HDFC Bank Q4 net profit up by 22.6% at INR 5885 crore

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The Bank’s net profit for the year ended March 31, 2019 was INR 21,078.1 crore, up 20.5% over the year ended March 31, 2018.

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and full year ended March 31, 2019, at their meeting held in Mumbai on Saturday, April 20, 2019. The accounts have been subjected to an audit by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended March 31, 2019

  • The Bank’s total income for the quarter ended March 31, 2019 at ` 31,204.5 crore grew by 22.1% from ` 25,549.7 crore for the quarter ended March 31, 2018.
  • Net revenues (net interest income plus other income) increased by 20.7% to ` 17,960.7 crore for the quarter ended March 31, 2019 from ` 14,886.3 crore in the corresponding quarter of the previous year.
  • Net interest income (interest earned less interest expended) for the quarter ended March 31, 2019 grew by 22.8% to ` 13,089.5 crore, from ` 10,657.7 crore for the quarter ended March 31, 2018, driven by average asset growth of 19.8% and a core net interest margin for the quarter of 4.4%.
  • Other income (non-interest revenue) at ` 4,871.2 crore was 27.1% of the net revenues for the quarter ended March 31, 2019 and grew by 15.2% over ` 4,228.6 crore in the corresponding quarter ended March 31, 2018. The four components of other income for the quarter ended March 31, 2019 were fees & commissions of ` 3,692.1 crore (` 3,329.7 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ` 403.3 crore (` 416.4 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of ` 228.9 crore (loss of ` 22.0 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ` 546.9 crore (` 504.5 crore for the corresponding quarter of the previous year).
  • Operating expenses for the quarter ended March 31, 2019 were ` 7,117.1 crore, an increase of 17.6% over ` 6,050.6 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 40.1% as against 40.6% for the corresponding quarter ended March 31, 2018.
  • Provisions and contingencies for the quarter ended March 31, 2019 were ` 1,889.2 crore (consisting of specific loan loss provisions ` 1,431.2 crore, general provisions ` 191.2 crore and other provisions ` 266.9 crore) as against ` 1,541.1 crore (consisting of specific loan loss provisions ` 1,132.5 crore, general provisions ` 153.4 crore and other provisions ` 255.3 crore) for the quarter ended March 31, 2018. Profit before tax (PBT) for the quarter ended March 31, 2019 was up 22.8% to ` 8,954.4 crore.
  • After providing ` 3,069.3 crore for taxation, the Bank earned a net profit of ` 5,885.1 crore, an increase of 22.6% over the quarter ended March 31, 2018.
  • HDFC Bank Q4 net profit up by 22.6% at INR 5885 crore

Profit & Loss Account: Year ended March 31, 2019

  • For the year ended March 31, 2019, the Bank earned a total income of ` 116,597.9 crore.
  • Net revenues (net interest income plus other income) for the year ended March 31, 2019 were ` 65,869.1 crore, up by 19.1% over ` 55,315.2 crore for the year ended March 31, 2018.
  • The core net interest margin for the year ended March 31, 2019 was 4.3%. The core cost to income ratio for the year ended March 31, 2019 was at 39.9%, as against 41.7% for the year ended March 31, 2018.
  • The Bank’s net profit for the year ended March 31, 2019 was ` 21,078.1 crore, up 20.5% over the year ended March 31, 2018.

DIVIDEND

The Board of Directors recommended a dividend of 15 per equity share of 2 for the year ended March 31, 2019, as against 13 per equity share of 2 for the previous year. This would be subject to approval by the shareholders at the next annual general meeting.