Lending major HDFC Bank reported an 18.2 per cent increase in its standalone net profit for the fourth quarter of FY21 ended March 31, 2021 on a year-on-year (YoY) basis.
The bank’s net profit for the fourth quarter of FY21 rose to Rs 8,186.5 crore on a YoY basis.
“After providing Rs 2,652.6 crore for taxation, the bank earned a net profit of Rs 8,186.5 crore, an increase of 18.2 per cent over the quarter ended March 31, 2020,” HDFC Bank said in a statement.
The bank’s net revenues (net interest income plus other income) increased by 16.4 per cent to Rs 24,714.1 crore for the quarter under review from Rs 21,236.6 crore for the period ended March 31, 2020.
Besides, net interest income (interest earned less interest expended) for the quarter ended March 31, 2021 grew by 12.6 per cent to Rs 17,120.2 crore from Rs 15,204.1 crore for the quarter ended March 31, 2020.
The rise was driven by advances growth of 14 per cent and a core net interest margin of 4.2 per cent.
“The bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 138 per cent, well above the regulatory requirement,” the statement said.
Furthermore, the bank made provision and contingencies worth Rs 4,693.7 crore as against Rs 3,784.5 crore made during the quarter ended December 31, 2019.
In terms of FY21, the bank’s net profit rose to 18.5 per cent to Rs 31,116.5 crore over the year ended March 31, 2020.
As per the bank, the total income in FY21 rose to Rs 146,063.1 crore as against Rs 138,073.5 crore for the year ended March 31, 2020.
It said that net revenues for the financial year in review were Rs 90,084.5 crore, as against Rs 79,447.1 crore for the year ended March 31, 2020.
“The core net interest margin for the year ended March 31, 2021 was 4.2 per cent.”
“The cost to income ratio for the year ended March 31, 2021 was at 36.3 per cent as against 38.6 per cent for the year ended March 31, 2020.”