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HDFC Bank's profits up 91% - Views on News from Equitymaster
 
 
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  • Jan 12, 2001

    HDFC Bank's profits up 91%

    HDFC Bank has registered a YoY 91% jump in the net profits to Rs 537 m on interest income of Rs 3.3 bn in 3QFY01. The figures for the current year are however, not comparable with the corresponding previous period due to the Times Bank merger with the bank effective from February 26, 2000.

    (Rs m) 3QFY00 3QFY01 Change
    Interest Income 1,600 3,257 103.5%
    Other Income 348 471 35.2%
    Interest Expenditure 910 1,980 117.6%
    Operating Profit (EBDIT) 690 1,277 85.0%
    Operating Profit Margin (%) 43.1% 39.2%  
    Other Expenditure 489 768 57.2%
    Depreciation 79 183 131.0%
    Profit before Tax 471 796 69.2%
    Tax 189 259 37.2%
    Profit after Tax/(Loss) 282 537 90.7%
    Net profit margin (%) 17.6% 16.5%  
    No. of Shares (eoy) 200 243  
    Diluted Earnings per share* 4.6 8.8  
    *(annualised)      

    Profit growth was also fueled by 35% rise in other income. The bank's other operating income relates to income from non fund based banking activities including commission, fees, foreign earnings and earnings from debt securities.

    The bank's operating margin declined sharply by 390 basis points to 39% with increasing competition, resulting in pressure on interest spread. The depreciation charge for the current quarter was higher as the bank has provided additional charge of Rs 67.5 m on computers as per the RBI's recent guidelines.

    At the current market price of Rs 238, HDFC Bank is trading at a P/E of 28 times its FY01 projected earnings and a Price/Book value ratio of 6.4 times.

     

     

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