ECONOMY

HDFC Bank Q4 Results: Profit Rises 18% On Higher Other Income

HDFC Bank Ltd. reported a net profit of Rs 8,186 crore for the March quarter, up 18.17% year-on-year, aided by higher other income. The net profit stood at Rs 6,927.7 crore for the same period last year.

Net interest income, or core income, rose 12.6% from a year ago to Rs 17,120 crore, the country’s largest private sector lender said in a statement on the exchanges. In the year-ago quarter, other income rose 26% from last year to Rs 7,594 crore. Analysts polled by Bloomberg had estimated a net profit of Rs 8,436 crore and an NII of Rs 16,409 crore for the fourth quarter.

The bank’s gross non-performing asset ratio stood at 1.32% during the period, as compared with 1.38% reported in the October-December quarter. The net NPA ratio stood unchanged at 0.4% at the end of the financial year. The private lender held floating provisions worth Rs 1,451 crore and contingency provisions worth Rs 5,861 crore as of March 31, according to its statement.

HDFC Bank’s total advances rose 14% from a year ago to Rs 11.32 lakh crore. Domestic retail loans reported a 6.7% year-on-year rise, while the wholesale lending portfolio grew 21.7%. Wholesale loans now form 53% of the bank’s total domestic book. Similarly, deposits too grew 16.3% year-on-year to Rs 13.35 lakh crore.

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