AXIS BANK vs HDFC BANK
STAND ALONE RESULTS COMPARISON
Q1 FY 12 vs Q4 FY 11 vs Q1 FY 11
AXIS BANK and HDFC BANK have both declared their Q1 FY 12 results. These are analyzed and compared below :
Interest on Advances : Axis Bank stands at Rs.3470.10 cr – higher by 13.3% from Previous qtr (Q4 FY 11) and Higher by 50.16% from corresponding Qtr (Q1 FY 11). The same for HDFC Bank is Rs.4514.19 cr – higher by 8.75% from Q4 FY 11; and higher by 36.36% from Q1 FY 11.
Income on Investments : Axis Bank stands at Rs.1332.84 cr – up by 9.87% from Q4 FY 11; and up by 42.51% from Q1 FY 11. The same for HDFC Bank is Rs.1410.70 cr – up by 8.8% from Q4 FY 11; up by 33.94% from Q1 FY 11.
Interest Earned :Axis Bank stands at Rs.4881.40 cr – up by 11.79% from Q4 FY11, and up by 46.78% from Q1 FY 11. HDFC Bank stands at Rs.5977.97 cr – up by 9.32% from Q4 FY 11; and up by 35.24% from Q1 FY 11.
Net Interest Income :Axis Bank has earned Rs.1724.10 cr – up by 1.36% from Q4 FY 11; and up by 13.89% from Q1 FY 11; HDFC Bank has earned Rs.2847.96 Cr – up by 0.3% from Q4 FY 11; and up by 18.61% from Q1 FY 11.
Total Income :Axis has earned Rs.6049.27 Cr – up by 3.99% from Q4 FY 11; and up by 39.82% from Q1 FY 11. HDFC Bank has earned Rs.7098 cr – up by 5.56% from Q4 FY 11; and up by 32.42% from Q1 FY 11.
Thus – in all aspects of earnings & Income – Axis bank Has scored well against HDFC Bank.
Employees Cost ; Axis Bank spent Rs.509.96 cr – up by 28.77% over Q4 FY 11; and up by 22.46% from Q1 FY 11; HDFC Bank has Rs.780.99 cr – up by 6.5% from Q4 FY 11 and up by 17.08% from Q1 FY 11. Thus Increase in Employees Cost is HIGHER for Axis Bank.
Other Operating Expenses : Axis has spent Rs.823.53 cr – down by 11.88% fromQ4 FY 11 and up by 27.07% from Q1 FY 11; HDFC Bank has spent Rs.1153.64 cr – down by 8.8% from Q4 FY 11; and Up by 24.69% from Q1 FY 11. Here also % increase in expenditure is higher for Axis bank.
Operating Expenses : Axis has spent Rs.1333.49 cr – up by 0.22% from Q4 FY 11 and up by 25.27% from Q1 FY 11; HDFC Bank has spent Rs.1934.63 cr – down by 3.19% from Q4 FY 11; and up by 21.5% from Q1 FY 11. Thus, in all major items of expenditure – axis has spent more in % terms.
Operating Profit : Axis Bank has earned Rs.1558.48 cr – DOWN by 14.41% from Q4 FY 11; and UP by 7.48% from Q1 FY 11. HDFC Bank has earned Rs.2033.36 cr –DOWN by 3.03% from Q4 FY 11; and UP by 16.28% from Q1 FY 11.The higher percentage increase in expenditure of Axis Bank, despite Higher % increase in Income has resulted in lower increase in operating Profit for Axis bank, this quarter.
Provisions : Axis Bank has made provision of Rs.175.84 cr – Less by 30.88%compared to Q4 FY 11 and less by 47.2% from Q1 FY 11. HDFC Bank made provision for Rs.443.66 cr – up by 2.86% from Q4 FY 11 but Down by 20.06% from Q1 FY 11. Provisions are very healthy and Lower for Axis bank – compared to HDFC Bank.
Profit before tax : Axis Bank has a PBT of Rs.1382.64 cr – down by 11.73% from Q4 FY 11 but up by 23.78% from Q1 FY 11; HDFC Bank has a PBT of Rs.1589.70 cr – down by 4.55% from Q4 FY 11; But up by 33.18% from Q1 FY 11.
Tax Expense : For Axis Bank, is Rs.440.29 cr – lower by 19.41% from Q4 FY11 but higher by 17.36% from Q1 FY 11. The same for HDFC Bank is Rs.504.72 cr – Lower by 8.37% from Q4 FY 11; and higher by 32.13% from Q1 FY 11.
Net Profit : Over All - Axis Bank has earned a NPT of Rs.942.35 cr – down by 7.62% from Q4 FY 11; and up by 27.02% from Q! FY 11; HDFC Bank has a NPT of Rs.1084.98Cr – down by 2.67% from Q4 FY 11; Up by 33.67% from Q1 FY 11.
Capital Adequacy Ratio : Axis Bank’s CAR stands at 12.53, against HDFC Bank’s 16.9.
Paid-up Equity : for Axis Bank is Rs.411.88 cr – against Rs.466.77 Cr of HDFC Bank.
Basic EPS : Axis Bank has a basic EPS of Rs.22.92 in Q1 FY 12 – against Rs.24.87 in Q4 FY 11; and Rs.18.26 in Q1 FY 11; HDFC Bank has a Basic EPS of Rs.23.3 in Q1 FY 12 – against Rs.24 in Q4 FY 11; and Rs.17.7 in Q1 FY 11. Thus, the ratio of EPS for Q1 FY 12 is 22.92 : 23.3 for Axis : HDFC; The same in Q4 FY 11 was 24.87 : 24. The same in Q1 FY 11 was 18.26 : 17.7. Thus, at EPS level, both Banks are Equal.
% of Gross/Net NPA : Axis Bank has a % of 0.31 against 0.2 of HDFC Bank.
Return on Assets : Axis Bank has ROA of 1.61 – against 0.4 of HDFC Bank. It is not clear how this much disparity exists in ROA.
Over All - Both Banks are clocking Good Growth Rates. First quarter Results may be rather muted for both Banks in terms of Growth Rates - due to Interest Rates Adjustments, expenditure increase on salaries etc.
As can be seen - Income streams have registered Good Growth in Q1 - more for Axis and slightly less for HDFC Bank; but Expenditure streams see reverse trend with Axis spending More and HDFC Bank spending less.
Axis Bank has beaten market expectations with a 27.02% rise in Net Profit over corresponding Quarter. But , so did, HDFC Bank with a 33.67% rise.
After this impressive rise in NPT for Both Banks - the Final result is that both Axis and HDFC Bank are clocking the same EPS - with minor differences in all the last 3 compared quarters.
Axis is expected to raise further funds during this quarter - improving its loanable Funds. HDFC Bank is sub dividing its Face value from Rs.10 to Rs.2, which may improve its MP further.
But, in view of current Lower valuations, the Market Price of Axis Bank deserves better valuations.
RESULTS TABLE : COMPARISON :
| ITEM | AXIS 6/30/2011 | AXIS 3/31/2011 | AXIS 6/30/2010 | HDFC 6/30/2011 | HDFC 3/31/2011 | HDFC 6/30/2010 |
| Interest on Advances | 347010 | 306264 | 231089 | 451419 | 415093 | 331052 |
| Income on Investments | 133284 | 121306 | 93526 | 141070 | 129658 | 105322 |
| Income on Balances With RBI | 4791 | 6359 | 3248 | 2484 | 1864 | 4227 |
| Others | 3055 | 2737 | 4696 | 2824 | 240 | 1414 |
| Interest Earned | 488140 | 436666 | 332559 | 597797 | 546855 | 442015 |
| Other Income | 116787 | 145040 | 100078 | 112003 | 125576 | 93988 |
| Total Income | 604927 | 581706 | 432637 | 709800 | 672431 | 536003 |
| Interest Expended | 315730 | 266566 | 181182 | 313001 | 262908 | 201901 |
| N I I | 172410 | 170100 | 151377 | 284796 | 283947 | 240114 |
| Employees Cost | 50996 | 39602 | 41642 | 78099 | 73335 | 66707 |
| Other Operatng Expenses | 82353 | 93457 | 64808 | 115364 | 126502 | 92524 |
| Opertng Expenses | 133349 | 133059 | 106450 | 193463 | 199837 | 159231 |
| Operating Profit | 155848 | 182081 | 145005 | 203336 | 209686 | 174871 |
| Provisions | 17584 | 25439 | 33300 | 44366 | 43134 | 55502 |
| Profit before tax | 138264 | 156642 | 111705 | 158970 | 166552 | 119369 |
| Tax Expense | 44029 | 54631 | 37517 | 50472 | 55081 | 38198 |
| Net Profit | 94235 | 102011 | 74188 | 108498 | 111471 | 81171 |
| Face Value | 10 | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity | 41188 | 41055 | 40744 | 46677 | 46523 | 45969 |
| Capital Adequacy Ratio | 12.53 | 12.65 | 14.54 | 16.9 | 16.2 | 16.3 |
| Basic EPS | 22.92 | 24.87 | 18.26 | 23.3 | 24 | 17.7 |
| Diluted EPS | 22.67 | 24.54 | 17.95 | 23 | 23.7 | 17.4 |
| Gross/Net NPA | 46247 | 41035 | 41341 | 31850 | - | 41251 |
| % of Gross/Net NPA | 0.31 | 0.26 | 0.35 | 0.2 | - | 0.3 |
| Return on Assets | 1.61 | 1.81 | 1.63 | 0.4 | - | 0.4 |
| Public holding (%) | 52.87 | 53.6 | 54.51 | 76.7 | 0 | 76.4 |
CORPORATE ANNOUNCEMENTS BY AXIS TO NSE
22-07-2011 Prof. Samir Barua, Director, Indian Institute of Management, Ahmedabad was appointed as an Additional Independent Director of the Bank with immediate effect.
22-07-2011 Axis Bank standalone Results for the quarter ended on 30-JUN-2011 as follows: Interest earned of Rs. 488140 lacs for the quarter ending on 30-JUN-2011 against Rs. 332559 lacs for the quarter ending on 30-JUN-2010. Interest expended of Rs. 315730 lacs for the quarter ending on 30-JUN-2011 against Rs. 181182 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 94235 lacs for the quarter ending on 30-JUN-2011 against Rs. 74188 lacs for the quarter ending on 30-JUN-2010.
17-06-2011 Board of Directors has approved borrowing / raising funds by issue of Debt instruments on private placements basis within the limits permitted by RBI and other regulatory authorities from eligible investors, in one or more tranches. Accordingly, as per the business plan for the year, Bank proposes to raise the funds in domestic and/or overseas market, eligible for inclusion in Tier I and Tier II capital.
25-04-2011 Axis Bank has recommended a dividend of Rs.14/- per share (140%) for the year ended March 31, 2011.
25-04-2011 " Axis Bank Announces Q4 FY11 Net Profit of Rs1,020 Crores, up by 33% YOY, and FY11 Net Profit of Rs 3,388 Crores, up by 35% YOY".
CORPORATE ANNOUNCEMENTS BY HDFC BANK TO NSE
19-07-2011 HDFC Bank standalone Results for the quarter ended on 30-JUN-2011 as follows: Interest earned of Rs. 597797 lacs for the quarter ending on 30-JUN-2011 against Rs. 442015 lacs for the quarter ending on 30-JUN-2010. Interest expended of Rs. 313001 lacs for the quarter ending on 30-JUN-2011 against Rs. 201901 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 108498 lacs for the quarter ending on 30-JUN-2011 against Rs. 81171 lacs for the quarter ending on 30-JUN-2010.
07-07-2011 Shareholders of the Bank at the Annual General Meeting held on July 6, 2011 have approved the sub division of 1(one) equity share of the Bank having nominal value of Rs. 10/- each into 5 equity shares of nominal value of Rs. 2/- each. Further, the Bank has fixed July 16, 2011 as the Record Date for the purpose of ascertaining the eligible shareholders who would be entitled to receive 5 (Five) equity shares of nominal value of Rs.2/- each in lieu of 1 (One) equity share of nominal value of Rs.10/- each of the Bank on Sub-division.
18-04-2011 Hdfc Bank has recommended a dividend of Rs. 16.50 per equity share of Rs. 10/- each (i.e. 165%) out of the net profits for the year ended March 31, 2011.
18-04-2011 standalone Results for the quarter ended on 31-MAR-2011 as follows: Interest earned of Rs. 546855 lacs for the quarter ending on 31-MAR-2011 against Rs. 405311 lacs for the quarter ending on 31-MAR-2010. Interest expended of Rs. 262908 lacs for the quarter ending on 31-MAR-2011 against Rs. 170175 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 111471 lacs for the quarter ending on 31-MAR-2011 against Rs. 83662 lacs for the quarter ending on 31-MAR-2010.
18-04-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 1992821 lacs for the year ending on 31-MAR-2011 against Rs. 1617291 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 938508 lacs for the year ending on 31-MAR-2011 against Rs. 778630 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 392639 lacs for the year ending on 31-MAR-2011 against Rs. 294869 lacs for the year ending on 31-MAR-2010.
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