HDFC BANK Announces Quarterly Results (3QFY21); Net Profit Up 18.1%

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HDFC BANK Announces Quarterly Results (3QFY21); Net Profit Up 18.1%
Mon, 18 Jan

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

HDFC BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Operating incomeRs m293,697299,770300,7970.3%2.4%
Other incomeRs m66,69360,92574,43222.2%11.6%
Total revenuesRs m360,390360,694375,2294.0%4.1%
InterestRs m151,968142,006137,621-3.1%-9.4%
Gross Profit Rs m141,729157,764163,1763.4%15.1%
Other expensesRs m78,96880,55185,7486.5%8.6%
Profit before taxRs m99,019101,103117,71916.4%18.9%
TaxRs m24,85425,97230,13616.0%21.3%
Profit after taxRs m74,16575,13187,58316.6%18.1%
Gross profit margin %48.352.654.2
Effective tax rate%25.125.725.6
Net profit margin%25.325.129.1
* 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 2.4% on a year-on-year (YoY) basis. The interest expended was down by 9.4% YoY during the same period.
  • The bank's operating profit increased by 15.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 54.2% in 3QFY21 as against 48.3% in 3QFY20.
  • Other income increased by 11.6% YoY during the quarter.
  • Net profit for the quarter increased by 18.1% YoY. Net profit margins during the quarter increased from 25.3% in 3QFY20 to 29.1% in 3QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.3% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 3.1% QoQ during the same period.
  • The bank's operating profit increased by 3.4% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 54.2% in 3QFY21 as against 52.6% in 2QFY20.
  • Net profit for the quarter increased by 16.6% QoQ, while net profit margins increased from 25.1% in 2QFY20 to 29.1% in 3QFY21.

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

Get Details: First Stock to Potentially Accumulate Rs 7 Crore Long-term Wealth

HDFC BANK Share Price Performance

Over the last one year, HDFC BANK share price has moved up from Rs 1,277.9 to Rs 1,484.5, registering a Gain of Rs 206.6 or around 16.2%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 36,194.3 (down 0.9%). Over the last one year it has moved up from 36,035.9 to 36,194.3, a gain of 158 points (up 0.4%).

Overall, the S&P BSE SENSEX is up 16.0% over the year.

Current Valuations

At the current price of Rs 1,484.5, the price to earnings (P/E) ratio of HDFC BANK stands at 27.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.6 times.

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For the quarter ended September 2020, HDFC BANK has posted a net profit of Rs 75 bn (up 18.4% YoY). Sales on the other hand came in at Rs 300 bn (up 6.4% YoY). Read on for a complete analysis of HDFC BANK's quarterly results.

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