HDFC Bank Q4 net profit jumps 23% on-year, asset quality improves, provisions decline; key highlights

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Published: April 20, 2019 5:06:14 PM

India’s major private sector lender HDFC Bank reported robust Q4 results for the January-March period, even as asset quality improved and provisions declined.

HDFC bank cuts mclr upto 10 basis pointsHDFC Bank reported a 23% on-year rise in net profit to Rs 5,885 crore, the private lender said in a stock exchange filing.

India’s major private sector lender HDFC Bank reported robust Q4 results for the January-March period, even as asset quality improved and provisions declined. HDFC Bank reported a 23% on-year rise in net profit to Rs 5,885 crore, the private lender said in a stock exchange filing. The profit came in higher than analysts estimates of Rs 5,715 crore. The asset quality has seen improvement compared to earlier quarters. Notably, the gross non-performing assets (GNPA) as a percentage of gross advances came down to 1.36% in Q4 against 1.38% in the previous quarter. Provisions and contingencies too registered an on-quarter decline, to Rs 1,889.22 crore down 14.6 percent sequentially, but rose 22.6 percent compared to the same period previous fiscal. We bring to you key highlights.

  • HDFC Bank’s net profit rose 23% on-year to Rs 5,885 crore the January-March period.
  • The Bank’s total income for the quarter came in at Rs 31,204.5 crore, implying growth of 22.1 % from Rs 25,549.7 crore for the quarter ended March 31, 2018.
  • The total net interest income (interest earned less interest expended) for the quarter ended March 31, 2019 grew by 22.8% to Rs 13,089.5 crore, from Rs 10,657.70 crore for the quarter ended March 31, 2018, driven by average asset growth of 19.8% and a core net interest margin for the quarter of 4.4%, HDFC Bank said in the statement.
  • Gross NPAs came in higher by nearly 3% to Rs 11,224.2 crore in Q4, but net NPAs at Rs 3,214.5 crore fell 2.6% on-quarter.
  • The cost-to-income ratio for the period under review stood at 40.1% as against 40.6% for corresponding quarter ended March 2018,” the bank said.
  • HDFC Bank has also recommended a dividend of Rs. 15 per equity share of Rs. 2 each (i.e.750 %) out of the net profits for the year ended 31st March, 2019. This is subject to the approval of the shareholders at the upcoming annual general meeting.
  • For the year as a whole, HDFC Bank reported total income at Rs 1,16,597.90 crore. The net revenues (net interest income plus other income) for the year ended March 31, 2019 were Rs 65,869.1 crore, implying a 19.1% jump.

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