HDFC Bank Q4 net profit rises 20% to Rs4,799 crore
HDFC Bank says its fourth quarter net profit rises 20.28% on the back of higher net interest income and other income
Mumbai: HDFC Bank Ltd on Saturday said its fourth quarter net profit rose 20.28% on the back of higher net interest income and other income.
The bank posted a net profit Rs4,799.28 crore for the three months ended 31 March compared to Rs3,990.09 crore in the year-ago period. Profit was lower than Rs4,858.9 crore estimated by a Bloomberg poll of 22 analysts.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 19.08% to Rs14,886.29 crore from Rs12,501.36 crore in the corresponding period last year. Other income, which includes core fee income, rose 22.70% to Rs4,228.58 crore in the three months from Rs3,446.26 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 1.30% in the March quarter compared with 1.29% in the December quarter and 1.05% in the year-ago March quarter.
Provisions during the quarter increased 22.14% to Rs1,541.10 crore as against Rs1,261.80 crore in the year-ago quarter. In the October-December quarter, the bank had set aside Rs1,351.44 crore in provisions.
Post-provision, the net NPA ratio was at 0.4% against 0.44% in the October-December quarter and 0.33% in the year-ago quarter.
On Friday, shares of the bank gained 0.98% to close at Rs1,960.95 apiece, while the benchmark Sensex index lost 0.03% to close at 34,415.58 points.