HDFC Bank Q4 net up 33% Rs 1,115 cr

HDFC Bank has reported 33% jump in its fourth quarter net profit at Rs 1,115 crore on the back of higher other income and lower provisioning.

Net revenues (net interest income plus other income) at Rs 4,096 crore for the quarter ended March 31, 2011 increased by 24% over Rs 3,302 crore for the same quarter a year ago, the private sector bank said in a filing to the stock exchanges.

Net interest income (interest earned less interest expended) rose to Rs 2,840 crore, up by 21% over the same quarter a year ago. This was driven by loan growth of 27.1% and a core net interest margin for the quarter of 4.2%.

Income from other operations (non-interest revenues) grew 32% to Rs 1,256 crore during the recently concluded quarter. The main contributor to other income for the quarter was fees and commissions of Rs 1,001 crore, up by 23.2% over Rs 813 crore in the corresponding quarter ended March 31, 2010.

For the year ended March 2011, the bank has reported 32% jump in its consolidated net profit at Rs 3,926 crore, while net interest income grew 26% at Rs 10,618 crore.

The board of HDFC Bank has recommended a dividend of Rs 16.50 per equity share of Rs 10 each (i.e. 165%) out of the net profits for the year ended March 31, 2011, the bank said. The bank had paid a dividend of Rs 12 per share for the year ended March 31, 2010.

The board of directors has also approved the sub-division of one equity share of the bank having a nominal value of Rs 10 each into five equity shares of nominal value of Rs 2 each.