HDFC Bank Limited
FINANCIAL RESULTS (INDIAN GAAP)
FOR THE QUARTER AND YEAR ENDED MARCH 31, 2011
Profit & Loss Account: Quarter ended March 31, 2011
Total income for Q/E March 31, 2011, was Rs.6,724.3 crores.
Net revenues (net interest income plus other income) at Rs.4,095.2 crores for Q/e March 31, 2011 increased by 24.0% over Rs.3,302.1 crores for the corresponding Q/e March 31, 2010.
Net interest income (interest earned less interest expended) for the Q/E March 31, 2011 was Rs.2,839.5 crores as against Rs.2,351.4 crores for the Q/E March 31,2010. This was driven by loan growth of 27.1% and a core net interest margin for the quarter of 4.2%.
Other income (non-interest revenue) for Q/E March 31, 2011 was Rs. 1,255.8 crores up 32.1% over that in the corresponding Q/E March 31, 2010.
The main contributor to other income for the quarter was fees & commissions of Rs.1,000.6 crores, up by 23.2% over Rs.812.5 crores in the corresponding Q/E March 31, 2010.
The other major component of other income was foreign exchange & derivatives revenue of Rs.245.4 crores as against Rs.180.1 crores for the corresponding quarter of the previous year.
The Bank earned a profit of Rs.8.6 crores on revaluation / sale of investments for the Q/E March 31, 2011 as against a loss of Rs.47.3 crores in the Q/E March 31, 2010.
Operating expenses for the quarter were Rs.1,998.4 crores, an increase of 24.3% over Rs.1,607.8 crores during the corresponding quarter of the previous year.
The cost-to-income ratio for the quarter was stable at 48.8% as against 48.7% for the corresponding Q/E March 31, 2010.
Provisions and contingencies were Rs.431.3 crores (including specific loan loss and floating provisions of Rs.330.1 crores) for the Q/E March 31, 2011 as against Rs.439.9 crores (including specific loan loss and floating provisions of Rs.322.8 crores) for the corresponding Q/E March 31, 2010.
After providing Rs.550.8 crores for taxation, the Bank earned a Net Profit of Rs.1,114.7 crores, an increase of 33.2% over the Q/E March 31, 2010.
Profit & Loss Account: Year ended March 31, 2011
For the year ended March 31, 2011, the Bank earned total income of ` Rs.24,263.4 crores.
Net revenues for the year ended March 31, 2011 were Rs.14,878.3 crores, up by 20.3% over Rs.12,369.5 crores for the year ended March 31, 2010.
The Bank’s net profit for year ended March 31, 2011 was Rs.3,926.4 crores, up 33.2%, over the year ended March 31, 2010.
Consolidated net profit for the Bank increased by 32.9% to Rs.3,992.5 crores for the year ended March 31, 2011.
Balance Sheet: As of March 31, 2011
The Bank’s total balance sheet size increased by 24.7% from Rs.222,459 crores as of March 31, 2010 to Rs.277,353 crores as of March 31, 2011.
Total net advances as of March 31, 2011 were Rs.159,983 crores, an increase of 27.1% over March 31, 2010.
Total deposits were at Rs.208,586 crores, an increase of 24.6% over March 31, 2010.
Savings account deposits grew 27.2% over the previous year to reach Rs. 63,448 crores, while current account deposits at Rs.46,460 crores, registered a growth of 24.8% over the same period. Adjusting current account deposits for one-offs at year end the core CASA ratio was at 51% of total deposits as at March 31, 2011.
Capital Adequacy:
The total Capital Adequacy Ratio (CAR) as at March 31, 2011 (as per Basel II guidelines) stood at 16.2% as against 17.4% as of March 31, 2010 and against the regulatory minimum of 9.0%. Tier-I CAR was 12.2% as of March 31, 2011.
DIVIDEND
The Board of Directors recommended an enhanced dividend of Rs.16.50 per share for the year ended March 31, 2011, as against ` 12.0 per share for the previous year.
NETWORK
As of March 31, 2011, the Bank had 1,986 branches and 5,471 ATMs in 996 cities as against 1,725 branches and 4,232 ATMs in 779 cities as of March 31, 2010. The Bank’s total customer base was 21.9 million as of March 31, 2011.
ASSET QUALITY
Asset quality continued to remain healthy with gross NPAs as on March 31, 2011 at 1.1% of gross advances as against 1.4% at the end of previous year.
The ratio of net non-performing assets to net advances as of March 31, 2011 was at 0.2%, down from 0.3% as at March 31, 2010.
The NPA coverage ratio based on specific provisions (not including write-offs, technical or otherwise) was at 82.5% as on March 31, 2011 while that on March 31, 2010 was 74.8%. Total restructured loans (including applications received and under process for restructuring) were at 0.4% of gross advances of which 0.1% were restructured loans classified as NPAs as on March 31, 2011.
SUBDIVISION (SPLIT) OF THE BANK’S EQUITY SHARES
The Board of Directors considered and approved the sub-division (split) of one equity share of the Bank having a nominal value of ` 10 each into five equity shares of nominal value of ` 2 each. The record date for the same shall be determined subsequently. The sub-division of shares will be subject to approval of the shareholders and any other statutory and regulatory approvals, as applicable.
Results table for 5 qtrs :
In the table, Second Time repeated columns exist. In them, figures for previous 4 qtrs are reflected in percentage increase terms compared to Q4 FY 11.
| Quarter Ended | 31-Mar-11 | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 |
| Interest on Advances | 415093 | 395038 | 367318 | 331052 | 303139 |
| Interest on Advances | 415093 | 5.08 | 13.01 | 25.39 | 36.93 |
| Income on Investments | 129658 | 122583 | 110026 | 105322 | 100811 |
| Income on Investments | 129658 | 5.77 | 17.84 | 23.11 | 28.61 |
| Income on Balances With RBI | 1864 | 5171 | 3546 | 4227 | 1231 |
| Others | 240 | 204 | 110 | 1414 | 130 |
| Interest Earned | 546855 | 522996 | 481000 | 442015 | 405311 |
| Other Income | 125576 | 112782 | 96070 | 93988 | 90355 |
| Total Income | 672431 | 635778 | 577070 | 536003 | 495666 |
| Total Income | 672431 | 5.77 | 16.53 | 25.45 | 35.66 |
| Interest Expended | 262908 | 245327 | 228372 | 201901 | 170175 |
| Employees Cost | 73335 | 72505 | 71057 | 66707 | 59716 |
| Other Operatng Expenses | 126502 | 110677 | 96931 | 92524 | 96338 |
| Operatng Expenses | 199837 | 183182 | 167988 | 159231 | 156054 |
| Total Exp excl. provisions | 462745 | 428509 | 396360 | 361132 | 326229 |
| Operating Profit | 209686 | 207269 | 180710 | 174871 | 169437 |
| Operating Profit | 209686 | 1.17 | 16.03 | 19.91 | 23.75 |
| Provisions | 43134 | 46587 | 45448 | 55502 | 43991 |
| Profit before tax | 166552 | 160682 | 135262 | 119369 | 125446 |
| Profit before tax | 166552 | 3.65 | 23.13 | 39.53 | 32.77 |
| Tax Expense | 55081 | 51899 | 44048 | 38198 | 41784 |
| Net Profit | 111471 | 108783 | 91214 | 81171 | 83662 |
| Net Profit | 111471 | 2.47 | 22.21 | 37.33 | 33.24 |
| Face Value in Rs | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity | 46523 | 46433 | 46260 | 45969 | 45774 |
| Capital Adequacy Ratio | 16.2 | 16.3 | 17 | 16.3 | 17.4 |
| Basic EPS | 24 | 23.5 | 19.8 | 17.7 | 18.3 |
| Diluted EPS | 23.7 | 23.1 | 19.5 | 17.4 | 18.1 |
| Gross/Net NPA | - | 33067 | 40854 | 41251 | 39205 |
| % of Gross/Net NPA | - | 0.2 | 0.3 | 0.3 | 0.3 |
| Return on Assets | - | 0.4 | 0.4 | 0.4 | 0.4 |
| Public holding (%) | 0 | 76.6 | 59 | 76.4 | 76.3 |
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