The board has also approved a final dividend of Rs 19 a share.
According to the average of estimates given by seven brokerages, the lender’s net profit was estimated to rise 21% to Rs 12,180 crore.
Net interest income, which is the difference between interest earned and interest expended, grew by 24% on year to Rs 23,352 crore for the quarter ended March.
The core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.
Other income, which rose 27% on year to Rs 8,731 crore, also aided the bottomline of the bank in the quarter.
The pre-provision operating profit (PPoP) rose 14.4% YoY to Rs 18,621 crore. Provisions and contingencies for the quarter were Rs 2,685.4 crore compared with Rs 3,312.4 crore in the corresponding quarter a year ago.The total credit cost ratio was at 0.67%, compared to 0.96% a year ago.
The private sector lender’s asset quality was largely stable. The gross non-performing assets ratio was 1.12% as of March end, compared to 1.23% a quarter ago, and 1.17% a year ago.
The net non-performing assets ratio was 0.27% as of March end, compared to 0.33% a quarter ago, and 0.32% a year ago.
The capital adequacy ratio improved significantly, as it came at 19.26% as of March 31, compared to 18.90% a year ago and 17.66% a quarter ago.
Other Numbers
HDFC Bank’s total deposits saw a healthy growth of 21% and were at Rs 18.83 lakh crore as of March 31. CASA deposits grew by 11.3%, with savings account deposits at Rs 5.62 lakh crore and current account deposits at Rs 2.73 lakh crore.
Total advances rose by 17% and were at Rs 16 lakh crore as of March 31. The domestic retail loans grew by 21%, commercial and rural banking loans by 30% and corporate and other wholesale loans by 12.6%, respectively. Overseas advances constituted 2.6% of the total advances.
