FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

Telugu super news, hyderabad, october 16,2023:The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and half year ended September 30, 2023, at its meeting held in Mumbai on Monday, October 16, 2023. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

CONSOLIDATED FINANCIAL RESULTS:

The Bank’s consolidated net revenue grew by 114.8% to ₹ 66,317 crore for the quarter ended September 30, 2023 from ₹ 30,871 crore for the quarter ended September 30, 2022. The consolidated profit after tax for the quarter ended September 30, 2023 was ₹ 16,811 crore, up 51.1%, over the quarter ended September 30, 2022. Earnings per share for the quarter ended September 30, 2023 was ₹ 22.2 and book value per share as of September 30, 2023 was ₹ 552.5.

The consolidated profit after tax for the half year ended September 30, 2023 was ₹ 29,182 crore, up 40.9%, over the half year ended September 30, 2022.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2023

The Bank’s net revenue grew by 33.1% to ₹ 38,093 crore for the quarter ended September 30, 2023 from ₹ 28,617 crore for the quarter ended September 30, 2022.

Net interest income (interest earned less interest expended) for the quarter ended September 30, 2023 grew by 30.3% to ₹ 27,385 crore from ₹ 21,021 crore for the quarter ended September 30, 2022. Core net interest margin for the quarter was 3.65% on total assets and 3.85% on interest earning assets. After absorbing debt funded cost for additional liquidity and merger management, the reported NIM for the quarter is 3.4% on total assets and 3.6% on interest earning assets.

Other income (non-interest revenue) for the quarter ended September 30, 2023 was ₹ 10,708 crore as against ₹ 7,596 crore in the corresponding quarter ended September 30, 2022. The four components of other income for the quarter ended September 30, 2023 were fees & commissions of ₹ 6,936 crore (₹ 5,803 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,221 crore (₹ 1,082 crore in the corresponding quarter of the previous year), net trading and mark to market  gain of ₹ 1,041 crore (loss of ₹ 387 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,510 crore (₹ 1,098 crore in the corresponding quarter of the previous year).

Operating expenses for the quarter ended September 30, 2023 were ₹ 15,399 crore, an increase of 37.2% over ₹ 11,225 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 40.4%.

Pre-provision operating profit (PPOP) at ₹ 22,694 crore grew by 30.5% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended September 30, 2023 were ₹ 2,904 crore as against ₹ 3,240 crore for the quarter ended September 30, 2022.

The total credit cost ratio was at 0.49%, as compared to 0.87% for the quarter ending September 30, 2022. 

Profit before tax (PBT) for the quarter ended September 30, 2023 was at ₹ 19,790 crore. After providing ₹ 3,814 crore for taxation, the Bank earned a net profit of ₹ 15,976 crore, an increase of 50.6% over the quarter ended September 30, 2022.

Balance Sheet: As of September 30, 2023

Total balance sheet size as of September 30, 2023 was ₹ 34,16,310 crore as against ₹ 22,27,893 crore as of September 30, 2022.

Total Deposits showed a healthy growth of approximately ₹ 1.1 lac crore during the quarter post merger, and were at ₹ 21,72,858 crore as of September 30, 2023, an increase of 29.8% over September 30, 2022. CASA deposits grew by 7.6% with savings account deposits at ₹ 5,69,956 crore and current account deposits at ₹ 2,47,749 crore. Time deposits were at ₹ 13,55,153 crore, an increase of 48.3% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 37.6% of total deposits as of September 30, 2023. 

Gross advances increased by approximately ₹ 1.1 lac crore during the quarter post merger, and were at ₹ 23,54,633 crore as of September 30, 2023, an increase of 57.7% over September 30, 2022. Grossing up for transfers through inter-bank participation certificates and bills rediscounted, advances grew by 60.0% over September 30, 2022. Domestic retail loans grew by 112.1%, commercial and rural banking loans grew by 29.5% and corporate and other wholesale loans (excluding non-individual loans of eHDFC Ltd of approximately ₹ 1,02,800 crore) grew by 7.9%. Overseas advances constituted 1.7% of total advances.

Half Year ended September 30, 2023 

For the half year ended September 30, 2023, the Bank earned a total income of ₹ 1,36,223 crore as against ₹ 87,742 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2023 were ₹ 70,922 crore, as against ₹ 54,486 crore for the half year ended September 30, 2022. Profit after tax for the half year ended September 30, 2023 was ₹ 27,928 crore, up by 41.0% over the corresponding half year ended September 30, 2022.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.5% as on September 30, 2023 (18.0% as on September 30, 2022) as against a regulatory requirement of 11.7%. Tier 1 CAR was at 17.8% and Common Equity Tier 1 Capital ratio was at 17.3% as of September 30, 2023. Risk-weighted Assets were at ₹ 21,74,226 crore.

NETWORK 

As of September 30, 2023, the Bank’s distribution network was at 7,945 branches and 20,596 ATMs across 3,836 cities / towns as against 6,499 branches and 18,868 ATMs across 3,226 cities / towns as of September 30, 2022. 52% of our branches are in semi-urban and rural areas. In addition, we have 15,352 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 1,97,899 as of September 30, 2023 (as against 1,61,027 as of September 30, 2022). 

ASSET QUALITY

Gross non-performing assets were at 1.34% of gross advances as on September 30, 2023, as against 1.41% on a proforma merged basis as on June 30, 2023, and 1.23% as on September 30, 2022. Net non-performing assets were at 0.35% of net advances as on September 30, 2023.

SUBSIDIARIES  

Amongst the Bank’s key subsidiaries, HDFC Life Insurance Company Ltd and HDFC ERGO General Insurance Company Ltd prepare their financial results in accordance with Indian GAAP, while others do so in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The financial numbers of the subsidiaries mentioned herein below are in accordance with the accounting standards used in their standalone reporting.

HDB Financial Services Limited (HDBFSL), in which the Bank holds an 94.8% stake, is a non-deposit taking NBFC offering wide a range of loans and asset finance products. For the quarter ended September 30, 2023, HDBFSL’s net revenue was at ₹ 2,357 crore as against ₹ 2,201 crore for the quarter ended September 30, 2022, a growth of 7.1%. Profit after tax for the quarter ended September 30, 2023 was ₹ 601 crore compared to ₹ 471 crore for the quarter ended September 30, 2022, a growth of 27.5%. Profit after tax for the half year ended September 30, 2023 was ₹ 1,168 crore compared to ₹ 913 crore for the half year ended September 30, 2022. The total loan book was ₹ 77,857 crore as on September 30, 2023 compared to ₹ 63,112 crore as on September 30, 2022, a growth of 23.4%. Stage 3 loans were at 2.38% of gross loans. As on September 30, 2023, total CAR was at 19.4% with Tier-I CAR at 15.7%.

HDFC Life Insurance Company Ltd (HDFC Life), in which the Bank holds a 50.4% stake, is a leading, long-term life insurance solutions provider in India. For the quarter ended September 30, 2023, HDFC Life’s net premium income was at ₹ 14,756 crore as against ₹ 13,111 crore for the quarter ended September 30, 2022, a growth of 12.5%. Profit after tax for the quarter ended September 30, 2023 was ₹ 377 crore compared to ₹ 326 crore for the quarter ended September 30, 2022, a growth of 15.5%. Profit after tax for the half year ended September 30, 2023 was ₹ 792 crore compared to ₹ 686 crore for the half year ended September 30, 2022.

HDFC ERGO General Insurance Company Ltd (HDFC ERGO), in which the Bank holds a 50.5% stake, offers a complete range of general insurance products. For the quarter ended September 30, 2023, premium earned (net) by HDFC ERGO was at ₹ 2,592 crore as against ₹ 2,118 crore for the quarter ended September 30, 2022, a growth of 22.4%. Profit after tax for the quarter ended September 30, 2023 was ₹ 236 crore compared to ₹ 177 crore for the quarter ended September 30, 2022, a growth of 33.1%. Profit after tax for the half year ended September 30, 2023 was ₹ 436 crore compared to ₹ 321 crore for the half year ended September 30, 2022.

HDFC Asset Management Company Ltd (HDFC AMC), in which the Bank holds a 52.6% stake, is the Investment Manager to HDFC Mutual Fund, one of the largest mutual funds in India and offers a comprehensive suite of savings and investment products. For the quarter ended September 30, 2023, HDFC AMC’s Quarterly Average Assets Under Management were approximately ₹ 5.25 lac crore, a growth of 22.2% over the quarter ended September 30, 2022. Profit after tax for the quarter ended September 30, 2023 was ₹ 438 crore compared to ₹ 364 crore for the quarter ended September 30, 2022, a growth of 20.2%. Profit after tax for the half year ended September 30, 2023 was ₹ 915 crore compared to ₹ 678 crore for the half year ended September 30, 2022.

HDFC Securities Limited (HSL), in which the Bank holds a 95.5% stake, is amongst the leading broking firms in India. For the quarter ended September 30, 2023, HSL’s total revenue was ₹ 603 crore, as against ₹ 468 crore for the quarter ended September 30, 2022. Profit after tax for the quarter was at ₹ 214 crore, as against ₹ 191 crore for the quarter ended September 30, 2022. Profit after tax for the half year ended September 30, 2023 was ₹ 404 crore compared to ₹ 380 crore for the half year ended September 30, 2022.

HDFC Bank Limited Financial Results (Indian GAAP) For The Quarter And Year Ended March 31, 2023

HDFC Bank

Telugu super news, Hyderabad,April 17th,2023:The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and year ended March 31, 2023, at its meeting held in Mumbai on Saturday, April 15, 2023. The accounts have been subjected to an audit by the statutory auditors of the Bank.

CONSOLIDATED FINANCIAL RESULTS:

The Bank’s consolidated net revenue grew by 20.3% to ₹ 34,552.8 crore for the quarter ended March 31, 2023 from ₹ 28,733.9 crore for the quarter ended March 31, 2022. The consolidated net profit for the quarter ended March 31, 2023 was ₹ 12,594.5 crore, up 20.6%, over the quarter ended March 31, 2022. Earnings per share for the quarter ended March 31, 2023 was at ₹ 22.6 and book value per share as of March 31, 2023 was ₹ 518.7.

The consolidated net profit for the year ended March 31, 2023 was ₹ 45,997.1 crore, up 20.9%, over the year ended March 31, 2022.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended March 31, 2023

The Bank’s net revenue grew by 21.0% to ₹ 32,083.0 crore for the quarter ended March 31, 2023 from ₹ 26,509.8 crore for the quarter ended March 31, 2022.

Net interest income (interest earned less interest expended) for the quarter ended March 31, 2023 grew by 23.7% to ₹ 23,351.8 crore from ₹ 18,872.7 crore for the quarter ended March 31, 2022. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.

Other income (non-interest revenue) at ₹ 8,731.2 crore was 27.2% of the net revenues for the quarter ended March 31, 2023 as against ₹ 7,637.1 crore in the corresponding quarter ended March 31, 2022. The four components of other income for the quarter ended March 31, 2023 were fees & commissions of ₹ 6,628.1 crore (₹ 5,630.3 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,010.5 crore (₹ 804.5 crore in the corresponding quarter of the previous year), net trading and mark to market loss of ₹ 37.7 crore (gain of ₹ 47.6 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,130.2 crore (₹ 1,154.7 crore in the corresponding quarter of the previous year). Other income, excluding net trading and mark to market income, grew by 15.5% over the quarter ended March 31, 2022.

HDFC Bank

Operating expenses for the quarter ended March 31, 2023 were ₹ 13,462.1 crore, an increase of 32.6% over ₹ 10,152.8 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 42.0%.

Pre-provision Operating Profit (PPOP) was at ₹ 18,620.9 crore. PPOP, excluding net trading and mark to market income, grew by 14.4% over the quarter ended March 31, 2022.

Provisions and contingencies for the quarter ended March 31, 2023 were ₹ 2,685.4 crore as against ₹ 3,312.4 crore for the quarter ended March 31, 2022.

The total credit cost ratio was at 0.67%, as compared to 0.96% for the quarter ending March 31, 2022.

Profit before tax (PBT) for the quarter ended March 31, 2023 was at ₹ 15,935.5 crore. After providing ₹ 3,888.1 crore for taxation, the Bank earned a net profit of ₹ 12,047.5 crore, an increase of 19.8% over the quarter ended March 31, 2022.

Balance Sheet: As of March 31, 2023

Total balance sheet size as of March 31, 2023 was ₹ 2,466,081 crore as against ₹2,068,535 crore as of March 31, 2022, a growth of 19.2%.

Total Deposits showed a healthy growth and were at ₹ 1,883,395 crore as of March 31, 2023, an increase of 20.8% over March 31, 2022. CASA deposits grew by 11.3% with savings account deposits at ₹ 562,493 crore and current account deposits at ₹ 273,496 crore. Time deposits were at ₹ 1,047,406 crore, an increase of 29.6% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 44.4% of total deposits as of March 31, 2023.

Total advances as of March 31, 2023 were ₹ 1,600,586 crore, an increase of 16.9% over March 31, 2022. Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by 21.2% over March 31, 2022. Domestic retail loans grew by 20.8%, commercial and rural banking loans grew by 29.8% and corporate and other wholesale loans grew by 12.6%. Overseas advances constituted 2.6% of total advances.

Profit & Loss Account: Year ended March 31, 2023

For the year ended March 31, 2023, the Bank earned a total income of ₹ 192,800.4 crore as against ₹ 157,263.0 crore for the year ended March 31, 2022. Net revenues (net interest income plus other income) for the year ended March 31, 2023 were ₹ 118,057.1 crore, as against ₹ 101,519.5 crore for the year ended March 31, 2022. Net profit for the year ended March 31, 2023 was ₹ 44,108.7 crore, up 19.3% over the year ended March 31, 2022.

HDFC Bank

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.3% as on March 31, 2023 (18.9% as on March 31, 2022) as against a regulatory requirement of 11.7% which includes Capital Conservation Buffer of 2.5%, and an additional requirement of 0.2% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 17.1% as of March 31, 2023 compared to 17.9% as of March 31, 2022. Common Equity Tier 1 Capital ratio was at 16.4% as of March 31, 2023. Risk-weighted Assets were at ₹ 1,586,635 crore (as against ₹ 1,353,511 crore as at March 31, 2022).

DIVIDEND

The Board of Directors recommended a dividend of ₹ 19.0 per equity share of ₹ 1 for the year ended March 31, 2023, as against ₹ 15.5 per equity share of ₹ 1 for the previous year. This would be subject to approval by the shareholders at the next annual general meeting.

NETWORK

As of March 31, 2023, the Bank’s distribution network was at 7,821 branches and 19,727 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,811 cities / towns as against 6,342 branches and 18,130 ATMs / CDMs across 3,188 cities / towns as of March 31, 2022. 52% of our branches are in semi-urban and rural areas. In addition, we have 15,921 business correspondents, which are primarily manned by Common Service Centres (CSC). Number of employees were at 173,222 as of March 31, 2023 (as against 141,579 as of March 31, 2022).

ASSET QUALITY

Gross non-performing assets were at 1.12% of gross advances as on March 31, 2023 (0.94% excluding NPAs in the agricultural segment), as against 1.23% as on December  31, 2022 (1.00% excluding NPAs in the agricultural segment), and  1.17% as on March 31, 2022 (1.01% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.27% of net advances as on March 31, 2023.

SUBSIDIARIES 

The Bank’s subsidiary companies prepare their financial results in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The Bank for the purposes of its statutory compliance prepares and presents its financial results under Indian GAAP. Hence the Bank’s subsidiary companies, for the purposes of the consolidated financial results of the Bank, prepare ‘fit-for-consolidation information’ based on the recognition and measurement principles as per Indian GAAP. The financial numbers of the Bank’s subsidiary companies mentioned herein below are in accordance with Ind-AS.

HDFC Bank

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on March 31, 2023, the Bank held 95.6% stake in HSL. For the quarter ended March 31, 2023, HSL’s total revenue was at ₹ 486.1 crore, as against ₹ 509.7 crore for the quarter ended March 31, 2022. Profit after tax for the quarter was at ₹ 193.8 crore, as against ₹ 235.6 crore for the quarter ended March 31, 2022.

For the year ended March 31, 2023, HSL’s total income was at ₹ 1,891.6 crore, as against ₹ 1,990.3 crore for the year ended March 31, 2022. Net profit for the year was at ₹ 777.2 crore, as against ₹ 984.3 crore for the year ended March 31, 2022.

As on March 31, 2023, HSL had 209 branches across 147 cities / towns in the country.

HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-banking finance company (‘NBFC’) offering wide range of loans and asset finance products to customer segments such as individuals, emerging businesses and micro enterprises which are typically different from the segments that the Bank caters to. As on March 31, 2023, the Bank held 94.8% stake in HDBFSL.

For the quarter ended March 31, 2023, HDBFSL’s net revenue was at ₹ 2,262.5 crore as against ₹ 2,141.4 crore for the quarter ended March 31, 2022, a growth of 5.7%. Profit after tax for the quarter ended March 31, 2023 was ₹ 545.5 crore compared to ₹ 427.1 crore for the quarter ended March 31, 2022, a growth of 27.7%.

For the year ended March 31, 2023, HDBFSL’s net revenue grew by 11.4% to ₹ 8,891.0 crore (as against ₹ 7,980.8 crore in the previous year). Profit after tax for the year ended March 31, 2023 was ₹ 1,959.4 crore compared to ₹ 1,011.4 crore in the previous year, a growth of 93.7%.

The total loan book was ₹ 70,031 crore as on March 31, 2023. Stage 3 loans were at 2.73% of gross loans. As on March 31, 2023, total CAR was at 20.1% with Tier-I CAR at 15.9%. As on March 31, 2023, HDBFSL had 1,492 branches across 1,054 cities / towns.