HDFC Bank Q4 results: Net profit increased by 18.20% YoY to Rs. 8,126.50 crores
HDFC Bank Q4 results: It is one of the largest private sector banks in India located in Mumbai. However, the company works under the subsidiary of Housing Development Finance Corporation (HDFC). The bank provides services in consumer banking, commercial banking, finance, insurance, and mortgage loans across India. It is the largest bank in India in terms of market capitalization. The present chief executive officer (CEO) of the company is Sashidhar Jagdishan.
Meanwhile, on Monday, April 19th, the shares of the bank plunged almost 3% in the stock market. The main reason for this is the bank posted its Q4 results for the financial year 2021-22. The bank’s standalone net profit increased by 18.20% Year-on-Year (YoY) to Rs. 8,186.50 crores in this quarter ended in March 2021. While the bank also posted its standalone net profit of Rs. 6,927.69 crores in the same quarter last fiscal year.
Moreover, the bank’s net interest income (NII) during this quarter increased by 12.60% YoY to Rs. 17,120.15 crores as against Rs. 15,204.06 crores in the same quarter last year. The main reason for this is due to credit growth by almost 14% and core net interest margins by 4.20% in this quarter.
On the other side, the bank’s gross non-performing assets (NPA) during the quarter stood at 1.32% as against 1.38% in Q3FY21 and 1.26% in the same quarter last year. While the net non-performing assets (NPA) of the bank stood at 0.40% in this quarter ended on March 31st, 2021.
Whereas the provisions and contingencies of the bank increased by 24% to Rs. 4,693.70 crores. The floating provisions of the Bank stood at Rs. 1,451 crores and contingent provisions at Rs. 5,861 crores in this quarter. However, the total provisions at 153% of the gross non-performing loans of the bank.
Besides, the bank’s non-interest income and other income increased by 25.90% to Rs. 7,593.91 crores. The bank’s tax expenses during the quarter increased by 18.10% year-on-year (YoY) to Rs. 2,652.56 crores in Q4FY21.
As the uncertainties created by the second wave of the Coronavirus. The board members of the bank decided against giving the final dividend for the financial year 2021.
However, the shares of HDFC Bank Limited on Monday reported a bearish trend in the stock market. It lost 32.60 points with a 2.26% decrease and reached 1,396.35 INR. While in BSE, the bank lost 32.85 points with a 2.27% decrease and reached 1,396.00 INR.
Stock Market on April 19th:
On Monday, both Sensex and Nifty reported a bearish trend in the stock market after bullish reports in the last two sessions of the market. The Sensex is trading below 47,800 levels and nifty trading above 14,300 levels in the stock market. The Sensex lost 1,066.54 points with a 2.18% decrease and reached 47,752.68 levels. While the nifty lost 315.50 points with a 2.16% decrease and reached 14,302.75 levels.
On the other side, the number of coronavirus cases in India on Monday, April 19th reached 1,50,61,919 with almost 1,78,769 deaths.
In the border markets, the S&P BSE SmallCap index reported a bearish trend in the stock market on Monday. It lost 359.09 points with a 1.71% decrease and reached 20,658.40 levels. The S&P BSE MidCap lost 413.40 points with a 2.05% decrease and reached 19,740.05 level. While the Nifty Bank lost 1,198.80 points with a 4.02% decrease and reached 30,691.05 level.
Top Gainers on April 19th: Dr. Reddy’s Laboratories, Cipla, Britannia Industries, Infosys, and Tata Steel are the top gainers in today’s stock market.
Top Losers on April 19th: Axis Bank, IndusInd Bank, Bajaj Auto, SBI, and Bajaj Finance are the top losers in today’s stock market.