HDFC Bank Ltd.

CARE has reaffirmed ‘AAA’ ratings to HDFC Bank’s Lower Tier II Bonds worth of Rs 17,919 crore, Upper Tier II Bonds worth of Rs 5,100 crore, Perpetual Bonds worth of Rs 1,200 crore. The rating agency has also reaffirmed A1+ ratings to Banks’ Certificate of Deposits worth of Rs 15,000 crore.

The ratings factor in the strong market position of HDFC Bank  complemented by its widespread domestic franchise, experienced management, healthy capitalisation levels, strong funding profile characterised by robust CASA mix, comfortable asset quality metrics  as well as consistently healthy performance track record. Capitalisation levels, profitability and asset quality are the key rating sensitivities.

The bank has posted a rise of 27.07% in its net profit at Rs 1982.32 crore for the quarter ended September 30, 2013 as compared to Rs 1559.98 crore for the same quarter in the previous year. Total income has increased by 17.65% at Rs 11937.69 crore for quarter under review as compared to Rs 10146.65 crore for the quarter ended September 30, 2012.

Gross non-performing assets (NPAs) improved to 1.1% in the July-September quarter as against 0.9% in the same quarter previous year while net NPAs increased to 0.3%.