HDFC Bank releases Financial Results (Indian GAAP) for the quarter and nine months ended December 2009-
Nine months ended December 31, 2009
For the nine months ended December 31, 2009, the Bank’s operating
profit increased by 31.2% to Rs.4,735.4 crores over the corresponding
period of the previous year. Net Profit for the nine months ended
December 31, 2009 was Rs.2,112.1 crores, up by 30.9% over the
corresponding nine months ended December 31, 2008.
CAPITAL ADEQUACY:
The Bank’s total Capital Adequacy Ratio (CAR) as at December 31, 2009
stood at 18.3 % as against the regulatory minimum of 9.0%. Tier-I CAR
was 13.8%. The Bank allotted 2,62,00,220 shares to Housing
Development Finance Corporation Limited (HDFC) on November 30,
2009, on their exercising the warrants issued to them in June 2008. As a
result, equity share capital increased by Rs.26.2 crores and reserves (share
premium) by Rs.3,982.8 crores.
BUSINESS UPDATE:
During the quarter ended December 31, 2009, the Bank added 219
branches to its distribution network. As of December 31, 2009, therefore,
the bank had a network of 1,725 branches and 3,898 ATMs in 771 cities,
as against 1,412 branches and 3,177 ATMs in 527 cities as of December
31, 2008.
Gross non-performing assets as of December 31, 2009 were at 1.6% of
gross advances against 1.9% as of December 31, 2008 and as against
1.8% as of September 30, 2009. Net non-performing assets to net
advances as of December 31, 2009 were 0.45%. The Bank’s provisioning
policies for specific loan loss provisions remained higher than regulatory
requirements. The NPA coverage ratio based on specific provisions was at
72% as on December 31, 2009. Total restructured assets, including
applications received for loan restructuring which were yet to be approved
or implemented were 0.4% of the Bank’s gross advances as of December
31, 2009. Of these, the amount categorized as standard assets were 0.2%
of the Bank’s gross advances.
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(This is a press release from HDFC Bank)
