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HDFC Bank: Once again

Apr 17, 2004

HDFC Bank, has once again demonstarted as to why it deserves premium position in the Indian banking sector. The bank keeping with the trend seen in the last 3-4 years continues to post strong financial performance. The same is seen in its FY04 results. For FY04, while the topline has risen by a strong 27%, the bottomline has increased by an even better 31%. A strong topline growth combined with a relatively lower rise in interest expenses has resulted in strong improvement in net interest margins as well as operating margins. Other income growth, while subdued in FY04 is showing signs of improvement as indicated by the growth seen in the March quarter. For the March quarter the numbers seem equally promising, despite a dip in the topline growth.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Income from operations 5,528 6,658 20.4% 20,136 25,489 26.6%
Other Income 1,220 1,405 15.1% 4,656 4,800 3.1%
Interest expense 3,108 3,053 -1.8% 11,920 12,111 1.6%
Net interest income 2,420 3,606 49.0% 8,217 13,379 62.8%
Other expenses 1,644 2,167 31.8% 5,771 8,100 40.4%
Operating Profit 776 1,439 85.3% 2,446 5,279 115.8%
Operating Profit Margin (%) 14.0% 21.6%   12.1% 20.7%  
Provisions and contingencies 303 719 137.7% 1,393 2,890 107.4%
Profit before Tax 1,694 2,124 25.4% 5,709 7,190 25.9%
Tax 528 577 9.3% 1,833 2,095 14.3%
Profit after Tax/(Loss) 1,166 1,547 32.7% 3,876 5,095 31.4%
Net profit margin (%) 21.1% 23.2%   19.2% 20.0%  
No. of Shares (m) 282.0 284.8   282.0 284.8  
Diluted earnings per share (Rs)* 16.4 21.7   13.6 17.9  
P/E ratio (x)         21.1  
*(annualised)            

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