MUMBAI: The largest private sector lender HDFC Bank has on Saturday posted 12.24 percent year-on-year growth in net profit at Rs 18,155.21 crore for the June quarter on an all round performance across all key metrics along with a Rs 10,000 crore one-time income from the IPO of its non-bank arm last month.
Its total income rose to Rs 99,200 crore from Rs 83,701 crore in the reporting period of which net interest income came in at Rs 31,438 crore which by expanded 5.4 percent.
On a consolidated basis, total income rose to Rs 1.33 trillion from Rs 1.17 trillion a year ago.
The bank with close to Rs 40 trillion balance sheet also declared a maiden bonus shares at the rate of 1:1 and an interim dividend of Rs 5 per share.
The core net interest margin came down from 3.46 percent to 3.35 percent, reflecting faster repricing of deposits compared to assets.
The cost-to-income ratio, excluding gains from the HDB Financial IPO, stood at 39.6 percent.
Gross advances rose 6.7 percent to Rs 26.53 trillion, while total deposits rose 16.2 percent to Rs 27.64 trillion.
Of the total liabilities the Casa ratio stood at 33.9, down from 38.2 and savings account deposits grew by Rs 6.39 trillion and current account deposits by Rs 2.98 trillion.
Other income jumped sharply to Rs 21,730 crore, supported by gains from the HDB Financial IPO. The bank netted a pre-tax gain of Rs 9,128 crore from the offer for sale of shares in the Rs 12500 crore by way of an offer for sale. It also included Rs 75.9 crore from fees and commissions, Rs 16.3 crore from forex and derivatives, and Rs 101.1 crore from trading and mark-to-market gains. Following the IPO of HDB Financial, bank’s stake in the company declined to 74.19 percent from 94.32 percent.
Insurance subsidiaries contributed Rs 1,645 crore in profit before tax.
The gross non-performing asset ratio stood at 1.40, while the net NPA ratio was 0.47 both slightly higher than the year-ago levels.
Provisions rose to Rs 14,442 crore, including Rs 9,000 crore in floating provisions and Rs 1,700 crore in contingent provisions.
The bonus issue, subject to shareholder and regulatory approvals, will entitle shareholders to one bonus share for every one held, with the record date set as August 27.