Thursday, October 23, 2014
HDFC Bank Limited QUARTERLY RESULTS - SECOND QUARTER - SEPTEMBER,2014 - NET REVENUES UP 19.6% YoY - NIM 4.5% - NET NPA 0.28%
HDFC Bank Limited
HDFC Bank has declared the financial results for the second quarter ended September30, 2014.
Total income for Q2 FY 15 was Rs.13,894.7 crore ,as against Rs.11,937.7 crore for Q2 FY 14.
Net revenues (net interest income plus other income) were at Rs.7,558.1 crore , an increase of 19.6% for Q2 FY 15 over Rs.6,320.9 crore for Q2 FY 14.
Interest earned increased from Rs.10,093.3 crore in Q2 FY 14 to Rs.11,847.6 crore in Q2 FY 15 , up by 17.4%.
With interest expense increasing by 12.8% to Rs.6,336.6 crore for Q2 FY 15, the net interest income (interest earned less interest expended) grew by 23.1% to Rs.5,511.0 crore from Rs.4,476.5 crore for Q2 FY 14.
Net interest margin for Q2 FY 15 was at 4.5% as against 4.3% for Q2 FY 14.
Other income (non-interest revenue) at Rs.2,047.1 crore was 27.1% of the net revenues for Q2 FY 15 and grew by 11.0% over Rs.1,844.4 crore in Q2 FY 14.
The four components of other income for Q2 FY 15 were fees & commissions of Rs.1,536.5 crore (Rs.1,354.4 crore in Q2 FY 14), foreign exchange & derivatives revenue of Rs.221.7 crore (Rs.501.4 crore for Q2 FY 14) , profit on revaluation / sale of investments of Rs.95.1 crore (loss of Rs.173.3 crore for Q2 FY 14) and miscellaneous income including recoveries of Rs.193.8 crore (Rs.161.9 crore for Q2 FY 14).
Operating expenses for Q2 FY 15 were Rs.3,497.9 crore, an increase of 19.2% over Rs.2,934.2 crore during Q2 FY 14.
The cost-to-income ratio for Q2 FY 15 was at 46.3% as against 46.4% for Q2 FY 14.
Provisions and contingencies were Rs.455.9 crore (consisting of specific loan loss and general provisions) for Q2 FY 15 as against Rs.385.9 crore for Q2 FY 14.
After providing Rs.1,222.8 Crore for taxation , the Bank earned a net profit of Rs.2,381.5 Crore for Q2 FY 15, an increase of 20.1% over Q2 FY 14.
Advances as of September 30, 2014 were Rs.327,273 crore , an increase of 21.8% over September30, 2013.
This loan growth was contributed by both segments of the Bank’s loan portfolio, with domestic retail loans and wholesale loans as per the Bank’s internal business classification growing by 17.3% and 21.8% respectively (as per regulatory[Basel 2] segment classification growing by 9.8% and 30.1% respectively).
Retail loan disbursal for the first half of the fiscal grew by 22% over the corresponding period of the previous fiscal.
Total deposits as of September 30, 2014 were Rs.390,682 crore, an increase of 24.8% over September 30, 2013.
Savings account deposits grew 18.8% over the previous year to reach Rs.110,810 crore and current account deposits at Rs.57,803 grew 21.4% over the previous year.
CASA mix was 43.2% as at September 30, 2014.
The Bank’s total Capital Adequacy Ratio (CAR) as at September 30, 2014 (computed as per Basel III guidelines) stood at 15.7% as against a regulatory requirement of 9%. Of this, Tier -I CAR was 11.8%.
As of September 30, 2014 , the Bank’s distribution network was at 3,600 branches and 11,515 ATMs in 2,272 cities / towns, an increase of 349 branches and 338 ATMs over 3,251 branches and 11,177 ATMs in 2,022 cities / towns as of September 30, 2013 and an increase of 197 branches and 259 ATMs during this fiscal year so far.
Number of employees increased from 69,662 as of September 30, 2013 to 75,339 as of September 30,2014.
Gross non-performing assets (NPAs) were at 1.02% of gross advances as on September 30,2014, as against 1.09% as on September 30,2013 and 1.07% as on June 30, 2014. Net non-performing assets were at 0.28% of net advances as on September 30,2014.
Total restructured loans (including applications received and under process for restructuring) were at 0.1% of gross advances as of September 30, 2014 as against 0.2% as of September 30, 2013.
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