HDFC Bank beats estimates in Q4; reports net profit of Rs 3,990 crore

HDFC Bank surpassed analysts estimates by reporting over 18% rise in standalone net profit for fourth quarter ended March 31, 2017 result.

The bank report net profit of Rs 3,990.09 crore, a rise of 18.25% compared to Rs 3,374.22 crore in the corresponding period of the previous year.

This Q4 net profit was also up 3.22% versus Rs 3,865.33 crore in the preceding quarter.

Net Interest Income stood at Rs 9,055.10 crore, witnessing growth of 21.49% year-on-year (YoY) and 8.97% quarter-on-quarter (QoQ) basis.

Motilal Oswal expected HDFC Bank's net profit at Rs 3,897.2 crore up 15.49% yoy and sequentially up 0.82% on qoq basis. While NII is expected at Rs 8,521.3 above 10.70% yoy and 2.55% qoq.

Provisions for the period was at Rs 1,261.80 crore, increasing by 90.47% yoy and 76.28% qoq. Gross non-performing assets (NPAs) were at 1.05% of gross advances in Q4, as against 1.05% in Q3FY17 and 0.94% in Q4FY16.

Net NPAs stood at 0.3% of net advances in Q4 versus 0.32% in Q3FY17 and 0.28% of Q4FY16.

Also Read: HDFC Bank Q4 result: Here's what analysts expect its net profit will be

Total deposits as of March31, 2017 were at Rs 6,43,640 crore, growing by 17.8% over a year-ago same period. Current account deposits grew by 30.7% to Rs 1,15,574 crore and savings account deposits rose by 30.9% to Rs 1,93,579 crore in Q4 compared to Q4FY16.

Shares of HDFC Bank on BSE was trading at Rs 1,478 per piece above Rs 16 or 1.10%.