HDFC Bank's Q4 standalone net profit rises over 18%

Mumbai (IANS) Lending major HDFC Bank on Saturday 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.