HDFC Bank Q4 net up by 37%

Private sector lender HDFC Bank has posted a net profit of Rs 471.1 crore for the quarter ended March 31, 2008, up by 37.1% from the corresponding quarter last year. The bank has earned a net profit of Rs 343.6 crore a year ago. Total income was Rs 3,505.5 crore for the quarter against Rs 2,321.0 crore in the same period last year, an increase of 51.2%.

For FY08, the net profit stood at Rs 1,590.2 crore compared with Rs 1,141.5 crore, up by 39.3%. Total income for the year stood at Rs 12,398.2 crore against Rs 8,164.2 crore in the previous year.

The net interest income for the fourth quarter increased by 55.7% to Rs 1,642.1 crore driven by average asset growth of 50.3% and a core net interest margin of around 4.4%. Other income of the bank grew 39.3% from Rs 394.4 crore to Rs 549.3 crore, comprising Rs 490.4 crore from fee and commissions alone. Provisions and contingencies for the quarter almost doubled to Rs 465.1 crore from Rs 267.1 crore in the corresponding quarter last year. The provisioning comprises Rs 293 crore for non-performing assets and general provisions for standard assets and Rs 172.7 crore for tax, legal and other contingencies.