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HDFC Bank hits lifetime high on Q4 profit growth
April 24, 2017
- Shares of HDFC Bank hit a lifetime high of Rs 1,500 on Friday after the bank reported a better-than-expected profit for the fourth quarter.
- The bank reported a net profit of Rs 3,990 crore — an increase of 18% over Rs 3,374 crore in the corresponding period last year.
- The bank’s net profit for the year ended March 31, 2017, was Rs 14,550 crore — up 18.3%, over the year ended March 31, 2016.
- Announcing the results on Friday, the bank’s deputy managing director Paresh Sukthankar said that profits were boosted by an improvement in interest margins and an increase in loan growth.
- The bank’s net interest margin improved to 4.3% from 4.1% as low-cost deposits increased due to demonetization.
