HDFC Bank Q4 net profit grows 20% to Rs 3,374 crore

Mumbai: HDFC Bank on Friday reported a 20 percent rise in its net profit at Rs 3,374 crore for the fourth quarter ended March 2016.

The country's second-largest private lender had registered a net profit of Rs 2,807 crore in same quarter of 2014-15.

Total income during the quarter rose to Rs 18,862.61 crore, from Rs 15,570.1 crore a year earlier.

"Net interest income (interest earned less interest expended) for the quarter ended March grew 24 percent to Rs 7,453.3 crore, from Rs 6,013.2 crore for the quarter ended March 31, 2015, driven by average assets growth of 23.8 percent and a core net interest margin of 4.3 percent," HDFC Bank said in a statement.

On the asset quality front, gross non-performing assets (NPAs) were flat at 0.94 percent of gross advances.

Net non-performing assets were at 0.3 percent of net advances as on March 31, 2016. Total restructured loans were at 0.1 percent of gross advances at the end of 2016-17.

Provisions and contingencies for the quarter ended March were Rs 662.5 crore as against Rs 576.7 crore in the corresponding quarter of the last year, it said.

The board recommended a dividend of Rs 9.50 per share of Rs 2 for the year ended March as against Rs 8 for the previous year.

For 2015-16, the bank posted a net profit of Rs 12,296.2 crore, an increase of 20.4 percent from Rs 10,215.92 crore in the previous year.

The bank's income was Rs 70,973.17 crore in 2015-16 compared with Rs 57,466.25 crore in the previous financial year.

The stock was trading at Rs 1,096.85, up by 0.5 percent, on BSE.