Net profit of HDFC Bank rises 18% YoY to 8186.5 crore

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India’s largest private sector lender HDFC Bank today reported an 18.2% year-on-year rise in net profit to Rs 8,186.51 crore for the quarter ended March. The lender reported a net interest income of Rs 17,120.2 crore, up 12.6% from a year-ago quarter.

For the quarter, the lender’s gross non-performing loans ratio stood at 1.32 per cent as against 1.38 per cent on a performing basis in the previous quarter. Brokerage firm Embkay Global Markets expected the lender to report a gross NPA ratio of 1.4%. The private sector lender also reported a net NPA ratio of 0.4 per cent for the quarter. The lender’s provisions in the quarter rose 24 per cent on a year-on-year basis to Rs 4,693.7 crore. The non-interest bearing business of the bank had a stellar quarter as revenues grew 26% on a year-on-year basis to Rs 7,593.9 crore. The lender’s subsidiary HDB Financial Services reported a decline in net profit to Rs 284.6 crore in the reported quarter from Rs 341.7 crore in the year-ago quarter. The non-bank lender’s gross NPA ratio improved to 3.9 per cent from 5.9 per cent in the previous quarter. HDB Financial’s net interest income in the quarter grew 15.4 per cent on-year to Rs 1,252 crore. Shares of HDFC Bank ended flat at Rs 1,430.9 on the National Stock Exchange.

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