HDFC Bank Limited FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER ENDED JUNE 30, 2013 The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) accounts for the quarter ended June 30, 2013, at their meeting held in Mumbai on Wednesday, July 17, 2013. The accounts have been subject to a ‘Limited Review’ by the statutory auditors of the Bank. FINANCIAL RESULTS: Profit & Loss Account: Quarter ended June 30, 2013 The Bank’s total income for the quarter ended June 30, 2013 was ` 11,588.6 crores, as against ` 9,825.2 crores, for the quarter ended June 30, 2012. Net revenues (net interest income plus other income) were at ` 6,344.3 crores, an increase of 19.7% for the quarter ended June 30, 2013 as against ` 5,301.8 crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended June 30, 2013 accounted for 69.6% of net revenues and grew by 21.0% to ` 4,418.7 crores from ` 3,652.4 crores for the quarter ended June 30, 2012. Net interest margin for the quarter was at 4.6% as against 4.6% for both corresponding quarter ended June 30, 2012 and for the preceding quarter ended March 31, 2013. Other income (non-interest revenue) ` 1,925.6 crores was 30.4% of the net revenues for the quarter ended June 30, 2013 as against ` 1,649.4 crores in the corresponding quarter ended June 30, 2012. The four components of other income for the quarter ended June 30, 2013 were fees & commissions of ` 1,284.5 crores (` 1,150.4 crores in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ` 314.3 crores (` 314.8 crores for the corresponding quarter of the previous year), gain on revaluation / sale of investments of ` 199.5 crores (` 66.5 crores for the quarter ended June 30, 2012) and miscellaneous income including recoveries of ` 127.3 crores (` 117.6 crores for the corresponding quarter of the previous year). Operating expenses for the quarter were ` 3,038.2 crores, an increase of 15.7% over ` 2,626.6 crores during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 47.9% as against 49.5% for the corresponding quarter ended June 30, 2012. Provisions and contingencies were ` 527.1 crores (consisting of specific loan loss, general and floating provisions) for the quarter ended June 30, 2013 as against ` 581.6 crores for the corresponding quarter ended June 30, 2012. The profit before tax was ` 2,779.0 crores, an increase of 32.7% over the quarter ended June 30, 2012. After providing ` 935.1 crores for taxation, the Bank earned a net profit of ` 1,843.9 crores, an increase of 30.1% over the quarter ended June 30, 2012. Balance Sheet: As of June 30, 2013 The Bank continued to outpace the banking industry growth rate in both advances and deposits. Advances as of June 30, 2013 were ` 258,589 crores, an increase of 21.2% over June 30, 2012. This loan growth was contributed by both segments of the Bank loan portfolio, with retail loans growing by 25.5% and wholesale loans by 16.5% resulting in a retail:wholesale loan mix of 54:46. Total deposits as of June 30, 2013 were ` 303,315 crores, an increase of 17.8% over June 30, 2012. Savings account deposits grew 16.7% over the previous year to reach ` 89,480 crores and current account deposits grew 10.5% to reach ` 46,071 crores. The CASA ratio as at June 30, 2013 was at 44.7%. Capital Adequacy: The Bank’s total Capital Adequacy Ratio (CAR) as at June 30, 2013 (computed as per Basel III guidelines) stood at 15.5% as against a regulatory requirement of 9%. Of this, Tier-I CAR was 10.5%. Computed as per Basel II guidelines, total CAR was 16.0% and Tier-I CAR was 10.6%. NETWORK As of June 30, 2013, the Bank’s distribution network was at 3,119 branches and 11,088 ATMs in 1,891 cities / towns an increase of 555 branches and 1,379 ATMs over 2,564 branches and 9,709 ATMs in 1,416 cities / towns as of June 30, 2012. ASSET QUALITY Gross non-performing assets (NPAs) were at 1.0% of gross advances as on June 30, 2013, as against 1.0% of gross advances as on June 30, 2012. Net non-performing assets were at 0.3% of net advances as on June 30, 2013. Total restructured loans (including applications received and under process for restructuring) were at 0.2% of gross advances as of June 30, 2013 as against 0.3% as of June 30, 2012. Total floating provisions stood at ` 1,865 crores as of June 30, 2013, as against ` 1,680 crores as at June 30, 2012. Note: ` = Indian Rupees 1 crore = 10 million All figures and ratios are in accordance with Indian GAAP. Certain statements are included in this release which contain words or phrases, such as “will”, “aim”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “future”, “objective”, “project”, “should”, and similar expressions or variations of these expressions, that are “forward-looking statements”. Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for various banking services, future levels of our non-performing loans, our growth and expansion, the adequacy of our allowance for credit and investment losses, technological changes, volatility in investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to pay dividends, the impact of changes in banking regulations and other regulatory changes in India and other jurisdictions on us, our ability to roll over our short-term funding sources and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated. Our forward looking statements speak only as of the date on which they are made and we do not undertake any obligation, and we do not intend, to update or revise any forward looking statements to reflect events or circumstances after the date in the statement, even if our expectations or any related events or circumstances change. In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general economic and political conditions, instability or uncertainty in India and other countries which have an impact on our business activities or investments caused by any factor including the global financial crisis and problems in the Eurozone countries, terrorist attacks in India, the United States or elsewhere, anti-terrorist or other attacks by the United States, a United States-led coalition or any other country, tensions between India and Pakistan related to the Kashmir region, military armament or social unrest in any part of India, the monetary and interest rate policies of the government of India, natural calamities, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in Indian and foreign laws and regulations, including tax, accounting and banking regulations, changes in competition and the pricing environment in India, and regional or general changes in asset valuations.
Posted on: Thu, 18 Jul 2013 16:28:35 +0000
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