HDFC Bank Q4 net profit up 30 to Rs 1,889 cr

For the entire fiscal ended March,the bank8217;s consolidated net profit grew 30.9 per cent over FY12 to Rs 6,869.6 crore.

Its total income during the reporting quarter rose 21.1 per cent to Rs 11,127.5 crore over the corresponding quarter last year while core net interest income went up by 20.6 per cent at Rs 4,295.3 crore,the bank said in a statement.

The non-interest income grew to Rs 1,803.6 crore from Rs 1,628.9 crore in the same period last year.

On the expenditure front,the operating expenses grew 17.7 per cent to Rs 2,663.7 crore,it said.

The net interest margin for the quarter ended March 2013 was 4.5 per cent owing to changes in classification norms,the statement said,adding,but for the changes,it would have been flat sequentially at 4.3 per cent.

The share of low cost current and savings account deposits increased to 47.4 per cent against 45.4 per cent in the previous quarter ended December.

About asset quality,the bank8217;s gross non performing assets ratio improved to 0.97 per cent as on March 31,from 1.02 per cent in the previous year.

The bank8217;s Board today recommended an increase in dividend to Rs 5.50 per equity share of the face value of Rs 2,up from Rs 4.30 per share last year.

HDFC Bank8217;s shares were trading at Rs 686 towards the close of the trading session on BSE.

HDFC Bank Q4 net profit up 30,meets forecast

Reuters HDFC Bank Ltd,India8217;s No.3 lender by loan value,met forecasts with a 30 percent rise in quarterly profit on Tuesday led by higher loan growth,fee income and stable asset quality.

Mumbai-based HDFC Bank,which has posted profit growth of more than 30 percent every year for the last decade,said its net profit rose to 18.9 billion rupees 348.8 million in the quarter ended March from about 14.53 billion rupees a year earlier. Net interest income grew about 21 percent to 42.9 billion rupees.

According to Thomson Reuters I/B/E/S,analysts had expected a net profit of 18.87 billion rupees for the bank,which is also listed in New York and competes with bigger local rivals State Bank of India and ICICI Bank.

Asset quality,valued by the market at about 31 billion,was stable with net non-performing loans as a percentage of total assets at 0.2 percent.

The bank8217;s net interest margin,a key gauge of profitability,is among the highest in the sector at 4.5 percent compared with 4.4 percent a year ago.