HDFC Bank Ltd., the second largest private sector lender of India, Thursday reported a net profit of 34% of Year-on-Year basis (YoY) translating Rs.630.88-crore for the fourth quarter (Q4) of the financial year (FY) 2008-09 despite 119% rise in bad debts.
Last year, for the same it has posted a gain of Rs.471.1-crore for FY 2007-08.
This huge gain of HDFC bank came on the back of increased fee-based income that grew at a robust 46% y-o-y to Rs.715cr, driven by rise on the fees and commissions in retail as well as wholesale segments.
In a filing to the Bombay Stock Exchange (BSE), the bank reported a 29% growth in net interest income to Rs.1,852 crore in Q4, while the other income swelled to 102.91% to Rs.1114.69-crore YoY for the same quarter.
In terms of total income, it gained a revenue of Rs.5,385-crore, a 53.6% more than the fourth quarter of previous year. Last year it was Rs.3505.5-crore for March quarter.
For the FY 09, it posted a total revenue of Rs.19,622.88-crore, a growth of 58.27% from Rs.12398.15-crore.
But this year, bank has also faced a drastic figure of Non-Performance Assets (NPAs) which cost Rs.627.6-crore, a growth of 110.2% from last fiscal. This more than double growth has hit hard the benefits of bank.
According to bank officials, the dramatically increment in NPAs came from the merger of Centurion Bank of Punjab to HDFC which became effective from May 23, 2008. ‘The 42% of total NPAs came from that merger, but HDFC got advantage of 400 branches and client base from this merger, they added.
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