HDFC BANK Announces Quarterly Results (3QFY19); Net Profit Up 20.3%

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HDFC BANK Announces Quarterly Results (3QFY19); Net Profit Up 20.3%
Mon, 21 Jan

HDFC BANK has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

HDFC BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m205,813241,996258,9037.0%25.8%
Other incomeRs m38,69240,15649,21022.5%27.2%
Total revenuesRs m244,504282,152308,1139.2%26.0%
InterestRs m102,669124,362133,1357.1%29.7%
Gross Profit Rs m103,143117,634125,7686.9%21.9%
Other expensesRs m57,32262,99167,1936.7%17.2%
Profit before taxRs m70,99976,60085,66911.8%20.7%
TaxRs m24,57326,54329,81012.3%21.3%
Profit after taxRs m46,42650,05755,85911.6%20.3%
Gross profit margin %50.148.648.6
Effective tax rate%34.634.734.8
Net profit margin%22.620.721.6
* 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 25.8% on a year-on-year (YoY) basis. The interest expended was up by 29.7% YoY during the same period.
  • The bank's operating profit increased by 21.9% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 48.6% in 3QFY19 as against 50.1% in 3QFY18.
  • Other income increased by 27.2% YoY during the quarter.
  • Net profit for the quarter increased by 20.3% YoY. Net profit margins during the quarter declined from 22.6% in 3QFY18 to 21.6% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 7.0% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 7.1% QoQ during the same period.
  • The bank's operating profit declined by 6.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 48.6% in 3QFY19 as against 48.6% in 2QFY18.
  • Net profit for the quarter increased by 11.6% QoQ, while net profit margins increased from 20.7% in 2QFY18 to 21.6% in 3QFY19.

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

HDFC BANK Share Price Performance

Over the last one year, HDFC BANK share price has moved up from Rs 1,951.2 to Rs 2,153.6, registering a Gain of Rs 202.4 or around 10.4%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,772.1 (up 0.1%). Over the last one year it has moved up from 30,473.4 to 30,772.1, a gain of 299 points (up 1.0%).

Overall, the S&P BSE SENSEX is up 3.9% over the year.

Current Valuations

At the current price of Rs 2,153.6, the price to earnings (P/E) ratio of HDFC BANK stands at 27.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 5.0 times.

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