HDFC Bank Q4 net rises 20% to Rs 3,374 cr

HDFC Bank, country's second largest private sector lender, has reported a 20% growth in net profit in the January-March quarter to Rs 3,374.2 crore. For the full financial year as well, net profit inched up by 20% to Rs 12,296.2 crore.

Net interest income, the difference between interest income and interest expenditure, grew by 24% to Rs 7,453.3 crore, compared with Rs 6,013.2 crore in the fourth quarter of the past financial year.

The other income for the bank that includes fees, commissions, forex gains etc grew by 11.8% in the quarter ended March to Rs 2,563.8 crore. On a sequential basis, other income slipped marginally from Rs 2,872.2 crore.

The lender announced a dividend of Rs 9.50 per share.

Asset quality remained stable with the percentage of gross Non Performing Assets (NPA) to Gross Advances at 0.94% as compared to 0.93% in Q4FY15. However, on a sequential basis it improved compared to 0.97% in the quarter ended December. Net NPA also eased on a sequential basis. NNPA was at 0.28% as compared to 0.29% at the end of Q3FY16.

However, provisions and contingencies increased a little to Rs 662.5 crore (consisting of specific loan loss provisions Rs 490.3 crore, general provisions Rs 161.1 crore, and other provisions Rs 11.1 crores) as compared to Rs 576.7 crores (consisting of specific loan loss provisions Rs 424.7 crores, general provisions Rs 118.5 crores and other provisions Rs 33.4 crores) for the corresponding quarter ended March 31, 2015.

Net interest margin, a key indicator of bank's profitability, was recorded at 4.3%. The lender remained well capitalised with a capital adequacy ratio of 15.5%.

HDFC Bank