HDFC Bank (Q1 FY14)

India Infoline News Service | Mumbai |

HDFC Bank delivered a pretty strong 21% yoy loan growth in a weak credit growth environment thanks to its robust retail franchise and deep corporate relationships.

CMP Rs663, Target Rs744, Upside 12.3%
  • Loan growth was in-line; retail segment growth continued to moderate
  • Deposit growth was relatively modest; CASA ratio declines marginally
  • NIM delivery better-than-expected; margin outlook stable at best
  • Fee growth exhibiting some weakness; C/I ratio declines on higher forex/treasury income
  • Slippages surprised slightly on higher side; asset quality outlook relatively robust 
  • Maintain BUY with reduced 9-month target price of Rs744
Result table
(Rs mn)
Q1 FY14
Q4 FY13
% qoq
Q1 FY13
% yoy
Total Interest Income
96,630
93,239
3.6
80,074
20.7
Interest expended
(52,443)
(50,287)
4.3
(45,234)
15.9
Net Interest Income
44,187
42,953
2.9
34,841
26.8
Other income
19,256
18,036
6.8
15,295
25.9
Total Income
63,443
60,989
4.0
50,135
26.5
Operating expenses
(30,382)
(31,362)
(3.1)
(24,326)
24.9
Provisions
(5,271)
(3,005)
75.4
(4,873)
8.2
PBT
27,790
26,622
4.4
20,936
32.7
Tax
(9,351)
(7,723)
21.1
(6,762)
38.3
Reported PAT
18,439
18,898
(2.4)
14,174
30.1
EPS
30.9
31.8
(2.8)
24.1
28.3

Key  Ratios
Q1 FY14
Q4 FY13
chg qoq
Q1 FY13
chg yoy
NIM (%)
4.6
4.5
0.1
4.3
0.3
Yield on advances (%)*
11.8
11.8
(0.0)
11.9
(0.1)
Yield on funds (%)*
10.1
10.1
0.0
10.0
0.1
Cost of funds (%)*
6.2
6.2
0.0
6.5
(0.3)
CASA (%)
BSE 1,822.00 [2.05] ([0.11]%)
NSE 1,821.35 1.45 (0.08%)

***Note: This is a NSE Chart

 

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