HDFC Bank Thrives on NII, March Quarter Net Grows 20 Percentage to Rs 3,374 Crore

NEW DELHI:  HDFC Bank reported a net profit growth of 20.2 per cent at Rs 3,374.2 crore for the quarter ending March 31, 2016. The bank posted a 20.4 per cent growth in post-tax profit at Rs 12,296.2 crore for the financial year 2015-16.  A healthy rise in HDFC Bank’s core net interest income (NII) helped it to achieve a 24 per cent (Rs 7,453.3 crore) growth and 11.8 per cent jump in non-interest income (Rs 2,865.9 crore), according to a bank statement. 

The bank aims to maintain its net interest margins at 4 per cent to 4.4 per cent and it does not see any impact of the marginal cost of funds-based lending rate on its spreads. A dip in the forex and derivates revenue and gains on revaluation or sales of investments limited other income growth to 11.8 per cent in the fourth quarter of 2015-16.