印度上市銀行HDFC Group市場前景及投資研究報告-外文版培訓課件

COMPANIES

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PRODUCTSHDFCGroupCHAPTER

01OverviewLeadingcompaniesinIndiain2023,byprofitaftertax(intrillionIndianrupees)LeadingcompaniesinIndia2023bynetprofitNetprofitintrillionIndianrupees0.00.10.20.30.40.50.60.70.8RelianceTataConsultancyServicesLimitedOilandNaturalGasCorporationLimitedCoalIndia0.740.420.330.28Infosys0.24ITCLtd.0.19NTPCLtd.0.170.15PowerGridCorporationofIndiaHCLtechnologiesLtd.Vedanta0.150.153/statistics/944558/india-leading-companies-by-net-profitReliancewastheleadingIndiancompanyinnetprofit,amountingtoaround0.74trillionIndianrupeesin2023.RelianceIndustriesisamultinationalconglomeratewithadiversifiedportfolio.ONGCfollowedwithanetprofitof0.33trillionIndianrupees.ReadmoreNote(s):India;2023Source(s):BusinessTodayLargestbanksworldwideasofDecember2023,bymarketcapitalization(inbillionU.S.dollars)Largestbanksworldwide2023,bymarketcapitalizationMarketcapitalizationinbillionU.S.dollars050100150200250300350400450500550JPMorganChaseBankofAmerica491.76266.45Industrial&CommercialBankofChinaWellsFargo223.8178.74175.59AgriculturalBankofChinaHDFCBank169.83HSBC156.17MorganStanleyChinaConstructionBankBankofChina153.05152.14150.44RoyalBankofCanadaCommonwealthBankofAustraliaGoldmanSachs142.48127.57125.8CharlesSchwab125.39Toronto-DominionBank115.924Description:AsofDecember31,2023,thelargestbankintheworldintermsofmarketcapitalizationwastheU.S.-basedJPMorganChase.TheAmericanbankinggiant'smarketcapexceeded490billionU.S.dollars,whichwassignificantlyhigherthanBankofAmerica's,whichrankedsecondwithamarketcapofapproximately266.45billionU.S.dollars.JPMorganChasewasalsothelargestbankintheUnitedStatesintermsoftotalassetsbutrankedonlyfifthglobally,behindfourChinesebanks.ReadmoreNote(s):Worldwide;December31,2023Source(s):CompaniesMarketCLeadingprivateinsurersacrossIndiainfinancialyear2023,bygrossdirectpremium(inbillionIndianrupees)LeadingprivateinsurersinIndiaFY2023,bygrossdirectpremiumGrossdirectpremiuminbillionIndianrupees050100150200250ICICILombardGeneralInsuranceCo.Ltd.HDFCERGOGeneralInsuranceCo.Ltd.BajajAllianzGeneralInsuranceCo.Ltd.TataAIGGeneralInsuranceCo.Ltd.SBIGeneralInsuranceCo.Ltd.210.25166.36153.37131.76108.28103.3998.71RelianceGeneralInsuranceCo.Ltd.IFFCOTokioGeneralInsuranceCo.Ltd.GoDigitGeneralInsuranceCo.Ltd.61.6CholamandalamMSGeneralInsuranceCo.Ltd.FutureGeneraliIndiaInsuranceCo.Ltd.61.5645.465Description:Infinancialyear2023,ICICILombardhadthehighestgrossdirectpremiumearningsamongstleadingprivategeneralinsurersinIndiawithavalueof210billionIndianrupees.HDFCERGOfollowedat166billionrupees.ReadmoreNote(s):India;FY2023Source(s):IRDA(India)LeadingassetmanagementcompaniesinIndiaasofMarch2024,byaverageassetsundermanagement(inbillionIndianrupees)LeadingassetmanagementcompaniesinIndia2024,byAUMAverageassetsundermanagementinbillionIndianrupees01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000SBIFundsManagementICICIPrudentialMutualFundHDFCMutualFund9,1967,168.686,146.65NipponIndiaMutualFundKotakMutualFund4,382.773,812.4AdityaBirlaSunLifeMutualFundUTIMutualFund3,157.782,865.932,668.26AxisMutualFundDSPMutualFund1,389.861,349.08BandhanMutualFund6Description:AsofMarch2024,SBIFundsManagementinIndiahadatotalvalueofassetsundermanagementworthoverninetrillionIndianrupees.Thereby,thewealthmanagementwingofIndia'sbiggestpublicbank,StateBankofIndia(SBI),ledthelistofIndianassetmanagementcompaniesbyfar.ItwasfollowedbyICICIPrudentialMutualFundwithoverseventrillionrupeesrespectively.ReadmoreNote(s):India;AsofMarch2024Source(s):GrowwLeadingequitybrokeragefirmsinIndiain2024,bynumberofactiveclients(inmillions)LeadingbrokeragefirmsinIndia2024bynumberofactiveclientsNumberofclientsinmillions012345678910GrowwZerodha9.197.22AngelOne5.98Upstox2.4ICICIdirect1.87KotakSecuritiesHDFCSecuritiesMotilalOswalSBISecuritiesPaytmMoney1.181.090.870.860.817Description:In2024,GrowwwastheleadingequitybrokeragefirmacrossIndiawithoverninemillionactiveclients.Zerodhafollowedwith7.22millionactiveclients.ReadmoreNote(s):India;2024Source(s):ChittorgarhCHAPTER

02HDFCBankDepositsofHDFCBankLimitedduringfinancialyear2018to2023,bytype(inbillionIndianrupees)HDFCBank'sdepositsFY2018-2023,bytypeCurrentAccountSavingsAccount(CASA)Timedeposits30,00025,00020,00015,00010,474.068,081.6810,0007,193.786,628.7716,005.86FY20235,319.434,456.785,00007,510.5FY20226,156.82FY20214,846.25FY20203,911.98FY20193,430.93FY20189Description:TheHDFCBankLimitedhadtotaldepositsofover18trillionIndianrupeesinthefinancialyear2023.Thiswasasignificantincreasefromthepreviousyear.Duringthesameperiod,thebankhadovertentrillionrupeesworthoftimedeposits.

ReadmoreNote(s):India;FY2018toFY2023Source(s):HDFCBankIncomeofHDFCBankLimitedfromfinancialyear2017to2024(inbillionIndianrupees)HDFCBank'sincomeFY2017-20243,5003,0002,5002,0001,5003,075.821,9281,572.631,460.631,380.731,165.98FY2019954.621,0005000816.02FY2017FY2018FY2020FY2021FY2022FY2023FY202410Description:India'slargestprivatesectorbank,HDFCBank,earnedanincomeofoverthreetrillionIndianrupeesinfiscalyear2023.Thiswasanincreaseinincomecomparedtothepreviousfiscalyear's1.9trillionrupees.

ReadmoreNote(s):India;FY2017toFY2024Source(s):HDFCBankProfitofHDFCBankLimitedaftertaxfromfinancialyear2018to2024(inbillionIndianrupees)HDFCBank'sprofitaftertaxFY2018-2024700600500400608.12441.09369.61311.17300262.57210.782001000174.87FY2018FY2019FY2020FY2021FY2022FY2023FY202411Description:TheHDFCBankLimitedreportedover608billionIndianrupeesofprofitaftertaxesduringfinancialyear2024.Thiswasasignificantincreasefromthepreviousyear.ReadmoreNote(s):India;FY2018toFY2024;standalonefiguresSource(s):HDFCBankGrossnon-performingassetvalueofHDFCBankLimitedfromfinancialyear2017to2024(inbillionIndianrupees)HDFCBank'sNPAsvalueFY2017-2024350300250200311.73180.19161.41150.8615010050126.49112.2486.0758.860FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY202412Description:Infinancialyear2024,thevalueofgrossnon-performingassets(NPA)atHDFCBankLimitedacrossIndiaamountedto311billionIndianrupees.ThiswasasignificantincreaseintheNPAsfiledbythebankcomparedtothepreviousyearwhenitamountedtoaround180billionrupees.Countrywide,theIndustrialDevelopmentBankofIndia(IDBI)hadthehighestnon-performingassetvalueacrossallprivatecommercialbanksin2021,followedbytheIndustrialCreditandInvestment[...]

ReadmoreNote(s):India;FY2017toFY2024Source(s):HDFCBankNumberofHDFCBankLimitedATMsfromfinancialyear2018to2023HDFCBank'snumberofATMsFY2018-202325,00019,72720,00015,00010,0005,000018,13016,08714,90113,48912,773FY2018FY2019FY2020FY2021FY2022FY202313Description:TheHDFCBankLimitedhadover19thousandATMsinthefinancialyear2023alloverIndia.ThenumberofATMssawanexponentialgrowthovertheyears.ThebanklaunchedmobileATMvansacrossthecountryonaccountoftheCOVID-19outbreak.HDFCBankisanIndianbankingandfinancialservicescompanyheadquarteredinMumbai.ItwastheleadingprivatesectorbankinthecountrybasedonmarketcapitalizationasofDecember2023.ReadmoreNote(s):India;FY2018toFY2023;includingcashdepositandwithdrawalmachines.Source(s):HDFCBankNumberofbankingbranchesofHDFCBankLimitedinfinancialyear2023,byregionHDFCBank'snumberofbranchesFY2023,byregionNumberofbankingoutlets4,000

5,00001,0002,0003,0006,0007,0008,0007,8139,000TotalSemi-urbanMetro2,6742,158Urban1,566Rural1,415International414Description:TheHDFCBankLimitedhadover7.8thousandbankingbranchesacrossIndiaandabroadinthefinancialyear2023.Inaddition,over15thousandbusinesscorrespondencesweremanagedbycommonservicecentersinthecountry.Semi-urbanareashadmorebranchesthanmetroandruralregionsofthecountry.ReadmoreNote(s):India;FY2023Source(s):HDFCBankCHAPTER

03HDFCErgoandHDFCLifeNumberofnewlifeinsurancepoliciesinIndiafromfinancialyear2017to2023,basedonsector(inmillions)NewindividuallifeinsurancepoliciesinIndiaFY2017-2023,bysectorPrivateLIC2521.921.7221.3421.420.9820.4220.1320151058.047.397.247.156.866.956.320FY2017FY2018FY2019FY2020FY2021FY2022FY202316Description:Inthefinancialyear2023,theLifeInsuranceCorporation(LIC)ofIndiaissuedover20.4millionnewindividualpolicies.Incomparison,privateinsurersissuedaroundeightmillionpolicies.Overall,therewereover28millionnewindividualpoliciesissuedacrossthecountrythatyear.ReadmoreNote(s):India;FY2017toFY2023Source(s):IRDA(India)NumberofinsurancepoliciessoldbygeneralandhealthinsurersacrossIndiafromfinancialyear2010to2023(inmillions)NumberofpoliciessoldbygeneralandhealthinsurersinIndiaFY2010-2023350300250301.81265.67246.7241.5191200165150150100501221221131079789860FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202317Description:Infinancialyear2023,Indiangeneralandhealthinsurerssoldover300millionpoliciesacrossthecountry.Thiswasanincreaseininsurancepoliciescomparedtothepreviousyearbyover13percent.

ReadmoreNote(s):India;FY2010toFY2023Source(s):IRDA(India)ValueofgrossinsurancepremiumswrittenbyHDFCERGOGeneralInsuranceCompanyLimitedfromfinancialyear2003to2023(inbillionIndianrupees)HDFCERGOgrossnon-lifeinsurancepremiumsFY2003-2023180160140120100806040200FYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFY2003

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202318Description:HDFCERGOGeneralInsuranceCompanyLimitedwrotegrossnon-lifeinsurancepremiumsvaluedatover166billionIndianrupeesinthefinancialyear2023.Alinearriseinthecompany'sinsurancepremiumswasseenoverthepastdecade.ThecompanyisajointventurebetweenHDFCandERGOInternationalAG.ReadmoreNote(s):India;FY2003toFY2023;figuresforwithinandoutsideIndia.Source(s):IRDA(India)MarketshareofHDFCERGOacrossIndiafromfinancialyear2015to2023MarketshareofHDFCERGOIndiaFY2015-20237%6.5%6.2%6.2%6.1%6%5%4%3%2%1%0%5.1%4.8%4.6%3.8%3.5%FY2015FY2016FY2017FY2018FY2019FY2020*FY2021FY2022FY202319Description:Inthefinancialyear2023,theprivateinsurancecompanyHDFCERGOhadamarketshareof6.5percentintheIndiangeneralinsurancelandscape.Thiswasaslightincreasefromthepreviousyear.TherewasamergerbetweenHDFCERGOGeneralInsuranceandHDFCERGOHealthInsuranceinNovember2020.ReadmoreNote(s):India;FY2015toFY2023Source(s):Varioussources(HDFCERGO)ValueoftotallifeinsurancepremiumswrittenbyHDFCLifeInsuranceCompanyLimitedfromfinancialyear2002to2023(inbillionIndianrupees)HDFCLife'stotallifeinsurancepremiumvalueFY2002-20237006005004003002001000FYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFYFY2002

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202320Description:HDFCLifeInsuranceCompanyLimitedhadwrittenover575billionIndianrupeesworthoftotallifeinsurancepremiumsduringthefinancialyear2023inIndia.Asignificantincreaseintheinsurancepremiumvalueofthecompanywasseenfromthepreviousyearinthecountry.ReadmoreNote(s):India;FY2002toFY2023Source(s):IRDA(India)CHAPTER

04HDFC-otherbusinessesGrossvalueofoutstandinghousingloansatHDFCfromfinancialyear2018to2023(inbillionU.S.dollars)GrossvalueofoutstandingloansatHDFCFY2018-20231009088.0986.1577.438068.2966.6470605040302010061.3FY2018FY2019FY2020FY2021FY2022FY202322Description:Infiscalyear2023,HDFCreportedoutstandinggrossloansworthover88billionU.S.dollars.Thisfollowsthetrendofthethreepreviousyearswithanincreasingvalueofoutstandingloans.TheHousingDevelopmentFinanceCorporation(HDFC)isIndia'sfirstspecializedmortgagecompanyinIndiafoundedin1977.ReadmoreNote(s):India;FY2018toFY2023Source(s):HDFCBankShareofcorebusinessesinHDFClendinginfinancialyear2023ShareofcorebusinessesinHDFClendingFY2023Corporate4%Leaserentaldiscounting6%Constructionfinance7%Individualloans83%23Description:Inthefinancialyear2023,theIndianmortgagecompanyHDFClentout83percentofitsgrossloanstoindividuals.Individualloansincludehomeloansandimprovementandextensionloansamongstothers.Duringthistimethetotalvalueofgrosshomeloansstoodatover88.09billionU.S.dollars.Theremaininglendingshareincludescorporate,constructionfinance,andleaserentaldiscounting.ReadmoreNote(s):India;FY2023Source(s):HDFCBankNumberofactiveclientsHDFCSecuritiesLimitedbetweenfinancialyear2014and2023(in1,000s)NumberofactiveclientsHDFCSecuritiesFY2014-20231,2001,0008001,1411,0639577206726026004834084002000348279FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202324Description:Infiscalyear2023,thefinancialservicescompanyHDFCSecuritiesLimitedhadaround1,063thousandactiveclients.Itwasadeclineincomparisontolastfinancialyear.HDFCSecuritiesisasubsidiaryofHDFCBankandhasbeenoperatinginIndiafornearlytwodecades.ReadmoreNote(s):India;FY2014toFY2023Source(s):HDFCSecurities;NationalStockExchangeofIndia;topsharebrokersBrokingrevenueofHDFCSecuritiesfromfinancialyear2014to2023(inbillionIndianrupees)BrokingrevenueofHDFCSecuritiesFY2014-202316141210814.0911.6411.47.16.96.564.24203.43.12FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202325Description:Infiscalyear2023,thebrokerageandfeeincomerecordedbyHDFCSecuritiesamountedtoover11.64billionIndianrupees.Thebrokingrevenuehaswitnessedconsistentgrowthsincethefinancialyear2019until2022.HDFCSecuritiesisthestockbrokingarmofHDFCBank.ReadmoreNote(s):India;FY2014toFY2023Source(s):HDFCSecuritiesCHAPTER

05BankingcompetitorsLeadingprivatebanksinIndiaasofMarch2024,byasset(intrillionIndianrupees)LeadingprivatebanksinIndia2024,byassetValueofassetsintrillionIndianrupees10

1505202530HDFCBankICICIBank24.6615.84AxisBank13.17KotakMahindraInduslndBankYesBank4.94.583.553.31IDBIBankFederalBankIDFCFirstBankBandhanBank2.62.41.5627Description:AsofMarch2024,HDFCBankwastheleadingIndianprivatebankwithtotalassetsover24trillionIndianrupees.Withinthebankingsector,HDFCbankcomessecondafterthepublicStateBankofIndiawhichisworthnearly45trillionIndianrupeesintermsofassetsduringthesametimeperiod.OtherleadingprivatebanksinIndiawereICICIBankandAxisBank.ReadmoreNote(s):India;asofMarch2024Source(s):MoneycontrolNumberofPradhanMantriJan-DhanYojanarecipientsinIndiaasofAugust2023,bymajorprivatebank(inmillions)NumberofPMJDYrecipientsinIndia2023,bymajorprivatebankNumberinmillions0.00.51.01.52.02.53.03.54.04.55.0ICICIBankLtdHDFCBankLtd4.413Jammu&KashmirBankLtdIDBIBankLtd1.871.52AxisBankLtd1.3FederalBankLtd0.62IndusIndBankLtdKotakMahindraBankLtdSouthIndianBankLtdKarurVysyaBankRBLBankLtd0.420.40.240.180.1CityUnionBankLtdYesBankLtd0.080.0628Description:AsofAugust2023,thePradhanMantriJan-DhanYojanainIndiahadover14millionbeneficiariesatmajorprivatesectorbanks.ICICIBankLtdhadthehighestnumberofbeneficiarieswithoverfourmillionrecipients,followedbyHDFCBankLtdwithnearlythreemillionrecipientsduringthemeasuredtimeperiod.ReadmoreNote(s):India;asofAugust2,2023Source(s):PMJDY;Varioussources(Datafromvariousbanks)TotalassetsofICICIBankLimitedfromfinancialyear2016to2023(intrillionIndianrupees)ICICIBank'stotalassetsFY2016-20231816141215.8414.1112.3119.6108.87.7864207.2FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202329Description:Duringfinancialyear2023,ICICIBankLimitedreportedatotalassetsofover15trillionIndianrupees,anincreasefromthepreviousyear.Anexponentialincreaseintheassetswasseenovertheyearsfromfinancialyear2016inthecountry.

ReadmoreNote(s):India;FY2016toFY2023;standalonefiguresSource(s):ICICIBankOperatingrevenueofAxisBankfromfinancialyear2016to2023(inbillionIndianrupees)AxisBank'soperatingrevenueFY2016-2023700600500594.47483.53415.03390.54400326.17297.84296.133002001000262.04FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY202330Description:AxisBankreportedover594billionIndianrupeesofoperatingrevenueduringfinancialyear2023,anincreasefromthepreviousyear.Inthefinancialyear,thebankhadoperatingrevenueof483billionIndianrupees.

ReadmoreNote(s):India;FY2016toFY2023Source(s):AxisBankNetprofitofStateBankofIndiaacrossIndiafromfinancialyear2015to2023(inbillionIndianrupees)StateBankofIndia'snetprofitFY2015-2023600500400300502.32316.76204.1200144.88131.02104.8499.5110008.62-65.47FY2018-100FY2015FY2016FY2017FY2019FY2020FY2021FY2022FY202331Description:StateBankofIndiareportedanetprofitofover502billionIndianrupeesduringfinancialyear2023,continuingthegrowthtrendfromthepreviousyear.TheStateBankofIndiaisanIndianmultinationalpublicsectorbankingandfinancialservicesstatutorybody,headquarteredinMumbai.AlsoknownasSBI,thebankwasoneofthemostvaluablebrandsinthecountryin2020.ReadmoreNote(s):India;FY2015toFY2023Source(s):SBICHAPTER

06InsurancecompetitorsValueofgrossinsurancepremiumswrittenbyTheNewIndiaAssuranceCompanyLimitedfromfinancialyear2013to2022(inbillionIndianrupees)TheNewIndiaAssurance'sgrossnon-lifeinsurancepremiumsFY2013-2022350300250200150100500FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY202233Description:Inthefinancialyear2022,theNewIndiaAssuranceCompanyLimitedwrotegrossnon-lifeinsurancepremiumsvaluedatnearly325billionIndianrupees.Anexponentialriseinthevalueofpremiumswasseenoverthepastdecade.ThepublicsectorgeneralinsurancecompanywasfoundedbySirDorabjiTatain1919.ReadmoreNote(s):India;FY2013toFY2022Source(s):NewIndiaAssuranceValueofgrossinsurancepremiumswrittenbyUnitedIndiaInsuranceCompanyLimitedfromfinancialyear2002to2023(inbillionIndianrupees)UnitedIndiaInsurance'sgrossnon-lifepremiumsFY2002-2023200177.21174.3175.1518016014012010080167.05164.2160.63157.22122.5106.9297.0992.6681.7963.776052.3942.78FY37.4FY34.99FY4030.63FY31.55FY29.7FY29.44FY27.81FY200FYFYFYFYFYFYFYFYFYFYFYFYFYFY2002

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2023*34Description:Duringthefinancialyear2023,UnitedIndiaInsuranceCompanyLimitedwrotegrossnon-lifeinsurancepremiumsvaluedatover177billionIndianrupees.Thiswasanincreaseinthevalueofpremiumsfromthepreviousfinancialyear.ThecompanyisownedbytheGovernmentofIndiaandisheadquarteredinChennai.ReadmoreNote(s):India;FY2002toFY2023;figuresforwithinandoutsideIndia.;*Includesadvancereceipts.India'sfinancialyearbeginsinAprilandendsinMarch.Forexample,FY2020startedinApril2019andendedinMarch2020.OneIndianrupeeis[...]

ReadmoreSource(s):UnitedIndiaInsuranceCompanyValueofgrossdirectpremiumincomewrittenbyICICILombardGeneralInsuranceCompanyLimitedfromfinancialyear2018to2023(inbillionIndianrupees)ICICILombard'sgrossdirectinsurancepremiumincomeFY2018-2023250200150100500FY2018FY2019FY2020FY2021FY2022FY202335Description:ICICILombardGeneralInsuranceCompanyLimitedreportedalmost210billionIndianrupeesworthofgrossnon-lifeinsurancepremiumsduringthefinancialyear2023.Thiswasasignificantincreaseinpremiumsfromthepreviousfinancialyear.