HDFC Bank posts strong 15% growth in profits at ₹7,280 crore

• Private sector lender HDFC Bank on Saturday reported a 15.4% rise in consolidated net profit at ₹7,280.22 crore for the fourth quarter of 2019-20.
  
• The bank had posted a net profit of ₹6,300.81 crore during the corresponding January-March period of 2018-19.
• The central bank had debarred lenders from dividend payouts so that they can conserve capital in an environment of heightened uncertainty caused by the COVID-19 crisis.

Private sector lender HDFC Bank on Saturday reported a 15.4 per cent rise in consolidated net profit at Rs 7,280.22 crore for the fourth quarter of 2019-20. The bank had posted a net profit of Rs 6,300.81 crore during the corresponding January-March period of 2018-19.

The consolidated total income during the March quarter of 2019-20 increased to Rs 38,287.17 crore, from Rs 33,260.48 crore a year ago, the bank said in a regulatory filing.

The bank said it will not make any further dividend payouts from profit pertaining to 2019-20, as per RBI directives announced on Friday.

The central bank had debarred lenders from dividend payouts so that they can conserve capital in an environment of heightened uncertainty caused by the COVID-19 crisis.

Accordingly, the board of directors of HDFC Bank, at their meeting held on Saturday, did not propose any final dividend for the year ended March 31, 2020, it added.

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