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.


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.


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.


(This is a press release from HDFC Bank)