HDFC Bank Secures Historical Milestone of 2 Cr Credit Cards In Force

The largest private sector bank in India, HDFC Bank, said that it has reached a significant historical milestone-2 crore Credit Cards in Force (CIF). As a result, the bank is now the only bank in the nation to have achieved this accomplishment, having started from scratch. With the introduction of its first credit card, HDFC Bank entered the credit card industry in 2001. After around 16 years of execution, the bank attained the 1 crore CIF milestone in 2017. This CIF count has been boosted to 2 crore by HDFC Bank in precisely 6 years and 1 month. With a market share of 28.6% in the credit card sector as of March 31, 2023, HDFC Bank is one of the top card issuers in the nation.

Mr. Parag Rao, Group Head - Payments, Consumer Finance, Marketing, Liability Product Group, TPP, ABCP, Non-Resident Products, GIB and Gig Banking - HDFC Bank said, "As we achieve this remarkable milestone of issuing 2 crore credit cards, we extend our gratitude to our valued customers for their trust and loyalty. This achievement reflects the enduring partnership between our Bank and the community we serve. Every issued card represents our commitment and our shared journey towards financial empowerment, and we are dedicated to continuing this legacy of excellence in banking services."

On January 16, HDFC Bank released the results of the October-December quarter for the fiscal year 2023-2024 (Q3FY24). The largest private sector lender in India recorded a 33% increase in net profit to Rs 16,372 crore from Rs 12, 259 crore during the same period last year. In comparison to the same period last year, the bank's standalone total income climbed to Rs 81,720 crore in the October-December quarter of FY24 from Rs 51,208 crore. At the end of the third quarter of FY24, its consolidated total income climbed to Rs 115,015 crore from Rs 54,123 crore at the end of the same period of the previous fiscal year.

Net interest income (NII) for HDFC Bank jumped from Rs 27,385 crore in Q3FY23 to Rs 28,471 crore in Q3FY24. In Q3 of FY24, HDFC Bank's total deposits climbed by 27.7% to Rs 28.47 lakh crore from Rs 22.29 lakh crore in the year-ago quarter. Savings account deposits were reported to be Rs 5.79 lakh crore, while current account deposits were reported to be Rs 2.58 lakh crore. This represents a 9.5% growth in CASA deposits. Gross non-performing assets (NPAs) of HDFC Bank climbed from 1.23 per cent in Q3FY23 to 1.26 per cent in the third quarter of FY24. Net NPAs decreased from 0.33 per cent in Q3 of FY23 to 0.31 per cent in Q3 of FY24.