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Corporate Apr 23, 2013

HDFC Bank Q4 results meet St estimates, net rises 30%

By Firstbiz Staff
Net interest income grew about 21 per cent to Rs 4290 crore.

Net interest income grew about 21 per cent to Rs 4290 crore.

HDFC Bank today reported a 30 percent rise in its fourth quarter net profit at Rs 1,890 crore against Rs 1,453 crore in the same period last year.

Net interest income for the January- March quarter came in above Street estimates at Rs 4,290 crore against Rs. 3,388.31 crore during the same quarter in the year-ago period.

The bank declared a dividend of Rs 5.50 per share.

The bank's restructured loans or non-performing assets came in at 0.2 percent of gross advances as of March 2013, implying a stable asset quality.

The bank's net interest margin, a key gauge of profitability, is among the highest in the sector at 4.5 percent compared with 4.4 per a year ago.

At 2:39 PM, shares in HDFC Bank were trading at 686.80, down 1.78% on the Bombay Stock Exchange.

HDFC Bank shares have outperformed the Bank Nifty - the broader index for banking stocks by a wide margin. Since last one year, those spiked more than 30 percent as against a rise of nearly 17 percent in the benchmark index.

by Firstbiz Staff

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