HDFC Bank Ltd Q3FY13 Result First-Cut
Rajesh Desai
Dear Sir/Madam,
HDFC Bank Ltd has announced its Q3FY13 result on 18th January 2013.
The bank’s total income increased by 10.26% QoQ and 23.41% YoY to INR5597.74 crores, driven by robust YoY growth in its Net Interest Income (NII) and Other Income by ~22% and ~27% respectively. Whereas, Profit After Tax (PAT) increased by 19.17% QoQ and 30.04% YoY to INR1859.07 crores. Bank’s provisions and contingencies have been increased by 4.90% QoQ and decreased by 6.68% YoY to INR307crores. Decline in provisions contributed ~1.5% YoY growth in its bottom line.
During the quarter, Bank's loans book and total deposits expanded by 24.29% and 22.20% YoY to INR241493.25 and INR284118.57 crores respectively. On the assets quality front, the bank’s NNPA remained flat at 0.20% whereas, GNPA has been increased by 9bps QoQ to 1.00%. Moreover, bank is well capitalized to support its growth trajectory, Capital Adequacy Ratio (CAR) improved by 70bps YoY to 17% which is almost double than the regulator’s stipulated norm. On the margin front, Net Interest Margin (NIM) declined by 10bps QoQ and remain flat on YoY basis to 4.10%. Moreover, bank is in well position to tame any time liabilities with 80% of its Provision Coverage Ratio (PCR). However, bank’s low cost deposits base (CASA ratio) declined by 50bps QoQ and 230bps YoY to 45.40%.
Total restructuring advances (including applications received and under process for restructuring) were at 0.3% of gross advances as of 31st December 2012.
Q3’13 (INR Crores) |
Consensus |
Actual |
Variance % |
Total Income | 5263.1 |
5597.74 |
6.36% |
|
PAT |
1831.6 |
1859.07 |
1.50% |
|
HDFC Bank Ltd Quarterly-[INR-Crores] |
|
| |||
DESCRIPTION |
Q3'13 |
Q2'13 |
Q3'12 |
QoQ% |
YoY% |
Interest Earned |
8707.62 |
8524.65 |
7202.64 |
2.15 |
20.89 |
|
Interest Expended |
4908.77 |
4792.98 |
4086.65 |
2.42 |
20.12 |
|
NII |
3798.85 |
3731.67 |
3115.99 |
1.80 |
21.91 |
|
Other Income |
1798.89 |
1345.12 |
1420.00 |
33.73 |
26.68 |
|
Total Income |
5597.74 |
5076.79 |
4535.99 |
10.26 |
23.41 |
|
Operating Expenses |
2574.11 |
2505.50 |
2157.96 |
2.74 |
19.28 |
|
Operating Profit before Prov.& Cont. |
3023.63 |
2571.29 |
2378.03 |
17.59 |
27.15 |
|
Provisions and Contingencies |
307.24 |
292.89 |
329.24 |
4.90 |
-6.68 |
|
PBT |
2716.39 |
2278.40 |
2048.79 |
19.22 |
32.59 |
|
Tax |
857.32 |
718.44 |
619.13 |
19.33 |
38.47 |
|
Profit After Tax |
1859.07 |
1559.96 |
1429.66 |
19.17 |
30.04 |
|
Basic Calculated EPS |
7.90 |
6.60 |
6.10 |
19.70 |
29.51 |
|
Advances |
241493.25 |
231648.61 |
194302.74 |
4.25 |
24.29 |
|
Deposits |
284118.57 |
274130.04 |
232508.23 |
3.64 |
22.20 |
|
|
Q3'13 |
Q2'13 |
Q3'12 |
QoQ (bps) |
YoY(bps) |
Capital Adequacy Ratio Basel II |
17.00% |
17.00% |
16.30% |
0 |
70 |
|
% of Net NPAs |
0.20% |
0.20% |
0.20% |
0 |
0 |
|
% of Gross NPAs |
1.00% |
0.91% |
1.03% |
9 |
-3 |
|
CASA% |
45.40% |
45.90% |
47.70% |
-50 |
-230 |
|
NIM % |
4.10% |
4.20% |
4.10% |
-10 |
0 |
|
Provisions Coverage% |
80.00% |
82.00% |
80.30% |
-200 |
-30 |
|
C/D ratio |
85.00% |
84.50% |
83.57% |
49 |
143 |
|
C/I Ratio |
45.98% |
49.35% |
47.57% |
-337 |
-159 |
|
OI/TI |
54.02% |
50.65% |
52.43% |
337 |
159 |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai