Friday, January 18, 2013

HDFC BANK - RESULTS -FRO Q3 FY 2012-13 - Q/E DEC,2012 - NET REVENUES UP 23.4% YoY; NET PROFIT UP 30% YoY - SEASONED PERFORMANCE - PROMISING FUTURE




HDFC Bank Limited
ADITYA PURI, MD

FINANCIAL RESULTS

FOR THE QUARTER AND NINE MONTHS
ENDED DECEMBER 31, 2012

Ø  The Bank’s total income for the quarter ended December 31, 2012, was Rs.10,506.5 Crores as against Rs.8,622.6 crores for the quarter ended December 31, 2011. 

Ø  Net revenues (net interest income plus other income) were at Rs.5,597.7 crores for the quarter ended December 31, 2012,  an increase of 23.4% over Rs.4,536.0 crores for the corresponding quarter of the previous year. 

Ø  Net interest income (interest earned Less interest expended) for the quarter ended December 31, 2012, grew by 21.9% to  Rs.3,798.9 Crores.

Ø  This was driven by loan growth of 24.3% and a net interest margin for the quarter of 4.1%. 

Ø  Other income (non-interest revenue) for the quarter ended December 31, 2012, was Rs.1,798.9crores as against Rs.1,420.0 crores in the corresponding quarter ended December31,2011.

Ø  The main contributor to other income for the quarter was fees & commissions of  Rs.1,401.9 crores, up by 24.3% over Rs.1,127 .6crores in the corresponding quarter ended December31,2011. 

Ø  The two other Components of other income were foreign exchange & derivatives revenue of  Rs.258.0 crores (Rs.365.6 crores for the corresponding quarter of the previous year ) and gain on revaluation / sale of investments of  Rs.135.8 crores (loss of  Rs.81.8 crores for the quarter ended December 31, 2011).

Ø  Operating expenses for the quarter ended December 31, 2012, were Rs.2,574.1 crores, an increase of 19.3 % over the corresponding quarter of the previous year.

Ø  The core cost – to –income ratio (excluding bond gains/losses) for the quarter ended December 31, 2012 was 47.1%.

Ø  Provisions and contingencies for the quarter ended December 31, 2012 were Rs.307.2 crores (consisting primarily of specific, general and floating provisions) as against  Rs.329.2 crores for the corresponding  quarter ended December 31, 2011and Rs.292.9crores for the preceding quarter ended September 30, 2012.

Ø  Profit before tax at Rs.2,716.4 crores for the quarter ended December 31, 2012, was up 32.6% over Rs.2,048.8 crores  for the quarter ended December 31, 2011.

Ø  After providing Rs.857.3 crores for taxation, the Bank earned an Net profit of  Rs.1,859.1 crores, an increase of 30.0% over the quarter ended December31, 2011. Thus, YoY improvement in Net Profit is quite impressive, as always.

Ø  Balance Sheet: As of December 31, 2012

Ø  The Bank’s total balance sheet size increased by 14.4% from Rs.335,466 crores as of December 31,2011, to  Rs.383,729 crores as of December 31, 2012.

Ø  Total net advances as of December 31, 2012,were Rs.241,493 crores, an increase of 24.3% over December 31, 2011.

Ø  The mix of loans between the retail and wholesale segments was 53:47 as on December 31, 2012.

Ø  Total deposits were at Rs.284,119 crores, an increase of 22.2% over December 31, 2011.

Ø  Savings deposits grew 16.5%to  Rs.81,942 crores and current deposits grew 10.4% to Rs.47,004 crores. The CASA ratio as at December 31, 2012,was 45.4%.

Ø  Nine months ended December 31, 2012: 

Ø  For the nine months ended December 31, 2012, the Bank earned a total income of  Rs.29,913 .2crores as against  Rs.23,650.0 crores in the corresponding period of the previous year.

Ø  Net revenues (net interest income plus other income) for the nine months ended December 31,2012, were Rs.15,688.1 crores, as against  Rs.12,660.2 crores for the nine months ended December 31, 2011 , an increase of 23.9%. 

Ø  Net profit for the nine months ended December 31, 2012 was Rs.4,836.4 crores, up by 30.2% over the corresponding nine months ended December 31, 2011.

Ø  Capital Adequacy:

Ø  The Bank’s total Capital Adequacy Ratio (CAR) as at December 31, 2012, (computed as per Basel II guidelines) stood at 17.0% as against the regulatory minimum of 9.0%. Tier -I CAR was 10.9% as of December 31, 2012.

Ø  Network : As of December 31, 2012 , the Bank’s distribution network was at 2,776 branches and 10,490 ATMs in 1,568 cities as against 2,201 branches and 7,110 ATMs in 1,174cities as of December 31, 2011. 

Ø  Asset Quality : Gross non-performing assets were at 1.0% of gross advances , and net non-performing assets at 0.2% of net advances as on December 31, 2012.

Ø  The Bank’s provisioning policies for specific loan loss provisions remained higher than regulatory requirements. The NPA coverage ratio based on specific provisions (not including write-offs, technical or otherwise) was at 80% as on December 31, 2012.

Ø  Total restructured loans (including applications received and under process for restructuring) were at 0.3% of gross advances as of December 31, 2012.

RESULTS TABLE

HDFC BANK
31-Dec-12
30-Sep-12
%Dif QoQ
30-Jun-12
31-Mar-12
31-Dec-11
%Dif YoY
Total Income
1050651
986977
6.45
953691
888002
862264
21.85
Total Expenditure
748288
729846
2.53
695597
646681
624461
19.83
Profit before Intt, Dep. & Taxes
302363
257131
17.59
258094
241321
237803
27.15
Net Profit
185907
155998
19.17
141739
145308
142966
30.04
Diluted EPS
7.8
6.5
20
6
6.1
6.1
27.87
Interest on Advances
672167
644941
4.22
606351
561013
541749
24.07
Income on Investments
189296
195277
-3.06
187868
172813
174757
8.32
Income on Balances With RBI
6773
8499
-20.31
5111
4477
3459
95.81
Others
2526
3748
-32.6
1412
501
299
744.82
Interest Earned
870762
852465
2.15
800742
738804
720264
20.89
Other Income
179889
134512
33.73
152949
149198
142000
26.68
Total Income
1050651
986977
6.45
953691
888002
862264
21.85
Interest Expended
490877
479296
2.42
452337
399973
408665
20.12
Employees Cost
100393
96293
4.26
99319
92840
86742
15.74
Other Operating Expenses
157018
154257
1.79
143941
153868
129054
21.67
Operating Expenses
257411
250550
2.74
243260
246708
215796
19.28
Total Expenditure excl. provisions
748288
729846
2.53
695597
646681
624461
19.83
Operating Profit
302363
257131
17.59
258094
241321
237803
27.15
Provisions
30724
29289
4.9
48731
29830
32924
-6.68
Profit  before tax
271639
227842
19.22
209363
211491
204879
32.59
Tax Expense
85732
71844
19.33
67624
66183
61913
38.47
Net Profit
185907
155998
19.17
141739
145308
142966
30.04
Face Value of Share (Rs )
2
2
0
2
2
2
0
Paid-up Equity
47361
47234
0.27
47118
46934
46826
1.14
Capital Adequacy Ratio
17
17
0
15.5
16.5
16.3
4.29
Basic EPS
7.9
6.6
19.7
6
6.2
6.1
29.51
Diluted EPS
7.8
6.5
20
6
6.1
6.1
27.87
Gross/Net NPA
49580
38686
28.16
39602
35233
39796
24.59
 % of Gross/Net NPA
0.2
0.2
0
0.2
0.2
0.2
0
Return on Assets
0.5
0.4
25
0.4
0.5
0.5
0
Public Shareholding (%)
0
0
#DIV/0!
59.7
59.6
0


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