HDFC Bank releases Financial Results (Indian GAAP) for the quarter and nine months ended December 2009-

Mumbai, January 15, 2010:

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) accounts for the quarter and nine months ended December 31, 2009 at their meeting held in Mumbai on Friday, January 15, 2010. The accounts have been subjected to limited review by the Bank’s statutory auditors.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2009

For the quarter ended December 31, 2009, the bank posted net revenues of Rs.3,076.9 crores as against Rs.2,918.6 crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2009 increased by 12.4% to Rs.2,223.9 crores, driven by asset growth and a core net interest margin (NIM) of over 4.3% for the quarter ended December 31, 2009, as against a NIM of 4.2% for the corresponding quarter ended December 31, 2008 and for the preceding quarter ended September 30, 2009.

Other income for the quarter ended December 31, 2009 was Rs.853.0 crores, accounting for 27.7% of net revenues. Fees and commission at Rs.723.7 crores, was the main contributor to other income and increased by 12.4% over the corresponding quarter of the previous year and by 4.5% over the preceding quarter ended September 30, 2009.

Foreign exchange/derivative revenues for the quarter ended December 31, 2009 were Rs.154.3 crores as against Rs.62.8 crores for the corresponding quarter ended December 31, 2008 and against Rs. 151.0 crores for the quarter ended September 30, 2009. With an increase in bond yields, there was a loss of Rs.26.5 crores on revaluation/sale of investments for the quarter ended December 31, 2009, as against a profit of Rs.232.1 crores for the quarter ended December 31, 2008 and a profit of Rs.162.9 crores for the quarter ended September 30, 2009. Operating expenses for the quarter ended December 31, 2009 at Rs. 1,453.2 crores, were 47.2% of net revenues as against 50.0% in the corresponding quarter of the previous year.



Provisions and contingencies for the quarter were Rs.447.7 crores (against Rs.531.8 crores for the corresponding quarter ended December 31, 2008), comprising primarily of loan loss provisions of Rs.437.9 crores against Rs.465.4 crores for the quarter ended December 31, 2008. After providing Rs.357.5 crores for taxation, the Bank earned a Net Profit of Rs.818.5 crores, an increase of 31.6% over the quarter ended December 31, 2008.

Balance Sheet: As of December 31, 2009

As of December 31, 2009, the Bank’s total balance sheet size touched Rs. 204,553 crores with total deposits at Rs.154,789 crores. Savings account deposits at Rs.46,696 crores as of December 31, 2009, registered a growth of 41.2% over December 31, 2008 while current account deposits at Rs.33,276 crores as of December 31, 2009, increased by 37.2% over December 31, 2008. The core CASA deposits were approximately 49% of total deposits as at December 31, 2009, as against 40% as on December 31, 2008. The Bank’s total gross advances increased from Rs.100,127 crores as of December 31, 2008 to Rs.121,051 crores as of December 31, 2009, a growth of 21%.

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(This is a press release from HDFC Bank)