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HDFC Q4 result highlights: Net profit scales 26.8% up, Rs 17.50/share dividend given nod
HDFC announced its Q4 results today and posted a 26.8% growth in net profit for March quarter. Net profit in the March quarter increased to Rs 2,861.58 crore in the March quarter, as compared to Rs 2,256.68 crore.
Housing finance company, HDFC announced its Q4 results today and posted a 26.8% growth in net profit for March quarter. Net profit in the March quarter increased to Rs 2,861.58 crore in the March quarter, as compared to Rs 2,256.68 crore in the same quarter of the previous year. Last year, the company reported a net profit of Rs 2,257 crore in the January-March quarter. Total income during the quarter rose to Rs 11,586.58 crore as against Rs 9,322.36 crore in the year-ago period. During the quarter, the net interest income improved to Rs 3,161 crore compared to Rs 2,650 crore in the corresponding quarter of the previous year, representing a growth of 19 per cent, HDFC said in a statement.
The company has also approved re-appointment of Nasser Munjee and J J Irani as independent directors for a term of two consecutive years each with effect from July 21, 2019. "The corporation has adopted Indian Accounting Standards (Ind AS) from April 1, 2018, and the effective date for such transition is April 1, 2017. Accordingly, the standalone and the consolidated financial statements for the financial year ended March 31, 2019, have been prepared in accordance with Ind AS specified under the Companies Act, 2013 and other relevant provisions of the Companies Act, 2013," it said.
Here are few highlights of the HDFC Bank Q4 result:
1. Total Income increased by 24.3%: HDFC's total income rose to Rs 11,586.58 crore in the March quarter, as compared to Rs 9,322.36 crore in the same period of the previous year.
2. Final Dividend: HDFC board has recommended final dividend of Rs 17.50 per equity share. The proposed final dividend is in addition to the interim dividend of Rs 3.50 per share declared by the board of directors on March 6, 2019
Source: Zee Business TV
3. Net Profit rose by 27%: The company reported a 26.80 per cent year-on-year (YoY) rise in standalone net profit at Rs 2,861.58 crore for the March quarter.
4. Net interest income: The NII for the quarter came in at Rs 3,163 crore.
While the housing finance company (HFC) had reported Rs 2,256.68 crore profit in the same quarter last year. The board of the company has also porposed a final dividend which is subject to approval of the board members.
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