HDFC Bank

HDFC Bank's net profit rose 20.7% to INR 223 bil in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank made a net profit of INR 223 bil under revenues of INR 704 bil in 2018, up 20.7% and 19.4% respectively compared to the pre...

HDFC Bank's price/earnings (P/E) rose 6.94% to 28.3 in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank stock traded at INR 1,167 per share at the end 2018 implying a market capitalization of USD 90,591 mil. Since the end of 2013...

HDFC Bank's capital adequacy ratio rose 15.6% to 17.1% in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank's capital adequacy ratio reached 17.1% at the end of 2018, up from 14.8% compared to the previous year. Historicall...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 352 429 514
Fee Income (As % Of Revenues) % 19.7 20.9 21.2
Other Income INR bil 34.1 37.3 40.0
Total Revenues INR bil 481 589 704
Operating Profit INR bil 273 346 422
Provisions INR bil 39.3 61.4 78.8
Net Profit INR bil 153 185 223
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 114 184 350
Customer Loans INR bil 5,855 7,000 8,692
Debt Securities INR bil 2,107 2,385 2,869
Total Assets INR bil 8,923 11,032 12,928
Shareholders' Equity INR bil 921 1,100 1,542
Interbank Borrowing INR bil 241 182 165
Customer Deposits INR bil 6,357 7,784 9,131
Issued Debt Securities INR bil 984 1,564 1,577
Ratios 2016 2017 2018
ROE % 18.3 18.3 16.9
ROA % 1.84 1.86 1.86
Costs (As % Of Assets) % 2.52 2.44 2.35
Costs (As % Of Income) % 43.3 41.3 40.1
Capital Adequacy Ratio % 14.6 14.8 17.1
Net Interest Margin % 4.26 4.30 4.29
Loans (As % Of Deposits) % 92.1 89.9 95.2
NPLs (As % Of Loans) % 0.998 1.22 1.28
Provisions (As % Of NPLs) % 68.7 69.8 71.4
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 54,398 76,821 90,591
Share Price (End Of Period) INR 717 935 1,167
Price/Earnings (P/E) 24.2 26.4 28.3
Price/Book Value (P/BV) 4.01 4.45 4.10
Earnings Per Share (EPS) 29.6 35.4 41.3
Book Value Per Share 179 210 285

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summary Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                            
Net Interest Income INR bil               162 191 234 291 352    
Total Revenues INR bil               232 274 329 403 481    
Operating Profit INR bil               114 152 182 223 273    
Net Profit INR bil               68.7 87.4 107 128 153    
balance sheet                            
Interbank Loans INR bil               129 146 90.0 89.9 114    
Customer Loans INR bil               2,472 3,154 3,834 4,873 5,855    
Debt Securities INR bil               1,109 1,195 1,642 1,936 2,107    
Total Assets INR bil               4,077 5,036 6,071 7,622 8,923    
Shareholders' Equity INR bil               369 443 633 745 921    
Interbank Borrowing INR bil               79.5 83.7 95.6 121 241    
Customer Deposits INR bil               2,936 3,643 4,468 5,412 6,357    
Issued Debt Securities INR bil               395 496 595 1,037 984    
ratios                            
ROE %               20.4 21.5 19.9 18.6 18.3    
ROA %               1.83 1.92 1.92 1.87 1.84    
Costs (As % Of Assets) %               3.16 2.69 2.64 2.62 2.52    
Costs (As % Of Income) %               50.8 44.6 44.6 44.6 43.3    
Capital Adequacy Ratio %               16.9 16.0 16.8 15.5 14.6    
Net Interest Margin %               4.32 4.19 4.21 4.25 4.26    
Interest Income (As % Of Revenues) %               69.5 69.7 71.0 72.2 73.2    
Fee Income (As % Of Revenues) %               23.4 22.2 21.6 20.6 19.7    
Equity (As % Of Assets) %               9.04 8.80 10.4 9.77 10.3    
Loans (As % Of Deposits) %               84.2 86.6 85.8 90.0 92.1    
Loans (As % Assets) %               60.6 62.6 63.2 63.9 65.6    
NPLs (As % Of Loans) % ... ...           0.953 0.976 0.933 0.896 0.998    
Provisions (As % Of NPLs) % ... ... ...         79.3 71.7 72.6 69.9 68.7    
valuation                            
Market Capitalisation (End Of Period) USD mil               27,158 29,068 40,661 40,830 54,398    
Number Of Shares (Average) mil               4,774 4,816 4,903 5,096 5,157    
Share Price (End Of Period) INR               312 373 523 531 717    
Earnings Per Share (EPS)               14.4 18.2 21.8 25.1 29.6    
Book Value Per Share               77.2 92.0 129 146 179    
Price/Earnings (P/E)               21.7 20.5 24.0 21.2 24.2    
Price/Book Value (P/BV)               4.04 4.05 4.05 3.64 4.01    
Earnings Per Share Growth % ...             29.3 26.2 20.1 15.2 17.7    
Book Value Per Share Growth % ...             19.8 19.2 40.3 13.2 22.2    
income statement Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                            
Interest Income INR bil               359 426 507 632 733    
Interest Cost INR bil               197 234 273 341 380    
Net Interest Income INR bil               162 191 234 291 352    
Net Fee Income INR bil               54.4 61.0 71.2 83.1 94.8    
Other Income INR bil               16.4 22.0 24.1 28.9 34.1    
Total Revenues INR bil               232 274 329 403 481    
Operating Cost INR bil               118 122 147 180 208    
Operating Profit INR bil               114 152 182 223 273    
Provisions INR bil               14.2 19.6 21.8 28.1 39.3    
Extra and Other Cost INR bil               0.010 -0.034 -0.111 0.001 0.016    
Pre-Tax Profit INR bil               100 132 161 195 234    
Tax INR bil               31.0 44.5 53.8 66.9 80.8    
Minorities INR bil               0.335 0.247 0.144 0.197 0.367    
Net Profit INR bil               68.7 87.4 107 128 153    
growth rates                            
Net Interest Income Growth % ...             23.5 18.2 22.3 24.4 21.1    
Net Fee Income Growth % ...             20.4 12.0 16.9 16.6 14.1    
Total Revenue Growth % ...             22.4 17.9 20.1 22.4 19.4    
Operating Cost Growth % ...             17.8 3.53 19.9 22.5 15.8    
Operating Profit Growth % ...             17.8 3.53 49.1 22.3 22.3    
Pre-Tax Profit Growth % ...             30.5 32.1 21.7 21.3 19.8    
Net Profit Growth % ...             30.9 27.3 22.2 19.8 19.2    
market share                            
Market Share in Revenues % ... ... ... ... ... ...   0.010 0.010 0.011 0.012 0.012   ...
Market Share in Net Profit % ... ... ... ... ... ...   0.012 0.016 0.020 0.031 ... ... ...
balance sheet Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                            
Cash INR bil               146 254 275 301 379    
Interbank Loans INR bil               129 146 90.0 89.9 114    
Customer Loans INR bil               2,472 3,154 3,834 4,873 5,855    
Debt Securities INR bil               1,109 1,195 1,642 1,936 2,107    
Fixed Assets INR bil               23.9 26.0 26.6 34.8 38.1    
Total Assets INR bil               4,077 5,036 6,071 7,622 8,923    
Shareholders' Equity INR bil               369 443 633 745 921    
Of Which Minority Interest INR bil               2.21 1.52 1.62 1.81 2.91    
Liabilities INR bil               3,709 4,593 5,438 6,877 8,003    
Interbank Borrowing INR bil               79.5 83.7 95.6 121 241    
Customer Deposits INR bil               2,936 3,643 4,468 5,412 6,357    
Sight Deposits INR bil               512 601 717 861 1,133    
Term Deposits INR bil               2,424 3,042 3,751 4,551 5,224    
Issued Debt Securities INR bil               395 496 595 1,037 984    
Other Liabilities INR bil               298 370 279 308 420    
asset quality                            
Non-Performing Loans INR bil ... ...           23.7 31.0 36.0 43.9 58.9    
Gross Loans INR bil               2,491 3,176 3,860 4,904 5,895    
Total Provisions INR bil ... ... ...         18.8 22.2 26.1 30.7 40.4    
growth rates                            
Customer Loan Growth % ...             24.3 27.6 21.6 27.1 20.2    
Total Asset Growth % ...             19.5 23.5 20.5 25.6 17.1    
Shareholders' Equity Growth % ...             21.3 20.2 42.9 17.6 23.6    
Customer Deposit Growth % ...             20.2 24.1 22.6 21.1 17.5    
market share                            
Market Share in Customer Loans %               4.48 4.91 5.40 6.11 7.09   ...
Market Share in Total Assets %               4.70 4.98 5.45 6.04 6.28   ...
Market Share in Customer Deposits %               4.67 5.06 5.47 5.92 5.97   ...
ratios Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                            
ROE %               20.4 21.5 19.9 18.6 18.3    
ROA %               1.83 1.92 1.92 1.87 1.84    
Costs (As % Of Assets) %               3.16 2.69 2.64 2.62 2.52    
Costs (As % Of Income) %               50.8 44.6 44.6 44.6 43.3    
Capital Adequacy Ratio %               16.9 16.0 16.8 15.5 14.6    
Tier 1 Ratio %               11.0 11.7 13.7 13.2 12.8    
Net Interest Margin %               4.32 4.19 4.21 4.25 4.26    
Interest Spread % ...             3.80 3.69 3.68 3.69 3.74    
Asset Yield %               9.58 9.34 9.12 9.23 8.86    
Cost Of Liabilities % ...             5.78 5.65 5.44 5.53 5.11    
Interest Income (As % Of Revenues) %               69.5 69.7 71.0 72.2 73.2    
Fee Income (As % Of Revenues) %               23.4 22.2 21.6 20.6 19.7    
Other Income (As % Of Revenues) %               7.04 8.03 7.33 7.17 7.09    
Equity (As % Of Assets) %               9.04 8.80 10.4 9.77 10.3    
Loans (As % Of Deposits) %               84.2 86.6 85.8 90.0 92.1    
Loans (As % Assets) %               60.6 62.6 63.2 63.9 65.6    
NPLs (As % Of Loans) % ... ...           0.953 0.976 0.933 0.896 0.998    
Provisions (As % Of NPLs) % ... ... ...         79.3 71.7 72.6 69.9 68.7    
Provisions (As % Of Loans) % ... ... ...         0.762 0.705 0.682 0.631 0.690    
Cost of Provisions (As % Of Loans) %               0.638 0.698 0.623 0.645 0.734    
other data Unit 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                            
Employees               69,065 68,165 76,286 87,555 84,325    
Sight (As % Of Customer Deposits) %               17.4 16.5 16.0 15.9 17.8    

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HDFC Bank's net interest income rose 19.9% to INR 514 bil in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank generated total banking revenues of INR 704 bil in 2018, up 19.4% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of INR 704 bil in 2018 and an all tim...

HDFC Bank's npls (as % of loans) rose 4.96% to 1.28% in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank's non-performing loans reached 1.28% of total loans at the end of 2018, up from 1.22% compared to the previous year. Historically, the NPL ratio hit an all time high of 1.98% in 2008 and an all time low of 0.896% in 2015. Provision coverage amount...

HDFC Bank's net interest margin fell 0.133% to 4.29% in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank's net interest margin amounted to 4.29% in 2018, down from 4.30% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 4.68% in 2008 and an all time low of 4.15% in 2009. The average margin in ...

HDFC Bank's customer loan growth rose 23.5% to 24.2% in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank's customer loan growth reached 24.2% in 2018, up from 19.6% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 56.1% in 2008 and an all time low of 19.6% in 2017. In the last decade, the average annu...

HDFC Bank's customer loans rose 24.2% to INR 7,000 bil in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank's customer loans reached INR 7,000 bil in 2017, up 19.6% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. HDFC Bank accounted for 7.92% of all custom...

HDFC Bank's customer deposits rose 17.3% to INR 7,784 bil in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank's customer deposits reached INR 7,784 bil in 2017, up 22.4% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. HDFC Bank accounted for 7.06% of all...

HDFC Bank's total revenues rose 19.4% to INR 589 bil in 2018

By Helgi Analytics - November 05, 2019

HDFC Bank generated total banking revenues of INR 589 bil in 2017, up 22.5% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year. As a ...

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Finance

HDFC Bank has been growing its revenues and asset by 20.6% and 21.6% a year on average in the last 10 years. Its loans and deposits have grown by 24.3% and 20.6% a year during that time and loans to deposits ratio reached 95.2% at the end of 2018. The company achieved an average return on equity of 18.6% in the last decade with net profit growing 25.8% a year on average. In terms of operating efficiency, its cost to income ratio reached 40.1% in 2018, compared to 46.7% average in the last decade.

Equity represented 11.9% of total assets or 17.7% of loans at the end of 2018. HDFC Bank's non-performing loans were 1.28% of total loans while provisions covered some 71.4% of NPLs at the end of 2018.

Valuation

HDFC Bank stock traded at INR 1,167 per share at the end of 2018 resulting in a market capitalization of USD 90,591 mil. Over the previous five years, stock price rose by 213% or 25.6% a year on average. That’s compared to an average ROE of 18.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 28.3x and price to book value (PBV) of 4.10x in 2018.