6-K 1 d101623d6k.htm FORM 6-K Form 6-K

 

 

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, 2021

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: January 18, 2021      

By IsI Santosh Haldankar

      Name: Santosh Haldankar
      Title: Sr. 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 January 16, 2021 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about Unaudited Financial Results of the Bank for the quarter and nine months ended December 31, 2020.


Exhibit I

January 16, 2021

New York Stock Exchange

11, Wall Street,

New York,

NY 10005, USA

Dear Sir / Madam,

Re: Unaudited Financial Results of the Bank for the quarter and nine months ended December 31, 2020

We enclose herewith the standalone and consolidated financial results of the Bank for the third quarter (unaudited) and nine months (unaudited) ended December 31, 2020, segment reporting, press release and the report of the Statutory Auditors in this regard. The results were duly approved by the Board of Directors at its meeting held today.

This is for your information and appropriate dissemination.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Senior Vice President - Legal & Company Secretary


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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, 2020

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2020, at their meeting held in Mumbai on Saturday, January 16, 2021. 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, 2020

The Bank’s net revenues (net interest income plus other income) grew to  23,760.8 crore for the quarter ended December 31, 2020 from  20,842.2 crore for the quarter ended December 31, 2019. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2020 grew by 15.1% to  16,317.6 crore from  14,172.9 crore for the quarter ended December 31, 2019, driven by advances growth of 15.6%, and a core net interest margin for the quarter of 4.2%. The Bank’s persistent focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 146%, well above the regulatory requirement.

Other income (non-interest revenue) was  7,443.2 crore at 31.3% of the net revenues for the quarter ended December 31, 2020 as against  6,669.3 crore in the corresponding quarter ended December 31, 2019. The four components of other income for the quarter ended December 31, 2020 were fees & commissions of  4,974.9 crore ( 4,526.8 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of  562.2 crore ( 525.6 crore for the corresponding quarter of the previous year), gain on sale / revaluation of investments of  1,109.0 crore (gain of  676.5 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries, of  797.1 crore ( 940.4 crore for the corresponding quarter of the previous year).

Operating expenses for the quarter ended December 31, 2020 were  8,574.8 crore, an increase of 8.6% over  7,896.8 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 36.1% as against 37.9% for the corresponding quarter ended December 31, 2019.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Pre-provision Operating Profit (PPOP) at  15,186.0 crore grew by 17.3% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended December 31, 2020 were  3,414.1 crore (consisting of specific loan loss provisions of  691.2 crore and general and other provisions of  2,722.9 crore) as against  3,043.6 crore (consisting of specific loan loss provisions of  2,883.6 crore and general and other provisions of  159.9 crore) for the quarter ended December 31, 2019. Total provisions for the current quarter include contingent provisions of approximately  2,400 crore for proforma NPA as described in the asset quality section below.

The total credit cost ratio was at 1.25%, as compared to 1.41% in the quarter ending September 30, 2020 and 1.29% in the quarter ending December 31, 2019.

Profit before tax (PBT) for the quarter ended December 31, 2020 at  11,771.9 crore grew by 18.9% over corresponding quarter of the previous year. After providing  3,013.6 crore for taxation, the Bank earned a net profit of  8,758.3 crore, an increase of 18.1% over the quarter ended December 31, 2019.

Balance Sheet: As of December 31, 2020

Total balance sheet size as of December 31, 2020 was  1,654,228 crore as against  1,395,336 crore as of December 31, 2019, a growth of 18.6%.

Total deposits as of December 31, 2020 were  1,271,124 crore, an increase of 19.1% over December 31, 2019. CASA deposits grew by 29.6% with savings account deposits at  374,639 crore and current account deposits at  172,108 crore. Time deposits were at  724,377 crore, an increase of 12.2% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 43.0% of total deposits as of December 31, 2020.

Total advances as of December 31, 2020 were  1,082,324 crore, an increase of 15.6% over December 31, 2019. Domestic advances grew by 14.9% over December 31, 2019. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 5.2% and domestic wholesale loans grew by 25.5%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 48:52. Overseas advances constituted 3% of total advances.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Nine Months ended December 31, 2020

For the nine months ended December 31, 2020, the Bank earned a total income of  108,045.6 crore as against  102,155.8 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2020 were  65,370.4 crore, as against  58,210.4 crore for the nine months ended December 31, 2019. Net profit for the nine months ended December 31, 2020 was  22,930.0 crore, up 18.6% over the corresponding nine months ended December 31, 2019.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.9% as on December 31, 2020 (18.5% as on December 31, 2019) 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 17.6% as of December 31, 2020 compared to 17.1% as of December 31, 2019. Common Equity Tier 1 Capital ratio was at 16.8% as of December 31, 2020. Risk-weighted Assets were at  1,091,721 crore (as against  950,976 crore as at December 31, 2019).

NETWORK

As of December 31, 2020, the Bank’s distribution network was at 5,485 branches and 15,541 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,866 cities / towns as against 5,203 branches and 14,533 ATMs / CDMs across 2,787 cities / towns as of December 31, 2019. 50% of our branches are in semi-urban and rural areas. In addition, we have 13,675 business correspondents, which are primarily manned by Common Service Centres (CSC) as against 3,563 business correspondents as of December 31, 2019. Number of employees were at 117,560 as of December 31, 2020 (as against 113,981 as of December 31, 2019).


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

ASSET QUALITY

The Gross and Net non-performing assets were at 0.81% of gross advances and 0.09% of net advances as on December 31, 2020 respectively.

The restructuring under RBI resolution framework for COVID-19 was approximately 0.5% of advances.

The Honourable Supreme Court of India, in a public interest litigation (Gajendra Sharma Vs Union of India & Anr), vide an interim order dated September 3, 2020, directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as such until further orders. Pursuant to the said interim order, accounts that would have otherwise been classified as NPA have not been and will not be, classified as NPA till such time that the Honourable Supreme Court rules finally on the matter.

However, if the Bank had classified borrower accounts as NPA after August 31, 2020 using its analytical models (proforma approach), the proforma Gross NPA ratio would have been 1.38% as on December 31, 2020, as against 1.37% as on September 30, 2020 and 1.42% as on December 31, 2019. The Bank’s proforma Net NPA ratio would have been 0.40%. Pending disposal of the case, the Bank, as a matter of prudence, has made a contingent provision in respect of these accounts.

The Bank also continues to hold provisions as on December 31, 2020 against the potential impact of COVID-19 based on the information available at this point in time and the same are in excess of the RBI prescribed norms.

The Bank held floating provisions of  1,451 crore and contingent provisions of  8,656 crore as on December 31, 2020. Total provisions (comprising specific, floating, contingent and general provisions) were 260% of the reported Gross NPAs or 148% of proforma Gross NPAs as on December 31, 2020.

SUBSIDIARIES

The Bank’s subsidiary companies prepare their financial results in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The Bank for the purposes of its statutory compliance prepares and presents its financial results under Indian GAAP. Hence the Bank’s subsidiary companies, for the purposes of the consolidated financial results of the Bank, prepare ‘fit-for-consolidation information’ based on the recognition and measurement principles as per Indian GAAP. The financial numbers of the Bank’s subsidiary companies mentioned herein below are in accordance with Indian GAAP.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on December 31, 2020, the Bank held 96.5% stake in HSL.

For the quarter ended December 31, 2020, HSL’s total income was  337.3 crore as against  216.3 crore for the quarter ended December 31, 2019. Profit after tax for the quarter was  166.6 crore, as against  101.7 crore for the quarter ended December 31, 2019.

As on December 31, 2020, HSL had 219 branches across 160 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, 2020, the Bank held 95.1% stake in HDBFSL.

The total loan book was  57,710 crore as on December 31, 2020 as against  56,748 crore as of December 31, 2019. During the quarter HDBFSL increased its liquidity buffers, with Liquidity Coverage Ratio now at a healthy 285.5%, well above the regulatory requirement.

For the quarter ended December 31, 2020, HDBFSL’s net interest income was at  1,010.4 crore as against  995.3 crore for the quarter ended December 31, 2019. Pre-provision Operating Profit (PPOP) at  748.7 crore grew by 7.5% over the corresponding quarter of the previous year and by 9.6% over quarter ended September 30, 2020.

Provisions and contingencies for the quarter were at  818.8 crore which included general provisions made as a matter of prudence. Profit / (Loss) after tax for the quarter ended December 31, 2020 was  (44.3) crore compared to  216.7 crore for the quarter ended December 31, 2019. Profit after tax for the nine months ended December 31, 2020 was  218.3 crore compared to  695.2 crore for the nine months ended December 31, 2019.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

As on December 31, 2020, Gross and Net NPA were 2.7% of gross advances and 1.7% of net advances respectively.

However, if the Company had classified borrower accounts as NPA after August 31, 2020 along with the NBFC recognition methodology for NPAs (proforma approach), the proforma Gross NPA ratio would have been 5.9% as on December 31, 2020, as against 5.1% as on September 30, 2020 and 2.9% as on December 31, 2019. Pending disposal of the case, the Company, as a matter of prudence, has made a general provision in respect of these accounts.

Total CAR was at 19.5% with Tier-I CAR at 13.9%. As on December 31, 2020, HDBFSL had 1,328 branches across 964 cities / towns.

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the quarter ended December 31, 2020 was  8,769 crore, up 14.5%, over the quarter ended December 31, 2019. Consolidated advances grew by 14.9% from  986,606 crore as on December 31, 2019 to  1,133,410 crore as on December 31, 2020.

The consolidated net profit for the nine months ended December 31, 2020 was  23,399 crore, up 17.2% over the nine months ended December 31, 2019.

Note:

 = Indian Rupees

1 crore = 10 million

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

BSE: 500180

NSE: HDFCBANK

NYSE: HDB


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

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:

Rajiv Banerjee

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1307 (D) / 6652 1000 (B)

Mobile: +91 9920454102

rajivshiv.banerjee@hdfcbank.com

For investor queries please contact:

Ajit Shetty

HDFC Bank Ltd., Mumbai.

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

ajit.shetty@hdfcbank.com


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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, 2020

 

                                        ( in lac)  
    

Particulars

   Quarter ended     Nine Months ended
    Year ended
31.03.2020
 
     31.12.2020     30.09.2020     31.12.2019     31.12.2020     31.12.2019  
     Unaudited     Audited
(Refer note 4)
    Unaudited     Unaudited     Unaudited     Audited  
1    Interest Earned (a)+(b)+(c)+(d)      3007970       2997697       2936972       9043464       8492759       11481265  
   a) Interest / discount on advances / bills      2358069       2340485       2342463       7102291       6774330       9178788  
   b) Income on investments      583191       561839       520314       1704794       1554262       2063332  
   c) Interest on balances with Reserve Bank of India and other inter bank funds      55834       84156       60829       202638       119991       182893  
   d) Others      10876       11217       13366       33741       44176       56252  
2    Other Income      744322       609245       666928       1761098       1722825       2326082  
3    Total Income (1)+(2)      3752292       3606942       3603900       10804562       10215584       13807347  
4    Interest Expended      1376209       1420058       1519682       4267522       4394540       5862640  
5    Operating Expenses (i)+(ii)      857481       805506       789677       2354133       2241971       3069752  
   i) Employees cost      263012       254238       245496       768594       702741       952567  
   ii) Other operating expenses      594469       551268       544181       1585539       1539230       2117185  
6    Total Expenditure (4)+(5) (excluding Provisions and Contingencies)      2233690       2225564       2309359       6621655       6636511       8932392  
7    Operating Profit before Provisions and Contingencies (3)-(6)      1518602       1381378       1294541       4182907       3579073       4874955  
8    Provisions (other than tax) and Contingencies      341413       370350       304356       1100915       835790       1214239  
9    Exceptional Items      —         —         —         —         —         —    
10    Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)      1177189       1011028       990185       3081992       2743283       3660716  
11    Tax Expense      301360       259717       248537       788990       810320       1034984  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)      875829       751311       741648       2293002       1932963       2625732  
13    Extraordinary items (net of tax expense)      —         —         —         —         —         —    
14    Net Profit / (Loss) for the period (12)-(13)      875829       751311       741648       2293002       1932963       2625732  
15    Paid up equity share capital (Face Value of 1/- each)      55077       55037       54770       55077       54770       54833  
16    Reserves excluding revaluation reserves                17043769  
17   

Analytical Ratios

            
   (i) Percentage of shares held by Government of India      Nil       Nil       Nil       Nil       Nil       Nil  
   (ii) Capital Adequacy Ratio      18.9     19.1     18.5     18.9     18.5     18.5
   (iii) Earnings per share (EPS) () (Face Value of 1/- each)             
   (a) Basic EPS before & after extraordinary items (net of tax expense)—not annualized      15.9       13.7       13.5       41.7       35.4       48.0  
   (b) Diluted EPS before & after extraordinary items (net of tax expense)—not annualized      15.8       13.6       13.4       41.5       35.1       47.7  
   (iv) NPA Ratios             
   (a) Gross NPAs      882556       1130460       1342725       882556       1342725       1264997  
   (b) Net NPAs      101599       175608       446835       101599       446835       354236  
   (c) % of Gross NPAs to Gross Advances      0.81     1.08     1.42     0.81     1.42     1.26
   (d) % of Net NPAs to Net Advances      0.09     0.17     0.48     0.09     0.48     0.36
   (v) Return on assets (average)—not annualized      0.55     0.48     0.55     1.47     1.51     2.01

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


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

 

                                   ( in lac)  
     Quarter ended     Nine Months ended
    Year ended
31.03.2020
 
     31.12.2020     30.09.2020     31.12.2019     31.12.2020     31.12.2019  

Particulars

   Unaudited     Audited
(Refer note 4)
    Unaudited     Unaudited     Unaudited     Audited  
1  

Segment Revenue

            
a)  

Treasury

     820190       809877       708374       2430193       1965106       2655844  
b)  

Retail Banking

     2781220       2768365       2775928       8259747       7978935       10799994  
c)  

Wholesale Banking

     1432996       1391263       1576940       4242618       4585844       6113445  
d)  

Other Banking Operations

     553301       496402       521074       1439386       1398542       1903341  
e)  

Unallocated

     —         —         —         —         66       219  
 

Total

     5587707       5465907       5582316       16371944       15928493       21472843  
 

Less: Inter Segment Revenue

     1835415       1858965       1978416       5567382       5712909       7665496  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Income from Operations

     3752292       3606942       3603900       10804562       10215584       13807347  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
2  

Segment Results

            
a)  

Treasury

     216936       192361       90373       659814       238047       346277  
b)  

Retail Banking

     150718       265518       318421       638241       1027499       1294246  
c)  

Wholesale Banking

     587538       345316       397927       1297299       1030761       1412109  
d)  

Other Banking Operations

     264281       247518       226352       609175       575930       778463  
e)  

Unallocated

     (42284     (39685     (42888     (122537     (128954     (170379
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Total Profit Before Tax

     1177189       1011028       990185       3081992       2743283       3660716  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3  

Segment Assets

            
a)  

Treasury

     48454139       48929119       37086993       48454139       37086993       45724091  
b)  

Retail Banking

     49769712       47695525       47895345       49769712       47895345       48427074  
c)  

Wholesale Banking

     59703781       57446053       47693394       59703781       47693394       52056701  
d)  

Other Banking Operations

     6652394       6053624       6036452       6652394       6036452       6050057  
e)  

Unallocated

     842758       818482       821378       842758       821378       793204  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Total

     165422784       160942803       139533562       165422784       139533562       153051127  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
4  

Segment Liabilities

            
a)  

Treasury

     7682004       9236909       6097321       7682004       6097321       10201209  
b)  

Retail Banking

     105202071       100454226       85664751       105202071       85664751       90725810  
c)  

Wholesale Banking

     30117038       29861663       28547637       30117038       28547637       31762887  
d)  

Other Banking Operations

     568514       552824       554529       568514       554529       503243  
e)  

Unallocated

     2338725       2225940       2310248       2338725       2310248       2759376  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Total

     145908352       142331562       123174486       145908352       123174486       135952525  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
5  

Capital Employed

            
 

(Segment Assets—Segment Liabilities)

            
a)  

Treasury

     40772135       39692210       30989672       40772135       30989672       35522882  
b)  

Retail Banking

     (55432359     (52758701     (37769406     (55432359     (37769406     (42298736
c)  

Wholesale Banking

     29586743       27584390       19145757       29586743       19145757       20293814  
d)  

Other Banking Operations

     6083880       5500800       5481923       6083880       5481923       5546814  
e)  

Unallocated

     (1495967     (1407458     (1488870     (1495967     (1488870     (1966172
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
 

Total

     19514432       18611241       16359076       19514432       16359076       17098602  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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, 2020 is given below:

 

                   ( in lac)  

Particulars

   As at
31.12.2020
     As at
31.12.2019
     As at
31.03.2020
 
   Unaudited      Unaudited      Audited  

CAPITAL AND LIABILITIES

        

Capital

     55077        54770        54833  

Reserves and Surplus

     19459355        16304306        17043769  

Deposits

     127112386        106743347        114750231  

Borrowings

     12013015        11327720        14462854  

Other Liabilities and Provisions

     6782951        5103419        6739440  
  

 

 

    

 

 

    

 

 

 

Total

     165422784        139533562        153051127  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and Balances with Reserve Bank of India

     8772856        9279115        7220512  

Balances with Banks and Money at Call and Short notice

     1768952        961497        1441360  

Investments

     41437619        31129412        39182666  

Advances

     108232416        93602952        99370288  

Fixed Assets

     476711        428829        443191  

Other Assets

     4734230        4131757        5393110  
  

 

 

    

 

 

    

 

 

 

Total

     165422784        139533562        153051127  
  

 

 

    

 

 

    

 

 

 

 

2

The above financial results have been approved by the Board of Directors at its meeting held on January 16, 2021. The financial results for the quarter and nine months ended December 31, 2020 have been subjected to a limited review by the statutory auditors of the Bank. The report thereon is unmodified.

 

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, 2020.

 

4

The figures for the second quarter of the financial year are the balancing figures between audited figures in respect of the half year end and the published year to date figures upto the end of the first quarter of the financial year.

 

5

During the quarter and nine months ended December 31, 2020, the Bank allotted 39,52,776 and 2,43,70,472 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

 

6

Consequent to the outbreak of COVID-19 pandemic, the Indian government had announced a lockdown in March 2020. Subsequently, the lockdown has been lifted by the government outside containment zones.

The impact of COVID-19, including changes in customer behavior and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activity, which may persist. While there has been a gradual pickup in economic activity since the easing of lockdown measures, the continued slowdown led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. The slowdown may lead to a rise in the number of customer defaults and consequently an increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Bank’s results will depend on ongoing as well as future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.

In accordance with the COVID-19 Regulatory Packages announced by the RBI on March 27, 2020, April 17, 2020 and May 23, 2020, the Bank, in accordance with its board approved policy, offered a moratorium on the repayment of all installments and / or interest, as applicable, due between March 1, 2020 and August 31, 2020 to all eligible borrowers classified as standard, even if overdue, as on February 29, 2020. In respect of such accounts that were granted moratorium, the asset classification remained standstill during the moratorium period.

The Bank holds provisions as at December 31, 2020 against the potential impact of COVID-19 based on the information available at this point in time. The provisions held by the Bank are in excess of the RBI prescribed norms.

 

7

The Honourable Supreme Court of India (Hon’ble SC), in a public interest litigation (Gajendra Sharma Vs. Union of India & Anr), vide an interim order dated September 03, 2020 (“Interim Order”), has directed banks that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders. Pending the finality, the Bank has not classified any account which was not NPA as of August 31, 2020 as per the RBI IRAC norms, as NPA after August 31, 2020. Further, in light of the Interim Order, even accounts that would have otherwise been classified as NPA post August 31, 2020 have not been and will not be, classified as NPA till such time that the Hon’ble SC rules finally on the matter.

However, if the Bank had classified borrower accounts as NPA after August 31, 2020, the Bank’s proforma Gross NPA ratio and proforma Net NPA ratio would have been 1.38% at December 31, 2020 (at September 30, 2020: 1.37%) and 0.40% at December 31, 2020 (at September 30, 2020: 0.35%) respectively. Pending disposal of the case, the Bank, as a matter of prudence has, in respect of these accounts made a contingent provision, which is included in ‘Provisions (other than tax) and Contingencies’.

 

8

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.

 

9

Other operating expenses include commission paid to sales agents of 758.58 crore (previous period: 836.15 crore) and 1,747.44 crore (previous period: 2,297.91 crore) for the quarter and nine months ended December 31, 2020 respectively.

 

10

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

 

11

10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai    Sashidhar Jagdishan
Date : January 16, 2021    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, 2020

 

                                             ( in lac)  
          Quarter ended      Nine Months ended
     Year ended
31.03.2020
 
          31.12.2020      30.09.2020      31.12.2019      31.12.2020      31.12.2019  
Particulars    Unaudited      Audited
(Refer note 4)
     Unaudited      Unaudited      Unaudited      Audited  
1    Interest Earned (a)+(b)+(c)+(d)      3185160        3174227        3120092        9594548        9039425        12218930  
   a) Interest / discount on advances / bills      2530278        2511976        2526590        7640054        7316039        9907963  
   b) Income on investments      580793        562245        515536        1702979        1549716        2057273  
   c) Interest on balances with Reserve Bank of India and other inter bank funds      58801        85302        61925        208261        122749        186877  
   d) Others      15288        14704        16041        43254        50921        66817  
2    Other Income      798713        669620        712478        1903031        1838686        2487898  
3    Total Income (1)+(2)      3983873        3843847        3832570        11497579        10878111        14706828  
4    Interest Expended      1452268        1503318        1607327        4516435        4660886        6213743  
5    Operating Expenses (i)+(ii)      917980        860746        852535        2519334        2417581        3303605  
   i) Employees cost      345628        334885        333105        1010613        954329        1292013  
   ii) Other operating expenses      572352        525861        519430        1508721        1463252        2011592  
6    Total Expenditure (4)+(5) (excluding Provisions and Contingencies)      2370248        2364064        2459862        7035769        7078467        9517348  
7    Operating Profit before Provisions and Contingencies (3)-(6)      1613625        1479783        1372708        4461810        3799644        5189480  
8    Provisions (Other than tax) and Contingencies      432305        442013        347790        1308769        948344        1369994  
9    Exceptional Items      —          —          —          —          —          —    
10    Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)      1181320        1037770        1024918        3153041        2851300        3819486  
11    Tax Expense      305301        266633        258922        811797        851344        1089859  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)      876019        771137        765996        2341244        1999956        2729627  
13    Extraordinary items (net of tax expense)      —          —          —          —          —          —    
14    Net Profit / (Loss) for the period (12)-(13)      876019        771137        765996        2341244        1999956        2729627  
15    Less: Share of minority shareholders      (914      851        31        1301        2582        4231  
16    Consolidated Net Profit / (Loss) for the period (14)-(15)      876933        770286        765965        2339943        1997374        2725396  
17    Paid up equity share capital (Face Value of 1/- each)      55077        55037        54770        55077        54770        54833  
18    Reserves excluding revaluation reserves                     17581038  
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      15.9        14.0        14.0        42.6        36.5        49.8  
   (b) Diluted EPS before & after extraordinary items (net of tax expense)—not annualized      15.8        14.0        13.9        42.4        36.2        49.5  

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 lac)  
          Quarter ended      Nine Months ended
     Year ended
31.03.2020
 
          31.12.2020      30.09.2020      31.12.2019      31.12.2020      31.12.2019  

Particulars

   Unaudited      Audited
(Refer note 4)
     Unaudited      Unaudited      Unaudited      Audited  

1

  

Segment Revenue

                 

a)

  

Treasury

     820190        809877        708374        2430193        1965106        2655844  

b)

  

Retail Banking

     2781220        2768365        2775928        8259747        7978935        10799994  

c)

  

Wholesale Banking

     1432996        1391263        1576940        4242618        4585844        6113445  

d)

  

Other Banking Operations

     784882        733307        749744        2132403        2061069        2802822  

e)

  

Unallocated

     —          —          —          —          66        219  
   Total      5819288        5702812        5810986        17064961        16591020        22372324  
   Less: Inter Segment Revenue      1835415        1858965        1978416        5567382        5712909        7665496  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   Income from Operations      3983873        3843847        3832570        11497579        10878111        14706828  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

2

  

Segment Results

                 

a)

  

Treasury

     216936        192361        90373        659814        238047        346277  

b)

  

Retail Banking

     150718        265518        318421        638241        1027499        1294246  

c)

  

Wholesale Banking

     587538        345316        397927        1297299        1030761        1412109  

d)

  

Other Banking Operations

     268412        274260        261085        680224        683947        937233  

e)

  

Unallocated

     (42284      (39685      (42888      (122537      (128954      (170379
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   Total Profit Before Tax and Minority Interest      1181320        1037770        1024918        3153041        2851300        3819486  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

3

  

Segment Assets

                 

a)

  

Treasury

     48454139        48929119        37086993        48454139        37086993        45724091  

b)

  

Retail Banking

     49769712        47695525        47895345        49769712        47895345        48427074  

c)

  

Wholesale Banking

     59703781        57446053        47693394        59703781        47693394        52056701  

d)

  

Other Banking Operations

     11899147        11107044        11026688        11899147        11026688        11081971  

e)

  

Unallocated

     842758        818482        821378        842758        821378        793204  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   Total      170669537        165996223        144523798        170669537        144523798        158083041  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

4

  

Segment Liabilities

                 

a)

  

Treasury

     7682004        9236909        6097321        7682004        6097321        10201209  

b)

  

Retail Banking

     105202071        100454226        85664751        105202071        85664751        90725810  

c)

  

Wholesale Banking

     30117038        29861663        28547637        30117038        28547637        31762887  

d)

  

Other Banking Operations

     5169467        4963113        4984839        5169467        4984839        4940224  

e)

  

Unallocated

     2338725        2225940        2310248        2338725        2310248        2759376  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   Total      150509305        146741851        127604796        150509305        127604796        140389506  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

5

  

Capital Employed

 

              
   (Segment Assets—Segment Liabilities)                  

a)

  

Treasury

     40772135        39692210        30989672        40772135        30989672        35522882  

b)

  

Retail Banking

     (55432359      (52758701      (37769406      (55432359      (37769406      (42298736

c)

  

Wholesale Banking

     29586743        27584390        19145757        29586743        19145757        20293814  

d)

  

Other Banking Operations

     6729680        6143931        6041849        6729680        6041849        6141747  

e)

  

Unallocated

     (1495967      (1407458      (1488870      (1495967      (1488870      (1966172
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   Total      20160232        19254372        16919002        20160232        16919002        17693535  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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, 2020 is given below:

 

                   ( in lac)  

Particulars

   As at
31.12.2020
     As at
31.12.2019
     As at
31.03.2020
 
   Unaudited      Unaudited      Audited  

CAPITAL AND LIABILITIES

        

Capital

     55077        54770        54833  

Reserves and Surplus

     20043562        16809070        17581038  

Minority Interest

     61593        55162        57664  

Deposits

     127049014        106702659        114620714  

Borrowings

     16214624        15498384        18683431  

Other Liabilities and Provisions

     7245667        5403753        7085361  
  

 

 

    

 

 

    

 

 

 

Total

     170669537        144523798        158083041  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and balances with Reserve Bank of India

     8775532        9283118        7221100  

Balances with Banks and Money at Call and Short notice

     1914129        1053286        1572910  

Investments

     41144520        30787726        38930495  

Advances

     113340992        98660629        104367088  

Fixed Assets

     496711        447650        462685  

Other Assets

     4997653        4291389        5528763  
  

 

 

    

 

 

    

 

 

 

Total

     170669537        144523798        158083041  
  

 

 

    

 

 

    

 

 

 

 

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 16, 2021. The financial results for the quarter and nine months ended December 31, 2020 have been subjected to a limited review by the statutory auditors of the Bank. The report thereon is unmodified.

 

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, 2020.

 

4

The figures for the second quarter of the financial year are the balancing figures between audited figures in respect of the half year end and the published year to date figures upto the end of the first quarter of the financial year.

 

5

Consequent to the outbreak of COVID-19 pandemic, the Indian government had announced a lockdown in March 2020. Subsequently, the lockdown has been lifted by the government outside containment zones.

The impact of COVID-19, including changes in customer behavior and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activity, which may persist. While there has been a gradual pickup in economic activity since the easing of lockdown measures, the continued slowdown led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. The slowdown may lead to a rise in the number of customer defaults and consequently an increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Group’s results will depend on ongoing as well as future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.

In accordance with the COVID-19 Regulatory Packages announced by the RBI on March 27, 2020, April 17, 2020 and May 23, 2020, the Group, in accordance with its board approved policy, offered a moratorium on the repayment of all installments and / or interest, as applicable, due between March 1, 2020 and August 31, 2020 to all eligible borrowers classified as standard, even if overdue, as on February 29, 2020. In respect of such accounts that were granted moratorium, the asset classification remained standstill during the moratorium period.

The Group holds provisions as at December 31, 2020 against the potential impact of COVID-19 based on the information available at this point in time. The provisions held by the Group are in excess of the RBI prescribed norms.

 

6

The Honourable Supreme Court of India (Hon’ble SC), in a public interest litigation (Gajendra Sharma Vs. Union of India & Anr), vide an interim order dated September 03, 2020 (“Interim Order”), has directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders. Pending the finality, the Group has not classified any account which was not NPA as of August 31, 2020 as per the RBI IRAC norms, as NPA after August 31, 2020. Further, in light of the Interim Order, even accounts that would have otherwise been classified as NPA post August 31, 2020 have not been and will not be, classified as NPA till such time that the Hon’ble SC rules finally on the matter.

Pending disposal of the case, the Group, as a matter of prudence has, in respect of these accounts made a contingent provision, which is included in ‘Provisions (other than tax) and Contingencies’.

 

7

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.

 

8

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

 

9

10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai    Sashidhar Jagdishan
Date : January 16, 2021    Managing Director