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HDFC Bank announces Q4, FY2018-19 results

Posted On: 2019-04-20 17:18:13

The Board of Directors of HDFC Bank Limited approved the Bank's (Indian GAAP) results for the quarter and full year ended March 31, 2019, at their meeting held in Mumbai on Saturday, April 20, 2019. The accounts have been subjected to an audit by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended March 31, 2019

The Bank's total income for the quarter ended March 31, 2019 at Rs. 31,204.5 crore grew by 22.1 % from Rs. 25,549.7 crore for the quarter ended March 31, 2018. Net revenues (net interest income plus other income) increased by 20.7% to Rs. 17,960.7 crore for the quarter ended March 31, 2019 from Rs. 14,886.3 crore in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended March 31, 2019 grew by 22.8% to Rs. 13,089.5 crore, from Rs. 10,657.7 crore for the quarter ended March 31, 2018, driven by average asset growth of 19.8% and a core net interest margin for the quarter of 4.4%.

Other income (non-interest revenue) a~ Rs. 4,871.2 crore was 27.1 % of the net revenues for the quarter ended March 31, 2019 and grew by 15.2% over Rs. 4,228.6 crore in the corresponding quarter ended March 31, 2018. The four components of other income for the quarter ended March 31, 2019 were fees & commissions of Rs. 3,692.1 crore (Rs. 3,329.7 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs. 403.3 crore ( Rs. 416.4 crore for the corresponding quarter of the previous year), gain on revaluation/ sale of investments of Rs. 228.9 crore (loss of Rs. 22.0 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of Rs. 546.9 crore ( Rs. 504.5 crore for the corresponding quarter of the previous year).

Operating expenses for the quarter ended March 31, 2019 were Rs. 7,117.1 crore, an increase of 17.6% over Rs. 6,050.6 crore during the corresponding quarter of the prev year. The core cost-to-income ratio for the quarter was at 40.1 % as against 40.6% for the corresponding quarter ended March 31, 2018.

Provisions and contingencies for the quarter ended March 31, 2019 were Rs. 1,889.2 crore (consisting of specific loan loss provisions Rs. 1,431.2 crore, general provisions Rs. 191.2 crore and other provisions Rs. 266.9 crore) as against Rs. 1,541.1 crore (consisting of specific loan loss provisions Rs. 1,132.5 crore, general provisions Rs. 153.4 crore and other provisions Rs. 255.3 crore) for the quarter ended March 31, 2018. Profit before tax (PBT) for the quarter ended March 31, 2019 was up 22.8% to Rs. 8,954.4 crore.

After providing Rs. 3,069.3 crore for taxation, the Bank earned a net profit of Rs. 5,885.1 crore, an increase of 22.6% over the quarter ended March 31, 2018.

Profit & Loss Account: Year ended March 31, 2019

For the year ended March 31, 2019, the Bank earned a total income of Rs. 116,597.9 crore. Net revenues (net interest income plus other income) for the year ended March 31, 2019 were Rs. 65,869.1 crore, up by 19.1% over Rs. 55,315.2 crore for the year ended March 31, 2018. The core net interest margin for the year ended March 31, 2019 was 4.3%. The core cost to income ratio for the year ended March 31, 2019 was at 39.9%, as against 41.7% for the year ended March 31, 2018.

The Bank's net profit for the year ended March 31, 2019 was Rs. 21,078.1 crore, up 20.5% over the year ended March 31, 2018.

Balance Sheet: As of March 31, 2019

Total balance sheet size as of March 31, 2019 was Rs. 1,244,541 crore as against Rs. 1,063,934 crore as of March 31, 2018.

Total deposits as of March 31, 2019 were Rs. 923,141 crore, an increase of 17.0% over March 31, 2018. CASA deposits grew by 14.0% with savings account deposits at Rs. 248,700 crore and current account deposits at Rs. 142,498 crore. Time deposits were at Rs. 531,943 crore, an increase of 19.4% over the previous year, resulting in CASA deposits comprising 42.4% of total deposits as of March 31, 2019. The Bank's continuing focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 118%, well above the regulatory requirement.

Total advances as of March 31, 2019 were Rs. 819,401 crore, an increase of 24.5% over March 31, 2018. Domestic advances grew by 24.6% over March 31, 2018. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 19.0% and domestic wholesale loans grew by 31.9%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 54:46. Overseas advances constituted 3% of total advances.

Capital Adequacy:

The Bank's total Capital Adequacy Ratio (CAR) as per Basel Ill guidelines was at 17.1% as on March 31, 2019 (14.8% as on March 31, 2018) as against a regulatory requirement of 11.025% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.15% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 15.8% as of March 31, 2019 compared to 13.2% as of March 31, 2018. Common Equity Tier 1 Capital ratio was at 14.9% as of March 31, 2019. Risk-weighted Assets were at Rs. 931,930 crore (as against Rs. 800,126 crore as at March 31, 2018).

Network

As of March 31, 2019, the Bank's distribution network was at 5,103 banking outlets and 13,160 ATMs across 2,748 cities/ towns as against 4,787 banking outlets and 12,635 ATMs across 2,691 cities/ towns as of March 31, 2018. Of the total banking outlets, 53% are in semi-urban and rural areas. Number of employees were at 98,061 as of March 31, 2019 (as against 88,253 as of March 31, 2018).

ASSET QUALITY

Gross non-performing assets were at 1.36% of gross advances as on March 31, 2019, as against 1.38% as on December 31, 2018 and 1.30% as on March 31, 2018. Coverage ratio as on March 31, 2019 was 71 %. Net non-performing assets were at 0.4% of net advances as on March 31, 2019. The Bank held floating provisions of Rs. 1,451 crore as on March 31, 2019. Total provisions (comprising specific provisions, general provisions and floating provisions) were 117% of the gross non-performing loans as on March 31, 2019.

CONSOLIDATED FINANCIAL RESULTS

The Bank's consolidated financial results include financial results of its subsidiary companies based on the recognition and measurement principles as per Indian GAAP. The consolidated net profit for the year ended March 31, 2019 was Rs. 22,332.4 crore, up 20.7%, over the year ended March 31, 2018. Consolidated advances grew by 24.2% from Rs. 700,034 crore as on March 31, 2018 to Rs. 869,223 crore as on March 31, 2019.

SUBSIDIARIES

The financial results of the Bank's subsidiary companies have been prepared in accordance with notified Indian Accounting Standards ('Ind-AS') with effect from April 1, 2018 (April 1, 2017 being the transition date). Accordingly, the financial results for the comparative reporting period have also been prepared in accordance therewith.

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on March 31, 2019, the Bank held 97.3% stake in HSL.

For the year ended March 31, 2019, HSL's total income was Rs. 782.1 crore as against Rs. 800.1 crore for the year ended March. 31, 2018. Profit after tax before other comprehensive income for the year was Rs. 329.8 crore, as against Rs. 344.7 crore in the previous year.

As on March 31, 2019 HSL had 278 branches across 165 cities / towns in the country.

HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-bank finance company ('NBFC') offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on March 31, 2019, the Bank held 95.5% stake in HDBFSL.

As on March 31, 2019, HDBFSL's balance sheet size was at Rs. 56,540 crore. The gross loan book grew by 23.6% to Rs. 54,709 crore as on March 31, 2019 {as against Rs. 44,268 crore as of March 31, 2018).

For the year ended March 31, 2019, HDBFSL's net interest income grew by 17.2% to Rs. 3,378.8 crore (as against Rs. 2,882.2 crore in the previous year). Profit after tax before other comprehensive income for the year ended March 31, 2019 was Rs. 1,153.2 crore compared to Rs. 933.0 crore in the previous year, a growth of 23.6%.

As on March 31, 2019, HDBFSL had 1,350 branches across 981 cities / towns. Gross impaired loans were at 1.8% of gross loans and net impaired loans were at 1.3% of net loans as on March 31, 2019. Total CAR was at 17.9% with Tier-I CAR at 12.8%.

Shares of HDFC Bank Ltd was last trading in BSE at Rs.2290.15 as compared to the previous close of Rs. 2304.75. The total number of shares traded during the day was 609803 in over 4960 trades.

The stock hit an intraday high of Rs. 2315 and intraday low of 2284.6. The net turnover during the day was Rs. 1402262180.


Source: Equity Bulls

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