Mumbai, April 21 (IANS) HDFC Bank on Friday reported a rise of 18.25 per cent in its standalone net profit for the fourth quarter (Q4) of 2016-17.
The company’s net profit rose to Rs 3,990.09 crore from Rs 3,374.22 crore reported in the fourth quarter of 2015-16.
The total income of the bank rose 14.30 per cent to Rs 21,560.66 crore during in January-March 2017 from Rs 18,862.61 in the corresponding period last year.
The private lender’s net revenue (net interest income (NII) plus other income) during the fourth quarter stood at Rs 12,501.4 crore, up by 21.1 per cent from Rs 10,319.2 crore.
“Net interest income (interest earned less interest expended) for the quarter ended March 31, 2017 grew by 21.5 per cent to Rs 9,055.1 crore from Rs 7,453.3 crore for the quarter ended March 31, 2016 driven by average assets growth of 19 per cent and a core net interest margin for the quarter of 4.3 per cent,” the company said in a statement.
“Other income (non-interest revenue) at Rs 3,446.3 crore was 27.6 per cent of the net revenues for the quarter ended March 31, 2017 and grew by 20.3 per cent over Rs 2,865.9 crore in the corresponding quarter ended March 31, 2016.”
The commercial lender’s provisions and contingencies for the quarter ended March 31, 2017 were Rs 1,261.8 crore as against Rs 662.5 crore for the corresponding quarter ended March 31, 2016.
“The specific loan loss provisions for the quarter ended March 31, 2017 include provisions on accounts that would have turned non-performing (NPA) during the quarter ended December 31, 2016, but were classified as NPA during the quarter ended March 31, 2017, in line with the additional 60/90 day dispensation provided by the Reserve Bank of India…,” the statement said.
Besides, the company reported an increase of 18.3 per cent in its standalone net profit for the entire financial year 2016-17 to Rs 14,549.7 crore.
In addition, the bank’s net revenues for the financial year under review increased by 18.5 per cent to Rs 45,435.7 crore from Rs 38,343.2 crore earned during 2015-16.
“For the year ended March 31, 2017, the net interest margin was 4.3 per cent. Core cost to income ratio was at 44.5 per cent for the year ended March 31, 2017, as against 45.1 per cent for the previous year,” the statement said.
The company pointed out that its Board of Directors has recommended a dividend of Rs 11 per share of Rs 2 each for the year ended March 31, 2017, which is subject to shareholders’ approval.
This is published unedited from the IANS feed.