HDFC BANK Announces Quarterly Results (2QFY21); Net Profit Up 18.4%

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HDFC BANK Announces Quarterly Results (2QFY21); Net Profit Up 18.4%
Mon, 19 Oct

HDFC BANK has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

HDFC BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Operating incomeRs m281,663303,780299,770-1.3%6.4%
Other incomeRs m55,88740,75360,92549.5%9.0%
Total revenuesRs m337,550344,533360,6944.7%6.9%
InterestRs m146,512147,126142,006-3.5%-3.1%
Gross Profit Rs m135,150156,654157,7640.7%16.7%
Other expensesRs m74,05769,11580,55116.5%8.8%
Profit before taxRs m89,97489,378101,10313.1%12.4%
TaxRs m26,52422,79125,97214.0%-2.1%
Profit after taxRs m63,45066,58675,13112.8%18.4%
Gross profit margin %48.051.652.6
Effective tax rate%29.525.525.7
Net profit margin%22.521.925.1
* 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 6.4% on a year-on-year (YoY) basis. The interest expended was down by 3.1% YoY during the same period.
  • The bank's operating profit increased by 16.7% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 52.6% in 2QFY21 as against 48.0% in 2QFY20.
  • Other income increased by 9.0% YoY during the quarter.
  • Net profit for the quarter increased by 18.4% YoY. Net profit margins during the quarter increased from 22.5% in 2QFY20 to 25.1% in 2QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 1.3% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 3.5% QoQ during the same period.
  • The bank's operating profit increased by 0.7% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 52.6% in 2QFY21 as against 51.6% in 1QFY20.
  • Net profit for the quarter increased by 12.8% QoQ, while net profit margins increased from 21.9% in 1QFY20 to 25.1% in 2QFY21.

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 down from Rs 1,229.2 to Rs 1,203.3, registering a Loss of Rs 25.9 or around 2.1%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 27,499.4 (up 3.1%). Over the last one year it has moved down from 32,900.6 to 27,499.4, a gain of 5,401 points (down 16.4%).

Overall, the S&P BSE SENSEX is up 4.8% over the year.

Current Valuations

At the current price of Rs 1,203.3, the price to earnings (P/E) ratio of HDFC BANK stands at 23.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.7 times.

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