HDFC BANK Announces Quarterly Results (2QFY19); Net Profit Up 20.6%

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HDFC BANK Announces Quarterly Results (2QFY19); Net Profit Up 20.6%
Tue, 23 Oct

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

HDFC BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m196,703225,490241,9967.3%23.0%
Other incomeRs m36,05938,18140,1565.2%11.4%
Total revenuesRs m232,762263,670282,1527.0%21.2%
InterestRs m99,182117,354124,3626.0%25.4%
Gross Profit Rs m97,521108,136117,6348.8%20.6%
Other expensesRs m55,40159,83962,9915.3%13.7%
Profit before taxRs m63,41770,18476,6009.1%20.8%
TaxRs m21,90724,16926,5439.8%21.2%
Profit after taxRs m41,51046,01450,0578.8%20.6%
Gross profit margin %49.648.048.6
Effective tax rate%34.534.434.7
Net profit margin%21.120.420.7
* 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 23.0% on a year-on-year (YoY) basis. The interest expended was up by 25.4% YoY during the same period.
  • The bank's operating profit increased by 20.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 48.6% in 2QFY19 as against 49.6% in 2QFY18.
  • Other income increased by 11.4% YoY during the quarter.
  • Net profit for the quarter increased by 20.6% YoY. Net profit margins during the quarter declined from 21.1% in 2QFY18 to 20.7% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 7.3% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 6.0% QoQ during the same period.
  • The bank's operating profit increased by 8.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 48.6% in 2QFY19 as against 48.0% in 1QFY18.
  • Net profit for the quarter increased by 8.8% QoQ, while net profit margins increased from 20.4% in 1QFY18 to 20.7% in 2QFY19.

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 1,862.7 to Rs 1,990.0, registering a Gain of Rs 127.4 or around 6.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 27,989.3 (up 0.0%). Over the last one year it has moved up from 26,887.3 to 27,989.3, a gain of 1,102 points (up 4.1%).

Overall, the S&P BSE SENSEX is up 4.6% over the year.

Current Valuations

At the current price of Rs 1,990.0, the price to earnings (P/E) ratio of HDFC BANK stands at 27.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.6 times.

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