HDFC Bank reports 23 pc growth in Q4 profit due to strong loan growth
Private sector lender HDFC Bank on Saturday reported 22.6 per cent jump in net profit to Rs 5,885 crore during January to March 2019 from Rs 3,069 crore in the year-on period.
The net interest income, difference between interest earned and interest expended, increased 22.8 per cent to Rs 13,089 crore from Rs 10,658 crore. It was largely driven by average asset growth of 19.8 per cent and a core net interest margin of 4.4 per cent.
For the entire fiscal 2018-19, the net profit increased to Rs 21,078, up 20.5 per cent over the year ended March 2018.
The total loan book grew by 24.5 per cent year-on-year to stand at Rs 8.19 lakh crore on March 31, 2019 with domestic advances marking an increase of 24.6 per cent.
Domestic retail loans grew by 19 per cent and wholesale loans by 31.9 per cent. The bank registered 17 per cent growth in deposits at Rs 9.23 lakh crore.
Gross non-performing assets as a percentage of gross advances declined at 1.36 per cent in Q4 against 1.38 per cent in Q3.
Net NPA as a percentage of net advances also improved to 0.39 percent in January to March period against 0.42 percent in December quarter.
The bank recommended a dividend of Rs 15 per share for financial year 2018-19 against Rs 13 per share for previous year. (ANI)
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