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HDFC Bank Q4 net up by 37.1%,

Private sector lender HDFC Bank on Thursday posted a net profit of Rs 471.1 crore for the quarter ended March 31, 2008, up by 37.1 per cent from Rs 343.57 crore in the corresponding quarter last year.
The bank earned a total income of Rs 3,505.5 crore for the quarter as against Rs 2,321 crore in the corresponding quarter, an increase of 51.2 per cent, the bank said here in a release.
For FY'08, the net profit stood at Rs 1,590.2 crore as against Rs 1,141.45 crore, up by 39.3 per cent. Total income for the year stood at Rs 12,398.2 crore as against Rs 8,164.2 crore in the previous year.
The bank's board has recommended an enhanced dividend of 85 per cent for the year ended March 31, as against 70 per cent for the previous year, subject to approval by shareholders.
The net interest income for the fourth quarter increased by 55.7 per cent to Rs 1,642.1 crore, driven by average asset growth of 50.3 per cent and a core net interest margin of around 4.4 per cent. The other income of the bank too registered strong grow th of 39.3 per cent from Rs 394.4 crore to Rs 549.3 crore, comprising Rs 490.4 crore from fee and commissions alone.
Provisions and contingencies for the quarter almost doubled to Rs 465.1 crore as against Rs 267.1 crore in the corresponding quarter last year. The provisioning comprises Rs 293 crore for non-performing assets and general provisions for standard assets and Rs 172.7 crore for tax, legal and other contingencies.

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