HDFC Bank Ltd.

• Covid crisis - Q3, adequately provided

  The provisions made for possible rise in non-performing assets due to covid crisis are good enough.

• Fee-based Income

  The bank has one of the highest fee-based income streams in the private sector. In the second quarter of FY-21 it has seen a sharp rebound indicating the strength of its franchise.

• Focus - tier III and rural areas

  The bank had been steadily increasing its operations in smaller cities and semi-urban areas. At the end of FY-20, out of its total 5,412 domestic banking outlets, 1158 were in rural areas and 1,650 in semi-urban areas. It is well placed to tap into the growing rural income.

• Increasing focus on gold loans

  Loans against gold jewellery grew to over Rs 6,200 crore in FY 2019-20 from over Rs 5,900 crore in FY 2018-19. In FY-20, it added 150 branches through which gold loans would be distributed. Gold loan is one of the highest margins and lowest NPAs businesses in the lending space.

• PE Ratio(x)25.91
• EPS - TTM(₹)55.70
• MCap(₹ Cr.)7,95,058
• MCap Rank1
• PB Ratio(x)4.50
• Div Yield(%)0.17
• Face Value(₹)1.00
• 52W High(₹)1,511.65
• 52W Low(₹)738.75
• MCap/Sales3.87
• Beta(1 Month)1.09
• BV/Share(₹)321.25

• PE Ratio(x)25.92
• EPS - TTM(₹)55.70
• MCap(₹ Cr.)7,95,856
• MCap Rank1
• PB Ratio(x)4.51
• Div Yield(%)0.17
• Face Value(₹)1.00
• 52W High(₹)1,511.00
• 52W Low(₹)738.90
• MCap/Sales3.87
• Beta(1 Month)1.12
• BV/Share(₹)321.25

• 1 Day-2.12%
• 1 Month5.13%
• 3 Months17.05%
• 1 Year16.34%
• 3 Years47.05%
• 5 Years180.22%

• 1 Day-2.05%
• 1 Month5.11%
• 3 Months17.09%
• 1 Year16.39%
• 3 Years47.03%
• 5 Years180.24%

• Market value of Reliance Industries, TCS, 2 other firms jumps by Rs 1.15 lakh crore in a week

  News

• HDFC Bank says Sebi orders depositing over Rs 158 crore in escrow account

  News

• Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

  Announcements

• BUY

  Buy HDFC Bank, target price Rs 1515: Kotak Securities

  Recos

• Income (P&L)

  • Profit Per Branch - Uptrend

    Net profit per branch has been continuously increasing over the last 3 years with a growth of 17.37% last year. (Source: Standalone Financials)

  QuarterlyAnnual	Dec 2020	Sep 2020	Jun 2020	Mar 2020	Dec 2019
  Total Income	39,838.73	38,438.47	36,698.59	38,287.17	38,325.70
  Total Income Growth (%)	3.64	4.74	-4.15	-0.10	6.07
  Provisions & Contingencies	4,323.05	4,420.13	4,344.51	4,216.50	3,477.90
  Provisions & Contingencies Growth (%)	-2.20	1.74	3.04	21.24	12.51
  Profit after Tax (PAT)	8,769.33	7,702.86	6,927.24	7,280.22	7,659.65
  PAT Growth (%)	13.85	11.20	-4.85	-4.95	15.39
  Gross NPA (%)	-	-	-	-	-
  Net NPA (%)	-	-	-	-	-
  Net Profit Margin (%)	22.01	20.04	18.88	19.01	19.99
  Basic EPS (₹)	15.90	14.00	12.60	13.30	14.00

  QuarterlyAnnual	Dec 2020	Sep 2020	Jun 2020	Mar 2020	Dec 2019
  Total Income	37,522.92	36,069.42	34,453.28	35,917.63	36,039.00
  Total Income Growth (%)	4.03	4.69	-4.08	-0.34	6.77
  Provisions & Contingencies	3,414.13	3,703.50	3,891.52	3,784.49	3,043.56
  Provisions & Contingencies Growth (%)	-7.81	-4.83	2.83	24.34	12.70
  Profit after Tax (PAT)	8,758.29	7,513.11	6,658.62	6,927.69	7,416.48
  PAT Growth (%)	16.57	12.83	-3.88	-6.59	16.89
  Gross NPA (%)	0.81	1.08	1.36	1.26	1.42
  Net NPA (%)	0.09	0.17	0.33	0.36	0.48
  Net Profit Margin (%)	23.34	20.83	19.33	19.29	20.58
  Basic EPS (₹)	15.90	13.70	12.10	12.60	13.50

  QuarterlyAnnual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Total Income	1,47,068.27	1,24,107.79	1,01,344.45	86,148.99	74,373.22
  Total Income Growth (%)	18.50	22.46	17.64	15.83	23.52
  Provisions & Contingencies	24,598.52	20,254.73	16,474.90	12,068.93	9,654.43
  Provisions & Contingencies Growth (%)	21.45	22.94	36.51	25.01	26.27
  Profit after Tax (PAT)	27,253.95	22,332.43	18,510.02	15,253.03	12,801.33
  PAT Growth (%)	21.61	20.93	21.41	19.27	19.79
  Net Interest Margin (%)	3.79	3.97	3.88	3.94	3.98
  Net Profit Margin (%)	22.30	21.23	21.70	20.81	20.26
  Basic EPS (₹)	49.84	83.33	71.73	59.95	50.85

  QuarterlyAnnual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Total Income	1,38,073.47	1,16,597.94	95,461.66	81,602.46	70,973.17
  Total Income Growth (%)	18.42	22.14	16.98	14.98	23.50
  Provisions & Contingencies	22,492.23	18,671.57	15,138.06	11,182.74	9,067.32
  Provisions & Contingencies Growth (%)	20.46	23.34	35.37	23.33	26.14
  Profit after Tax (PAT)	26,257.32	21,078.17	17,486.73	14,549.64	12,296.21
  PAT Growth (%)	24.57	20.54	20.19	18.33	20.36
  Net Interest Margin (%)	3.67	3.87	3.76	3.83	3.89
  Net Profit Margin (%)	22.86	21.29	21.79	20.99	20.41
  Basic EPS (₹)	48.01	78.65	67.76	57.18	48.84

  All figures in Rs Cr, unless mentioned otherwise

• Balance Sheet

  • Loan Book Growth - Beating 5 Yr CAGR

    HDFC Bank Ltd. reported a YoY increase of 20.07% in its advances, which is higher than its 5 yr CAGR of 16.45%. (Source: Consolidated Financials)

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Advances	10,43,670.88	8,69,222.66	7,00,033.84	5,85,480.99	4,87,290.42
  Advances Growth (%)	20.07	24.17	19.57	20.15	27.09
  Deposits	11,46,207.13	9,22,502.68	7,88,375.14	6,43,134.25	5,45,873.29
  Deposits Growth (%)	24.25	17.01	22.58	17.82	21.23
  Total Equity	1,76,935.35	1,54,174.45	1,09,955.46	92,085.39	74,484.75
  Total Equity Growth (%)	14.76	40.22	19.41	23.63	17.64
  Gross NPA (%)	-	-	-	-	-
  Net NPA (%)	-	-	-	-	-
  Capital Adequacy Ratios (%)	-	-	-	-	-
  Contingent Liabilities	11,30,474.06	10,25,125.31	8,75,776.97	8,18,284.29	8,21,774.81

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Advances	9,93,702.88	8,19,401.22	6,58,333.09	5,54,568.20	4,64,593.96
  Advances Growth (%)	21.27	24.47	18.71	19.37	27.11
  Deposits	11,47,502.29	9,23,140.93	7,88,770.64	6,43,639.66	5,46,424.19
  Deposits Growth (%)	24.30	17.04	22.55	17.79	21.21
  Total Equity	1,70,986.03	1,49,206.35	1,06,295.00	89,462.35	72,677.76
  Total Equity Growth (%)	14.60	40.37	18.82	23.09	17.20
  Gross NPA (%)	1.26	1.36	1.30	1.05	0.94
  Net NPA (%)	0.36	0.39	0.40	0.33	0.28
  Capital Adequacy Ratios (%)	18.52	17.11	14.82	14.55	15.53
  Contingent Liabilities	11,28,953.40	10,24,715.12	8,75,488.23	8,17,869.59	8,21,565.54

  All figures in Rs Cr, unless mentioned otherwise

• Cash Flows

  • Increase in Cash from Investing

    Company has used Rs 1616.92 cr for investing activities which is an YoY increase of 1.16%. (Source: Consolidated Financials)

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Net Cash flow from Operating Activities	-16,869.09	-62,871.54	17,214.38	17,281.59	-7,676.90
  Net Cash used in Investing Activities	-1,616.92	-1,598.41	-852.19	-1,147.68	-865.55
  Net Cash flow from Financing Activities	24,394.50	23,130.69	57,377.66	-5,892.97	11,056.67
  Net Cash Flow	6,122.47	-41,243.91	73,750.44	10,242.24	2,542.46
  Closing Cash & Cash Equivalent	87,940.11	81,817.64	1,23,061.56	49,311.12	39,068.88
  Closing Cash & Cash Equivalent Growth (%)	7.48	-33.51	149.56	26.22	6.96

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Net Cash flow from Operating Activities	-16,689.78	-56,054.67	26,074.07	23,585.40	-3,224.67
  Net Cash used in Investing Activities	-1,104.92	-1,326.12	-533.10	-1,956.25	-804.76
  Net Cash flow from Financing Activities	22,851.79	15,718.00	48,411.43	-11,567.63	6,588.57
  Net Cash Flow	5,271.08	-41,567.44	73,962.99	10,033.26	2,587.39
  Closing Cash & Cash Equivalent	86,618.72	81,347.64	1,22,915.08	48,952.10	38,918.84
  Closing Cash & Cash Equivalent Growth (%)	6.48	-33.82	151.09	25.78	7.12

  All figures in Rs Cr, unless mentioned otherwise

• Ratios

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Return on Equity (%)	15.45	14.53	16.88	16.61	17.22
  Return on Assets (%)	1.72	1.72	1.67	1.70	1.75
  Cost to Income (%)	39.18	38.63	39.86	38.09	36.95
  Interest income to Earning assets (%)	7.72	8.13	7.73	8.21	8.64
  Interest Expense to Earning assets (%)	3.93	4.15	3.84	4.26	4.66
  Price to Earnings (x)	17.36	28.25	26.53	24.27	21.19
  Price to Book (x)	2.68	4.11	4.48	4.03	3.64
  Price to Sales (x)	3.87	6.00	5.76	5.04	4.29
  Operating Profit Margin (%)	1.97	3.32	2.93	3.28	2.54

  Annual	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
  Return on Equity (%)	15.35	14.12	16.45	16.26	16.91
  Return on Assets (%)	1.71	1.69	1.64	1.68	1.73
  Cost to Income (%)	38.52	38.41	39.62	37.84	36.69
  Interest income to Earning assets (%)	7.50	7.95	7.54	8.02	8.49
  Interest Expense to Earning assets (%)	3.83	4.07	3.77	4.18	4.60
  Price to Earnings (x)	18.02	29.94	28.09	25.45	22.03
  Price to Book (x)	2.76	4.23	4.62	4.13	3.73
  Price to Sales (x)	4.12	6.37	6.12	5.33	4.50
  Operating Profit Margin (%)	2.60	3.48	2.82	3.25	2.56

• Management View (MD&A)

  • Second half may bring relief

    Overall, we expect the growth to remain subdued in the first half of FY 2020-21, with growth contracting in the first and second quarters and a gradual recovery in the second half supported by fiscal and monetary policy stimulus.

  • MSME - might be trouble for some time

    The MSME sector that encompasses a wide range of industries had been under considerable stress for a prolonged period before the incidence of COVID. This made them particularly vulnerable to the lockdown and its aftermath.

  • Moderated credit growth

    In the financial sector, credit growth moderated to 6.8 per cent in May 2020 from 13.5 per cent a year ago. The weakness was recorded in agriculture and services while credit deployment to industrial sector improved at the margin

• Buy/Sell Signals

  MACD Crossover

  Bearish signal on daily chart

  Appeared on: 22 Jan 2021

  Region: Positive

  Last Signal 4 Jan 2021 (Loss -0.49%)

  Average price decline of -2.31% within 10 days of Bearish signal in last 10 years

  Stochastic Crossover

  Bearish signal on weekly chart

  Appeared on: 22 Jan 2021

  Region: Overbought (Above 80)

  Last Signal 4 Dec 2020 (Loss -2.93%)

  Average price decline of -3.62% within 7 weeks of Bearish signal in last 10 years

  10 Day EMA Crossover

  Bearish signal on daily chart

  Appeared on: 22 Jan 2021

  10D EMA: 1465.88

  Last Signal 7 Jan 2021 (Loss 0.48%)

  Average price decline of -1.47% within 7 days of Bearish signal in last 5 years

  14 Day EMA Crossover

  Bearish signal on daily chart

  Appeared on: 22 Jan 2021

  14D EMA: 1459.88

  Last Signal 21 Dec 2020 (Loss -2.01%)

  Average price decline of -1.51% within 7 days of Bearish signal in last 5 years

  20 Day EMA Crossover

  Bearish signal on daily chart

  Appeared on: 22 Jan 2021

  20D EMA: 1450.56

  Last Signal 21 Dec 2020 (Loss -2.01%)

  Average price decline of -1.45% within 7 days of Bearish signal in last 5 years

  5 Day EMA Crossover

  Bearish signal on daily chart

  Appeared on: 21 Jan 2021

  5D EMA: 1481.32

  Last Signal 6 Jan 2021 (Loss -0.56%)

  Average price decline of -1.48% within 7 days of Bearish signal in last 5 years

• Price Analysis
  49%

  Positive Movement
  since 1st Jan 2005
  on basis

  51%

  Negative Movement
  since 1st Jan 2005
  on basis

  Exclude

  Global Meltdown1st Jan 2008 to 10th Nov 2008

  Covid Crisis1st Feb 2020 to 31st Mar 2020

• Pivot Levels

  R1	1460.92	Pivot 1450.53	S1	1433.17
  R2	1478.28		S2	1422.78
  R3	1506.03		S3	1395.03

• Average True Range

  5 Days	14 Days	28 Days
  30.78	30.71	31.51

• Stock Performance

  • Stock Returns vs Nifty 100

    Stock gave a 3 year return of 46.19% as compared to Nifty 100 which gave a return of 25.94%. (as of last trading session)

  • Stock Returns vs Nifty Bank

    Stock generated 46.19% return as compared to Nifty Bank which gave investors 13.76% return over 3 year time period. (as of last trading session)

  • CHART
  • TABLE

  • 1D
  • 1W
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y

  • Choose from Peers

    Choose from Stocks

  NAME	1D	1W	1M	3M	1Y	3Y	5Y
  HDFC Bank	-2.12	-1.58	5.13	17.05	16.34	47.05	180.22
  ICICI Bank	-3.42	-1.69	6.70	29.28	2.09	51.86	152.28
  Kotak Bank	-1.60	-1.93	-3.94	31.22	15.29	70.19	167.62
  Axis Bank	-4.64	-4.50	9.28	26.30	-9.56	5.39	51.95
  IndusInd Bank	-3.52	-7.52	6.26	46.74	-32.70	-46.93	-0.52
  Add More

  All values in %

  Choose from Peers

  • Bandhan Bank
  • YES Bank
  • IDFC First Bank
  • Federal Bank
  • RBL Bank

  Choose from Stocks
• Ratio Performance

  • Stock Returns vs Nifty 100

    Stock gave a 3 year return of 46.19% as compared to Nifty 100 which gave a return of 25.94%. (as of last trading session)

  • Stock Returns vs Nifty Bank

    Stock generated 46.19% return as compared to Nifty Bank which gave investors 13.76% return over 3 year time period. (as of last trading session)

  NAME	P/E (x)	P/B (x)	ROE %	ROA %	Rev CAGR [3Yr]	OPM	NPM	NIM %	Cost to Income %	Interest income to Earning assets %	Net NPA %	Capital Adequacy Ratio %
  HDFC Bank	25.91	4.49	15.45	1.72	19.30	1.97	22.30	3.79	39.18	7.72	0.36	18.52
  ICICI Bank	26.47	2.84	7.98	0.69	9.62	-63.32	11.27	2.91	62.68	6.15	1.54	16.11
  Kotak Bank	39.99	5.39	12.89	1.93	13.86	-24.74	25.67	3.96	51.34	7.55	0.71	17.89
  Axis Bank	55.59	2.28	2.14	0.19	11.48	-22.69	2.90	2.77	50.19	6.86	1.56	17.53
  IndusInd Bank	24.17	1.99	12.94	1.45	24.10	-8.66	15.48	3.92	40.72	9.36	0.91	15.04
  Add More

  Annual Ratios (%)

  Choose from Peers

  • Bandhan Bank
  • YES Bank
  • IDFC First Bank
  • Federal Bank
  • RBL Bank

  Choose from Stocks

• QoQ Change
  Category	31 Dec 2020	30 Sep 2020	30 Jun 2020	31 Mar 2020
  Promoters	26.00	26.02	26.10	26.14
  Pledge	0.00	0.00	0.00	0.00
  FII	43.41	41.80	40.76	39.75
  DII	17.41	18.54	18.14	18.68
  Mutual Funds	13.36	13.95	14.04	15.01
  Others	13.18	13.64	15.00	15.43

• Total Shareholdings
  Category	No. of Shares	Percentage	% Change QoQ
  Promoters	1,16,46,25,834	26.00 %	-0.02
  Pledge	0	0.00 %	0.00
  FII	1,94,47,83,876	43.41 %	1.61
  DII	77,95,91,470	17.41 %	-1.13
  MF	59,84,09,829	13.36 %	-0.59
  Others	1,61,86,55,752	13.18 %	-0.46

• SBI ETF Nifty 50-D

  Equity: Large Cap

  • 9,269.81

    Amount Invested (in Cr.)

  • 10.36%

    % of AUM

  • 2.16

    % Change (MoM basis)

• SBI ETF Sensex

  Equity: Large Cap

  • 4,382.03

    Amount Invested (in Cr.)

  • 11.2%

    % of AUM

  • 4.04

    % Change (MoM basis)

• SBI Bluechip Direct-G

  Equity: Large Cap

  3

  • 2,592.52

    Amount Invested (in Cr.)

  • 10%

    % of AUM

  • -7.26

    % Change (MoM basis)

• Futures
  • Expiry Month28-01-2021 (Current)25-02-2021 (Near)25-03-2021 (Far)

  Date	Price
  27-09-2020Current	1,442.10-34.00 (-2.30%)
  1,471.15 Open	1,471.15 High	1,439.10 Low
  1,476.10 Prev Close	20,266 Contracts Traded	1,62,017.18 Turnover (₹ Lakhs)

• Options
  • TypeCEPE
  • Expiry Month28-01-2021 (Current)25-02-2021 (Near)25-03-2021 (Far)
  • Strike Price740.0760.0780.0800.0820.0840.0860.0880.0900.0920.0940.0960.0980.01000.01020.01040.01060.01080.01100.01120.01140.01160.01180.01200.01220.01240.01260.01280.01300.01320.01340.01360.01380.01400.01420.01440.01460.01480.01500.01520.01540.01560.01580.01600.01620.01640.01660.01680.01700.01720.01740.01760.01780.0

  Date	Price
  27-09-2020Current	0.00-454.70 (-100.00%)
  0.00 Open	0.00 High	0.00 Low
  454.70 Close	0 Contracts Traded	0.00 Turnover (₹ Lakhs)

• Recent

  Board Meeting

  Quarterly Results

  Dec 15, 2020

  General Meeting

  -

  Nov 02, 2020

  Board Meeting

  Audited Results

  Sep 14, 2020

• Board Meetings

  Announced on	Meeting on
  Dec 15, 2020	Jan 16, 2021
  Quarterly Results
  Sep 14, 2020	Oct 17, 2020
  Audited Results
  Jun 15, 2020	Jul 18, 2020
  Quarterly Results
  Mar 11, 2020	Apr 18, 2020
  Audited Results & Final Dividend
  Dec 09, 2019	Jan 18, 2020
  Quarterly Results

• Dividends

  Announced on	Ex-Date	Dividend%
  Jul 22, 2019	Aug 01, 2019	250%
  Apr 22, 2019	Jun 20, 2019	750%
  Apr 23, 2018	May 31, 2018	650%
  Apr 24, 2017	Jun 29, 2017	550%
  Apr 22, 2016	Jun 29, 2016	475%

• Bonus

  No Data Available

• Splits

  Announced on	Ex-Date
  May 22, 2019	Sep 19, 2019
  Split: Old FV2.0| New FV:1.0
  Apr 18, 2011	Jul 14, 2011
  Split: Old FV10.0| New FV:2.0

• Rights

  No Data Available

• AGM/EGM Meetings

  Announced on	Meeting on
  Nov 02, 2020	Dec 03, 2020
  -
  Jun 22, 2020	Jul 18, 2020
  -
  May 23, 2019	Jul 12, 2019
  -
  May 22, 2018	Jun 29, 2018
  -
  Dec 20, 2017	Jan 19, 2018
  -

HDFC Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 795057.82 Crore).HDFC Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills which contributed Rs 91787.88 Crore to Sales Value (79.94 % of Total Sales), Income From Investment which contributed Rs 20633.32 Crore to Sales Value (17.97 % of Total Sales), Interest On Balances with RBI and Other Inter-Bank Funds which contributed Rs 1828.93 Crore to Sales Value (1.59 % of Total Sales) and Interest which contributed Rs 562.52 Crore to Sales Value (0.48 % of Total Sales)for the year ending 31-Mar-2020. The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs .00 Crore (.00 % of total assets) and Net Non Performing Assets (Net NPAs) of Rs .00 Crore (.00% of total assets).For the quarter ended 31-12-2020, the company has reported a Consolidated Interest Income of Rs 25302.78 Crore, up .73 % from last quarter Interest Income of Rs 25119.76 Crore and up .15 % from last year same quarter Interest Income of Rs 25265.90 Crore. The bank has reported net profit after tax of Rs 8760.19 Crore in latest quarter.The bank’s top management includes Mr.Aditya Puri, Mr.Umesh Chandra Sarangi, Mr.Srikanth Nadhamuni, Mr.Sashidhar Jagdishan, Mr.Sanjiv Sachar, Mr.Sandeep Parekh, Mr.Malay Patel, Mr.M D Ranganath, Mr.Keki Mistry, Mr.Kaizad Bharucha, Mr.Bhavesh Zaveri, Mrs.Shyamala Gopinath. It has MSKA & Associates as its auditoRs As on 31-12-2020, the company has a total of 5,507,656,932 shares outstanding. Show More

HDFC Bank Ltd. share price moved down by -2.12% from its previous close of Rs 1,474.80. HDFC Bank Ltd. stock last traded price is 1,443.55

HDFC Bank Ltd. share price moved down by -2.05% from its previous close of Rs 1,473.90. HDFC Bank Ltd. stock last traded price is 1,443.65

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