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Business News/ Companies / Company-results/  HDFC Bank’s March quarter profit rises 23% on higher net interest income
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HDFC Bank’s March quarter profit rises 23% on higher net interest income

Net profit rose to `2,327 crore in the three months ended 31 March from `1,890 crore in the year earlier

Net interest income, or the bank’s income through interest on loans, increased to `4,953 crore from `4,295 crore. Photo: BloombergPremium
Net interest income, or the bank’s income through interest on loans, increased to `4,953 crore from `4,295 crore. Photo: Bloomberg

Mumbai: HDFC Bank Ltd said fourth quarter profit rose 23%, led by a 15% gain in net interest income.

Net profit rose to 2,327 crore in the three months ended 31 March from 1,890 crore in the year earlier. That compares with the 2,384 crore fourth quarter profit, according to the survey of 29 analysts’ estimates by Bloomberg.

Net interest income, or the difference between what a bank earns from lending and what it pays on deposits, increased to 4,953 crore from 4,295 crore “driven by an average asset growth of 20% and a net interest margin of 4.4%," the bank said in a statement to stock exchanges on Tuesday.

HDFC Bank’s loan book increased 26% to a total of 3.03 trillion during the quarter.

Other income, or income earned through fees, trading in foreign exchange and gain on revaluation or sale of investments, increased 11% to 2,001 crore from 1,804 crore in the year earlier.

Net non-performing assets at 0.3% of net advances at the end of March was little changed from 0.2% in the year earlier.

Shares of HDFC Bank rose 1.63% to 728.25 on BSE, while the exchange’s benchmark Sensex ended flat at 22,758.37 points. S&P BSE Bankex rose 1.6% to 14,846.18.

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Published: 22 Apr 2014, 02:57 PM IST
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