New Delhi: HDFC Bank, on Saturday, reported an 18.2% year-on-year rise in net profit for the quarter ended March 2021 to Rs 8,186.51 crore, a tab bit lower than the expectations of Dalal Street’s financial analysts.
Meanwhile, India’s largest private sector lender’s net interest income grew 12.6% year-on-year to Rs 17,120.2 crore in Q4 FY21. The bank was expected to post a 23% hike in net profit to Rs. 8,550.3 crore, along with a ~12% jump in net interest income to Rs 17,000 crore, according to analysts estimates.
The bank has decided not to go ahead with any dividend sharing plans. “Given that the current ‘second wave’ has significantly increased the number of Covid-19 cases in India and uncertainty remains, the board has considered it prudent to currently not propose a dividend for the financial year ended March 31, 2021,” the bank said in its official statement.
HDFC’s gross non-performing loans ratio stood at 1.32% in Q4 FY21 against 1.38% on a proforma basis in Q3 FY21. Notably, HDFC’s subsidiary HDB Financial Services posted a decline in net profit from Rs 341.7 crore in Q4 FY20 to Rs 284.6 crore in this quarter. However, HDB’s gross NPA ratio improved to 3.9%, while net interest income surged 15.4% to Rs 1,252 crore.
On the National Stock Exchange, HDFC shares traded flat on Friday, and the impact of quarterly results is likely to be seen on Monday.