HDFC Bank reported 18.25 per cent year-on-year rise in net profit at Rs 3,990 crore for the quarter ended March 31, 2017 as against net profit of Rs 3,374 crore in the corresponding quarter last year.
HDFC Bank on Friday while announcing its fourth quarterly results said that its board has approved a dividend of Rs 11 per equity share of Rs 2 for the year ended March 31, 2017. The private lender reported 18.25 per cent year-on-year rise in net profit at Rs 3,990 crore for the quarter ended March 31, 2017 as against net profit of Rs 3,374 crore in the corresponding quarter last year.
Bad loans of the country’s second largest private sector lender rose sharply by 90.48 per cent year-on-year to Rs 1,261 crore from Rs 662 crore in the January-March period of 2015-16, the company said in a BSE filing.
For the fourth quarter, the bank’s total income rose to Rs 21,560 crore, up from Rs 18,862 crore in the same quarter of the previous fiscal.
The bank’s board has also approved issuance of bonds up to Rs 50,000 cr for FY18. “The Board of Directors have approved the issue of Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Senior Long Term Infrastructure Bonds up to a total amount of Rs. 50,000 crore in the period of next twelve months through private placement mode, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Bank and any other regulatory approvals as applicable,” the company said in a release.
The board also okayed re-appointment of Shyamala Gopinath as part-time non-executive chairman.
At 2.54 pm, shares of the company were trading 2.19 per cent up at Rs 1493.95. BSE Sensex was trading 54.08 points down at 29,368.31 during the same time.