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HDFC Bank Limited announces Q2 FY2019-20 results

Posted On: 2019-10-20 09:51:57

The Board of Directors of HDFC Bank Limited approved the Bank's (Indian GAAP) results for the quarter and half year ended September 30, 2019, at their meeting held in Mumbai on Saturday, October 19, 2019. The accounts have been subjected to an audit by the statutory auditors of the Bank.

Standalone:

The Bank's total income for the quarter ended September 30, 2019 at Rs. 33,755.0 crore grew by 19.6% from Rs. 28,215.2 crore for the quarter ended September 30, 2018. Net revenues (net interest income plus other income) increased by 21.1 % to Rs. 19,103.8 crore for the quarter ended September 30, 2019 from Rs. 15,779.0 crore in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended September 30, 2019 grew to Rs. 13,515.0 crore from Rs. 11,763.4 crore for the quarter ended September 30, 2018, driven by average asset growth of 15.0% and a core net interest margin for the quarter of 4.2%.

Other income (non-interest revenue) at Rs. 5,588.7 crore was 29.3% of the net revenues for the quarter ended September 30, 2019 and grew by 39.2% over Rs. 4,015.6 crore in the corresponding quarter ended September 30, 2018. The four components of other income for the quarter ended September 30, 2019 were fees & commissions of Rs. 4,054.5 crore ( Rs. 3,295.6 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs. 551.7 crore ( Rs. 419.8 crore for the corresponding quarter of the previous year), gain on sale / revaluation of investments of Rs. 480.7 crore (loss of Rs. 32.8 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of Rs. 502.0 crore (Rs. 333.0 crore for the corresponding quarter of the previous year).

Operating expenses for the quarter ended September 30, 2019 were Rs. 7,405.7 crore, an increase of 17.6% over Rs. 6,299.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 38.8% as against 39.9% for the corresponding quarter ended September 30, 2018.

Pre-provision Operating Profit (PPOP) at Rs. 11,698.1 crore grew by 23.4% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended September 30, 2019 were Rs. 2,700.7 crore (consisting of specific loan loss provisions of Rs. 2,038.0 crore and general provisions and other provisions of Rs. 662.7 crore) as against Rs. 1,820.0 crore (consisting of specific loan loss provisions of Rs. 1,572.5 crore and general provisions and other provisions of Rs. 247.5 crore) for the quarter ended September 30, 2018. Core Profit before tax (PPOP less specific loan loss provisions) for the quarter ended September 30, 2019 was up 22.2%. After providing for general and other provisions, the PST for the quarter ended September 30, 2019 grew to Rs. 8,997.4 crore.

After providing Rs. 2,652.4 crore for taxation, the Bank earned a net profit of Rs. 6,345.0 crore, an increase of 26.8% over the quarter ended September 30, 2018.

Balance Sheet: As of September 30, 2019

Total balance sheet size as of September 30, 2019 was Rs. 1,325,072 crore as against Rs. 1,169,898 crore as of September 30, 2018.

Total deposits as of September 30, 2019 were Rs. 1,021,615 crore, an increase of 22.6% over September 30, 2018. CASA deposits grew by 14.7% with savings account deposits at Rs. 264,445 crore and current account deposits at Rs. 136,791 crore. Time deposits were at Rs. 620,380 crore, an increase of 28.3% over the previous year, resulting in CASA deposits comprising 39.3% of total deposits as of September 30, 2019. The Bank's continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 133%, well above the regulatory requirement.

Total advances as of September 30, 2019 were Rs. 896,984 crore, an increase of 19.5% over September 30, 2018. Domestic advances grew by 20.7% over September 30, 2018. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 14.7% and domestic wholesale loans grew by 27.9%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 52:48. Overseas advances constituted 3% of total advances.

Half Year ended September 30, 2019

For the half year ended September 30, 2019, the Bank earned a total income of Rs. 66,116.8 crore as against Rs. 54,582.2 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2019 were Rs. 37,368.3 crore, as against Rs. 30,410.6 crore for the half year ended September 30, 2018. Net profit for the half year ended September 30, 2019 was Rs. 11,913.2 crore, up by 24.0% over the corresponding half year ended September 30, 2018.

Capital Adequacy:

The Bank's total Capital Adequacy Ratio (CAR) as per Basel Ill guidelines was at 17.5% as on September 30, 2019 (17.1% as on September 30, 2018) as against a regulatory requirement of 11.075% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.20% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 16.2% as of September 30, 2019 compared to 15.6% as of September 30, 2018. Common Equity Tier 1 Capital ratio was at 15.3% as of September 30, 2019. Riskweighted Assets were at Rs. 963,321 crore (as against Rs. 886,489 crore as at September 30, 2018).

NETWORK

As of September 30, 2019, the Bank's distribution network was at 5,314 banking outlets and 13,514 ATMs across 2,768 cities / towns as against 4,825 banking outlets and 13,018 ATMs across 2,718 cities / towns as of September 30, 2018. Of the total banking outlets, 52% are in semi-urban and rural areas. Number of employees were at 111,208 as of September 30, 2019 (as against 94,907 as of September 30, 2018).

ASSET QUALITY

Gross non-performing assets were at 1.38% of gross advances as on September 30, 2019, (1.2% excluding NPAs in the agricultural segment) as against 1.40% as on June 30, 2019 (1.2% excluding NPAs in the agricultural segment) and 1.33% as on September 30, 2018 (1.1 % excluding NP As in the agricultural segment). Net nonperforming assets were at 0.4% of net advances as on September 30, 2019. The Bank held floating provisions of Rs. 1,451 crore as on September 30, 2019. Total provisions (comprising specific provisions, general provisions and floating provisions) were 114% of the gross non-performing loans as on September 30, 2019.

Consolidated:

The consolidated net profit for the quarter ended September 30, 2019 was Rs. 6,638 crore, up 24.7%, over the quarter ended September 30, 2018. Consolidated advances grew by 19.1% from Rs. 795,563 crore as on September 30, 2018 to Rs. 947,440 crore as on September 30, 2019.

The consolidated net profit for the half year ended September 30, 2019 was Rs. 12,314 crore, up 21.6%, over the half year ended September 30, 2018.

Shares of HDFC Bank Ltd was last trading in BSE at Rs.1229.2 as compared to the previous close of Rs. 1220.8. The total number of shares traded during the day was 224932 in over 7158 trades.

The stock hit an intraday high of Rs. 1233.85 and intraday low of 1220.75. The net turnover during the day was Rs. 276092451.


Source: Equity Bulls

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