HDFC Bank Ltd

₹ 1,618 -0.46%
25 Nov - close price
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.

Key Points

Key Ratios - FY22 [1]
Capital Adequacy Ratio - 18.9%
Net Interest Margin - 4.2%
Gross NPA - 1.17%
Net NPA - 0.32%
CASA Ratio - 46.1%
Cost to Income ratio – 38.3%

  • Market Cap 901,775 Cr.
  • Current Price 1,618
  • High / Low 1,722 / 1,272
  • Stock P/E 21.6
  • Book Value 446
  • Dividend Yield 0.96 %
  • ROCE 5.83 %
  • ROE 16.6 %
  • Face Value 1.00

Pros

  • Company has delivered good profit growth of 20.0% CAGR over last 5 years

Cons

  • Stock is trading at 3.63 times its book value
  • Company has low interest coverage ratio.
  • Contingent liabilities of Rs.1,457,166 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.32,344 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Banks Industry: Banks - Private Sector

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
Revenue 30,017 31,201 31,795 32,352 31,742 31,852 32,607 32,254 33,520 34,588 35,574 37,274 40,930
Interest 15,558 16,073 15,529 15,608 15,033 14,523 14,083 14,218 14,415 14,724 15,227 16,358 18,311
11,144 12,003 13,077 11,751 13,028 13,503 15,561 14,073 14,698 14,423 15,044 15,021 15,915
Financing Profit 3,315 3,124 3,190 4,993 3,682 3,826 2,963 3,962 4,408 5,441 5,304 5,895 6,704
Financing Margin % 11% 10% 10% 15% 12% 12% 9% 12% 13% 16% 15% 16% 16%
6,114 7,125 6,492 4,347 6,696 7,987 8,303 6,680 7,916 8,777 8,386 6,929 8,252
Depreciation -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Profit before tax 9,429 10,249 9,682 9,340 10,378 11,813 11,266 10,642 12,324 14,218 13,690 12,823 14,956
Tax % 29% 25% 25% 26% 26% 26% 25% 25% 26% 25% 23% 25% 25%
Net Profit 6,638 7,660 7,297 6,941 7,711 8,760 8,444 7,940 9,120 10,616 10,475 9,617 11,163
EPS in Rs 12.13 13.99 13.28 12.62 14.00 15.92 15.30 14.33 16.43 19.11 18.83 17.25 19.97
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
Revenue 20,043 28,193 35,861 42,555 50,666 63,162 73,271 85,288 105,161 122,189 128,552 135,936 148,366
Interest 9,425 15,106 19,695 23,445 27,288 34,070 38,042 42,381 53,713 62,137 59,248 58,584 64,620
8,737 10,858 12,631 13,508 16,164 20,055 23,856 29,532 34,856 45,459 52,457 56,557 60,403
Financing Profit 1,881 2,229 3,534 5,602 7,214 9,037 11,374 13,374 16,592 14,593 16,848 20,795 23,344
Financing Margin % 9% 8% 10% 13% 14% 14% 16% 16% 16% 12% 13% 15% 16%
4,585 5,992 7,133 8,298 9,546 11,212 12,905 16,057 18,947 24,879 27,333 31,759 32,344
Depreciation 509 554 663 689 680 738 886 967 1,221 1,277 1,385 1,681 0
Profit before tax 5,957 7,667 10,004 13,211 16,079 19,511 23,393 28,464 34,318 38,195 42,796 50,873 55,688
Tax % 33% 31% 31% 34% 33% 34% 35% 35% 35% 29% 26% 25%
Net Profit 4,025 5,277 6,903 8,768 10,703 12,821 15,317 18,561 22,446 27,296 31,857 38,151 41,870
EPS in Rs 8.58 11.18 14.44 18.22 21.32 25.32 29.81 35.66 41.00 49.70 57.74 68.62 75.16
Dividend Payout % 19% 19% 19% 19% 19% 19% 18% 18% 18% 5% 11% 23%
Compounded Sales Growth
10 Years: 17%
5 Years: 13%
3 Years: 9%
TTM: 14%
Compounded Profit Growth
10 Years: 22%
5 Years: 20%
3 Years: 19%
TTM: 22%
Stock Price CAGR
10 Years: 17%
5 Years: 12%
3 Years: 9%
1 Year: 9%
Return on Equity
10 Years: 18%
5 Years: 17%
3 Years: 17%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
465 469 476 480 501 506 513 519 545 548 551 555
Reserves 25,118 29,741 36,167 43,687 62,653 73,798 91,281 109,080 153,128 175,810 209,259 246,772
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 1,784,970
29,442 37,971 35,492 42,776 34,181 38,321 59,000 48,770 58,898 71,430 78,279 90,639
Total Liabilities 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 2,122,934
2,201 2,378 2,773 3,026 3,225 3,667 4,000 4,008 4,369 4,776 5,248 6,432
CWIP -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Investments 70,277 96,795 110,960 119,571 149,454 193,634 210,777 238,461 289,446 389,305 438,823 449,264
205,485 241,882 293,989 381,023 454,417 564,912 677,567 860,717 998,991 1,186,750 1,355,435 1,667,238
Total Assets 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 2,122,934

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
-960 -19,381 -5,847 4,211 -21,281 -34,435 17,282 17,214 -62,872 -16,869 42,476 -11,960
-553 -662 -902 -1,099 -800 -837 -1,146 -842 -1,503 -1,403 -1,823 -2,051
1,274 11,380 13,105 9,270 18,694 37,815 -5,893 57,378 23,131 24,394 -7,321 48,124
Net Cash Flow -240 -8,663 6,356 12,382 -3,387 2,542 10,242 73,750 -41,244 6,122 33,332 34,113

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
ROE % 17% 19% 21% 22% 20% 19% 18% 18% 17% 16% 16% 17%

Shareholding Pattern

Numbers in percentages

2 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
26.18 26.14 26.10 26.02 26.00 25.97 25.89 25.83 25.80 25.78 25.73 25.64
37.92 36.68 37.04 37.43 39.35 39.79 39.39 38.23 37.47 35.62 32.31 32.14
20.86 21.74 21.85 22.66 21.47 20.99 21.46 22.53 22.97 24.55 27.11 27.53
0.21 0.23 0.25 0.24 0.24 0.24 0.16 0.16 0.16 0.16 0.16 0.16
14.83 15.21 14.76 13.65 12.95 13.01 13.10 13.25 13.60 13.89 14.69 14.51

Documents

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