While a lot of banks across the country are facing their worst phase in history as a result of the loan frauds that have rocked the banking sector, India’s largest private lender, HDFC Bank have come out on top yet again by recording a profit percentage of 20% for the fourth quarter of the financial year – which ended on 31 March, 2018. As per a statement released by HDFC Bank, the net profit for Q4 stood at Rs.4,799 crore against Rs.3,999 crore for the Q4 of the previous financial year – an all round year-on-year profit of 20% for Q4. The bank said that the total income for the year – ending as of 31 March, 2018 – was Rs.25,549.7 crore against the previous financial year total income of Rs.21,560.7 crore.
Based on the statement released by the bank following their approval of the profits, the net revenue (net interest income as well as other related income avenues), the bank has increased its profit by 19.1% to Rs.14,886.3 crore as apart from last financial year net revenue of Rs.12,501.4 crore. That said, the net interests income increased by 17.7% – from Rs.9,055.1 crore of March 2017 to Rs.10,657.7 crore in March 2018. The bank has attributed the reason for the increase in profits of Q4 to other incomes as well as their higher net interest income.
Looking forward, the board of HDFC Bank have announced that they have approved of the disbursement of long-term bonds, perpetual debt instruments, Tier II Capital Bonds – all amounting to Rs.50,000 crore for the next 12 months.