POWERING PROGRESS

IN ITS FIRST full year after the landmark merger with HDFC, HDFC Bank delivered a strong financial performance in FY24, underscoring its dominance in the Indian banking landscape. The bank’s consolidated net profit surged 37.6 per cent year over year to Rs 72,011 crore, driven by a sharp rise in interest income, steady loan growth, and improved efficiencies.

- S. JAGDISHAN, MD & CEO

The merger—completed in July 2023—propelled the bank into a new league, significantly expanding its balance sheet and customer franchise. On a standalone basis, the bank’s net profit for FY24 stood at Rs 60,812 crore, up 24.5 per cent from the previous year.

Total consolidated income for the bank jumped 67 per cent to Rs 2,71,408 crore, while standalone net revenue rose 24.5 per cent to Rs 1,32,432 crore. Net interest income (NII), the core income driver, stood at Rs 97,739 crore, growing 24.3 per cent year over year, despite a temporary dip in net interest margin (NIM) to 3.44 per cent due to post-merger adjustments.