HDFC BANK LTD. - FINANCIAL RESULTS (INDIAN GAAP) FOR
THE QUARTER AND HALF-YEAR ENDED SEPTEMBER 30, 2009
Mumbai, October 14, 2009:
The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian
GAAP) accounts for the quarter and half-year ended September 30, 2009 at
their meeting held in Mumbai on Wednesday, October 14, 2009. The accounts
have been subjected to a limited review by the Bank’s statutory auditors.
FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended September 30, 2009
For the quarter ended September 30, 2009, net revenues (net interest income
plus other income) were Rs.2,963.2 crores, a growth of 18.1% over Rs.2,509.6
crores for the corresponding quarter ended September 30, 2008. Net interest
income (interest earned less interest expended) for the quarter ended September
30, 2009 was Rs.1,955.8 crores, with net interest margin (NIM) at 4.2%, as
against 4.1% in the preceding quarter ended June 30, 2009.
Non-interest revenues (other income) registered strong growth of 56.6%, from
Rs.643.1 crores for the quarter ended September 30, 2008 to Rs.1,007.4 crores
for the quarter ended September 30, 2009. The largest component of the noninterest
revenues was fees and commissions of Rs.692.4 crores, up 17.9% over
the corresponding quarter ended September 30, 2008. The other two
components were foreign exchange revenues of Rs.151.0 crores and
profit/(loss) on revaluation/sale of investments (primarily bond gains) of
Rs.162.9 crores, as against Rs.67.5 crores and Rs.(15.6) crores respectively, for
the corresponding quarter ended September 30, 2008. Profit on revaluation/sale
of investments for the quarter ended September 30, 2009, was 36.4% lower than
the preceding quarter ended June 30, 2009 and was 5.5% of net revenues in the
current quarter as against 8.8% of net revenues in the quarter ended June 30,
2009.
Continued improvements in productivity were evidenced in operating
expenses remaining stable at Rs.1,370.2 crores and a consequent improvement
in the core cost-to-income ratio from around 55% for the quarter ended
September 30, 2008 to just under 50%. Provisions and contingencies
(comprising primarily loan loss provisions) for the quarter ended September
30, 2009 were Rs.594.1 crores as against Rs.658.8 crores in the quarter ended
June 30, 2009. After providing Rs.311.4 crores for taxation, the Bank earned a
Net Profit of Rs.687.5 crores, an increase of 30.2% over the corresponding
quarter ended September 30, 2008.
Balance Sheet: As of September 30, 2009
The Bank’s total balance sheet size touched Rs.193,941 crores as of September
30, 2009. Total deposits were Rs.149,805 crores, up from Rs.133,781 crores as
of September 30, 2008. With Current account deposits at Rs.32,170 crores and
Savings account deposits at Rs.43,249 crores, total CASA deposits registered a
growth of 28% over September 30, 2008 and 15% over June 30, 2009. The
core CASA deposits increased to over 47% of total deposits during the quarter
ended September 30, 2009 as against 44% as at September 30, 2008 and 45% as
at June 30, 2009.
Gross advances as at September 30, 2009 were Rs.115,104
crores, an increase of Rs.9,816 crores during the quarter. In the first half of the
current financial year, the Bank’s gross advances have grown by 14.8% (from
April 1, 2009 till September 30, 2009) as against a growth of 3.7% for the
banking system as a whole. Retail loans at Rs.62,652 crores were 54.4% of
gross advances.
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(This is a press release from HDFC Bank)
