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HDFC Bank Q3 net revenues up 23.4%

Source : IBNS
Last Updated: Fri, Jan 18, 2013 13:24 hrs

Mumbai, Jan 18 (IBNS) India's second largest private sector lender HDFC Bank on Friday announced its Board of Directors has approved its (Indian GAAP) accounts for the quarter and nine months ended December 31, 2012.

The accounts have been subject to a 'Limited Review' by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2012

The Bank's total income for the quarter ended December 31, 2012, was `10,506.5 crores as against `8,622.6 crores for the quarter ended December 31, 2011.



Net revenues (net interest income plus other income) were at `5,597.7 crores for the quarter ended December 31, 2012, an increase of 23.4% over `4,536.0 crores for the corresponding quarter of the previous year.

Net interest income (interest earned less interest expended) for the quarter ended December 31, 2012, grew by 21.9% to `3,798.9 crores. This was driven by loan growth of 24.3% and a net interest margin for the quarter of 4.1%.

Other income (non-interest revenue) for the quarter ended December 31, 2012, was `1,798.9 crores as against `1,420.0 crores in the corresponding quarter ended December 31, 2011.

The main contributor to other income for the quarter was fees & commissions of `1,401.9 crores, up by 24.3% over `1,127.6 crores in the corresponding quarter ended December 31, 2011.

The two other components of other income were foreign exchange & derivatives revenue of `258.0 crores (`365.6 crores for the corresponding quarter of the previous year) and gain on revaluation / sale of investments of `135.8 crores (loss of `81.8 crores for the quarter ended December 31, 2011).

Operating expenses for the quarter ended December 31, 2012, were `2,574.1 crores, an increase of 19.3% over the corresponding quarter of the previous year.

The core cost-to-income ratio (excluding bond gains/losses) for the quarter ended December 31, 2012 was 47.1%.

Provisions and contingencies for the quarter ended December 31, 2012 were `307.2 crores (consisting primarily of specific, general and floating provisions) as against `329.2 crores for the corresponding quarter ended December 31, 2011 and `292.9 crores for the preceding quarter ended September 30, 2012.

Profit before tax at `2,716.4 crores for the quarter ended December 31, 2012, was up 32.6% over `2,048.8 crores for the quarter ended December 31, 2011. After providing `857.3 crores for taxation, the Bank earned a net profit of `1,859.1 crores, an increase of 30.0% over the quarter ended December 31, 2011.

Balance Sheet: As of December 31, 2012

The Bank's total balance sheet size increased by 14.4% from `335,466 crores as of December 31, 2011, to `383,729 crores as of December 31, 2012.

Total net advances as of December 31, 2012, were `241,493 crores, an increase of 24.3% over December 31, 2011. The mix of loans between the retail and wholesale segments was 53:47 as on December 31, 2012.

Total deposits were at `284,119 crores, an increase of 22.2% over December 31, 2011. Savings deposits grew 16.5% to `81,942 crores and current deposits grew 10.4% to `47,004 crores. The CASA ratio as at December 31, 2012, was 45.4%.

Nine months ended December 31, 2012:

For the nine months ended December 31, 2012, the Bank earned a total income of `29,913.2 crores as against `23,650.0 crores in the corresponding period of the previous year.

Net revenues (net interest income plus other income) for the nine months ended December 31, 2012, were `15,688.1 crores, as against `12,660.2 crores for the nine months ended December 31, 2011, an increase of 23.9%.

Net profit for the nine months ended December 31, 2012 was `4,836.4 crores, up by 30.2% over the corresponding nine months ended December 31, 2011.

Capital Adequacy:

The Bank's total Capital Adequacy Ratio (CAR) as at December 31, 2012, (computed as per Basel II guidelines) stood at 17.0 % as against the regulatory minimum of 9.0%. Tier-I CAR was 10.9% as of December 31, 2012.

Network:

As of December 31, 2012, the Bank's distribution network was at 2,776 branches and 10,490 ATMs in 1,568 cities as against 2,201 branches and 7,110 ATMs in 1,174 cities as of December 31, 2011.

Asset Quality:

Gross non-performing assets were at 1.0% of gross advances, and net non-performing assets at 0.2% of net advances as on December 31, 2012.

The Bank's provisioning policies for specific loan loss provisions remained higher than regulatory requirements.

The NPA coverage ratio based on specific provisions (not including write-offs, technical or otherwise) was at 80% as on December 31, 2012.

Total restructured loans (including applications received and under process for restructuring) were at 0.3% of gross advances as of December 31, 2012.

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