HDFC Bank profit up 20% at Rs10.216-cr; Q4 net climbs 21% to Rs2,807 cr
23 April 2015
HDFC Bank, India's second-largest private sector lender, has reported a 20-per cent growth in net profit for the financial year ended 31 March 2015 at Rs10,216 crore compared with Rs8,478 crore for the previous financial year ended 31 March 2014.
The bank reported a 21-per cent year-on-year increase in net profit at Rs2,807 crore for the quarter ended 21 March 2015, against a net profit of Rs2,327 crore in the year ago quarter.
The board of directors of the bank has recommended a dividend of Rs8 per equity share of Rs2 each (400 per cent) out of the net profit for the year.
HDFC Bank's total income for the quarter ended 31 March 2015 stood at Rs15,570.1 crore, an increase of 21.7 per cent over Rs12,790.0 crore for the quarter ended 31 March 2014.
Net revenues for the quarter ended 31 March 2015 increased by 23.3 per cent to Rs8,576.9 crore against Rs6,954.1 crore during the corresponding quarter of the previous year.
Net interest income (interest earned less interest expended) for the quarter ended 31 March 2015 grew 21.4 per cent to Rs6,013.2 crore compared with Rs4,952.6 crore for the quarter ended 31 March 2014.
During the quarter, HDFC Bank's assets grew 21.2 per cent while its net interest margin stood at 4,4 per cent.
Other income (non-interest revenue) at Rs2,563.8 crore, which accounted for 29.9 per cent of the net revenues for the quarter ended 31 March 2015, had grown 28.1 per cent from Rs2,001.4 crore in the corresponding quarter ended 31 March 2014.
The four components of other income for the quarter ended 31 March 2015 included fees and commissions of Rs1,834.8 crore (Rs1,521.2 crore in the corresponding quarter of the previous year), foreign exchange and derivatives revenue of Rs328.7 crore (Rs252.1crore), gain on revaluation / sale of investments of Rs196.1 crore (Rs33.3 crore) and miscellaneous income, including recoveries of Rs204.3 crore (Rs194.8 crore).
Operating expenses for the quarter ended 31 March 2015 increased by 21.4 per cent to Rs3,855.0 crore over Rs3,174.7 crore during the corresponding quarter of the previous year.
The cost-to-income ratio for the quarter was at 44.9 per cent as against 45.7 per cent in the corresponding quarter ended 31 March 2014.
At 4.30 pm, HDFC Bank shares were trading marginally lower at Rs1,013.50 (-0.14 per cent) on the Bombay Stock Exchange (BSE). The scrip hit a high of Rs1,026 and a low of Rs1,006 during the day.