HDFC reported 19% increase in its Net interest inline with expectations to Rs 1526.50 crore for the quarter ended June 2012 as income from operations rose 29% to Rs 4914.71 crore while interest expenses rose 35% to Rs 3388.21 crore. Other income rose 32% to Rs 27.60 crore as profit from sale of investments rose to Rs 20.24 crore from Rs 16.26 crore. Total income as a result rose 19% to Rs 1554.10 crore. Operating expenses rose 34% to Rs 169.40 crore while depreciation rose 7% to Rs 4.79 crore. PBT as a result rose 17% to Rs 1379.91 crore. Effective tax rate was 27% marginally lower than 28% in the corresponding previous year period. Net Profit of the company was up 19% to Rs 1001.91 crore
Total assets of HDFC increased 17% to Rs 174676 crore as at June 30, 2012 compared to Rs 148,831 crore as at June 30, 2011
Loan book of the company increased to Rs 148262 crore as at June 30, 2012 as against Rs 140875 crore as at March 31, 2012 and Rs 124168 crore as at June 30, 2011. During the quarter ended June 30, 2012 the loan book grew by Rs 7387.74 crore of which Rs 6,635.07 crore - representing 90% of the increase was on account of the increase in the individual loan book.
Individual loans sold during the preceding 12 months amounted to Rs 4978 crore. The growth in the individual loan book, including loans sold is 29% (23% net of loans sold) whereas the non-individual loan book grew by 14%. The growth in the total loan book inclusive of loans sold is 23% (19% net of loans sold).
For the quarter ended June 30, 2012, loan approvals grew by 17% and loan disbursements grew by 20% as compared to the corresponding quarter in the previous year.
The spread on loans over the cost of borrowings for the quarter ended June 30, 2012 stood at 2.27%. Net Interest Margin for the quarter ended June 30, 2012 was 4%.
As at June 30, 2012, the unrealized gains on HDFC's listed investments amounted to Rs 27,001 crore (previous year Rs 23,206 crore). This excludes the appreciation in the value of unlisted investments.
Gross non-performing loans as at June 30, 2012 amounted to Rs 1,190 crore. This is equivalent to 0.79% of the loan portfolio (previous year - 0.83%)
HDFC's capital adequacy ratio stood at 14.6% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital was 11.8% against a minimum requirement of 6%.
In August 2009, the Corporation had issued 5,47,68,530 Warrants with a right exercisable by the Warrant holder to exchange each Warrant with one equity share of face value of Rs 2 per share on or before August 24, 2012 at a Warrant exercise price of Rs 600 per equity share. As at June 30, 2012, 16% of the Warrants have been exchanged for equity shares of the Corporation.
For year ended March 31, 2012, Net interest income grew 20% to Rs 5905.97 crore compared to corresponding previous year period. Other income of the company fell 24% to Rs 291.53 crore. Total income as result rose 17% to Rs 6197.50 crore. Operating expenses rose 18% to Rs 511.34 crore while depreciation rose 7% to Rs 20.54 crore. PBT as a result rose 16% to Rs 5665.62 crore. Effective tax rate was 27% similar to corresponding previous year period. Net Profit of the company was up 17% to Rs 4122.62 crore.
Book value of HDFC stood at Rs 137 at the end of June 2012. Adjusted Book value (adjusted for unrealized gain on investment) stood at Rs 319.
HDFC share price is currently hovering at Rs 678.30
HDFC: Standalone Results
| Particulars | 1206 (3) | 1106 (3) | Var (%) | 1203(12) | 1103(12) | Var. (%) |
| Income from operations | 4914.71 | 3800.67 | 29 | 17062.75 | 12493.19 | 37 |
| Interest Expenses | 3388.21 | 2514.92 | 35 | 11156.78 | 7559.94 | 48 |
| NII | 1526.50 | 1285.75 | 19 | 5905.97 | 4933.25 | 20 |
| Other Income | 27.60 | 20.93 | 32 | 291.53 | 384.88 | -24 |
| Total Income | 1554.10 | 1306.68 | 19 | 6197.50 | 5318.13 | 17 |
| Operating Expenses | 169.40 | 126.68 | 34 | 511.34 | 431.97 | 18 |
| Operating Profits | 1384.70 | 1180.00 | 17 | 5686.16 | 4886.16 | 16 |
| Depreciation | 4.79 | 4.47 | 7 | 20.54 | 19.20 | 7 |
| PBT | 1379.91 | 1175.53 | 17 | 5665.62 | 4866.96 | 16 |
| Provision for tax | 378.00 | 331.00 | 14 | 1543.00 | 1332.00 | 16 |
| Net profit | 1001.91 | 844.53 | 19 | 4122.62 | 3534.96 | 17 |
| EPS*(Rs) | 26.9 | 22.7 | | 27.7 | 23.7 | |
* Annualized on current equity of Rs 297.72 crore.
Face Value: Rs 2
Figures in Rs crore
LP: Loss to profit; PL: Profit to loss
Source: Capitaline Corporate Database |