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- May 9, 2017 - HDFC: Conservative Provisioning tempers down FY17 earnings
HDFC: Conservative Provisioning tempers down FY17 earnings
HDFC declared its results for the fourth quarter (4QFY17). The institution has reported 13.2% YoY growth in net interest income while net profits have fallen by 21.6% YoY during 4QFY17. Here is our analysis of the results.
Standalone financial performance snapshot
| (Rs m) | 4QFY16 | 4QFY17 | Change | FY16 | FY17 | Change |
|---|---|---|---|---|---|---|
| Interest Income | 76,294 | 83,606 | 9.6% | 288,926 | 317,044 | 9.7% |
| Interest Expense | 48,699 | 52,379 | 7.6% | 193,745 | 208,962 | 7.9% |
| Net Interest Income | 27,595 | 31,226 | 13.2% | 95,181 | 108,082 | 13.6% |
| Net interest margins | 4.10% | 4.10% | ||||
| Other Income | 12,768 | 2,839 | -77.8% | 20,561 | 16,826 | -18.2% |
| Other Expense | 2,992 | 3,203 | 7.1% | 12,011 | 13,391 | 11.5% |
| Provisions and contingencies | 950 | 1,480 | 55.8% | 2,650 | 4,250 | 60.4% |
| Profit before tax | 36,421 | 29,382 | -19.3% | 101,081 | 107,266 | 6.1% |
| Tax | 10,350 | 8,940 | -13.6% | 30,150 | 32,840 | 8.9% |
| Effective tax rate | 28.4% | 30.4% | 29.8% | 30.6% | ||
| Deferred Tax Liability | 0.0 | 0.0 | 0.0 | |||
| Profit after tax/ (loss) | 26,071 | 20,442 | -21.6% | 70,931 | 74,426 | 4.9% |
| Net profit margin (%) | 34.2% | 24.5% | 24.5% | 23.5% | ||
| No. of shares (m) | 1588.7 | |||||
| Book value per share (Rs)* | 250.0 | |||||
| P/BV (x) | 6.2 |
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