HDFC BANK Announces Quarterly Results (2QFY20); Net Profit Up 26.8%

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HDFC BANK Announces Quarterly Results (2QFY20); Net Profit Up 26.8%
Wed, 23 Oct

HDFC BANK has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

HDFC BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Operating incomeRs m241,996273,916281,6632.8%16.4%
Other incomeRs m40,15649,70355,88712.4%39.2%
Total revenuesRs m282,152323,618337,5504.3%19.6%
InterestRs m124,362140,973146,5123.9%17.8%
Gross Profit Rs m117,634132,943135,1501.7%14.9%
Other expensesRs m62,99171,17374,0574.1%17.6%
Profit before taxRs m76,60085,33689,9745.4%17.5%
TaxRs m26,54329,65426,524-10.6%-0.1%
Profit after taxRs m50,05755,68263,45014.0%26.8%
Gross profit margin %48.648.548.0
Effective tax rate%34.734.829.5
Net profit margin%20.720.322.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter grew 16.4% on a year-on-year (YoY) basis. The interest expended was up by 17.8% YoY during the same period.
  • The bank's operating profit increased by 14.9% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 48.0% in 2QFY20 as against 48.6% in 2QFY19.
  • Other income increased by 39.2% YoY during the quarter.
  • Net profit for the quarter increased by 26.8% YoY. Net profit margins during the quarter increased from 20.7% in 2QFY19 to 22.5% in 2QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.8% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 3.9% QoQ during the same period.
  • The bank's operating profit increased by 1.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 48.0% in 2QFY20 as against 48.5% in 1QFY19.
  • Net profit for the quarter increased by 14.0% QoQ, while net profit margins increased from 20.3% in 1QFY19 to 22.5% in 2QFY20.

To see how HDFC BANK has performed over the last eight quarters,please visit here.

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HDFC BANK Share Price Performance

Over the last one year,HDFC BANK share price has moved up from Rs 992.5 to Rs 1,248.0, registering a Gain of Rs 255.5 or around 25.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 33,420.5 (up 0.5%). Over the last one year it has moved up from 27,899.6 to 33,420.5, a gain of 5,521 points (up 19.8%).

Overall, the S&P BSE SENSEX is up 14.5% over the year.

Current Valuations

At the current price of Rs 1,248.0, the price to earnings (P/E) ratio of HDFC BANK stands at 29.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.4 times.

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