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HDFC Bank (Q3 FY14)

HDFC Bank delivered a better than expected loan growth of 18% yoy, excluding the FCNR (B) deposits elated lending.

January 01, 1970 5:30 IST | India Infoline News Service
CMP Rs668, Target Rs777, Upside 16.3%
  • Loan growth picks-up marginally to 18% yoy; sharp deceleration in retail segment continues 
  • CASA ratio slipped 100bps+ qoq; to revive in the longer term 
  • NIM performance was soft; long term margin outlook encouraging
  • Fee growth continues to be sluggish; persistent improvement in C/I ratio 
  • Slippages remain benign; asset quality to remain relatively robust 
  • Retain BUY with 9-12 month target price of Rs777
Result table
(Rs mn)
Q3 FY14
Q2 FY14
% qoq
Q3 FY13
% yoy
Total Interest Income
105,907
100,933
4.9
88,904
19.1
Interest expended
(59,559)
(56,168)
6.0
(49,088)
21.3
Net Interest Income
46,348
44,765
3.5
39,816
16.4
Other income
21,487
18,444
16.5
19,277
11.5
Total Income
67,835
63,209
7.3
59,094
14.8
Operating expenses
(28,951)
(29,342)
(1.3)
(27,880)
3.8
Provisions
(3,888)
(3,859)
0.8
(4,050)
(4.0)
PBT
34,996
30,008
16.6
27,164
28.8
Tax
(11,734)
(10,184)
15.2
(8,573)
36.9
Reported PAT
23,262
19,824
17.3
18,591
25.1
EPS
38.9
33.2
17.1
31.4
23.7

Key  Ratios
Q3 FY14
Q2 FY14
chg qoq
Q3 FY13
chg yoy
NIM (%)
4.2
4.3
(0.1)
4.3
(0.1)
Yield on advances (%)*
11.6
11.7
(0.1)
11.7
(0.1)
Yield on funds (%)*
10.1
10.3
(0.2)
10.0
0.1
Cost of funds (%)*
6.4
6.5
(0.1)
6.3
0.1
CASA (%)

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