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Wednesday, April 24, 2013

HDFC Bank Q4 net up 30% on strong interest income

Continuing its 30-per cent profit growth cycle, private sector lender HDFC Bank 's net profit jumped by 30 per cent year-on-year to Rs 1,889 crore in the fourth quarter ended March 2013.

Country’s second largest private sector lender had posted a net profit of Rs 1,453 crore in the year-ago quarter.

Net interest income (interest earned less interest expended) for the quarter grew by 21 per cent to Rs 4,295 crore (from Rs 3,561 crore in Q4FY12) driven by loan growth and higher net interest margin (NIM).

“Other income declined by 6 per cent to Rs 1,804 crore from (Rs 1,928 crore) due to moderation in fee income and de-growth in foreign exchange trading,” said Paresh Sukthankar, Executive Director, HDFC Bank.

Meanwhile, net interest margin improved to 4.5 per cent from 4.4 per cent in the year-ago quarter.

Gross non-performing asset (NPA) declined to 0.97 per cent in fourth quarter as against 1.02 per cent in fourth quarter last year, while net NPA remained unchanged at 0.2 per cent during the quarter.

Full year results

For the full year ended, net profit of the bank increased 30 per cent to Rs 6,726 crore in fiscal year 2012-13 as compared with Rs 5,167 crore last year.

Net interest income rose by 23 per cent to Rs 15,811 crore in January-March quarter.

Advances grew by 23 per cent to Rs 2.40 lakh crore, while deposits increased by 20 per cent to 2.96 lakh crore.

The board also recommended a dividend of Rs 5.5 per equity share (face value of Rs 2 each) for the year ended March 31, 2013.

Source: thehindubusinessline


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