UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of January, 2020

Commission File Number 001-15216

 

 

HDFC BANK LIMITED

(Translation of registrant’s name into English)

 

 

HDFC Bank House, Senapati Bapat Marg,

Lower Parel, Mumbai. 400 013, India

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):     Yes  ☐    No  ☒

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):     Yes  ☐    No  ☒

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.    Yes  ☐    No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-Not Applicable.

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   

HDFC BANK LIMITED

                (Registrant)
Date: 20th January, 2020     By  

/s/ Santosh Haldankar

    Name:   Santosh Haldankar
    Title:   Senior Vice President (Legal) & Company Secretary


EXHIBIT INDEX

The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this Report pursuant to the General Instructions for Form 6-K.

Exhibit    I

Description

Communication dated 18th January, 2020 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the Financial Result of the Bank for Quarter (Unaudited) and Nine Months (Unaudited) ended 31st December, 2019.


Exhibit I

January 18, 2020

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sirs,

Re: Unaudited Financial Results of the Bank for the quarter and nine months ended December 31, 2019

Pursuant to the provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform that the standalone and consolidated financial results for the third quarter (unaudited) and nine months (unaudited) ended December 31, 2019 were duly approved by the Board of Directors at its meeting held today and are enclosed herewith.

Kindly take the same on your records.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Sr. Vice President (Legal) & Company Secretary

Encl: As above


 

LOGO

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019

 

                                      

( in lacs)

 

 
         Quarter ended     Nine Months ended
    Year ended
31.03.2019
 
         31.12.2019     30.09.2019     31.12.2018     31.12.2019     31.12.2018  
    

Particulars

  Unaudited     Audited
(Refer note 4)
    Unaudited     Unaudited     Unaudited     Audited  
1    Interest Earned (a)+(b)+(c)+(d)     2936972       2816628       2589026       8492759       7263880       9897205  
   a) Interest / discount on advances / bills     2342463       2251398       2030629       6774330       5652470       7754419  
   b) Income on Investments     520314       509169       531901       1554262       1495054       1999746  
   c) Interest on balances with Reserve Bank of India and other inter bank funds     60829       41642       9824       119991       52420       63570  
   d) Others     13366       14419       16672       44176       63936       79470  
2    Other Income     666928       558872       492101       1722825       1275466       1762587  
3    Total Income (1)+(2)     3603900       3375500       3081127       10215584       8539346       11659792  
4    Interest Expended     1519682       1465124       1331351       4394540       3748507       5072883  
5    Operating Expenses (i)+(ii)     789677       740568       671934       2241971       1900227       2611937  
   i) Employees cost     245496       235507       196764       702741       568736       776176  
   ii) Other operating expenses     544181       505061       475170       1539230       1331491       1835761  
6    Total Expenditure (4)+(5) (excluding Provisions and Contingencies)     2309359       2205692       2003285       6636511       5648734       7684820  
7    Operating Profit before Provisions and Contingencies (3)-(6)     1294541       1169808       1077842       3579073       2890612       3974972  
8    Provisions (other than tax) and Contingencies     304356       270068       221153       835790       566086       755008  
9    Exceptional Items     —         —         —         —         —         —    
10    Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)     990185       899740       856689       2743283       2324526       3219964  
11    Tax Expense     248537       265241       298104       810320       805224       1112150  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)     741648       634499       558585       1932963       1519302       2107814  
13    Extraordinary items (net of tax expense)     —         —         —         —         —         —    
14    Net Profit / (Loss) for the period (12)-(13)     741648       634499       558585       1932963       1519302       2107814  
15    Paid up equity share capital (Face Value of 1/- each)     54770       54708       54390       54770       54390       54466  
16    Reserves excluding revaluation reserves               14866166  
17    Analytical Ratios            
   (i) Percentage of shares held by Government of India     Nil       Nil       Nil       Nil       Nil       Nil  
   (ii) Capital Adequacy Ratio     18.5     17.5     17.3     18.5     17.3     17.1
   (iii) Earnings per share (EPS) () (Face Value of 1/- each)            
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized     13.5       11.6       10.3       35.4       28.5       39.3  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized     13.4       11.5       10.2       35.1       28.2       39.0  
   (iv) NPA Ratios            
   (a) Gross NPAs     1342725       1250815       1090286       1342725       1090286       1122416  
   (b) Net NPAs     446835       379095       330154       446835       330154       321452  
   (c) % of Gross NPAs to Gross Advances     1.42     1.38     1.38     1.42     1.38     1.36
   (d) % of Net NPAs to Net Advances     0.48     0.42     0.42     0.48     0.42     0.39
   (v) Return on assets (average) - not annualized     0.55     0.50     0.49     1.51     1.39     1.90

Regd. Office : HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013.


LOGO

 

 

Segment information in accordance with the Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:

 

                                       

( in lacs)

 

 
     Quarter ended     Nine Months ended     Year ended
31.03.2019
 
          31.12.2019     30.09.2019     31.12.2018     31.12.2019     31.12.2018  

Particulars

   Unaudited     Audited
(Refer note 4)
    Unaudited     Unaudited     Unaudited     Audited  
1    Segment Revenue             
a)    Treasury      708374       627540       668444       1965106       1767554       2357648  
b)    Retail Banking      2775928       2710078       2310038       7978935       6520699       8922234  
c)    Wholesale Banking      1576940       1502943       1421965       4585844       3999351       5456354  
d)    Other Banking Operations      521074       434503       413595       1398542       1105347       1529943  
e)    Unallocated      —         —         —         66       5278       5278  
   Total      5582316       5275064       4814042       15928493       13398229       18271457  
   Less: Inter Segment Revenue      1978416       1899564       1732915       5712909       4858883       6611665  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Income from Operations      3603900       3375500       3081127       10215584       8539346       11659792  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
2    Segment Results             
a)    Treasury      90373       69521       64945       238047       71358       130576  
b)    Retail Banking      318421       402364       246261       1027499       862176       1179627  
c)    Wholesale Banking      397927       300691       384473       1030761       1049929       1422412  
d)    Other Banking Operations      226352       169931       211977       575930       487897       679153  
e)    Unallocated      (42888     (42767     (50967     (128954     (146834     (191804
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax      990185       899740       856689       2743283       2324526       3219964  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3    Segment Assets             
a)    Treasury      37086993       34321814       31234090       37086993       31234090       34876621  
b)    Retail Banking      47895345       45996296       42104049       47895345       42104049       42879092  
c)    Wholesale Banking      47693394       45845204       38007364       47693394       38007364       40874972  
d)    Other Banking Operations      6036452       5504158       4772589       6036452       4772589       5085471  
e)    Unallocated      821378       839726       737539       821378       737539       737915  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      139533562       132507198       116855631       139533562       116855631       124454071  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
4    Segment Liabilities             
a)    Treasury      6097321       4374217       5875744       6097321       5875744       6143885  
b)    Retail Banking      85664751       81524711       68388252       85664751       68388252       73229496  
c)    Wholesale Banking      28547637       27977539       25451869       28547637       25451869       27188713  
d)    Other Banking Operations      554529       553999       466821       554529       466821       535706  
e)    Unallocated      2310248       2500439       2376184       2310248       2376184       2435639  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      123174486       116930905       102558870       123174486       102558870       109533439  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
5    Capital Employed             
   (Segment Assets - Segment Liabilities)             
a)    Treasury      30989672       29947597       25358346       30989672       25358346       28732736  
b)    Retail Banking      (37769406     (35528415     (26284203     (37769406     (26284203     (30350404
c)    Wholesale Banking      19145757       17867665       12555495       19145757       12555495       13686259  
d)    Other Banking Operations      5481923       4950159       4305768       5481923       4305768       4549765  
e)    Unallocated      (1488870     (1660713     (1638645     (1488870     (1638645     (1697724
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      16359076       15576293       14296761       16359076       14296761       14920632  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Business Segments have been identified and reported taking into account the target customer profile, the nature of products and services, the differing risks and returns, the organisation structure, the internal business reporting system and the guidelines prescribed by the RBI.


LOGO

 

Notes :

1

Statement of Assets and Liabilities as at December 31, 2019 is given below:

 

                  

( in lacs)

 

 

Particulars

   As at
31.12.2019
     As at
31.12.2018
     As at
31.03.2019
 

CAPITAL AND LIABILITIES

   Unaudited      Unaudited      Audited  

Capital

     54770        54390        54466  

Reserves and Surplus

     16304306        14242371        14866166  

Deposits

     106743347        85250190        92314093  

Borrowings

     11327720        12345976        11708513  

Other Liabilities and Provisions

     5103419        4962704        5510833  
  

 

 

    

 

 

    

 

 

 

Total

     139533562        116855631        124454071  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and Balances with Reserve Bank of India

     9279115        4906485        4676362  

Balances with Banks and Money at Call and Short notice

     961497        764963        3458401  

Investments

     31129412        27975321        29058788  

Advances

     93602952        78095117        81940122  

Fixed Assets

     428829        386032        403001  

Other Assets

     4131757        4727713        4917397  
  

 

 

    

 

 

    

 

 

 

Total

     139533562        116855631        124454071  
  

 

 

    

 

 

    

 

 

 

 

2

The above financial results have been approved by the Board of Directors at its meeting held on January 18, 2020. The financial results for the quarter and nine months ended December 31, 2019 have been subjected to a limited review by the statutory auditors of the Bank. The report thereon is unmodified. The financial results for the quarter and nine months ended December 31, 2018 and the year ended March 31, 2019 were subjected to limited review / audit by another firm of chartered accountants.

3

The Bank has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2019.

4

The figures for the quarter ended September 30, 2019 are the balancing figures between audited figures in respect of the half year ended September 30, 2019 and the published year to date figures upto June 30, 2019.

5

The shareholders of the Bank, at its Annual General Meeting held on July 12, 2019 approved the sub-division (split) of one equity share of the Bank from face value of 2/- each into two equity shares of face value of 1/- each. All shares and per share information in the financial results reflect the effect of sub-division (split) retrospectively.

6

During the quarter and nine months ended December 31, 2019, the Bank allotted 62,63,174 and 3,04,13,848 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

7

Other income relates to income (including commission) from non-fund based banking activities, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments, dividends from subsidiaries and recoveries from accounts previously written off.

8

Other operating expenses include commission paid to sales agents of 836.15 crore (previous period : 665.40 crore) and 2,297.91 crore (previous period : 2,108.06 crore) for the quarter and nine months ended Decemebr 31, 2019 respectively.

9

Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period’s classification.

10

10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai

    Aditya Puri

Date : January 18, 2020

    Managing Director


 

LOGO

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019

 

                                           

( in lacs)

 

 
          Quarter ended     Nine Months ended
     Year ended
31.03.2019
 
          31.12.2019      30.09.2019      31.12.2018     31.12.2019      31.12.2018  
    

Particulars

   Unaudited      Audited
(Refer note 4)
     Unaudited     Unaudited      Unaudited      Audited  
1    Interest Earned (a)+(b)+(c)+(d)      3120092        3001688        2743429       9039425        7711570        10516075  
   a) Interest / discount on advances / bills      2526590        2433399        2188970       7316039        6100856        8373616  
   b) Income on Investments      515536        509138        526130       1549716        1489716        1992475  
   c) Interest on balances with Reserve Bank of India and other inter bank funds      61925        42505        10571       122749        54134        66062  
   d) Others      16041        16646        17758       50921        66864        83922  
2    Other Income      712478        611408        528848       1838686        1373162        1894705  
3    Total Income (1)+(2)      3832570        3613096        3272277       10878111        9084732        12410780  
4    Interest Expended      1607327        1555844        1406252       4660886        3965113        5371269  
5    Operating Expenses (i)+(ii)      852535        805233        714404       2417581        2014266        2769476  
   i) Employees cost      333105        319479        269278       954329        772297        1045115  
   ii) Other operating expenses      519430        485754        445126       1463252        1241969        1724361  
6    Total Expenditure (4)+(5) (excluding Provisions and Contingencies)      2459862        2361077        2120656       7078467        5979379        8140745  
7    Operating Profit before Provisions and Contingencies (3)-(6)      1372708        1252019        1151621       3799644        3105353        4270035  
8    Provisions (Other than tax) and Contingencies      347790        309120        245926       948344        631866        838218  
9    Exceptional Items      —          —          —         —          —          —    
10    Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)      1024918        942899        905695       2851300        2473487        3431817  
11    Tax Expense      258922        278019        315908       851344        859977        1187255  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)      765996        664880        589787       1999956        1613510        2244562  
13    Extraordinary items (net of tax expense)      —          —          —         —          —          —    
14    Net Profit / (Loss) for the period (12)-(13)      765996        664880        589787       1999956        1613510        2244562  
15    Less: Share of Profit / (Loss) of minority shareholders      31        1077        (300     2582        10347        11318  
16    Consolidated Net Profit / (Loss) for the period (14)-(15)      765965        663803        590087       1997374        1603163        2233244  
17    Paid up equity share capital (Face Value of 1/- each)      54770        54708        54390       54770        54390        54466  
18    Reserves excluding revaluation reserves

 

                15312800  
19    Analytical Ratios                 
   (i) Percentage of shares held by Government of India      Nil        Nil        Nil       Nil        Nil        Nil  
   (ii) Earnings per share (EPS) () (Face Value of 1/- each)                 
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized      14.0        12.1        10.9       36.5        30.1        41.7  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized      13.9        12.0        10.8       36.2        29.8        41.3  

Regd. Office : HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013.


 

LOGO

Consolidated Segment information in accordance with the Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:

 

                                       

 

( in lacs)

 
     Quarter ended     Nine Months ended
    Year ended
31.03.2019
 
          31.12.2019     30.09.2019     31.12.2018     31.12.2019     31.12.2018  

Particulars

   Unaudited     Audited
(Refer note 4)
    Unaudited     Unaudited     Unaudited     Audited  
1    Segment Revenue             
a)    Treasury      708374       627540       668444       1965106       1767554       2357648  
b)    Retail Banking      2775928       2710078       2310038       7978935       6520699       8922234  
c)    Wholesale Banking      1576940       1502943       1421965       4585844       3999351       5456354  
d)    Other Banking Operations      749744       672099       604744       2061069       1650734       2280931  
e)    Unallocated      —         —         —         66       5278       5278  
   Total      5810986       5512660       5005191       16591020       13943616       19022445  
   Less: Inter Segment Revenue      1978416       1899564       1732914       5712909       4858884       6611665  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Income from Operations      3832570       3613096       3272277       10878111       9084732       12410780  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
2    Segment Results             
a)    Treasury      90373       69521       64945       238047       71358       130576  
b)    Retail Banking      318421       402364       246261       1027499       862176       1179627  
c)    Wholesale Banking      397927       300691       384473       1030761       1049929       1422412  
d)    Other Banking Operations      261085       213090       260982       683947       636858       891006  
e)    Unallocated      (42888     (42767     (50966     (128954     (146834     (191804
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax and Minority Interest      1024918       942899       905695       2851300       2473487       3431817  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3    Segment Assets             
a)    Treasury      37086993       34321814       31234089       37086993       31234089       34876621  
b)    Retail Banking      47895345       45996296       42104049       47895345       42104049       42879092  
c)    Wholesale Banking      47693394       45845204       38007364       47693394       38007364       40874972  
d)    Other Banking Operations      11026688       10439010       9273757       11026688       9273757       9911971  
e)    Unallocated      821378       839726       737539       821378       737539       737915  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      144523798       137442050       121356798       144523798       121356798       129280571  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
4    Segment Liabilities             
a)    Treasury      6097321       4374217       5875744       6097321       5875744       6143885  
b)    Retail Banking      85664751       81524711       68388252       85664751       68388252       73229496  
c)    Wholesale Banking      28547637       27977539       25451869       28547637       25451869       27188713  
d)    Other Banking Operations      4984839       4954546       4512434       4984839       4512434       4865392  
e)    Unallocated      2310248       2500439       2376184       2310248       2376184       2435640  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      127604796       121331452       106604483       127604796       106604483       113863126  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
5    Capital Employed             
   (Segment Assets - Segment Liabilities)             
a)    Treasury      30989672       29947597       25358345       30989672       25358345       28732736  
b)    Retail Banking      (37769406     (35528415     (26284203     (37769406     (26284203     (30350404
c)    Wholesale Banking      19145757       17867665       12555495       19145757       12555495       13686259  
d)    Other Banking Operations      6041849       5484464       4761323       6041849       4761323       5046578  
e)    Unallocated      (1488870     (1660713     (1638645     (1488870     (1638645     (1697724
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      16919002       16110598       14752315       16919002       14752315       15417445  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Business Segments have been identified and reported taking into account the target customer profile, the nature of products and services, the differing risks and returns, the organisation structure, the internal business reporting system and the guidelines prescribed by the RBI.


LOGO

 

Notes :

1

Consolidated Statement of Assets and Liabilities as at December 31, 2019 is given below:

 

                  

( in lacs)

 

 

Particulars

   As at
31.12.2019
     As at
31.12.2018
     As at
31.03.2019
 

CAPITAL AND LIABILITIES

   Unaudited      Unaudited      Audited  

Capital

     54770        54390        54466  

Reserves and Surplus

     16809070        14649201        15312800  

Minority Interest

     55162        48724        50179  

Deposits

     106702659        85218968        92250268  

Borrowings

     15498384        16170569        15773278  

Other Liabilities and Provisions

     5403753        5214946        5839580  
  

 

 

    

 

 

    

 

 

 

Total

     144523798        121356798        129280571  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and balances with Reserve Bank of India

     9283118        4909376        4680459  

Balances with Banks and Money at Call and Short notice

     1053286        810422        3501305  

Investments

     30787726        27621630        28691768  

Advances

     98660629        82785318        86922266  

Fixed Assets

     447650        405611        421984  

Other Assets

     4291389        4824441        5062789  
  

 

 

    

 

 

    

 

 

 

Total

     144523798        121356798        129280571  
  

 

 

    

 

 

    

 

 

 

 

2

The above financial results represent the consolidated financial results for HDFC Bank Limited and its subsidiaries constituting the ‘Group’. These financial results have been approved by the Board of Directors of the Bank at its meeting held on January 18, 2020. The financial results for the quarter and nine months ended December 31, 2019 have been subjected to a limited review by the statutory auditors of the Bank. The report thereon is unmodified. The financial results for the year ended March 31, 2019 were audited by another firm of chartered accountants.

3

The Group has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2019.

4

The figures for the quarter ended September 30, 2019 are the balancing figures between audited figures in respect of the half year ended September 30, 2019 and the published year to date figures upto June 30, 2019. The financial results for the quarter and nine months ended December 31, 2018 are not reviewed / audited by the statutory auditors.

5

In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III Framework. These disclosures are available on the Bank’s website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/ default.htm. The disclosures have not been subjected to audit or review by the statutory auditors.

6

Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period’s classification.

7

10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai

Date : January 18, 2020

   

Aditya Puri

Managing Director


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2019, at their meeting held in Mumbai on Saturday, January 18, 2020. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2019

The Bank’s net revenues (net interest income plus other income) increased by 19.1% to 20,842.2 crore for the quarter ended December 31, 2019 over the corresponding quarter of the previous year.

Net interest income (interest earned less interest expended) for the quarter ended December 31, 2019 grew to 14,172.9 crore from 12,576.8 crore for the quarter ended December 31, 2018, driven by growth in advances of 19.9%, and a growth in deposits of 25.2%. The net interest margin for the quarter remained stable at 4.2%.

Other income (non-interest revenue) at 6,669.3 crore was 32.0% of the net revenues for the quarter ended December 31, 2019 as against 4,921.0 crore in the corresponding quarter ended December 31, 2018. The main component of other income viz. fees & commissions grew by 24.1% to 4,526.8 crore for the quarter ended December 31, 2019. The other components of other income for the quarter ended December 31, 2019 were foreign exchange & derivatives revenue of 525.6 crore (397.7 crore for the corresponding quarter of the previous year), gain on sale / revaluation of investments of 676.5 crore (gain of 474.0 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of 940.4 crore (402.6 crore for the corresponding quarter of the previous year). The recoveries include one-off item of approximately 200 crore arising from resolution of a NCLT matter.

 


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Operating expenses for the quarter ended December 31, 2019 were 7,896.8 crore, an increase of 17.5% over 6,719.3 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.9% as against 38.4% for the corresponding quarter ended December 31, 2018.

Pre-provision Operating Profit (PPOP) at 12,945.4 crore grew by 20.1% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended December 31, 2019 were 3,043.6 crore (consisting of specific loan loss provisions of 2,883.6 crore and general provisions and other provisions of 159.9 crore) as against 2,211.5 crore (consisting of specific loan loss provisions of 1,734.6 crore and general provisions and other provisions of 476.9 crore) for the quarter ended December 31, 2018. The specific loan loss provisions in the current quarter include one-offs of approximately 700 crore, primarily relating to certain corporate accounts. Therefore, the Core Credit Cost ratio (i.e. excluding one-offs), was 0.92%, as compared to 0.90% in the quarter ending September 30, 2019 and 0.88% in the quarter ending December 31, 2018.

Profit before tax (PBT) for the quarter ended December 31, 2019 was at 9,901.9 crore. Adjusting for one-off credit items, the Core PBT at 10,401.9 crore grew by approximately 21%. After providing 2,485.4 crore for taxation, the Bank earned a net profit of 7,416.5 crore, an increase of 32.8% over the quarter ended December 31, 2018.

Balance Sheet: As of December 31, 2019

Total balance sheet size as of December 31, 2019 was 1,395,336 crore as against 1,168,556 crore as of December 31, 2018, a growth of 19.4%.

Total deposits as of December 31, 2019 were 1,067,433 crore, an increase of 25.2% over December 31, 2018. CASA deposits grew by 21.5% with savings account deposits at 277,928 crore and current account deposits at 143,900 crore. Time deposits were at 645,606 crore, an increase of 27.7% over the previous year, resulting in CASA deposits comprising 39.5% of total deposits as of December 31, 2019. The Bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 140%, well above the regulatory requirement.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Total advances as of December 31, 2019 were 936,030 crore, an increase of 19.9% over December 31, 2018. Domestic advances grew by 20.9% over December 31, 2018. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 14.1% and domestic wholesale loans grew by 29.3%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 52:48. Overseas advances constituted 2% of total advances.

Nine Months ended December 31, 2019

For the nine months ended December 31, 2019, the Bank’s net revenues (net interest income plus other income) were 58,210.4 crore, as against 47,908.4 crore for the nine months ended December 31, 2018, a growth of 21.5%. Net profit for the nine months ended December 31, 2019 was 19,329.6 crore, up by 27.2% over the corresponding nine months ended December 31, 2018.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.5% as on December 31, 2019 (17.3% as on December 31, 2018) as against a regulatory requirement of 11.075% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.20% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 17.1% as of December 31, 2019 compared to 15.8% as of December 31, 2018. Common Equity Tier 1 Capital ratio was at 16.2% as of December 31, 2019. Risk-weighted Assets were at 950,976 crore (as against 908,245 crore as at December 31, 2018).

NETWORK

As of December 31, 2019, the Bank’s distribution network was at 5,345 banking outlets and 14,533 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,787 cities / towns as against 4,963 banking outlets and 13,407 ATMs / CDMs across 2,727 cities / towns as of December 31, 2018. Of the total banking outlets, 52% are in semi-urban and rural areas. In addition, we have 3,421 banking outlets managed by the Common Service Centres. Number of employees were at 113,981 as of December 31, 2019 (as against 96,425 as of December 31, 2018).


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

ASSET QUALITY

Gross non-performing assets were at 1.42% of gross advances as on December 31, 2019, (1.2% excluding NPAs in the agricultural segment) as against 1.38% as on September 30, 2019 (1.2% excluding NPAs in the agricultural segment) and 1.38% as on December 31, 2018 (1.1% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.48% of net advances as on December 31, 2019. The Bank held floating provisions of 1,451 crore and contingent provisions of 1,457 crore as on December 31, 2019. Total provisions (comprising specific, floating, contingent and general provisions) were 119% of the gross non-performing loans as on December 31, 2019.

SUBSIDIARIES

The financial results of the Bank’s subsidiary companies have been prepared in accordance with notified Indian Accounting Standards (‘Ind-AS’).

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on December 31, 2019, the Bank held 97.3% stake in HSL.

For the quarter ended December 31, 2019, HSL’s total income was 214.3 crore as against 182.5 crore for the quarter ended December 31, 2018. Profit after tax for the quarter ended December 31, 2019 was 94.3 crore, as against 70.0 crore in the previous quarter ended December 31, 2018.

For the nine months ended December 31, 2019, HSL’s total income was 584.8 crore as against 565.1 crore for the nine months ended December 31, 2018. Profit after tax for the nine months was 250.0 crore, as against 223.4 crore for the nine months ended December 31, 2018.

As on December 31, 2019 HSL had 262 branches across 161 cities / towns in the country.

HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-banking finance company (‘NBFC’) offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on December 31, 2019, the Bank held 95.3% stake in HDBFSL.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

As on December 31, 2019, HDBFSL’s balance sheet size was at 61,055 crore. The assets under management grew by 15.2% to 59,178 crore as on December 31, 2019 as against 51,352 crore as of December 31, 2018.

For the quarter ended December 31, 2019, HDBFSL’s net interest income grew by 29.2 % to 1,049.8 crore as against 812.6 crore in the previous quarter ended December 31, 2018. Profit after tax for the quarter ended December 31, 2019 was grew by 16.5% to 343.1 crore as compared to 294.4 crore in the previous quarter ended December 31, 2018.

For the Nine month ended December 31, 2019, HDBFSL’s net interest income grew by 22.2% to 3,034.2 crore as against 2,483.3 crore in the previous nine months ended December 31, 2018. Profit after tax for the Nine month ended December 31, 2019 was 770.6 crore compared to 820.0 crore in the previous nine month ended December 31, 2018.

Stage 3 loans were at 3.0% of gross loans. Total CAR was at 18.7% with Tier-I CAR at 13.5%.

As on December 31, 2019, HDBFSL had 1,453 branches across 1,058 cities / towns.

CONSOLIDATED FINANCIAL RESULTS

The Bank’s consolidated financial results include the financial results of its subsidiary companies based on the recognition and measurement principles as per Indian GAAP.

The consolidated net profit for the quarter ended December 31, 2019 was 7,660 crore, up 29.8%, over the quarter ended December 31, 2018. Consolidated advances grew by 19.2% from 827,853 crore as on December 31, 2018 to 986,606 crore as on December 31, 2019.

The consolidated net profit for the nine months ended December 31, 2019 was 19,974 crore, up 24.6%, over the nine months ended December 31, 2018.

Note:

 = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP unless otherwise specified.


LOGO   NEWS RELEASE  

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

BSE: 500180

NSE: HDFCBANK

NYSE: HDB

Certain statements are included in this release which contain words or phrases such as “will,” “aim,” “will likely result,” “believe,” “expect,” “will continue,” “anticipate,” “estimate,” “intend,” “plan,” “contemplate,” “seek to,” “future,” “objective,” “goal,” “project,” “should,” “will pursue” and similar expressions or variations of these expressions, that are “forward-looking statements.” Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for various banking services, future levels of our non-performing loans, our growth and expansion, the adequacy of our allowance for credit and investment losses, technological changes, volatility in investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to pay dividends, the impact of changes in banking regulations and other regulatory changes on us in India and other jurisdictions, our ability to roll over our short-term funding sources and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general economic and political conditions, instability or uncertainty in India and the other countries which have an impact on our business activities or investments caused by any factor, including terrorist attacks in India, the United States or elsewhere, anti-terrorist or other attacks by the United States, a United States-led coalition or any other country, tensions between India and Pakistan related to the Kashmir region or between India and China, military armament or social unrest in any part of India; the monetary and interest rate policies of the government of India, natural calamities, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices; the performance of the financial markets in India and globally, changes in Indian and foreign laws and regulations, including tax, accounting and banking regulations, changes in competition and the pricing environment in India, and regional or general changes in asset valuations.

For more information please log on to: www.hdfcbank.com

For media queries please contact:

Neeraj Jha

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1308 (D) / 6652 1000 (B)

Fax: 91 - 22 - 2490 3168

Mobile: +91 93236 20828

neeraj.jha@hdfcbank.com

For investor queries please contact:

Ajit Shetty

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1054 (D) / 6652 1000 (B)

Mobile: +91 9819628910

ajit.shetty@hdfcbank.com