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HDFC Bank reports 18% rise in Q4 net profit; provisions surge

NEW DELHI: HDFC BankBSE 2.38 % on Friday reported 18.25 per cent year-on-year rise in net profit at Rs 3,990 crore for the quarter ended March 31, 2017. It had posted a net profit of Rs 3,374.22 crore in the corresponding quarter last year. 

ETNow Poll had predicted a net profit of Rs 3,950 crore for January-March period. 

Provisions and contingencies of the bank increased 90.48 per cent year-on-year (YoY) to Rs 1,261.80 crore for the quarter under review against Rs 662.4 .. 

Asset quality of the bank remained stable, with gross non-performing assets (NPAs) or bad loans stood at 1.05 per cent of gross advances as on March 31, 2017, as against 1.05 per cent as of December 31, 2016. Percentage of net NPAs to net advances stood at 0.33 per cent in Q4FY17 against 0.32 per cent in Q3FY17. 

Shares of the bank were trading 0.35 per cent up at Rs 1,467 around 1.30 pm (IST). The scrip opened at Rs 1,474.80 and touched an intraday high and low of Rs 1,474.80 and Rs .. 

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