MIRA
INFORM REPORT
|
Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
HDFC BANK LIMITED |
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Registered
Office : |
HDFC Bank House,
Senapati Bapat Marg, Lower Parel, West, Mumbai – 400013, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.08.1994 |
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Com. Reg. No.: |
11-080618 |
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Capital
Investment / Paid-up Capital : |
Rs. 4758.838 Millions |
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CIN No.: [Company Identification
No.] |
L65920MH1994PLC080618 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH03189E /
MUMH08037B/ MUMH07347Es |
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PAN No.: [Permanent Account No.] |
AAACH2702H |
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Legal Form : |
It is a Public
Limited Liability Bank. The banks
shares are listed on the Stock Exchanges. |
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Line of Business
: |
Subject is
engaged in providing a range of banking and financial services including
commercial banking and treasury operations. |
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No. of Employees
: |
55752
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 1448560000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established and a highly successful commercial bank in
the private sector. Financial position of the bank is good. Fundamentals are
strong and healthy. Trade relations are fair. Payment are regular and as per
commitment. The bank can be considered for any normal business dealings under
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Lower Tier II Bonds AAA |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
October 25, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
HDFC Bank House,
Senapati Bapat Marg, Lower Parel, Mumbai – 400013, |
|
Tel. No.: |
91-22-66521000/ 24901896 |
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Fax No.: |
91-22-24960737/ 24960696 |
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E-Mail : |
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Website : |
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Branches : |
WESTERN ZONE
NORTH ZONE
SOUTH ZONE
EAST ZONE |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. C. M. Vasudev |
|
Designation : |
Chairman |
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Name : |
Mrs. Renu Karnad |
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Designation : |
Director |
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Name : |
Mr. Ashim Samanta (upto 18.11.2012) |
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Designation : |
Director |
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Name : |
Dr. Pandit Palande |
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Designation : |
Director |
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Name : |
Mr. Partho Datta |
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Designation : |
Director |
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Name : |
Mr. Bobby Parikh |
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Designation : |
Director |
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Name : |
Mr. A. N. Roy |
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Designation : |
Director |
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Name : |
Mr. Keki Mistry |
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Designation : |
Director |
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Name : |
Mr. Vijay Merchant (appointed on 14.03.2013) |
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Designation : |
Director |
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Name : |
Mr. Aditya Puri |
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Designation : |
Managing Director |
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Name : |
Mr. Harish Engineer |
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Designation : |
Executive Director |
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Name : |
Mr. Paresh Sukthankar |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Dongre |
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Designation : |
Executive Vice President (Legal) and Company
Secretary |
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Senior Management Team : |
Mr. A Parthasarthy Mr. Abhay Aima Mr. Anil Jaggia Mr. Anil Nath Mr. Bhavesh Zaveri Mr. Jimmy Tata Mr. Kaizad Bharucha Mr. Navin Puri Mr. Rahul Bhagat Mr. Rajender Sehgal Mr. Sashi Jagdishan Mr. V Chakrapani |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
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|
543216100 |
27.41 |
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|
543216100 |
27.41 |
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Total shareholding of Promoter and Promoter Group (A) |
543216100 |
27.41 |
|
(B) Public Shareholding |
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|
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|
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|
93346129 |
4.71 |
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|
646393 |
0.03 |
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|
452593 |
0.02 |
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|
111258316 |
5.61 |
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|
823929708 |
41.57 |
|
|
2874 |
0.00 |
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|
1029636013 |
51.95 |
|
|
|
|
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|
193067371 |
9.74 |
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|
|
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|
157818208 |
7.96 |
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|
46022369 |
2.32 |
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|
50 |
0.00 |
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|
12307372 |
0.62 |
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|
8495496 |
0.43 |
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|
522010 |
0.03 |
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|
3289696 |
0.17 |
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|
170 |
0.00 |
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|
409215370 |
20.65 |
|
Total Public shareholding (B) |
1438851383 |
72.59 |
|
Total (A)+(B) |
1982067483 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
406665702 |
0.00 |
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|
406665702 |
0.00 |
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Total (A)+(B)+(C) |
2388733185 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in providing a range of banking and financial services including
commercial banking and treasury operations. |
GENERAL INFORMATION
|
No. of Employees : |
55752 (Approximately) |
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Bankers : |
Reserve Bank of India |
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Facilities : |
(* Includes upper Tier II debt of Rs. 5428.500 millions (previous year : Rs. 5087.500 millions) Secured borrowings included in I and II above : Rs. Nil
(previous year : Rs. Nil) |
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Banking
Relations : |
-- |
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Statutory Auditors |
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Name : |
BSR and Company Chartered Accountants |
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Promoter |
Housing Development Finance Corporation Limited |
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Enterprises under common control of the promoter: |
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Subsidiaries: |
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Associates: |
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Welfare trust of
the Bank: |
HDB Employees Welfare Trust |
CAPITAL STRUCTURE
After 13.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
2750000000 |
Equity Shares |
Rs. 2/- each |
Rs.5500.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2379419030 |
Equity Shares |
Rs. 2/- each |
Rs. 4758.838 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
CAPITAL AND
LIABILITIES |
|
|
|
|
|
|
|
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|
Capital |
4758.838 |
4693.377 |
4652.257 |
|
Reserves and surplus |
357382.646 |
294550.358 |
249111.291 |
|
Employees’ stock options
(grants) outstanding |
0.000 |
3.020 |
29.135 |
|
Deposits |
2962469.846 |
2467064.459 |
2085864.054 |
|
Borrowings |
330065.972 |
238465.086 |
143940.610 |
|
Other liabilities and
provisions |
348641.671 |
374318.690 |
289928.565 |
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|
|
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TOTAL |
4003318.973 |
3379094.990 |
2773525.912 |
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ASSETS |
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Cash and balances with Reserve Bank of India |
146273.990 |
149910.945 |
251008.158 |
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Balances with banks and money at call and short notice |
126527.699 |
59466.318 |
45680.191 |
|
Investments |
1116135.953 |
974829.094 |
709293.656 |
|
Advances |
2397206.432 |
1954200.292 |
1599826.654 |
|
Fixed assets |
27030.813 |
23471.940 |
21706.480 |
|
Other assets |
190144.086 |
217216.401 |
146010.773 |
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TOTAL |
4003318.973 |
3379094.990 |
2773525.912 |
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Contingent liabilities |
7201224.293 |
8652928.262 |
5751224.839 |
|
Bills for collection |
261039.630 |
186924.956 |
134284.924 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
3103.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
350648.736 |
278741.928 |
199282.122 |
|
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Other Income |
68526.226 |
57836.255 |
43351.527 |
|
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TOTAL |
419174.962 |
336578.183 |
242633.649 |
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Less |
EXPENSES |
|
|
|
|
|
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Interest expended |
192537.521 |
149895.780 |
93850.839 |
|
|
|
Operating expenses |
112361.165 |
92776.403 |
71529.141 |
|
|
|
Provisions and contingencies |
47013.428 |
42235.093 |
37989.660 |
|
|
|
|
351912.114 |
284907.276 |
203369.640 |
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PROFIT |
|
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Net profit for the year |
67262.848 |
51670.907 |
39264.009 |
|
|
|
Balance in Profit and Loss account brought forward |
83996.470 |
61742.416 |
45327.948 |
|
|
|
TOTAL |
151259.318 |
113413.323 |
84591.957 |
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Statutory Reserve |
16815.712 |
12917.726 |
9816.002 |
|
|
|
Proposed dividend |
13090.810 |
10090.760 |
7676.224 |
|
|
|
Tax (including cess) on dividend |
2224.783 |
1636.973 |
1245.275 |
|
|
|
Dividend (including tax / cess thereon) pertaining to
previous year paid during the year |
44.748 |
21.240 |
26.484 |
|
|
|
Transfer to General Reserve |
6726.285 |
5167.091 |
3926.401 |
|
|
|
Transfer to Capital Reserve |
858.498 |
0.000 |
3.568 |
|
|
|
Transfer to / (from) Investment Reserve Account |
176.636 |
(416.937 |
155.587 |
|
|
|
Balance carried over to Balance Sheet |
111321.846 |
83669.470 |
61742.416 |
|
|
|
TOTAL
|
151259.318 |
113413.323 |
84591.957 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
28.49 |
22.11 |
17.00 |
|
|
|
Diluted |
28.18 |
21.91 |
16.81 |
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
---------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
Yes |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
LITIGATIONS
DETAILS:
CASE DETAILS
BENCH: BOMBAY
|
Stamp No: FAST/26659/2012 Filing Date: 26.09.2012 Reg. No. FA/1482/2012 Reg. Date 09.10.2012 |
|
|
|
Petitioner: JANATA SAHAKARIO BANK
LIMITED, PUNE Respondent: HDFC
BANK LIMITED Petn. Adv. : BENNY JOSEPH LAW
OFFICES Resp. Adv. T.N.
TRIPATHI AND CO FOR RESPONDENT District: Pune |
|
|
|
Bench: SINGLE Status: Pre-Admission Next Date: 29.07.2013
Stage: APPEALS FOR ADMISSION – AFTER NOTICE [CIVIL SIDE MATTERS] Coram: HONBLE SHRI JUSTICE S.V. GANGAPURWALA Last Date: 08.07.2013
Stage: APPEALS FOR ADMISSION – AFTER NOTICE [CIVIL SIDE MATTERS] Last Coram: HONBLE SHRI JUSTICE
S.V. GANGAPURWALA |
|
|
|
Act: C.P.C. – (Non – Interlocutory
Order) |
CHARGES:
|
ENTITY |
PERSON |
COMPETENT
AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
HDFC Bank Limited |
|
RBI |
Did Not Comply With “Know Your Customer” Norms In Opening And/Or
Operating The Accounts |
|
|
|
HDFC BANK LTD. |
|
RBI |
Did Not Adhere To Instructions Issued By RBI In Respect Of
Derivatives, Such As Failure To Carry Out Due Diligence In Regard To
Suitability Of Products, Selling Derivative Products To Users Not Having Risk
Management Policies And Not Verifying Underlying/Adequacy Of Underlying And
Eligible Limits Under Past Performance Route |
|
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Claims against the bank not acknowledged as debts - taxation |
9349.100 |
13567.900 |
|
Claims against the bank not acknowledged as debts - others |
3975.400 |
2876.193 |
|
Liability on account of outstanding forward exchange contracts |
4467860.687 |
5648764.494 |
|
Liability on account of outstanding derivative contracts |
2292213.027 |
2626390.521 |
|
Guarantees given on behalf of constituents : |
|
|
|
- In India |
162354.571 |
133170.215 |
|
- Outside India |
3993.576 |
436.144 |
|
Acceptances, endorsements and other obligations |
220595.426 |
209182.124 |
|
Other items for which the bank is contingently liable |
40882.506 |
18540.671 |
|
|
|
|
|
TOTAL |
7201224.293 |
8652928.262 |
BACKGROUND:
Subject
(‘HDFC Bank’ or ‘the Bank’), incorporated in Mumbai, India is a publicly held
banking company engaged in providing a range of banking and financial services
including commercial banking and treasury operations. The Bank is governed by
the Banking Regulation Act, 1949. The Bank has overseas branch operations in
Bahrain and Hong Kong.
AWARDS:
As
in the past years, awards and recognition were conferred on the Bank by leading
domestic and international organizations and publications during the financial
year ended March 31, 2013.
Some
of them are:
Asia Money Best Bank
Awards
- Best Domestic Banking India
Business world
Awards for Banking Excellence
- Most tech-friendly Bank
-Deal of the year (Rupee bonds)
CNBC TV18 India
Best Banks and Financial Institutions Awards
- Best Private Sector Bank
CSO Forum
Information Technology Awards
- Best Information Security Practice DSCI Information Technology Awards
- Security Leader of the year
- Security in Bank
Dun and Bradstreet
Banking Awards
- Overall Best Bank
- Best Private Sector Bank
- Best Asset Quality-Private Sector
- Best Retail Banking-Private Sector
Dun and Bradstreet
Corporate Awards-India's Top 500 Companies
- Best Bank in India
Economic Times
Awards for Corporate Excellence
- Company of the year 2012
Financial Express
Best Bank Awards
- Best Bank-Private Sector
- Best in Strength and Soundness
- Best Banker
-Mr. Aditya Puri
IBA Banking
Technology Awards
- Best Online Bank
- Best use of Business Intelligence
- Best Customer Relationship Initiative
- Best Risk Management and Security initiative
- Best use of Mobility Technology in Banking
IDRBT Banking
Technology Excellence Awards
- Best Bank in IT for Operational Effectiveness
Mint Aon Hewitt's
India's Best Managed Boards
- HDFC Bank among India's six best managed Boards 2012
Nasscom CNBC-TV18
Innovation Awards
- Best IT driven innovation in Banking (Commercial)
National Quality
Excellence Awards
- Best Customer Service Result
NDTV Profit
Business Leadership Awards
- Best Bank in India
Skoch Foundation
Financial and Inclusion Awards
- Organisation of the Year
MANAGEMENT’S
DISCUSSIONS AND ANALYSIS
MACRO-ECONOMIC
AND INDUSTRY DEVELOPMENTS
It
was a challenging year for the Indian economy with lingering concerns over
global growth prospects and financial stability weighing on external demand and
international funding. Further, local headwinds such as firm inflation, rising
interest rates and policy impediments to investment only exacerbated the impact
of a shaky global environment on domestic growth. Headline GDP growth as a
result is likely to have fallen to 5.0% in FY13 from 6.2% a year ago and 9.3%
in FY11.While there was some course correction by way of policy responses both
from the government and the central bank their impact will be visible only with
a lag. In particular, the government has embraced a path of fiscal
consolidation that kept the fiscal deficit target for FY13 below the initial
level of 5.1% of GDP and it is likely that the fiscal deficit could drift lower
to 4.8% of GDP in FY14.The RBI on the other hand fell back on measured policy
easing in FY13 that could gain momentum amidst the prospect of falling
inflation amidst weak global commodity prices and subdued domestic demand. That
said, macro-stability risks from a large current account deficit which is
likely to have reached a record 5.1% of GDP in FY13 and placed the rupee under
extreme depreciation pressure could curtail the extent of this easing. On
balance, the prospect of some monetary easing going ahead, a normal monsoon and
some traction in government capital expenditure could pave the way for a revival
in GDP growth to 5.8%-6% in FY14 and could keep India a significant
out-performer in the global context.
MISSION,
BUSINESS STRATEGY AND APPROACH TO BUSINESS
The
Bank’s mission is to be a ‘World Class Indian Bank’, benchmarking itself
against international standards and best practices in terms of product
offerings, technology, service levels, risk management, audit and compliance.
The objective is to continue building sound customer franchises across distinct
businesses so as to be a preferred provider of banking services for its target
retail and wholesale customer segments, and to achieve a healthy growth in
profitability, consistent with the Bank’s risk appetite.
From
inception, the Bank’s business philosophy has been based on four core values: Operational
Excellence, Customer Focus, Product Leadership and People. During the year,
they have added Sustainability as the fifth core value. Based on these
cornerstones, it is their aim to build an Indian Bank that meets the financial
needs, and provides services of a high quality to its customers across the
country.
The
Bank is committed to do this while ensuring the highest levels of ethical
standards, professional integrity, corporate governance and regulatory
compliance. The Bank understands and respects its fiduciary role and
responsibility to all stakeholders and strives to meet their expectations. The
cardinal principles of independence, accountability, responsibility,
transparency, fair and timely disclosures, etc. serve as the basis of their approach
to corporate governance. The Bank believes that diversity and independence of
the Board, transparent disclosures, shareholder communication and effective
regulatory compliance are necessary for creating and sustaining shareholder
value. The Bank has infused these principles into all its activities.
The
Bank also has a well-documented Code of Ethics / Conduct Policy which defines
the high business responsibility and ethical standards to be adhered to while
conducting the business of the Bank and mandates compliance with legal and
regulatory requirements. Every employee, including senior management has to
affirm annually that they will abide by the conduct rules.
Consistent
with the mission and approach, the Bank’s business strategy emphasizes the following:
·
Develop innovative products and
services that attract its target customers and address inefficiencies in the
Indian financial sector;
·
Increase its market share in India’s
expanding banking and financial services industry by following a disciplined
growth strategy focusing on balancing quality and volume growth while
delivering high quality customer service;
·
Leverage its technology platform and
open scalable systems to deliver more products to more customers and to control
operating costs;
·
Maintain high risk standards for
asset quality through disciplined credit risk management;
·
Continue to develop products and
services that reduce its cost of funds;
·
Focus on healthy earnings growth and
low volatility; and integrate their activities in community development, social
responsibility and environmental responsibility with their business practices
and operations
FINANCIAL
INCLUSION
Over
the last few years, the Bank has been working on a number of initiatives to
promote Financial Inclusion across identified sections of rural and semi urban,
under-banked and un-banked consumers. These initiatives target segments of the
population that have limited or no access to the formal banking system by
building a robust and sustainable model that provides relevant services and
viable timely credit that ultimately results in economically uplifting its
customers and substitutes borrowings at usurious rates.
The
Bank’s initiatives in the rural or deeper geography dovetails into its
financial inclusion plans and also complements its Corporate Social
Responsibility initiative where the endeavor has been to provide banking
services which are viable both for the customer and the Bank.
The
Bank’s financial inclusion initiatives have been integrated across its various
businesses, and product groups. As of March 31, 2013 the Bank had brought over
6.4 million households who were hitherto excluded from basic banking services,
into the banking fold.
PRESS RELEASE:
Analysts vote
HDFC Bank as Best Bank in Asia, Mr. Aditya Puri, Best CEO
July
8, 2013
Mumbai: HDFC Bank has been voted as the Best Bank in Asia on the list of ‘Best Investor Relations Companies, based on a survey conducted by global magazine Institutional Investor. The survey further ranked HDFC Bank 3rd on the list of Best Companies in India.
The 1500 respondents of the survey also recognised the bank’s top management. Mr. Aditya Puri, MD, HDFC Bank was voted the Best CEO in Asia in the banking sector. Other top CEOs in their respective sectors included Mr. Rajiv Bajaj of Bajaj Auto (Auto & Auto Parts sector), Mr. Mukesh Ambani of Reliance Industries, (Oil & Gas sector) and Mr. N Chandrasekaran of TCS (IT sector). Mr. Sashidhar Jagdishan, CFO, HDFC Bank was named Best CFO in Asia.
HDFC Bank took the 9th position in the overall list of ‘Most Honoured Companies in Asia’, with Infosys being the only other Indian company ahead of the bank at number 4.
These rankings were the results of a survey conducted by Institutional Investor Magazine to pick its All-Asia Executive Team for 2013. The publication surveyed buy-side analysts, portfolio managers and sell-side analysts at securities firms and financial institutions across non-Japanese Asia. These analysts and investors were asked to name the best CEOs, CFOs, investor relations professionals and companywide IR efforts in their domains.
At the close of the survey, it had taken into consideration the opinions of 991 money managers and investment professionals at around 550 buy-side firms, and approximately 600 sell-side analysts from over 75 institutions. Polling began on January 7, 2013 and concluded on March 22, 2013.
Here are some more details on Institutional Investor’s All-Asia Executive Team for 2013:
|
Ranking |
Position |
|
Best Companies in India |
HDFC Bank was ranked 3rd on the list. Infosys and TCS were in positions 1 and 2 respectively |
|
Best Investor Relations Companies’ |
HDFC Bank ranks first in Asia in the banking sector. |
|
Best CEO in Asia in in the banking sector |
Mr Aditya Puri, MD HDFC Bank voted as Best CEO in Asia among Banks by both Buy-side and sell-side analysts. |
|
Most Honoured Companies in Asia |
HDFC Bank ranks 9th in Asia. Infosys comes in at rank 4 |
|
Best CFO in Asia (Banking Sector) |
Mr Sashidhar Jagdishan voted Best CFO in Asia by buy-side analysts and ranked second by sell-side analysts. |
HDFC BANK NAMED ORGANISATION OF THE YEAR AT SKOCH FINANCIAL INCLUSION
AWARDS
January 15, 2013
Mumbai: HDFC Bank the second largest private sector Bank in India has been named Organisation of the Year at the Skoch Financial Inclusion Awards 2013. HDFC Bank received the award for using technology as a common thread for all its initiatives in micro-credit, micro-savings, micro-insurance, capacity building, financial literacy and Self Help Group (SHG) Linkage.
The award was presented to HDFC Bank for taking its services to 1.5 million households at the bottom of the pyramid with a total loan disbursement of over Rs 17000.000 millions since inception of the viable finance initiative. “The Bank has counseled over 200,000 Self Help Group (SHG) and Joint Liability Group (JLG) members resulting in 89,000 SHGs getting credit linkage. They have also managed to successfully open 48,000 micro-recurring and fixed deposits and have supported over 600,000 of its low-income microfinance clients with life insurance coverage,” stated the Skoch Development Foundation on their website about HDFC Bank.
The Skoch Financial Inclusion Awards seek to recognise best practices from the banking and financial services sector to promote inclusive growth and poverty alleviation from across urban and rural India. Other notable awardees included International Finance Corporation, Steel Authority of India Limited, Microsoft, Bombay Stock Exchange and the National Informatics Centre.
“At HDFC Bank, sustainable livelihood banking has emerged as a critical component to building inclusive growth and taking banking services to the unbanked. We are committed to bringing 10 million families (40 million individuals) into the banking fold and providing world-class technology-enabled services to every customer, across India. With a growing network of rural branches and technological innovations like Anywhere Bank Terminals (ABT) and Loan Originating System (LOS), HDFC Bank is reaching out to an important constituent; customers in the rural areas. Banking facilities such as cash withdrawal and deposit are now available to rural customers at their doorstep,” said Anil Jaggia, CIO, HDFC Bank.
"Our strategy involves empowering lives by making micro credit, insurance, remittance and other financial services available across the length and breadth of the country, from a small city like Moga in Punjab in the northern province to Saharanpur in UP, to regions such as Rajasmand and Pali in Rajasthan, to Hazaribag in the East and to cities like Thucklay and Ramanathapuram down south. We also provide credit counseling and skills training because this enables the poor to build assets, diversify and increase income, and reduce their vulnerability to economic stress,” said Manohara Raj, Executive Vice President and Business Head - Microfinance, HDFC Bank.
HDFC BANK LAUNCHES 87 BRANCHES IN ONE DAY ACROSS PUNJAB AND HARYANA
November 26, 2012
Bharat Credit Card for farmers also launched
Majority of the branches opened in rural areas
Chandigarh: HDFC Bank the second largest private sector bank, today launched 87 rural branches across the states of Punjab and Haryana. Punjab Chief Minister Prakash Singh Badal inaugurated 51 branches in the state. In Haryana, 36 branches were launched by Chief Minister Bhupinder Singh Hooda. These are 3-4 member full-service branches located primarily in the rural areas.
The launch of rural branches reflects HDFC Bank's commitment to push deeper
into the rural areas and bring millions of Indians into the banking fold.
Along with the launch of rural branches, HDFC Bank also launched HDFC
Bank VISA Bharat credit card. The credit card is an exclusive card targeted
towards farmers and agriculturists and provides a wide range of offerings. The
new global credit card has special features designed with Indian farmers and their
shopping needs in mind. The card will offer farmers’ cash back on every
purchase as well as a waiver on petrol surcharge on fuel transactions between
Rs 400 and Rs 5000. The launch of Bharat credit card is in line with the Bank's
objective to offer a wide portfolio of products and services to farmers, who
constitute a large section of the rural population in the country.
The push into deeper geographies is part of HDFC Bank’s Board approved
mandate to bring 10 million unbanked families (40 million individuals) into the
banking fold. The launch of these branches, largely in the rural areas, will
further enhance the thrust to achieve the mission of providing world class
banking products and services across the length and breadth of the country. Not
only is the Bank expanding across tier 2 and 3 towns and cities, but also to
remote locations like Mangaliya Sadak in Madhya Pradesh, Kargil, Leh in the
North and in the interiors of Meghalaya in the North East.
“We are committed to providing efficient, technology driven banking products
and services across India to help bring about inclusive growth. The launch of
the 87 full-service rural branches reiterates this commitment and we are
confident that our endeavour will help in the economic development of the rural
areas in the state of Punjab and Haryana, “said Navin Puri, Country Head,
Branch Banking, HDFC Bank.
“Agriculture is a critical sector of the Indian economy and forms the backbone
of our country. The role of farmers in the economic development is vital. Just
like the Doctor's credit card and credit card for Teachers', HDFC Bank through
the launch of Bharat credit card hopes to fulfill the needs and desires of this
important segment of the society. The Bharat Credit Card will not only provide
timely financial support to agriculturists when they require it, but also give
them access to many additional features and benefits. This is a global credit
card for Indian farmers,” said Parag Rao, Senior Executive Vice President,
Business Head, Credit Cards and Merchant Acquiring Services, HDFC Bank.
HDFC BANK NET UP 30% AGAIN BUT BAD LOANS RISE MARGINALLY
Jul 17, 2013
HDFC Bank posted on Wednesday a 30 percent rise in first-quarter net profits, in line with expectations, boosted by higher fee income and credit growth.
The Mumbai-based lender, India’s third largest in terms of assets, has posted profit growth of more than 30 percent every quarter for the last decade.
Net profit rose to Rs 18400.000 millions in the quarter ended June from about Rs 14170.000 millions a year earlier. Net interest income grew nearly 21 percent to 44.16 billion rupees.
According to Thomson Reuters, analysts had expected a net profit of Rs 18460.000 millions for the bank. HDFC competes with bigger local rivals like State Bank of India and ICICI Bank.
Asset quality, valued by the market at about $27 billion, worsened slightly, with net nonperforming loans as a percentage of total assets at 0.3 percent compared with 0.2 percent a year ago. Gross nonperforming assets remained unchanged quarter on quarter at 1 percent.
The bank’s net interest margins, however, remained flat at 4.6 percent, while net interest income rose 26.8 percent to Rs 44190.000 millions against Rs 34840.000 millions (YoY).
HDFC Bank’s conservative lending strategies have helped it maintain consistently strong growth and outperform local peers struggling with an increase in bad loans.
The Bank’s total Capital Adequacy Ratio (CAR) (computed as per Basel III guidelines) stood at 15.5% for the first quarter of FY14 as against a regulatory requirement of 9%.
Bank’s distribution network also grew to 3,119 branches and 11,088 ATMs in 1,891 cities at the end of the June quarter.
HDFC BANK SAYS GOT AN I-T ENQUIRY FOLLOWING COBRAPOST EXPOSE
June 27, 2013
Mumbai, Jun 27 (PTI) Following the Cobra post expose, private sector lender HDFC Bank received an Income Tax enquiry but it was not an assesses in the case.
"Yes, there was a tax enquiry and they had detailed discussions with our
people concerned and the tax authorities are satisfied with our
responses," bank chairman C M Vasudev told shareholders at the bank's
annual general meeting here.
HDFC Bank Managing Director and Chief Executive Aditya Puri, however, clarified
that the bank had appeared before the Income Tax department as a witness, and
not as a tax assesses.
"We have met the tax authorities. Please remember, we have not met them as
a tax assesses, we have met them as a witness," he told reporters.
The Cobra post expose purportedly showed officials of the country's top three
private sector lenders -- ICICI Bank, HDFC Bank and Axis Bank -- offering
services which violated the existing money laundering and `know your customer''
norms
.
Following this, the I-T department had sent notices to all the three lenders,
seeking explanation on their positions for possible tax evasion.
Answering a query regarding the impact on the business of the bank, Vasudev
said, "I don't imagine that genuine sort of business should get
affected," adding that only the numbers posted next year will show the
results.
He said the bank has a whistleblower policy in place and all the cases which
come under that are seriously looked into.
Puri said the bank plans to open 300 branches on top of its over 3,000 already
operating branches this year and added it takes up to three years for a branch
to break-even.
Around 53 per cent of its branches at present are in semi-urban and rural
areas, Puri said, adding the proportion will go up this year.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.71 |
|
|
1 |
Rs.90.59 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.