HDFC Bank Q4 net profit rises 18% YoY, below Street estimates

HDFC Bank Q4 net profit rises 18% YoY, below Street estimates

HDFC Bank shares have shaved off more than 2% in a weak market after the country’s largest private lender reported net profit of Rs 8,186.51 crore in the March quarter, on Saturday, marking an increase of 18.2% from Rs 6,927.69 crore during the same period last year.
The bank’s total income increased to Rs 38,017 crore on a standalone basis, compared to Rs 35,917 crore in the year-ago period. The bank earned a total income of Rs 1,46,063.1 crore by the year ended March 31, 2021.
On a sequential basis, HDFC Bank’s standalone net profit declined 6.5% in the quarter ended March 2021, compared to Rs 8,758 crore at the end of the preceding October-December quarter.

The bank’s net interest income – the difference between interest earned and interest expended – grew by 12.6% to Rs 17,120 crore in the fourth quarter, compared to Rs 15,204 crore in the year-ago period.
The private sector lender also reported a net NPA ratio of 0.4% for the quarter. The lender’s provisions in the quarter rose 24% on a year-on-year basis to Rs 4,693.7 crore.

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