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HDFC Bank’s net interest income increased 16.15% to Rs 15,204.1 crore
HDFC Bank on Saturday reported a nearly 18 percent increase in net income for the March quarter, led by strong loan growth. In a regulatory filing, the country’s largest private sector lender said its net profit was Rs 6,927.69 crore for the quarter ended March 31, compared to Rs 5,885.12 crore for the corresponding period. from the previous year. HDFC Bank said there was a considerable slowdown in economic activities during the quarter, following the COVID-19 outbreak.
Net income (net interest income plus other income) increased 18.2 percent to Rs 21,236.6 crore for the quarter ended March 31. Total interest earned increased 13.49 percent to Rs 29,885.06 crore.
Net interest income (NII), or the difference between interest earned and interest paid, increased to Rs 15,204.1 million in the quarterly quarter of March, representing a year-on-year increase of 16.15 percent. Advances grew 21.3 percent and deposits 24.3 percent, the bank said.
Net interest margin, a key indicator of a bank’s profitability, stood at 4.3 percent in the quarter ended March 31.
The bank said its board had shortlisted three candidates in its search for a new CEO. He did not elaborate on the three candidates.
The quality of the lender’s assets improved, with gross bad loans as a percentage of total loans in
1.26 percent at the end of the quarter, compared to 1.42 percent in the previous quarter, and 1.36 percent in the three-month period through March 31, 2019.
On Friday, HDFC Bank shares finished 3.33 percent higher at Rs 910.40 each on the BSE, in line with a 3.22 percent rise in the benchmark S&P BSE Sensex.
