Mumbai: Country's second largest private lender HDFC Bank on Tuesday reported 30.1 percent jump in its net profit to Rs 1,889.8 crore in the fourth quarter of the last fiscal on the back of good growth in core income.
Net profit of the bank stood at Rs 1,453.08 crore in the same period of FY12.
For the entire fiscal ending March, the bank's consolidated net profit grew by 30.9 percent over FY12 to Rs 6,869.6 crore.
The bank's total income rose 21.1 percent over the corresponding quarter last year to Rs 11,127.5 crore during the fourth quarter.
Core income or net interest income (NII) of the bank rose by 20.6 percent to Rs 4,295.3 crore during the January-March period of last fiscal.
"Growth in NII was driven by loan growth and higher net interest margin," Executive Director of HDFC Bank, Paresh Sukthankar told reporters here.
Bank's non-interest income grew by 29.6 percent to Rs 1,803.6 crore during this period.
The net interest margin of the bank also improved to 4.5 percent from 4.4 percent during the fourth quarter.
"Going ahead, NIM should be in the range of 4.1-4.5 percent," Sukthankar said.
While advances grew by 22.7 percent to Rs 2.39 lakh crore, deposits increased by 20.1 percent to Rs 2.96 crore for the last financial year.
"Credit growth was more in retail segment as compared to corporate segment in the last fiscal. If the economy picks up, then we may see incremental growth in corporate segment this fiscal," Sukthankar said adding that the bank is cautiously growing in segments like commercial vehicle and construction equipment segments in the recent time.
Shares of HDFC Bank today closed 1.41 percent down at Rs 689.40 apiece on BSE.
Meanwhile, current account, savings account (CASA) grew to 47.4 percent by the end of last fiscal from 45.4 percent in FY12. "As we expand our branch presence, CASA will grow further," Sukthankar said.
On the asset quality front, while gross NPA (Non-performing Asset) improved to 0.97 percent in FY13 against 1.02 percent reported in FY12, net NPA remained at 0.2 percent.
NPA provision coverage ratio stood at a healthy 80 percent for the bank by the end of March quarter.
Referring to restructuring, Sukthankar said that total restructured loans were 0.2 percent of gross advances by the end of last fiscal against 0.4 percent in FY12.
By the end of last fiscal, the capital adequacy ratio stood at 16.8 percent percent with a tier-I capital of 11.1 percent.