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					                                                                                             Regd off: HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 13
HDFC BANK LIMITED + $                                                                        E-Mail:    investor.helpdesk@hdfcbank.com
                                                                                             Web site: www.hdfcbank.com
                                                                                             Telephone: (022) 6652 1000 Fax: (022) 2496 0737
BANKING                                                                        HDFC LTD.     Tr agent: Datamatics Financial, Plot A 16-17, Cross Lane, MIDC, Mumbai - 93
Chairman: Jagdish Capoor                                                        SEC: Sanjay B. Dongre (Exec. V. P. - Legal)            AUD: Haribhakti & Co.
Yr of Inc   B. Code      BL. Code      F.V.         Price       % ch 1-m        % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.             ISIN
 1994   500180           HDFCB:IN      10          1,469.4         3.1            13.4         18.9      27.8            0.7         626,207.6              77.1        INE040A01018
SHAREHOLDING                                                      FX Transaction (FY09)                             ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 19.4%                Exports (fob)          Rs m        0                (Rs)
Foreign collaborators      :   0.0%               Imports (cif)          Rs m        0
Indian inst/Mut Fund       : 13.9%                Fx inflow              Rs m        0         2000
FIIs/GDR                   : 44.8%                Fx outflow             Rs m        0                                                                       DAILY
Free float                 : 22.0%                Net fx                 Rs m        0
Shareholders               : 548,774                                                                                                                         100 DMA
                                                                                               1650
                           No. of months                   12            12            12
                             Year ending             31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                               1300
High                                   Rs              1,150          1,825         1,575
Low                                    Rs                620            895           774
Income per share                       Rs              208.1          285.5         383.5
Earnings per share                     Rs               36.0           45.0          52.9       950
Cash flow per share                    Rs              100.2          130.9         166.5
Dividends per share                    Rs               7.00           8.50         10.00
Avg Dividend yield                     %                 0.8            0.6            0.9
                                                                                                600
Book value per share                   Rs              202.6          325.5         354.7
Shares outstanding (eoy)               m              319.40         354.40        425.38        Aug-06              Jun-07           Feb-08              Nov-08             Aug-09
Bonus/Rights/Conversions                               ESOP         ADR,PA               A
Avg Price / Income ratio               x                  4.3            4.8           3.1                               No. of months                12            12             12
Avg P/E ratio                          x                24.6           30.2          22.2                                  Year ending          31/03/07      31/03/08       31/03/09
                                                                                              CASH FLOW
Avg P/CF ratio                         x                13.6           15.6          12.1
Avg Price/Bookvalue ratio              x                 4.4             4.2           3.3    From Operations                         Rs   m      6,512            27,505     -17,476
Dividend payout                        %                19.4           18.9          18.9     From Investments                        Rs   m     -3,224            -6,285      -6,779
Avg Mkt Cap                            Rs m          282,669        481,984       499,609     From Financial Activity                 Rs   m     16,411            36,326      29,711
No. of employees                       `000               21             38             53    Net Cashflow                            Rs   m     19,699            57,546       5,456
Total wages & salary                   Rs m            7,999         13,384        23,014
Avg. income/employee                   Rs Th         3,094.6        2,673.9       3,096.4                                       INTERIM RESULTS
Avg. wages/employee                    Rs Th           372.4          353.7         436.8                                           2QFY09  3QFY09             4QFY09         1QFY10
Avg. net profit/employee               Rs Th           535.9          421.6         426.9     Operating income            Rs    m    39,912  44,685             42,508         40,931
                                                                                              Gross Profit                Rs    m    18,664  19,792             18,520         18,556
INCOME DATA                                                                                   Gross profit margin         %            46.8     44.3              43.6           45.3
Interest income                        Rs     m        66,462       101,170       163,140     Net profit                  Rs    m     5,280   6,217              6,309          6,061
Other income                           Rs     m        15,773        23,757        34,365     Net profit margin           %            13.2     13.9              14.8           14.8
Interest expense                       Rs     m        31,793        48,874        89,034
Net interest income                    Rs     m        34,669        52,296        74,106                                           KEY DATA
Operating expense                      Rs     m        24,740        38,264        56,493     Parameters                          Unit             FY07             FY08        FY09
Gross profit                           Rs     m         9,929        14,032        17,613     Branches                            nos.               684              761       1,412
Gross profit margin                    %                 14.9          13.9          10.8     Employees                           nos.            21,477           37,896      48,336
Provisions/contingencies               Rs     m         9,251        14,849        18,798     Business / branch                   Rs m             1,685            2,158       1,712
Profit before tax                      Rs     m        16,558        23,038        33,213     Profit / employee                   Rs m                0.5              0.4         0.4
Extraordinary Inc (Exp)                Rs     m             0             0             0     NIM                                 %                   4.3              4.4         4.3
Minority Interest                      Rs     m           -33           -67           -64
                                                                                                                                     NOTES
Prior Period Items                     Rs     m             0             0             0
Tax                                    Rs     m         5,016         7,020        10,659    With 3.1% share of India's total non-food credit disbursements in FY09, HDFC Bank
Profit after tax                       Rs     m        11,509        15,951        22,490    is the second largest private sector bank in the country (after ICICI Bank) in terms of
                                                                                             asset size. At the end of March 2009, it had a franchise of over 3,295 ATMs and 1,412
Net profit margin                      %                 17.3          15.8          13.8
                                                                                             branches. Retail assets constituted 60% of advances in FY09. The bank is focusing
BALANCE SHEET DATA                                                                           on loan origination in the retail, SME (small and medium enterprises) and agriculture
                                                                                             segments and on non-fund based products and services. Its group companies, HDFC
Advances                               Rs     m      469,448        634,269       990,274    Standard Life (insurance), HDFC AMC (mutual funds) and HDFC Securities (equities)
Deposits                               Rs     m      682,643      1,006,314     1,426,448    add scalability to the bank's offerings.
Credit/Deposit ratio                   x                68.8           63.0          69.4
Yield on advances                      %                 9.2           11.0          12.2    Completing a year of the bank's integration with Centurion Bank of Punjab (CBoP),
Cost of deposits                       %                  3.9            4.4           5.6   HDFC Bank reported 48% YoY growth in advances for FY09. The proportion of low
Net Interest Margin                    %                  4.3            4.4           4.3   cost deposits (CASA) in HDFC Bank's books, however, fell to a 6-year low (44% in
Net fixed assets                       Rs     m        9,875         11,962        17,323    FY09). This led to a blip its net interest margins (NIMs) that dropped to 4.3%. Due to
Share capital                          Rs     m        3,194          3,544         4,254    the merger with CBoP, HDFC Bank's asset quality was also impacted. The bank's
Free reserves                          Rs     m       50,020         95,997       107,733    gross NPAs went up to 2% in FY09 from 1.7% in FY08. The erstwhile CBoP portfolio
                                                                                             accounted for approximately 42% of the bank's gross NPAs at the end of March 2009.
Net worth                              Rs     m       64,704        115,352       150,890
                                                                                             Net NPAs were 0.6% of advances while the NPA coverage ratio was 68%.
Borrowings                             Rs     m       26,211         27,133        27,758
Investments                            Rs     m      305,670        492,880       587,151    The union of HDFC Bank and CBoP has made the merged entity the seventh largest
Total assets                           Rs     m      913,083      1,331,931     1,834,028    banking entity in the country with over 15 m customers and the largest branch
Debt/equity ratio                      x                11.0             9.0           9.6   franchise amongst private sector banks. While a higher CAR (capital adequacy) is a
Return on assets                       %                  1.3            1.2           1.2   matter of comfort, we do envisage lower asset growth and pressure on margins in the
Return on equity                       %                17.8           13.8          14.9    medium term. More importantly the bank needs to work on its cost competitiveness
Capital adequacy ratio                 %                13.1           13.6          15.1    and asset quality.
Net NPAs                               %                  0.4            0.5           0.6


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posted:11/6/2010
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