HDFC Bank’s profit jumps 23 percent in 4th Quarter

SRINAGAR: HDFC Bank Ltd Tuesday posted a 23.1 percent increase in net profit to Rs 2,326.52 crore in the January-March quarter of 2013-14.
India’s second-largest private lender had a profit of Rs 1,889.84 crore in the corresponding quarter last year. Total income rose 14.9 percent to Rs 12,790 crore from Rs 11,127.5 crore a year earlier.
Net interest income (interest earned less interest expended) for the quarter grew 15.3 per cent to Rs 4,952.6 crore, driven by average asset growth of 20.3 per cent, the bank said in a statement.
The board recommended a dividend of Rs 6.85 per equity share of Rs 2 for the year ended March 31 as against Rs 5.5 per share for the previous year.
For the financial year 2013-14, HDFC Bank posted a net profit of Rs 8,478.4 crore, an increase of 26 per cent from Rs 6,726.28 crore in the previous year. The bank’s income was Rs 49,055.18 crore in FY14 compared with Rs 41,917.49 crore in the previous financial year. Consolidated net profit of the bank increased 27.3 percent to Rs 8,743.5 crore for the year ended March 31.
The net interest margin in FY14 was 4.4 per cent as against 4.5 per cent for the year ended March 31, 2013.
HDFC, which has outperformed rivals with consistently high profit growth of about 30 percent and stable asset quality, has seen profit growth weaken in the past three quarters as loans and fee incomes grew at a slower pace.
Net interest income, the difference between interest earned and paid out, rose 15.3 percent to 49.53 billion rupees in the three months to March.