HDFC Bank, the country's largest private sector lender, has clocked 18.2 percent year-on-year (YoY) growth in standalone profit at Rs 8,186.5 crore for the quarter ended March 2021 on account of low base in the corresponding period. The profit in Q4FY20 stood at Rs 6,927.69 crore.
Higher other income and pre-provision operating profit aided profitability during the quarter, but provisions and tax expenses restricted net income growth.
Net interest income, the difference between interest earned and interest expended, grew 12.6 percent to Rs 17,120.15 crore in Q4FY21, compared to Rs 15,204.06 crore in the year-ago period, driven by credit growth of 14 percent, and core net interest margin of 4.2 percent for the quarter.
The domestic retail loan grew by 6.7 percent and wholesale loans grew by 21.7 percent YoY, while total deposits for the quarter at Rs 13,35,060 crore increased 16.3 percent over the corresponding period, with CASA deposits growing 27 percent YoY, said the bank in its BSE filing.
The pre-provision operating profit expanded to Rs 15,532.77 crore during January-March quarter, increasing 19.9 percent year-on-year, the bank added.
The reported provisions and contingencies for the March quarter at Rs 4,693.7 crore increased by 24 percent compared to the corresponding period last year and 37.5 percent over previous quarter.
Non-interest income (other income) at Rs 7,593.91 crore in Q4FY21 surged 25.9 percent year-on-year, as fees & commissions (66 percent to other income) and foreign exchange & derivatives revenue grew 19.6 percent each YoY.
Gain on sale or revaluation of investments, and miscellaneous income including recoveries & dividend, which both are part of other income, increased 15.9 percent and 35.3 percent respectively during the quarter YoY.
Tax expenses for the quarter increased 18.1 percent to Rs 2,652.56 crore compared to year-ago period.
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