HDFC’s Q4 net income rises by 21%

SRINAGAR: The Board of Directors of HDFC Bank Limited Thursday approved the Bank’s (Indian GAAP) results and the audited results for the Q4 of the last fiscal
The Bank’s total income for the quarter was Rs 15,570.1 crore, marking an increase of 21.7 per cent over Rs 12,790 crore for the corresponding quarter of financial year 2014-15.
The Bank’s net revenues increased by 23.3 per cent to Rs 8,576.9 crore for the quarter as against Rs 6,954.1 crore for the corresponding quarter of the previous year.
Net interest income (interest earned less interest expended) for the Q4 grew by 21.4 per cent to Rs 6,013.2 crore from Rs 4,952.6 crore for the quarter ended March 31, 2014.
The growth was driven by average asset growth of 21.2 per cent and a net interest margin for the quarter of 4.4 per cent.
Other income (non-interest revenue) stood at Rs 2,563.8 crore—29.9 per cent of the net revenues for the quarter—and grew by 28.1 per cent over Rs 2,001.4 crore in the corresponding quarter of the 2014-15 fiscal.
The four components of other income for the Q4 were fees and commissions of Rs 1,834.8 crore, foreign exchange and derivatives revenue of Rs 328.7crore, gain on revaluation and sale of investments of Rs 196.1crores, and miscellaneous income including recoveries of Rs 204.3 crore.
Operating expenses for the fourth quarter of the last fiscal were Rs 3,855.0 crore, an increase of 21.4 per cent over Rs 3,174.7 crore recorded previously.
The cost-to-income ratio for the quarter was at 44.9 per cent as against 45.7 per cent for the corresponding quarter ending March 31, 2014. Provisions and contingencies were Rs 576.7 crore (consisting of specific loan loss provisions Rs 424.7crore, general provisions Rs 118.5 crore and other provisions Rs 33.4 crore) for the Q4.
After providing Rs 1,338.4 crore for taxation, the Bank earned a net profit of Rs 2,806.9 crore for the Q4—an increase of 20.6 per cent over the Q4 of 2014 fiscal.
During the 2014-15 fiscal, the Bank earned a total income of Rs 57,466.3 crore while its net revenue (net interest income plus other income) was Rs 31,392 crore. It reflects an increase of up by 18.9 per cent over the figures recorded in 2014 fiscal.
During the year, the net interest margin remained stable at 4.4 per cent, cost to income ratio was at 44.6 per cent, and net profit was Rs 10,215.9 crore.
The consolidated net profit of the Bank increased by 22.2 per cent to Rs 10,688.9 crore during the year.