HDFC Bank Limited Financial Results (Indian GAAP) for the Quarter and Nine Months Ended December 31, 2024
Varahi media.com online news, January23rd, 2025: The Board of Directors of HDFC Bank Limited approved the financial results (Indian GAAP) for the quarter and nine months ended December 31,

Varahi media.com online news, January23rd, 2025: The Board of Directors of HDFC Bank Limited approved the financial results (Indian GAAP) for the quarter and nine months ended December 31, 2024, at a meeting held in Mumbai on January 22, 2025. These accounts have undergone a ‘Limited Review’ by the Bank’s statutory auditors.
Consolidated Financial Results:
- The consolidated net revenue for the quarter ending December 31, 2024, stood at ₹652.8 billion.
- The consolidated profit after tax (PAT) for the same quarter was ₹176.6 billion.
- After adjusting for trading & mark-to-market gains, prior year one-off provisions, and tax credits, the consolidated PAT showed a growth of 13.1%.
- The consolidated PAT for the nine months ending December 31, 2024, was ₹519.6 billion.
- Earnings per share (EPS) for the quarter was ₹23.1, with a book value per share of ₹656.6 as of December 31, 2024.
Standalone Financial Results:

Profit & Loss Account:
- The Bank’s net revenue for the quarter ended December 31, 2024, grew by 6.3%, reaching ₹421.1 billion compared to ₹396.1 billion for the same quarter in 2023.
- Net interest income (NII) for the quarter was ₹306.5 billion, up 7.7% from ₹284.7 billion in the same quarter of 2023.
- Core net interest margin was 3.43% based on total assets, and 3.62% based on interest-earning assets.
- Other income for the quarter was ₹114.5 billion, compared to ₹111.4 billion in the previous year’s corresponding quarter.
- The breakdown includes fees & commissions of ₹81.8 billion, foreign exchange & derivatives revenue of ₹14.0 billion, net trading and mark-to-market gains of ₹0.7 billion, and miscellaneous income of ₹17.9 billion.
- Operating expenses for the quarter were ₹171.1 billion, marking a 7.2% increase from ₹159.6 billion in the same period last year.
- The cost-to-income ratio stood at 40.6%.
- Provisions and contingencies for the quarter were ₹31.5 billion, down from ₹42.2 billion in the previous year’s quarter.
- Profit before tax (PBT) for the quarter was ₹218.5 billion, and PAT stood at ₹167.4 billion, reflecting a 13.6% growth in PAT adjusted for the mentioned factors.
Balance Sheet (As of December 31, 2024):
- Total balance sheet size was ₹37,590 billion, an increase from ₹34,926 billion on December 31, 2023.
- Average deposits for the quarter were ₹24,528 billion, reflecting a 15.9% year-over-year growth.
- Average CASA deposits were ₹8,176 billion, up by 6.0% from ₹7,711 billion in the same quarter of 2023.
- EOP deposits stood at ₹25,638 billion, a growth of 15.8% compared to the previous year.
- CASA deposits grew by 4.4%, with savings account deposits at ₹6,056 billion and current account deposits at ₹2,671 billion.
- Advances under management averaged ₹26,276 billion, a 7.6% year-over-year growth.
- Gross advances were ₹25,426 billion, a 3.0% increase from the previous year.
- Retail loans grew by 10.0%, while corporate and other wholesale loans declined by 10.4%.

For the Nine Months Ending December 31, 2024:
- The Bank earned a total income of ₹2,566.6 billion, up from ₹2,179.4 billion in the previous year.
- Net revenues for the nine months were ₹1,242.1 billion, compared to ₹1,105.3 billion in the same period of 2023.
- Profit after tax for the period was ₹497.3 billion, marking a 12.3% increase over the previous year.
Capital Adequacy:
- The Bank’s total Capital Adequacy Ratio (CAR) stood at 20.0% as of December 31, 2024, up from 18.4% a year earlier, well above the regulatory requirement of 11.7%.
- Tier 1 CAR was 18.0%, and the Common Equity Tier 1 Capital ratio was 17.5%.
Network Expansion:
- As of December 31, 2024, the Bank had 9,143 branches and 21,049 ATMs in 4,101 cities/towns, an increase from 8,091 branches and 20,688 ATMs in 3,872 cities/towns as of December 31, 2023.
- The Bank also had 15,196 business correspondents, with a total employee base of 2,10,219.
Asset Quality:
- Gross non-performing assets (NPA) stood at 1.42% of gross advances, up from 1.36% in the previous quarter and 1.26% a year ago.
- Net NPAs were at 0.46% of net advances.

Subsidiaries:
- HDB Financial Services Ltd: The subsidiary reported a net revenue of ₹25.0 billion for the quarter and a profit after tax of ₹4.7 billion. The total loan book was ₹1,021 billion as of December 31, 2024.
- HDFC Life Insurance: The Bank holds a 50.3% stake. PAT for the quarter was ₹4.1 billion, a 13.7% growth compared to ₹3.7 billion in the same quarter of 2023.
- HDFC ERGO General Insurance: The Bank holds a 50.5% stake. PAT for the quarter was ₹1.0 billion, down from ₹1.3 billion in the previous year.
- HDFC Asset Management Company Ltd: The Bank holds a 52.5% stake. PAT for the quarter was ₹6.4 billion, a 31.0% growth compared to ₹4.9 billion in the previous year.
- HDFC Securities Ltd: The Bank holds a 94.6% stake. PAT for the quarter was ₹2.7 billion, a 16.0% growth compared to ₹2.3 billion in the same quarter of 2023.