India’s second-largest private lender, HDFC Bank, on Friday, reported a 20 per cent rise in its net profit at Rs 3,374 crore for the fourth quarter ended March. The bank had registered a net profit of Rs 2,807 crore in same quarter of a year ago.
The bank’s board has recommended a dividend of Rs 9.50 per share, the lender said in a statement to the stock exchanges.
Net interest income (interest earned less interest expended) for the quarter grew 24 per cent to Rs 7,453.3 crore as the bank expanded its loan book.
Bank’s advances stood at Rs 4,64,594 crore at the end of March, up 27.1 per cent. While retail loans grew by 29.7 per cent, wholesale loans grew by 27.2 per cent.
Provisions and contingencies for the quarter were Rs 662.5 crore compared to Rs 576.7 crore in the corresponding quarter of the last year gross non-performing assets (NPAs) were flat at 0.94 per cent of gross advances. Restructured loans were only 0.1 per cent of gross loans.