Housing Development Finance Corporation Limited
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1 Housing Development Finance Corporation Limited March 2014
2 CONTENTS HDFC Snapshot Mortgage Market in India Operational and Financial Highlights: Mortgages Valuations and Shareholding Key Subsidiaries and Associates Financials: Consolidated and Standalone 2
3 HDFC SNAPSHOT 3
4 HDFC Snapshot WHO WE ARE Incorporated in 1977 as the first specialised mortgage company in India Now a Financial Conglomerate with interests beyond mortgages: HDFC 22.6% HDFC Bank 72.4% HDFC Standard Life Insurance 59.8% HDFC Asset Management 73.8% HDFC ERGO General Insurance 59.2% GRUH Finance 100% HDFC Property Ventures 80.5% HDFC Venture Capital 89.5%^ Credila Financial Services 76% shares held by Foreign Investors ^ On a fully diluted basis 4
5 HDFC Snapshot BUSINESS SUMMARY Loans Outstanding (Net of loans sold) : Rs. 1,971 bn (March 31, 2014) : US$ bn Individual Loans Originated CAGR (5 years) : 20% Cumulative Housing Units Financed : 4.7 million Total loan write offs since inception : Under 4 basis points (of cumulative disbursements) Cost to Income Ratio (FY14) : 7.9% Unrealised gains on listed investments : Rs bn (March 31, 2014) : US$ 6.35 bn Profit After Tax CAGR (5 years) : Standalone - 19% : Consolidated - 28% 5
6 HDFC Snapshot DISTRIBUTION Denotes cities with 4 or more offices Denotes cities with 3 Offices Offices No. of Outlets Outreach programmes to several locations Deposit & loan products offered to individuals in over 2,400 locations Inclusive 93 outlets of HDFC s wholly owned distribution company 6
7 MORTGAGE MARKET IN INDIA 7
8 Mortgage Market in India High demand growth driven by: Improved Affordability Rising disposable income Tax incentives (interest and principal repayments deductible) Affordable interest rates Increasing Urbanisation MARKET SCENARIO Currently only 31% of Indian population is urban Favorable Demographics 60% of India s population is below 30 years of age Rapid rise in new households In FY12, the urban housing shortage was estimated at million units (Source: Ministry of Housing & Urban Poverty Alleviation) 8
9 Mortgage Market in India 60 IMPROVED AFFORDABILITY Property Value (Rs. Lac) & Affordability Annual Income (Rs. Lac) Property Cost (Rs. Lac) Affordability Annual Income (Rs. Lac) 1 Lac = 1,00,000 Representation of property price estimates Affordability equals property prices by annual income 9
10 Mortgage Market in India TAX INCENTIVES HAVE LOWERED THE EFFECTIVE RATES ON MORTGAGES FY 2015 FY 2002 FY 2000 Loan amount (Rs) 2,000,000 2,000,000 2,000,000 Nominal Interest Rate(%) 10.25% 10.75% 13.25% Max deduction for interest allowed 150, ,000 75,000 Deduction on principal 100,000 20,000 20,000 Tax rate applicable 33.99% 31.50% 34.50% Tenor (years) Total amount paid per year 305, , ,620 Interest component 205, , ,000 Principal repaid 100,000 54,028 42,620 Tax amount saved 84,975 53,550 32,775 Effective interest paid on home loan 120, , ,225 Effective interest on home loan 6.0% 8.1% 11.6% Note - FY 2015: The maximum deduction for interest allowed could be Rs. 2,50,000 if the loan was taken during the period April 1, 2013 to March 31,
11 Mortgage Market in India LOW PENETRATION IMPLIES ROOM FOR GROWTH MORTGAGES AS A PERCENT OF NOMINAL GDP 120% 100% 101% 80% 69% 81% 60% 40% 32% 36% 40% 45% 45% 56% 20% 9% 17% 20% 0% Source: European Mortgage Federation, HOFINET & HDFC estimates for India 11
12 OPERATIONAL & FINANCIAL HIGHLIGHTS: MORTGAGES 12
13 Operational & Financial Highlights: Mortgages HDFC s ASSETS (As at March 31, 2014) 87% Total Assets as at March 31, 2014 Rs. 2, billion (US$ billion) Total Assets as at March 31, 2013 Rs. 1, billion (US$ billion) 7% 6% Loans (including debentures & corporate deposits for financing real estate projects) - 87% Investments - 6% Other Assets - 7% Total assets have been computed as per Indian Accounting Standards and consequently not fair valued. The unrealised gain on listed and unlisted investments as at March 31, 2014 has not been considered in the aforesaid. The unrealised gain on listed investments as at March 31, 2014 stood at Rs bn. US $ amounts are converted based on the exchange rate of US$ 1= Rs
14 Operational & Financial Highlights: Mortgages CORE BUSINESS LENDING (As at March 31, 2014) INDIVIDUAL LOANS Home Loans Fixed rate loans Floating rate loans Home Improvement Loans Home Extension Loans Home Equity Loans Short Term Bridging Loan Loans to NRIs Individuals 71% Corporate 11% Construction Finance 13% Lease Rental Discounting 5% LOANS March 31, 2014 Rs. in billion Gross Loans 2,178 Less: Loans securitised - on which spread is earned over the life of the loan 207 Loans Outstanding 1,971 14
15 Operational & Financial Highlights: Mortgages ANALYSIS OF THE LOAN BOOK As at March 31, 2014 Loan Book o/s Rs. bn % Grow th Rs. bn % Grow th Individuals 1,333 20% 1,402 26% Non Individuals 638 9% 638 9% Total 1,971 16% 2,040 20% Incremental Growth of the Loan Book Loan Book o/s Before Sell Down in last 12 months Loans Outstanding* 31-Mar Mar-13 Net Increase FY 2014 FY 2013 Rs. bn Rs. bn Rs. bn % of incremental loans Individuals 1,402 1, % 81% Non Individuals % 19% 2,040 1, % 100% * Includes loans sold 15
16 Operational & Financial Highlights: Mortgages CONTINUING GROWTH MOMENTUM (As at March 31, 2014) Rs. in billion LOANS OUTSTANDING (Net of loans sold) 1, , Rs. in billion 100 LOANS SOLD (In the preceding 12 months) Mar-12 Mar-13 Mar-14 0 Mar-12 Mar-13 Mar-14 As at March 31, 2014: The growth in the loan book inclusive of loans sold in the previous 12 months is 20% Loans amounting to Rs bn were sold during the quarter ended March 31, 2014 Loans sold (outstanding): Rs bn - on which spread at 1.32% p.a. is to be earned over the life of the loan 16
17 Operational & Financial Highlights: Mortgages 82% OF OUR MORTGAGES ARE SOURCED BY OURSELVES OR THROUGH OUR AFFILIATES Other Direct Selling Agents 18% HDFC Bank 24% March 31, 2014 Direct Walk-ins 12% HDFC Sales Private Limited 46% 17
18 Operational & Financial Highlights: Mortgages OUR CONSERVATIVE LOAN PROFILE UNDERLIES OUR HIGH CREDIT QUALITY Average Loan Size : Rs mn (~US$ 36,729) Average Loan to Value : 65% (at origination) Average Loan Term : 13 years Primary Security : Mortgage of property financed Repayment Type : Amortising 18
19 Operational & Financial Highlights: Mortgages GROSS NON-PERFORMING LOANS & PROVISIONS FOR CONTINGENCIES Percentage 1.16% 1.20% 1.05% 0.96% 1.00% 0.80% 0.74% 0.70% 0.69% 0.60% 0.40% 0.20% 0.00% FY12 FY13 FY14 GROSS NPLs PROVISIONS FOR CONTINGENCIES As at March 31, 2014 (Rs. in bn) NPLs (3 months): Provisions for Contingencies: Of which NPAs: 5.46 Other Provisioning: Regulatory Provisioning: Excess Provisioning over Regulatory Provisioning: 4.47 Total NPLs: 0.69% of which: Individual Loans: 0.53%, Non-Individual Loans: 1.01% Total loan write-offs since inception is less than 4 basis points of cumulative disbursements. 19
20 Operational & Financial Highlights: Mortgages LIABILITIES (As at March 31, 2014) 82% 12% 6% Shareholders' Funds Rs bn Borrowings Rs. 1, bn Other Liabilities Rs bn Total Liabilities Rs. 2, bn (PY Rs. 1, bn) 20
21 Operational & Financial Highlights: Mortgages MULTIPLE SOURCES OF BORROWINGS (As at March 31, 2014) 100% Percentage 80% 60% 40% 46% 56% 51% 28% 11% 18% Debentures & Securities Term Loans Deposits 20% 26% 33% 31% 0% Mar-12 Mar-13 Mar-14 Total Borrowings Rs. 1, bn (PY Rs. 1, bn) 21
22 Operational & Financial Highlights: Mortgages BORROWINGS (2) Net increase in funding for the year ended March 31, 2014 Borrowings 31-Mar Mar-13 Net Increase During the year FY 2014 Rs. bn Rs. bn Rs. bn % of incremental funding Term Loans % Debentures & Securities % Deposits % Total 1,843 1, % 22
23 Operational & Financial Highlights: Mortgages 1,200 1,000 MATURITY PROFILE (As at March 31, 2014) 1,046 1,082 Rs. in billion Up to 1 yr 2-5 yrs Over 5 yrs Assets Liabilities The above graph reflects adjustments for prepayments and renewals in accordance with the guidelines issued by National Housing Bank. 23
24 Operational & Financial Highlights: Mortgages LOAN SPREADS 14.00% 12.00% 2.33% 11.83% 11.98% 11.78% 2.40% 2.35% 10.00% 8.00% 6.00% 4.00% 10.30% 2.27% 7.97% 9.56% 9.68% 2.30% 9.49% 2.29% 2.30% 2.25% 2.20% 2.00% 2.15% 0.00% FY11 FY12 FY13 FY14 Return on Loans Cost of Borrowings Spread 2.10% April-March 2014 Spread earned on: Individual Loans 1.97% Non-individual Loans 2.95% Loan Book 2.29% 24
25 Operational & Financial Highlights: Mortgages STRENGTHS Home Loan Strengths Low average loan to value ratio and instalment to income ratios Efficient recovery mechanisms Steady level of prepayments Quality underwriting with experience of over 35 years Corporate Strengths Strong brand customer base of 4.7 million Stable and experienced management average tenor of senior management in HDFC ~ 30 years High service standards Low cost income ratio: 7.9% (As at March 31, 2014) 25
26 Operational & Financial Highlights: Mortgages PRODUCTIVITY RATIOS FY14 FY10 FY00 FY90 Number of employees 1,956 1, Number of outlets Profit per employee (US$ '000) Assets per employee (US$ mn) Admin costs/assets (%) Cost income ratio (%)
27 Operational & Financial Highlights: Mortgages KEY FINANCIAL METRICS FY14 FY13 FY12 Pre Tax RoAA (%) Post Tax RoAA (%) ROE (%) # Capital Adequacy (%) ^ Of which Tier I Tier II # FY 13: Net worth includes an amount of Rs bn realised on the conversion of 99.9% of the Warrants issued into equity shares. ^As at March 31, 2014: The Capital Adequacy Ratio (CAR) of 17.9% is without reducing the investment in HDFC Bank from Tier 1 Capital, while treating it as a 100% risk weight. The CAR after reducing the investment in HDFC Bank from Tier I capital stood at 14.6%, of which Tier I capital: 12.1% and Tier II capital: 2.5%. 27
28 VALUATIONS & SHAREHOLDING 28
29 Valuations and Shareholding VALUATIONS & RETURNS Mar-14 Mar-13 Mar-12 Market price per share (Rs) Market Capitalisation (USD Bn) Earnings per share (Rs) Price Earnings Ratio (times) Book Value per share (Rs) - Indian GAAP Price to Book Ratio (times) ^Adjusted Book value per share (Rs) (Without considering any gain on unlisted investments) ^Price to Book ratio Foreign Shareholding (%) ^ Adjusted only for unrealised gains on listed investments amounting to Rs bn as at March 31, All unlisted investments, including investments in the life and non-life insurance companies and the asset management business are reflected at cost. US $ amounts are converted based on the exchange rate of US $ 1= Rs
30 Valuations and Shareholding SHAREHOLDING PATTERN (As at March 31, 2014) 76% Foreign Shareholders - 76% Individuals - 10% Financial Institutions, Banks & Insurance Companies - 9% Mutual Funds - 3% 10% Companies - 2% 2% 3% 9% 30
31 KEY ASSOCIATES AND SUBSIDIARIES 31
32 Associates and Subsidiaries HDFC BANK 22.6% owned by HDFC Market Cap US$ 29.9 bn ADRs listed on NYSE 3,403 branches, 11,256 ATMs, 2,171 locations Key business areas Wholesale banking Retail banking Treasury operations Financials (as per Indian GAAP) for the year ended March 31, 2014 Advances as at March 31, 2014, stood at Rs. 3,030 bn an increase of 26% over the previous year Total deposits stood at Rs. 3,673 bn an increase of 24% over the previous year PAT: Rs bn an increase of 26% over the previous year Arrangement between HDFC & HDFC Bank HDFC Bank sources home loans for a fee Loans originated in the books of HDFC HDFC offers a part of the disbursed loans for assignment to HDFC Bank HDFC retains a spread on the loans that have been assigned 32
33 Associates and Subsidiaries HDFC STANDARD LIFE INSURANCE COMPANY LTD. (HDFC LIFE) Ownership and Capitalisation HDFC holds 72.4% and Standard Life 26% of the equity of HDFC Life Paid up share capital as at March 31, 2014: Rs bn Maiden dividend 5% Premium income and growth Gross premium income stood at Rs bn as against Rs bn in the previous year Group business grew by 30%, renewal premium by 17% Share of renewal premium to total premium for FY14 is 67% (PY 61%) Market share Ranked third in the private market share in FY14 Individual business market share of 13.8% (private sector) and 5.2% (overall) (Source: IRDA) 33
34 Associates and Subsidiaries HDFC STANDARD LIFE INSURANCE COMPANY LTD. Assets Under Management As at March 31, 2014, Assets Under Management stood at Rs. 503 bn an increase of 25% over March 31, 2013 Products Offers 22 individual products and 8 group products along with 9 optional riders Offers 26 fund options across product categories Distribution HDFC group network is used to cross sell by offering customised products Operates out of 429 offices across the country serving over 985 locations and a liaison office in Dubai Network of 75,000 financial consultants, 4 key bancassurance partners, 7 pan India brokers and corporate agency tie-ups 34
35 Associates and Subsidiaries HDFC STANDARD LIFE INSURANCE COMPANY LTD. Solvency Ratio As at March 31, 2014: 194% (as against regulatory requirement of 150%) Operating highlights (Year ended March 31, 2014) Commission ratio: 4.3% (PY 5.7%) Operating expenses: 10.7% (PY 10.8%) Individual business conservation ratio: 79% (PY 79%) Financial highlights Indian GAAP profits for FY14 stood at Rs. 7.3 bn (PY Rs. 4.5 bn) For the year ended March 31, 2014, new business margin on individual business stood at 26% {based on loaded acquisition expenses} - (PY 17.8%) Market Consistent Embedded Value: Rs bn 35
36 Associates and Subsidiaries HDFC ASSET MANAGEMENT Tie-up with Standard Life Investments (SLI) HDFC holds 59.8% of HDFC Asset Management HDFC MF manages 50 schemes comprising debt, equity, gold exchange traded fund and fund of fund schemes Earned a Profit After Tax of Rs bn for FY14 Paid a dividend of 500% for FY14 Average Assets under Management as at March 31, 2014, stood at Rs. 1, bn which is inclusive of assets under discretionary portfolio management and advisory services Equity assets of HDFC MF as a proportion of total MF assets is 36% Largest in the industry on the basis of quarterly average assets under management (Source: AMFI) 36
37 Associates and Subsidiaries HDFC ERGO GENERAL INSURANCE COMPANY LTD. Ownership and Capitalisation Paid up share capital as at March 31, 2014: Rs bn HDFC holds 73.8% and ERGO 25.9% of the equity of HDFC ERGO Maiden dividend 5% For the year ended March 31, 2014 Gross direct premium: Rs bn (PY Rs bn) growth of 20% Profit After Tax: Rs bn (PY Rs bn) Combined Ratio as at March 31, 2014: 97.9% before Declined Pool losses (PY 96.7% calculated in a similar manner) Solvency as at March 31, 2014: 160% (as against regulatory requirement of 150%) 37
38 Associates and Subsidiaries HDFC ERGO GENERAL INSURANCE COMPANY LTD. Market share Market share of 8.5% (private sector) and 4% (overall) in terms of gross direct premium in FY14 (Source: GI Council) Products The company offers insurance products such as: Motor, health, travel, home and personal accident in the retail segment and; Property, marine, aviation and liability insurance in the corporate segment Retail accounts for 55% of the total business Distribution Operates out of 108 branches across the country HDFC group network is used to cross sell home and health insurance products 38
39 Associates and Subsidiaries GRUH FINANCE LIMITED (GRUH) 59.2% owned by HDFC Registered housing finance company offering loans to individuals for purchase, construction and renovation of dwelling units Also offers loans to the self employed segment where formal income proofs are not available Retail network of 142 offices across 7 states in India Gujarat, Maharashtra, Karnataka, Rajasthan, Madhya Pradesh, Chhattisgarh and Tamil Nadu Financials for the year ended March 31, 2014 Loan portfolio as March 31, 2014 stood at Rs bn an increase of 29% over the previous year Gross non-performing assets (NPAs) : 0.27% PAT: Rs billion an increase of 21% over the previous year Market Capitalisation: US$ 884 mn 39
40 Associates and Subsidiaries HDFC PROPERTY FUND HDFC India Real Estate Fund Launched in 2005 Fund corpus : Rs. 10 billion fully invested Domestic investors, close-ended fund Funds managed by HDFC Venture Capital Limited Exits have commenced; 1.55 X of the fund corpus has been returned to investors HIREF International LLC Fund corpus : US$ 750 mn International investors, 9 year close-ended fund Targeted at premier institutions and funds across the world interested in taking an exposure to Indian real estate Fund is completely deployed and exits have commenced since 2010 HIREF International LLC II Pte Ltd. Fund corpus targeted: US$ 500 mn Fund raising currently underway International investors, 8 year close-ended fund 40
41 Associates and Subsidiaries CREDILA FINANCIAL SERVICES HDFC holds 89.5% in Credila Financial Services Private Limited Credila is a non-banking finance company and was the first Indian lender to exclusively focus on education loans The company lends to under-graduate and post-graduate students studying in India or abroad As at March 31, 2014: Cumulative disbursements: Rs bn Loan book outstanding as at March 31, 2014: Rs bn growth of 53% over last year Average loan: Rs mn 41
42 FINANCIALS Consolidated & Standalone 42
43 Financials CONSOLIDATED PROFIT AFTER TAX As per Indian GAAP Mar-14 Mar-13 Growth (Rs. in billion) (Rs. in billion) (%) HDFC Profit After Tax HDFC Life (net of dividend) HDFC Ergo (net of dividend) GRUH (net of dividend) HDFC Bank (net of dividend) HDFC-AMC (net of dividend) Others (net of dividend) 1.35 (1.00) Consolidated Profit After Tax Adjustment for: Securities Premium debited in HDFC for Zero Coupon Bonds (3.57) (4.38) Contribution of subs/associates to the consolidated PAT
44 Financials BALANCE SHEET (Consolidated) Mar-14 Mar-13 Growth (Rs. in billion) (Rs. in billion) (%) Sources of Funds Shareholders' Funds Minority Interest Policy Liabilities Loan Funds 1, , Current Liabilities & Provisions , , Application of Funds Loans * 2, , Investments Current Assets, Advances & Fixed Assets Goodwill on Consolidation , , *Net of loans sold during the preceding 12 months amounting to Rs bn. If these loans were included, the growth in loans would have been 20%. Loans amounting to Rs bn sold during the quarter ended March 31,
45 Financials PROFIT AND LOSS ACCOUNT (Consolidated) FY14 FY13 Growth Income (Rs. in billion) (Rs. in billion) (%) Revenue from Operations Profit on Sale of Investments Other Income Premium Income from Insurance Business Other Operating Income from Insurance Business Total Income Expenses Finance Cost Staff/Establishment/Other Expenses Claims paid pertaining to Insurance Business Commission, Operating, Other Expenses - Insurance Business Depreciation/Provision for Contingencies Profit Before Tax Tax Expense Net Profit (before Profit of Associates and adjustment of minority Interest) Share of profit of minority interest (4.55) (3.41) Net share of profit of Associates (Equity Method) Profit after Tax attributable to the Group Securities Premium debited in HDFC for Zero Coupon Bonds (3.57) (4.38) Adjusted Consolidated Profit After Tax
46 Financials BALANCE SHEET (Standalone) Mar-14 Mar-13 Growth (Rs. in billion) (Rs. in billion) (%) Sources of Funds Shareholders' Funds Borrowings 1, , Current Liabilities & Provisions , , Application of Funds Loans* 1, , Investments Current/ Fixed Assets , , *Net of loans sold during the preceding 12 months amounting to Rs bn. If these loans were included, the growth in loans would have been higher at 20%. Loans of Rs bn sold during the quarter ended March 31,
47 Financials PROFIT AND LOSS ACCOUNT FY14 (Standalone) FY14 FY13 Growth (Rs. in billion)(rs. in billion) (%) Operating Income Interest Expenses Net Interest Income Less: Non Interest Expenses Less: Provision for Contingencies Add: Other Income Profit Before Tax, Dividend & Sale of Investments Dividend Profit on Sale of Investments Profit Before Tax Provision for Tax Profit After Tax Effective tax rate (%) 26.9% 26.2% 47
48 Financials CONSOLIDATED EARNINGS As per Indian GAAP (As at March 31, 2014) HDFC Consolidated Return on Equity 20.5% 22.1% Return on Average Assets 2.7% 2.9% Earnings Per Share (Rs.) Profit After Tax (Rs. in billion) Total Assets (Rs. in billion) 2, ,
49 AWARDS & ACCOLADES HDFC selected as the Best Home Loan Provider by CNBC Awaaz CNBC Awaaz Real Estate Awards 2013 HDFC adjudged the Best Home Loan Provider for third consecutive year Outlook Money Awards, 2013 Awarded the Qimpro-Best Prax Benchmark 2013 in Leadership Governance HDFC Board recognised as one of the Five Best Boards" in a study conducted by Economic Times and Hay Group on India's Best Boards Top Indian Company in the Financial Institutions/Non-Banking Financial Companies/Financial Services category at the Dun & Bradstreet Corporate Awards The Corporation has won this award six times. Leading Housing Finance Company Award - CNBC TV18, 2012 HDFC is the only Indian company to be included in the fifth annual list of the 2011 World s Most Ethical Companies by Ethisphere Institute, USA HDFC voted Best Investor Relations in India Finance Asia s 2011 Annual Poll HDFC ranked amongst India s best companies to work for Great Place to Work Institute, 2012 Awarded the Best Foreign Enterprise with a Developmental Role in Housing Finance in Africa African Real Estate & Housing Finance Academy HDFC one of India s Best Managed Companies for two consecutive years Finance Asia s 2010 and 2011 Annual Poll India Shining Star CSR Award for Outstanding CSR in the Banking and Financial Sector FY11 49
50 Thank You May 15,
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