By News Desk 
India’s largest private lender HDFC Bank reported a standalone net profit of ₹16,736 crore for the December 2024 quarter, up 2.2% from ₹16,373 crore in the same period last year.
The bank’s net interest income (NII) during the October-December 2024 quarter grew 7.7% to ₹30,650 crore from ₹28,470 crore in the same period last year.
This growth was driven by interest income of ₹76,007 crore and interest expense of ₹45,354 crore in the December 2024 quarter, as against ₹42,111 crore in interest expense a year ago.
The average deposits for the December 2024 quarter stood at ₹24,52,800 crore, showing a 15.9% year-on-year growth from ₹23,54,000 crore.
The bank’s average current account savings account (CASA) deposits increased to ₹8,17,600 crore from ₹7,71,100 crore in the same period last year.
Over the past year, HDFC Bank shares have gained over 16%, rising from ₹1,427.60 on January 23, 2024, to ₹1,671.65 on January 22, 2025.
However, the shares have declined over 7% in the past month. Despite the rise in profit, the bank’s asset quality deteriorated due to a rise in non-performing agricultural loans.
Gross non-performing assets (GNPA) ratio worsened to 1.42% from 1.36% in the previous quarter. Provisions for bad loans and contingencies increased 17% sequentially to ₹31.54 billion.
HDFC Bank’s merger with its parent company in July 2023 significantly expanded its loan portfolio without a proportionate increase in deposits, necessitating a focus on accelerating deposit growth or reducing loan expansion.