HDFC Bank Ltd

About

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. HDFC Bank is a publicly held banking company, the bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. It is engaged in providing a range of banking and financial services including retail banking, wholesale banking and treasury operations. It is promoted by HDFC Ltd. which has 19.32% stake as on September 30, 2020. Currently, HDFC Bank Ltd. (HBL) is the largest private sector bank in India. As on March 31, 2020, the bank’s total balance sheet size stood at Rs. 15,30,511 Cr.

Key Points

Ratios [1]
Capital Adequacy Ratio - 18.8%
Net Interest Margin - 4.2%
Gross NPA - 1.32%
Net NPA - 0.40%
CASA Ratio - 46.1%

See full details
  • Market Cap 886,851 Cr.
  • Current Price 1,602
  • High / Low 1,650 / 1,043
  • Stock P/E 27.6
  • Book Value 368
  • Dividend Yield 0.41 %
  • ROCE 6.22 %
  • ROE 16.6 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 20.40% CAGR over last 5 years
  • Company's median sales growth is 17.31% of last 10 years

Cons

  • Stock is trading at 4.35 times its book value
  • Company has low interest coverage ratio.
  • Contingent liabilities of Rs.1015845.74 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.27418.08 Cr.

Peer comparison

Sector: Banks Industry: Banks - Private Sector

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
Revenue 24,200 25,890 26,333 27,392 28,166 29,370 29,885 30,378 29,977 30,080 30,424 30,483
Interest 12,436 13,314 13,244 14,097 14,651 15,197 14,681 14,713 14,201 13,762 13,303 13,474
8,119 8,931 9,006 9,731 10,106 10,940 12,062 10,803 11,759 11,989 13,875 12,991
Financing Profit 3,644 3,646 4,083 3,563 3,409 3,233 3,142 4,862 4,018 4,329 3,245 4,018
Financing Margin % 15% 14% 16% 13% 12% 11% 11% 16% 13% 14% 11% 13%
Other Income 4,016 4,921 4,871 4,970 5,589 6,669 6,033 4,075 6,092 7,443 7,594 6,288
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 7,660 8,567 8,954 8,534 8,997 9,902 9,174 8,938 10,110 11,772 10,839 10,306
Tax % 35% 35% 34% 35% 29% 25% 24% 26% 26% 26% 24% 25%
Net Profit 5,006 5,586 5,885 5,568 6,345 7,416 6,928 6,659 7,513 8,758 8,187 7,730
EPS in Rs 9.21 10.27 10.81 10.19 11.60 13.54 12.63 12.13 13.65 15.90 14.85 13.99
Gross NPA % 1.33% 1.38% 1.36% 1.40% 1.38% 1.42% 1.26% 1.36% 1.08% 0.81% 1.32% 1.47%
Net NPA % 0.40% 0.42% 0.39% 0.43% 0.42% 0.48% 0.36% 0.33% 0.17% 0.09% 0.40% 0.48%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
Revenue 16,173 19,928 27,874 35,065 41,136 48,470 60,221 69,306 80,241 98,972 114,813 120,858 120,963
Interest 7,786 9,385 14,990 19,254 22,653 26,074 32,630 36,167 40,146 50,729 58,626 55,979 54,740
7,690 8,561 10,613 12,261 12,959 15,407 18,999 22,464 27,712 32,529 41,644 47,123 50,614
Financing Profit 696 1,982 2,272 3,550 5,524 6,989 8,592 10,676 12,383 15,714 14,542 17,757 15,609
Financing Margin % 4% 10% 8% 10% 13% 14% 14% 15% 15% 16% 13% 15% 13%
Other Income 3,987 4,334 5,784 6,853 7,920 8,996 10,752 12,296 15,220 17,626 23,261 25,205 27,418
Depreciation 394 497 543 652 672 656 706 833 906 1,140 1,196 1,302 0
Profit before tax 4,289 5,819 7,513 9,751 12,772 15,329 18,638 22,139 26,697 32,200 36,607 41,659 43,027
Tax % 31% 33% 31% 31% 34% 33% 34% 34% 34% 35% 28% 25%
Net Profit 2,949 3,926 5,167 6,726 8,478 10,216 12,296 14,550 17,487 21,078 26,257 31,117 32,188
EPS in Rs 6.44 8.44 11.01 14.13 17.67 20.38 24.32 28.39 33.69 38.70 47.89 56.44 58.39
Dividend Payout % 19% 20% 20% 19% 19% 20% 20% 19% 19% 19% 5% 12%
Compounded Sales Growth
10 Years:20%
5 Years:15%
3 Years:15%
TTM:3%
Compounded Profit Growth
10 Years:23%
5 Years:20%
3 Years:21%
TTM:18%
Stock Price CAGR
10 Years:21%
5 Years:20%
3 Years:17%
1 Year:53%
Return on Equity
10 Years:18%
5 Years:17%
3 Years:17%
Last Year:17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
458 465 469 476 480 501 506 513 519 545 548 551
Reserves 21,062 24,911 29,455 35,738 42,999 61,508 72,172 88,950 105,776 148,662 170,438 203,170
Borrowings 180,320 222,980 270,553 329,254 406,776 496,009 631,393 717,669 911,876 1,040,226 1,292,131 1,470,548
20,619 28,996 37,432 34,864 41,344 32,484 36,725 56,709 45,764 55,108 67,394 72,602
Total Liabilities 222,459 277,353 337,910 400,332 491,600 590,503 740,796 863,840 1,063,934 1,244,541 1,530,511 1,746,871
2,123 2,171 2,347 2,703 2,940 3,122 3,343 3,627 3,607 4,030 4,432 4,909
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 58,608 70,929 97,483 111,614 120,951 151,642 195,836 214,463 242,200 293,116 391,827 443,728
161,728 204,253 238,079 286,015 367,709 435,740 541,617 645,750 818,127 947,395 1,134,253 1,298,233
Total Assets 222,459 277,353 337,910 400,332 491,600 590,503 740,796 863,840 1,063,934 1,244,541 1,530,511 1,746,871

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9,390 -376 -17,095 -1,869 8,364 -15,862 -30,132 23,585 26,074 -56,055 -16,690 41,495
-553 -1,126 -662 -855 -1,623 -1,933 -627 -1,985 -523 -1,231 -891 -1,262
3,599 1,228 9,026 9,066 5,563 14,543 33,347 -11,568 48,411 15,718 22,852 -7,381
Net Cash Flow 12,436 -274 -8,731 6,342 12,303 -3,252 2,587 10,033 73,963 -41,567 5,271 32,852

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROE % 16% 17% 19% 20% 21% 19% 18% 18% 18% 16% 16% 17%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
26.57 26.54 26.50 26.25 26.21 26.18 26.14 26.10 26.02 26.00 25.97 25.89
39.18 38.70 38.71 38.64 37.64 37.92 36.68 37.04 37.43 39.35 39.79 39.39
15.19 15.98 16.41 16.86 21.05 20.86 21.74 21.85 22.66 21.47 20.99 21.46
0.17 0.18 0.20 0.21 0.21 0.21 0.23 0.25 0.24 0.24 0.24 0.16
18.90 18.60 18.19 18.05 14.89 14.83 15.21 14.76 13.65 12.95 13.01 13.10

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