.

HDFC Bank’s board also recommended a dividend of Rs 19 per share for the year ended March 31, 2023, as against Rs 15.5 for the previous year. This is subject to shareholders' approval.

Further, the bank's total Capital Adequacy Ratio (CAR) as per Basel Ill guidelines was at 19.3 percent as on March 31, 2023 (18.9 percent as on March 31, 2022) as against a regulatory requirement of 11.7 percent, it added.

Provisions and contingencies for the quarter ended March 31, 2023 were Rs 2,685.4 crore as against Rs 3,312.4 crore for the quarter ended March 31, 2022.

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HDFC Bank Q1 results: Net profit jumps 19% to ₹9,196 crore; NII rises 14.5%

HDFC Bank, the country's largest private lender, on Saturday reported a 19% year-on-year (YoY) rise in its net profit for the April-June quarter at ₹9,196 crore after providing ₹2,984.1 crore for taxation.

HDFC Bank had posted a net profit of ₹7,729.64 crore in the year-ago period.

Net interest income (NII) for the June quarter grew by 14.5% to ₹19,481.4 crore from ₹17,009.0 crore for the same quarter last year. It was driven by advances growth of 22.5%, deposits growth of 19.2% and total balance sheet growth of 20.3%.

The private lender's net revenue (excluding trading and Market to Market losses) grew by 19.8% to ₹27,181.4 crore for the June quarter from ₹22,696.5 crore for the same quarter last year. 

The total net revenues i.e. net interest income plus other income) were ₹25,869.6 crore for the April-June quarter.

Core net interest margin was at 4.0% on total assets, and 4.2% based on interest earning assets. “We continued to add new liability relationships at a robust pace of 2.6 million during the quarter," the bank said in a regulatory filing.

Gross non-performing assets (NPA) were at at 1.28% of gross advances as on 30 June this year (1.06% excluding NPAs in the seasonal agricultural segment) as against 1.47% as on 30 June last year, (1.26% excluding NPAs in the seasonal agricultural segment). Net NPA were at 0.35% of net advances as on 30 June, 2022.

Pre-provision Operating Profit (PPOP) was at ₹15,367.8 crore. PPOP, excluding trading and Mark to Market losses, grew by 14.7% over the quarter ended 30 June last year.

Provisions and contingencies for the Q1FY23 were ₹3,187.7 crore (which were specific loan loss provisions) as against total provisions of ₹4,830.8 crore for Q1FY22.

Meanwhile, global brokerage BNP Paribas expected the lender's bottom-line to grow mere 13.4% ( ₹9,284.5 crore) YoY, JPMorgan pegged the expansion at a more aggressive pace of 32.4% ( ₹10,232 crore).

Domestic brokerages Motilal Oswal Financial Services, and Emkay Global Financial Services had expected PAT (profit after tax) to swell up to 20% ( ₹9,280 crore) YoY.

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