HDFC Bank has reported robust profit growth in the first quarter of 2019 compared to the corresponding period in 2018 signaling a strong start to the financial year 2019.
The Bank posted a profit before VAT, NBT and Debt Repayment Levy (DRL) of Rs.284.18 million up by 42% while the post-tax profits increased to Rs.128.6 million up by 48% over the corresponding period of 2018. It is important to note that the Bank has been able report this performance after paying Rs.40.55 million for DRL which was applicable only with effect from October 1, 2018.
Commenting on the quarter’s performance HDFC’s CEO /General Manager Palitha Gamage said that core banking activities contributed to the strong results recorded for the period backed by conducive business environment and the improvement effected to the internal operations.
The Bank has been able to maintain a substantial development in profitability driven by the healthy improvement of the Net Interest Income (NII) ratio from 31% to 36%.
The interest income that account for 95% of the gross revenue of the Bank has increased from Rs.1,696.57 million to Rs.1,895.7 million, reporting an increase of 12%.
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