HDFC Bank on Wednesday posted a steady set of numbers, with its net profit rising 2.2 per cent for the quarter ended December 31, 2024.

The country’s largest private sector bank posted a standalone net profit of ₹16,735.50 crore compared with ₹16,372.54 crore in the corresponding period of the previous year.

Though the net profit was marginally ahead of analyst forecasts who had pencilled in a number of around ₹16,600 crore, HDFC Bank witnessed a slight uptick in the ratio of bad loans.

The percentage of gross non-performing assets (NPAs) to gross advances rose to 1.42 per cent from 1.36 per cent in the preceding three months, while gross NPAs in absolute terms stood at ₹36,018.58 crore against ₹34,250.62 crore a year ago. The rise in profits came after provisions and contingencies for the quarter stood at ₹3,153.85 crore against ₹4,216.64 crore a ayear ago.

Core income as represented by net interest income — interest earned minus interest paid — for the quarter grew 7.7 per cent to ₹30,650 crore from ₹28,470 crore in the year-ago quarter.

Other income (non-interest revenue) came in higher at ₹11,450 crore compared with ₹11,140 crore a year ago.

Average deposits stood at ₹24.52 lakh crore in the quarter, a growth of 15.9 per cent over ₹21.17 lakh crore in the December 2023 quarter. It also marked a 4.2 rise over ₹23.54 lakh crore for the September 2024 quarter.

On the other hand, the bank’s low-cost CASA (current account and saving account) deposits were ₹8.17 lakh crore for the third quarter, a rise of 6 per cent over ₹7.71 lakh crore for the December 2023 quarter, and 1.1 per cent over ₹8.08 lakh crore for the September 2024 quarter.

CASA ratio was stable at 34 per cent against 35 per cent on a sequential basis.

During the quarter, the bank also focussed on branch expansion with its network rising to 9,143 from 9,092 on a sequential basis.

The stock markets reacted positively to the numbers with the scrip finishing with gains of 1.42 per cent to close at ₹1,665.05 on the Bombay Stock Exchange.