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HDFC Bank slides on profit booking after Q4 results

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Meanwhile, the Sensex was down 4.76points, or 0.02%, to 19,165.07.

On BSE, 4.63 lakh shares were traded in the counter as against an average daily volume of 1.94 lakh shares in the past one quarter.

The stock hit a high of Rs 704 and a low of Rs 678.80 so far during the day. The stock had hit a record high of Rs 705 on 30 November 2012. The stock had hit a 52-week low of Rs 482.30 on 23 May 2012.

Shares of Bank fell on profit booking after rising 5.84% in the preceding two trading sessions to Rs 699.25 on 22 April 2013 from a recent low of Rs 660.65 on 17 April 2013.

The stock had outperformed the market over the past one month till 22 April 2013, rising 15.50% compared with the Sensex's 2.32% rise. The scrip had also outperformed the market in past one quarter, gaining 6.99% as against Sensex's 4.06% fall.

The large-cap private sector bank has an equity capital of Rs 476.03 crore. Face value per share is Rs 2.

Bank's net profit rose 30.06% to Rs 1889.84 crore on 21.08% increase in total income to Rs 11127.54 crore in Q4 March 2013 over Q4 March 2012. The result was announced during trading hours today, 23 April 2013.

Net profit rose 30.18% to Rs 6726.28 crore on 24.54% increase in total income to Rs 41917.49 crore in the year ended March 2013 over the year ended March 2012.

The bank's ratio of net non-performing assets (NPA) to net advances stood at 0.2% as on 31 March 2013, compared with 0.2% as on 31 December 2012 and 0.2% as on 31 March 2012.

The bank's ratio of gross NPA to gross advances stood at 0.97% as on 31 March 2013, compared with 1% as on 31 December 2012 and 1.02% as on 31 March 2012.

Provisions and contingencies fell 26.99% to Rs 300.54 crore in Q4 March 2013 over Q4 March 2012. The NPA provisioning coverage ratio as on 31 March 2013 stood at 80%

The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 16.8% as on 31 March 2013, compared with 17% as on 31 December 2012 and 16.5% as on 31 March 2012.

Net interest income rose 20.6% to Rs 4295.30 crore in Q4 March 2013 over Q4 March 2012. This was driven by loan growth of 22.7% and a core net interest margin for the quarter of 4.5%. The core net interest margin for the corresponding quarter of the previous year was 4.4% and 4.3% for Q3 December 2012.

Other income (non-interest revenue) was 29.6% of the net revenues in Q4 March 2013 at Rs 1803.60 as against Rs 1628.90 in Q4 March 2012. The four components of other income for Q4 March 2013 were fees and commissions of Rs 1382.60 crore (Rs 1247.30 in Q4 March 2012), foreign exchange & derivatives revenues of Rs 201.40 crore (Rs 325.20 crore in Q4 March 2012), gain on revaluation / sale of investments of Rs 64.90 crore (loss of Rs 71.50 crore in Q4 March 2012) and miscellaneous income including recoveries of Rs 154.70 crore (Rs 127.90 crore in Q4 March 2012).

Operating expenses rose 17.7% to Rs 3136.20 crore in Q4 March 2013 over Q4 March 2012. The cost-to-income ratio for the quarter was at 51.4% as against 51.3% in Q4 March 2012.

Reflecting the stable asset quality provisions and contingencies were Rs 300.50 crore (consisting of specific loan loss, general and floating provisions) in Q4 March 2013 as against Rs 411.60 crore in Q4 March 2012.

As of 31 March 2013, the bank's total balance sheet size rose by 18.5% to Rs 4,00,332 crore compared with Rs 3,37,909 crore in 31 March 2012. Total net advances as of 31 March 2013 were Rs 239721 crore, a rise of 22.7% over 31 March 2012. Total deposits were Rs 296247, an increase of R20.1% over 31 March 2012. Savings accounts deposits grew 19.2% over the previous year to reach Rs 88211 crore and current account deposits grew 15.2% to reach Rs 52310 crore. The CASA ratio increased from 45.4% as on 31 December 2012 to 47.4% as on 31 March 2013.

The board of the bank has recommended a dividend of Rs 5.5 per share for the year ended March 2013.

As on 31 March 2013, the bank's distribution network was at 3,062 branches and 10,743 ATMs in 1,845 cities / towns as against 2,544 branches and 8,913 ATMs in 1,399 cities / towns as of 31 March 2012. The increase of 518 branches during the year includes 193 micro branches which are primarily two member branches to expand and deepen the penetration in rural markets including in unbanked areas.

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First Published: Tue, April 23 2013. 15:28 IST
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