FINANCIAL
RESULTS (INDIAN GAAP)
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER30,2013
Total income for the quarter ended September 30,
2013 was Rs.11,937.7 crores, as against Rs.10,146.7 crores, for quarter ended
September30, 2012.
Net revenues (net interest income plus other
income) were at Rs.6,320.9crores , an
increase of 18.1% for the quarter ended September 30, 2013 as against Rs.5,353.7
crores for the corresponding quarter of the previous year.
Net interest income (interest earned less interest
expended) for the quarter ended September 30, 2013 accounted for 71% of net
revenues and grew by 15.3% to Rs.4,476.5 crores from Rs.3,881.9 crores for quarter
ended September30, 2012.
Net interest margin for the quarter was at 4.3% as
against 4.4% for corresponding Quarter ended September30, 2012.
Other income (non-interest
revenue) at Rs.1,844.4 crores
was 29% of the net revenues for the quarter ended September 30, 2013 and grew
by 25.3% over Rs.1,471.8 crores in the corresponding
quarter ended September30, 2012.
The
four components of other income for the quarter ended September 30, 2013 were :
Fees & commissions of Rs.1,354.4 crores (Rs.1,220.3 crores
in the corresponding quarter of the previous year),
Foreign exchange &
derivatives revenue of
Rs.501.4 crores (Rs.235.9 crores for the corresponding quarter of the previous
year),
Loss on revaluation / sale
of investments of
Rs.173.3 crores (loss of Rs.105.9 crores for the quarter ended
September30, 2012) and
Miscellaneous income
including recoveries of
Rs.161.9 crores (Rs.121.6 crores for the corresponding quarter of the previous
year).
Operating expenses for the quarter were Rs.2,934.2 crores,
an increase of 9.3% over Rs.2,685.4 crores during the corresponding quarter of
the previous year.
The cost-to-income ratio for the quarter was at 46.4%as
against 50.2% for the corresponding quarter ended September 30, 2012.
Provisions and contingencies were Rs.385.9 crores (consisting of
specific loan loss and general
provisions) for the quarter ended September 30, 2013 as against Rs.389.9 crores
for the corresponding quarter ended September30, 2012.
Profit before tax was Rs.3,000.7 crores, an increase
of 31.7%over the quarter ended September30, 2012.
Provision for taxation was Rs.1,018.4 crores, an increase
of 41.8% over the quarter ended September 30, 2012 primarily due to increase in
income tax surcharge from 5% to 10%.
NET PROFIT, After providing for taxation, was
of Rs.1,982.3crores, an increase of 27.1%
over the quarter ended September 30, 2012.
Balance Sheet: As of
September30, 2013
Advances as of September 30, 2013 were Rs.2,68,617crores,
an increase of 16.0% over September30, 2012.
This loan growth was contributed by
both segments of the Bank loan portfolio, with retail loans growing by 16.9%
and wholesale loans by15.0% resulting in a retail:wholesale loan mix of 53:47.
Total deposits
as of September30, 2013 were Rs.3,13,011crores, an increase of 14.2% over september30,
2012.
Savings account deposits grew 17.9% over the previous year to reach Rs.93,285 crores.
The CASA ratio
as at September 30, 2013 was 45.0%.
Half Year ended September
30, 013:
For
the half year ended September 30, 2013, the Bank earned a total income of Rs.
23,526.2
crores as against Rs.19,971.8crores in
the corresponding period of the previous year.
Net revenues (net interest income plus other
income) for the six months ended September 30, 2013 were Rs.12,665.2 crores, as
against Rs.10,655.5crores for the six months
ended September 30, 2012, an increase of 18.9%.
Net profit for the half year ended September
30, 2013was Rs. 3,826.2crores, up by
28.5%
over the corresponding six months ended September 30, 2012 .
Capital Adequacy: The Bank’s total Capital Adequacy
Ratio (CAR) as at September30, 2013 (computed as per Basel III guidelines)
stood at 14.6% as against a regulatory requirement of 9%. Of this, Tier-I CAR
was 9.9%.
These
CAR ratios are based on net worth numbers which do not take into account the audited
profits for the half year ended September 30, 2013.
Had
the same been included, the total CAR and Tier-I CAR would have been 15.6% and
10.9% respectively.
3,251
branches and 11,177 ATMs in 2,022 cities / towns an increase of 631branches and
861 ATMs over 2,620 branches and 10,316 ATMs in 1,454cities / towns as of
September30,
2012.
ASSET QUALITY :-
Gross
non-performing assets(NPAs)were at 1.09% of gross advances as on September 30,
2013,as against 1.04% as on June 30, 2013 and 0.91% as on September 30, 2012. Net
non-performing assets were at 0.3% of net advances as on September 30,2013.
Total
restructured loans(including applications received and under process for
restructuring) were at 0.2% of gross advances as of September30, 2013 as
against
0.3%
as of September30, 2012.
COMMENTS :-
HDFC
BANK has again performed excellently. Net Revenues have increased by 18.1 %
YoY. Net Interest Margin stays at 4.3 % (More or less the same as 4.4% in
corresponding Qtr). Net Profit has grown by 27.1 %, slightly lesser growth than
>30% growth in all preceding quarters mainly due to IT surcharge jump from
5% to 10%.
We
need to remember that RBI had imposed a Liquidity squeeze during the quarter.
This may have had some impact on every Bank. But, now that the squeeze has been
relaxed , all banks can be expected to perform in Q3 and Q4 much better than Q2.
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