HDFC Bank Reports Financial Results for Quarter and Half Year
OREANDA-NEWS. The Board of Directors of HDFC Bank Limited approved the Bank's (Indian GAAP) results for the quarter ended September 30, 2014 and the audited results for the half-year ended September 30, 2014, at its meeting held in Mumbai on Tuesday, October 21, 2014.
FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended September 30, 2014
The Bank's total income for the quarter ended September 30, 2014 was 13,894.7 crore, as against 11,937.7 crore for the quarter ended September 30, 2013. Net revenues (net interest income plus other income) were at 7,558.1 crore, an increase of 19.6% for the quarter ended September 30, 2014 over 6,320.9 crore for the corresponding quarter of the previous year. Interest earned increased from 10,093.3 crore in the quarter ended September 30, 2013 to 11,847.6 crore in the quarter ended September 30, 2014, up by 17.4%. With interest expense increasing by 12.8% to 6,336.6 crore for the quarter ended September 30, 2014, the net interest income (interest earned less interest expended) grew by 23.1% to 5,511.0 crore from 4,476.5 crore for the quarter ended September 30, 2013. Net interest margin for the quarter was at 4.5% as against 4.3% for corresponding quarter ended September 30, 2013.
Other income (non-interest revenue) at 2,047.1 crore was 27.1% of the net revenues for the quarter ended September 30, 2014 and grew by 11.0% over 1,844.4 crore in the corresponding quarter ended September 30, 2013. The four components of other income for the quarter ended September 30, 2014 were fees & commissions of 1,536.5 crore 1,354.4 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of 221.7 crore 501.4 crore for the corresponding quarter of the previous year), profit on revaluation / sale of investments of 95.1 crore (loss of 173.3 crore for the corresponding quarter of the previous year) and miscellaneous income including recoveries of 193.8 crore 161.9 crore for the corresponding quarter of the previous year).
Operating expenses for the quarter ended September 30, 2014 were 3,497.9 crore, an increase of 19.2% over 2,934.2 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 46.3% as against 46.4% for the corresponding quarter ended September 30, 2013.
Provisions and contingencies were 455.9 crore (consisting of specific loan loss and general provisions) for the quarter ended September 30, 2014 as against 385.9 crore for the corresponding quarter ended September 30, 2013. After providing 1,222.8 crore for taxation, the Bank earned a net profit of 2,381.5 crore for the quarter ended September 30, 2014, an increase of 20.1% over the quarter ended September 30, 2013.
Balance Sheet: As of September 30, 2014
Advances as of September 30, 2014 were 327,273 crore, an increase of 21.8% over September 30, 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 390,682 crore, an increase of 24.8% over September 30, 2013. Savings account deposits grew 18.8% over the previous year to reach 110,810 crore and current account deposits at 57,803 grew 21.4% over the previous year. CASA mix was 43.2% as at September 30, 2014.
Half Year ended September 30, 2014:
For the half year ended September 30, 2014, the Bank earned a total income of 26,965.4 crore as against 23,526.3 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2014 were 14,580.3 crore, as against 12,665.2 crore for the six months ended September 30, 2013, an increase of 15.1%. Net profit for the half year ended September 30, 2014 was 4,614.5 crore, up by 20.6% over the corresponding half year ended September 30, 2013.
Capital Adequacy:
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%.
NETWORK
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.
ASSET QUALITY
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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