HDFC Bank On Shutdown of NetBanking Services; ‘Actively Working To Resolve’ The Issue

Customers of the largest private sector lender in India have encountered or are currently experiencing issues with HDFC Bank's internet banking services. HDFC Bank is still investigating the cause of the online banking malfunction, but it did admit the problem in a statement that was made public on platform X on Monday, April 22.

"A few customers may experience issues while accessing NetBanking. We're actively working to resolve this at the earliest. Meanwhile, please use MobileBanking, Payzapp, MyCards or Chat Banking via Whatsapp on 7070022222 for transactions. We regret the inconvenience," HDFC stated in a post shared on its official account on X.

Following the release of HDFC Bank's March quarter earnings on Saturday, the company's shares saw a more than 1% dip on Monday, erasing early gains. The stock on the BSE had a good start, but it fell 1.24 per cent to close at Rs 1,512.30. Whereas the company's shares dropped 1.1% on the NSE to close at Rs 1,514.35. It fell 1.50 per cent to Rs 1,508.30 during the day.

According to a PTI report, the bank's market capitalisation (mcap) was eroded by Rs 14,434.12 crore to Rs 11,48,880.80 crore on Monday.

The largest private sector lender in India, HDFC Bank, said on Saturday that its standalone net profit for the January-March 2024 quarter (Q4 FY24) increased by 37.05 per cent to Rs 16,511.85 crore.

According to a BSE report, HDFC Bank's net profit on a consolidated basis was Rs 17,622.38 crore, up 39.92 per cent from Rs 12,634.01 crore in the quarter that ended on March 31, 2023. According to a BSE filing, its net interest income climbed by 24.51% to Rs 29,076.82 crore for the quarter that ended on March 31, 2024, from Rs 23,351.83 crore in the year-ago quarter.

HDFC Bank's net profit for the entire fiscal year 2023-24 was Rs 60,810 crore, a 37.9% growth as against the previous year. The bank's net revenues (net interest income + other income) for the year ended March 31, 2024, were Rs 1,57,770 crore, compared to Rs 1,18,060 crore for the previous fiscal year. Net interest income (NII) climbed by 25% from FY23 to Rs 1,08,530 crore for the full fiscal year that ended on March 31, 2024.

The Board of Directors of the bank has recommended a dividend of Rs. 19.50 per equity share of Re. 1/- each fully paid up (i.e. 1950 %) for the purpose of which Friday, May 10, 2024 has been fixed as the record date.