Mumbai: Country’s second largest private lender HDFC Bank on Friday reported a 20.2 per cent jump in its March quarter net at Rs 3,374.2 crore, helped by a healthy rise in core net interest income (NII). The city-headquartered bank, which registered around 30 per cent profit growth for over a decade till 2013-14, posted a 20.4 per cent growth in post-tax profit at Rs 12,296.2 crore for fiscal 2015-16.
For the January-March period, NII rose 24 per cent to Rs 7,453.3 crore, while the non-interest income was up 11.8 per cent to Rs 2,865.9 crore. Deputy Managing Director Paresh Sukthankar said NII was up on advances growth, which came in at 27 per cent for the fiscal, along with an expansion in the net interest margin (NIM) at 4.3 per cent. He said the bank will maintain its NIMs at 4 to 4.4 per cent and it does not see any impact of the marginal cost of funds-based lending rate on its spreads. Fees and commissions grew to Rs 2,172.4 crore from Rs 1,834.8 crore, but it was a dip in the forex and derivates revenue and gains on revaluation. PTI
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