HDFC BANK vs AXIS BANK
Q4 vs Q3 FY 2011 RESULTS
COMPARISON
India’s TOP 3 Private sector Banks always make for an interesting study.
While size-wise, ICICI Bank is No.1, HDFC Bank is No.2 and Axis Bank is No.3; performance- wise, HDFC Bank is No.1, Axis Bank is No.2 and ICICI Bank is No.3 on most of the parameters of growth, for many quarters now.
Axis and HDFC Bank compete well on many parameters almost equally, though, HDFC Bank has managed to be no.1 in terms of growth drivers, till last quarter.
How do Axis and HDFC Bank compare in Q4 FY 2011 VERSUS Q3 FY 11? This makes for an interesting study.
Size-wise, HDFC Bank continues to be higher than Axis Bank as can be seen from the table below in respect of the Q4 and Q3 performances
Interest on Advances : Axis Bank in Q4 stands at Rs. 3062.64 cr while HDFC Bank stands at Rs.4150.93 cr . But, Growth% of Q4 over Q3 has been 17.77% for Axis Bank, and just 5.08% for HDFC Bank.
Income on Investments : Axis Bank stands at Rs.1213.06 cr while HDFC Bank stands almost at same level at Rs.1296.58 cr. But, Growth% of Q4 over Q3 has been 3.96% for Axis Bank, and 5.77% for HDFC Bank.
Total Income : Axis Bank stands at Rs.5817.06 cr and HDFC Bank stands at Rs.6724.31 cr. But, Growth% of Q4 over Q3 has been 16.67% for Axis Bank, and 5.77% for HDFC Bank.
Operating Profit : Axis Bank stands at Rs.1820.81 cr while HDFC Bank stands at Rs.2096.86 cr. But, Growth% of Q4 over Q3 has been 9.79% for Axis Bank, and only 1.17% for HDFC Bank.
Profit before tax : Axis stands at Rs.1566.42 cr; while HDFC Bank stands at Rs.1665.52 cr . But, Growth% of Q4 over Q3 has been 16.5% for Axis Bank, and only 3.65% for HDFC Bank.
Net Profit : Axis stands at Rs.1020.11 cr; while HDFC Bank stands at 1114.71 cr. But, Growth% of Q4 over Q3 has been 14.44% for Axis Bank, and only 2.47% for HDFC Bank. The difference in Net profit is very marginal now between these two efficient performers.
Capital Adequacy Ratio : Axis stands at 12.65; but HDFC Bank has a higher 16.2. It is to be seen whether Axis will raise funds – in near future.
Basic EPS in Q4 stands at Rs.24.87 for Axis Bank and at Rs.24 for HDFC Bank. The same was Rs.21.77 in Q3 for Axis Bank and Rs.23.5 for HDFC Bank. It appears that, for the first time in several quarters – Axis Bank has actually overtaken HDFC Bank comfortably in respect of this important parameter.
While % of Gross/ net NPAs is almost same for both, the return on assets for Axis bank is higher. Its Equity Base of Axis stands at Rs. 410.55 cr, against HDFC Bank’s Rs.465.23, thus resulting in higher EPS on the same level of Net Profit.
Overall – now, both these efficient Banks seem to be on an equal footing – and hence, future performances will be much more interesting between the two. Both are on a High Growth track, as always. But, Axis seems to be catching up faster than ever.
Both Banks, seem to deserve equal rating at the hands of the Market now.
Readers are invited to offer their comments, suggestions, corrections etc, as always. The 2 banks’ performance in Q4 has been individually covered earlier in this Blog.
| AXIS | HDFC | AXIS | HDFC | |
| I T E M | 31-Mar-11 | 31-Mar-11 | 31-Dec-10 | 31-Dec-10 |
| Interest on Advances | 306264 | 415093 | 260055 | 395038 |
| Growth% of Q4 over Q3 | 17.77 | 5.08 | ||
| Income on Investments | 121306 | 129658 | 116683 | 122583 |
| Growth% of Q4 over Q3 | 3.96 | 5.77 | ||
| Interest Earned | 436666 | 546855 | 383831 | 522996 |
| Other Income | 145040 | 125576 | 114771 | 112782 |
| Total Income | 581706 | 672431 | 498602 | 635778 |
| Growth% of Q4 over Q3 | 16.67 | 5.77 | ||
| Interest Expended | 266566 | 262908 | 210519 | 245327 |
| Employees Cost | 39602 | 73335 | 39616 | 72505 |
| Other Operating Expenses | 93457 | 126502 | 82619 | 110677 |
| Operating Expenses | 133059 | 199837 | 122235 | 183182 |
| Operating Profit | 182081 | 209686 | 165848 | 207269 |
| Growth% of Q4 over Q3 | 9.79 | 1.17 | ||
| Provisions | 25439 | 43134 | 31388 | 46587 |
| Profit before tax | 156642 | 166552 | 134460 | 160682 |
| Growth% of Q4 over Q3 | 16.5 | 3.65 | ||
| Tax Expense | 54631 | 55081 | 45324 | 51899 |
| Net Profit | 102011 | 111471 | 89136 | 108783 |
| Growth% of Q4 over Q3 | 14.44 | 2.47 | ||
| Face Value(in Rs.) | 10 | 10 | 10 | 10 |
| Paid-up Equity | 41055 | 46523 | 40990 | 46433 |
| Capital Adequacy Ratio | 12.65 | 16.2 | 12.46 | 16.3 |
| Basic EPS | 24.87 | 24 | 21.77 | 23.5 |
| % of Gross/Net NPA | 0.26 | NA | 0.29 | 0.2 |
| Return on Assets | 1.81 | NA | 1.75 | 0.4 |
| Public holding (%) | 53.6 | NA | 53.63 | 76.6 |
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