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 934,390 Cr.
  • Current Price 1,687
  • High / Low 1,690 / 1,176
  • Stock P/E 27.3
  • Book Value 379
  • Dividend Yield 0.39 %
  • ROCE 6.31 %
  • ROE 16.5 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 19.96% CAGR over last 5 years
  • Company's median sales growth is 18.67% of last 10 years

Cons

  • Stock is trading at 4.45 times its book value
  • Company has low interest coverage ratio.
  • Contingent liabilities of Rs.1020028.80 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.30885.49 Cr.

Peer comparison

Sector: Banks Industry: Banks - Private Sector

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
Revenue 27,434 28,045 29,176 30,017 31,201 31,795 32,352 31,742 31,852 32,607 32,254 33,520
Interest 14,063 14,062 14,977 15,558 16,073 15,529 15,608 15,033 14,523 14,083 14,218 14,415
9,603 9,616 10,512 11,144 12,003 13,077 11,751 13,028 13,503 15,561 14,073 14,698
Financing Profit 3,768 4,368 3,687 3,315 3,124 3,190 4,993 3,682 3,826 2,963 3,962 4,408
Financing Margin % 14% 16% 13% 11% 10% 10% 15% 12% 12% 9% 12% 13%
Other Income 5,288 5,215 5,148 6,114 7,125 6,492 4,347 6,696 7,987 8,303 6,680 7,916
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 9,057 9,583 8,835 9,429 10,249 9,682 9,340 10,378 11,813 11,266 10,642 12,324
Tax % 35% 34% 36% 29% 25% 25% 26% 26% 26% 25% 25% 26%
Net Profit 5,901 6,301 5,676 6,638 7,660 7,280 6,927 7,703 8,769 8,434 7,922 9,096
EPS in Rs 10.85 11.57 10.39 12.13 13.99 13.28 12.62 14.00 15.92 15.30 14.33 16.43
Gross NPA %
Net NPA %

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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 16,233 20,043 28,193 35,861 42,555 50,666 63,162 73,271 85,288 105,161 122,189 128,552 130,233
Interest 7,798 9,425 15,106 19,695 23,445 27,288 34,070 38,042 42,381 53,713 62,137 59,248 57,240
7,825 8,737 10,858 12,631 13,508 16,164 20,055 23,856 29,532 34,856 45,459 52,457 57,834
Financing Profit 610 1,881 2,229 3,534 5,602 7,214 9,037 11,374 13,374 16,592 14,593 16,848 15,159
Financing Margin % 4% 9% 8% 10% 13% 14% 14% 16% 16% 16% 12% 13% 12%
Other Income 4,213 4,585 5,992 7,133 8,298 9,546 11,212 12,905 16,057 18,947 24,879 27,333 30,885
Depreciation 404 509 554 663 689 680 738 886 967 1,221 1,277 1,385 0
Profit before tax 4,419 5,957 7,667 10,004 13,211 16,079 19,511 23,393 28,464 34,318 38,195 42,796 46,044
Tax % 31% 33% 31% 31% 34% 33% 34% 35% 35% 35% 29% 26%
Net Profit 3,004 3,992 5,247 6,870 8,743 10,689 12,801 15,280 18,510 22,332 27,254 31,833 34,221
EPS in Rs 6.56 8.58 11.18 14.44 18.22 21.32 25.32 29.81 35.66 41.00 49.70 57.74 61.98
Dividend Payout % 18% 19% 19% 19% 19% 19% 19% 18% 18% 18% 5% 11%
Compounded Sales Growth
10 Years:20%
5 Years:15%
3 Years:15%
TTM:2%
Compounded Profit Growth
10 Years:23%
5 Years:20%
3 Years:20%
TTM:16%
Stock Price CAGR
10 Years:21%
5 Years:22%
3 Years:20%
1 Year:41%
Return on Equity
10 Years:18%
5 Years:17%
3 Years:17%
Last Year:16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 21,158 25,118 29,741 36,167 43,687 62,653 73,798 91,281 109,080 153,128 175,810 209,259
Borrowings 180,470 222,938 272,874 335,588 416,677 509,762 649,587 741,550 944,817 1,080,235 1,333,041 1,511,418
20,862 29,442 37,971 35,492 42,776 34,181 38,321 59,000 48,770 58,898 71,430 78,279
Total Liabilities 222,947 277,963 341,055 407,723 503,620 607,097 762,212 892,344 1,103,186 1,292,806 1,580,830 1,799,507
2,149 2,201 2,378 2,773 3,026 3,225 3,667 4,000 4,008 4,369 4,776 5,248
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 58,508 70,277 96,795 110,960 119,571 149,454 193,634 210,777 238,461 289,446 389,305 438,823
162,290 205,485 241,882 293,989 381,023 454,417 564,912 677,567 860,717 998,991 1,186,750 1,355,435
Total Assets 222,947 277,963 341,055 407,723 503,620 607,097 762,212 892,344 1,103,186 1,292,806 1,580,830 1,799,507

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
9,471 -960 -19,381 -5,847 4,211 -21,281 -34,435 17,282 17,214 -62,872 -16,869 42,476
-562 -553 -662 -902 -1,099 -800 -837 -1,146 -842 -1,503 -1,403 -1,823
3,631 1,274 11,380 13,105 9,270 18,694 37,815 -5,893 57,378 23,131 24,394 -7,321
Net Cash Flow 12,541 -240 -8,663 6,356 12,382 -3,387 2,542 10,242 73,750 -41,244 6,122 33,332

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 17% 17% 19% 21% 22% 20% 19% 18% 18% 17% 16% 16%

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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