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.
The net interest margin for the bank stood at 4.2% at the end of the financial year. 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. The bank’s current account savings accounts deposits rose 27% year-on-year, with the CASA ratio at 46.1% as of March 31. Term deposits rose 8.5% from last year to Rs 7.19 lakh crore.
HDB Financial Services, a non-bank lending firm where HDFC Bank holds a 95.1% stake, saw its outstanding loans grow to Rs 58,947 crore in the fourth quarter, up 5.4% year-on-year. The company’s provisions and contingencies stood at Rs 613 crore during the quarter, as compared with Rs 392.5 crore last year.
As of March 31, HDB Financial Service’s gross NPA ratio stood at 3.9%, as compared with 5.9% in the December quarter.