New Delhi: HDFC Bank posted 20.3 per cent growth in its standalone net profit at Rs 4,799.3 crore for the quarter ended on March 31, 2018, compared to year ago period.
Standalone total income for the quarter ended March 31, 2018 was Rs 25,549.7 crore, up from Rs 21 ,560.7 crore for the quarter ended on March 31, 2017, HDFC said in a statement.
The HDFC Bank board has also approved raising up to Rs 50,000 crore through private placement of perpetual debt instruments in the next 12 months , the bank said in a filing to BSE.
“After providing, Rs 2,495.3 crore for taxation, the bank earned a net profit of Rs 4,799.3 crore, an increase of 20.3 per cent, over the quarter ended March 31, 2017,” HDFC Bank said..
The consolidated net profit for the year ended March 31, 2018 was Rs 18,510.0 crore, up 21.4 per cent over the year ended March 31, 2017.
Consolidated advances grew by 19.6 per cent from Rs 5,85,481 crore as on March 31, 2017 to Rs 7,00,034 crore as on March 31, 2018.
On the asset quality, it said gross non-performing assets (bad loans) were at 1.30 per cent of gross advances as on March 31, 2018, as against 1.29 per cent as on December 31, 2017 and 1.05 per cent as on March 31, 2017.
Net non-performing assets were at 0.4 per cent of net advances as on March 31, 2018. The bank held floating provisions of Rs 1,451 crore as on March 31, 2018.
Besides approving the financial results, the bank’s board also recommended a dividend of Rs 13 per equity share of Rs 2 for the year (650 per cent) ended March 31, 2018, as against , 11 per equity share of Rs 2 for the previous year. This would be subject to approval by shareholders at the next annual general meeting.
The Board of Directors have also approved the issue of Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long Term Bonds (financing of infrastructure and affordable housing) up to a total amount of Rs 50,000 crore in the period of next twelve months through private placement mode, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Bank and any other regulatory approvals as applicable.
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Source: News18