HDFC Bank Q4 Results: HDFC Bank Ltd. reported steady growth in profits as other income rose and bad loans remained in check.
HDFC BANK LTD – STOCK PRICE
- NSE : HDFCBANK
- BSE : 500180
- ISIN CODE : INE040A01034
- INDUSTRY : BANK – PRIVATE
- HOUSE : HDFC
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The lender reported a net profit of Rs 8,186 crore for the March quarter, up 18.17% year-on-year. The net profit stood at Rs 6,927.7 crore for the same period last year. Net interest income, or core income, rose 12.6% from a year ago to Rs 17,120 crore, the country’s largest private sector lender said in a statement on the exchanges. Other income rose 26% over a year ago to Rs 7,594 crore. HDFC Bank a good stock.
Analysts polled had estimated a net profit of Rs 8,436 crore and an NII of Rs 16,409 crore for the fourth quarter.
HDFC Bank Q4 Results & Profit Report
The bank’s net interest margin stood at 4.2% at the end of the financial year.
HDFC Bank said that it has not declared any dividend for the financial year ended March 31, in accordance with the RBI guidelines. The central bank had asked banks to defer any dividend payments to conserve capital.
HDFC Bank Asset Quality
The bank’s gross non-performing asset ratio stood at 1.32% during the period, as compared with 1.38% reported in the October-December quarter. The net NPA ratio stood unchanged at 0.4% at the end of the financial year.
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The private lender held floating provisions worth Rs 1,451 crore and contingency provisions worth Rs 5,861 crore as of March 31, according to its statement.
The bank approved one-time restructuring schemes for loans worth Rs 6,508.37 crore, which included retail loans worth Rs 5,456 crore, according to the disclosures.
In terms of number of accounts, 2.87 lakh retail loan accounts went under restructuring while 1,453 corporate accounts, including 64 MSME accounts, were restructured.
The one-time restructuring scheme was announced by the Reserve Bank of India in August 2020, to help borrowers impacted by the Covid-19 pandemic. The bank held provisions worth Rs 650.83 crore against these restructured accounts.
(With Agency Inputs)