6-K 1 d142804d6k.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 April, 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: April 19, 2021     By   

/s/ 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 April 17, 2021 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the Audited Financial Results of the Bank for the quarter & year ended March 31, 2021.


Exhibit I

April 17, 2021

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sirs,

Re: Audited Financial Results of the Bank for the quarter & year ended March 31, 2021

We submit herewith the Audited Financial Results for the last quarter and year ended March 31, 2021 along with the consolidated accounts for the year ended March 31, 2021, duly approved by the Board of Directors at its meeting held today. The press release in this regard is also enclosed.

The Statutory Auditors of the Bank, M/s MSKA & Associates, Chartered Accountants, have issued the Audit Report on the Standalone and Consolidated financial results for the quarter and year ended March 31, 2021 with unmodified opinion.

This is for your information and records.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Senior Vice President - Legal & Company Secretary

Encl: a/a.


 

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

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

 

        ( in lac)  
          Quarter ended     Year ended  
          31.03.2021     31.12.2020     31.03.2020     31.03.2021     31.03.2020  
    

Particulars

   Audited
(Refer note 5)
    Unaudited     Audited
(Refer note 5)
    Audited     Audited  
1   

Interest Earned (a)+(b)+(c)+(d)

     3042359       3007970       2988506       12085823       11481265  
  

a) Interest / discount on advances / bills

     2381163       2358069       2404458       9483454       9178788  
  

b) Income on investments

     616633       583191       509070       2321427       2063332  
  

c) Interest on balances with Reserve Bank of India and other inter bank funds

     31487       55834       62902       234125       182893  
  

d) Others

     13076       10876       12076       46817       56252  
2   

Other Income

     759391       744322       603257       2520489       2326082  
3   

Total Income (1)+(2)

     3801750       3752292       3591763       14606312       13807347  
4   

Interest Expended

     1330344       1376209       1468100       5597866       5862640  
5   

Operating Expenses (i)+(ii)

     918129       857481       827781       3272262       3069752  
  

i) Employees cost

     267885       263012       249826       1036479       952567  
  

ii) Other operating expenses

     650244       594469       577955       2235783       2117185  
6   

Total Expenditure (4)+(5) (excluding Provisions and Contingencies)

     2248473       2233690       2295881       8870128       8932392  
7   

Operating Profit before Provisions and Contingencies (3)-(6)

     1553277       1518602       1295882       5736184       4874955  
8   

Provisions (other than tax) and Contingencies

     469370       341413       378449       1570285       1214239  
9   

Exceptional Items

     —         —         —         —         —    
10   

Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)

     1083907       1177189       917433       4165899       3660716  
11   

Tax Expense

     265256       301360       224664       1054246       1034984  
12   

Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)

     818651       875829       692769       3111653       2625732  
13   

Extraordinary items (net of tax expense)

     —         —         —         —         —    
14   

Net Profit / (Loss) for the period (12)-(13)

     818651       875829       692769       3111653       2625732  
15   

Paid up equity share capital (Face Value of 1/- each)

     55128       55077       54833       55128       54833  
16   

Reserves excluding revaluation reserves

           20316953       17043769  
17   

Analytical Ratios

          
  

(i) Percentage of shares held by Government of India

     Nil       Nil       Nil       Nil       Nil  
  

(ii) Capital Adequacy Ratio

     18.8     18.9     18.5     18.8     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

     14.9       15.9       12.6       56.6       48.0  
  

(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized

     14.7       15.8       12.6       56.3       47.7  
  

(iv) NPA Ratios

          
  

(a) Gross NPAs

     1508600       882556       1264997       1508600       1264997  
  

(b) Net NPAs

     455482       101599       354236       455482       354236  
  

(c) % of Gross NPAs to Gross Advances

     1.32     0.81     1.26     1.32     1.26
  

(d) % of Net NPAs to Net Advances

     0.40     0.09     0.36     0.40     0.36
  

(v) Return on assets (average) - not annualized

     0.50     0.55     0.49     1.97     2.01

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


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

( in lac)

Particulars

   Quarter ended     Year ended  
   31.03.2021     31.12.2020     31.03.2020     31.03.2021     31.03.2020  
   Audited
(Refer note 5)
    Unaudited     Audited
(Refer note 5)
    Audited     Audited  

1

  

Segment Revenue

          

a)

  

Treasury

     803574       820190       690738       3233767       2655844  

b)

  

Retail Banking

     2761274       2781220       2821059       11021021       10799994  

c)

  

Wholesale Banking

     1472812       1432996       1527601       5715430       6113445  

d)

  

Other Banking Operations

     554367       553301       504799       1993753       1903341  

e)

  

Unallocated

     3082       —         153       3082       219  
  

Total

     5595109       5587707       5544350       21967053       21472843  
  

Less: Inter Segment Revenue

     1793359       1835415       1952587       7360741       7665496  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Income from Operations

     3801750       3752292       3591763       14606312       13807347  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2

  

Segment Results

          

a)

  

Treasury

     243236       216936       108230       903050       346277  

b)

  

Retail Banking

     419239       150718       266747       1057480       1294246  

c)

  

Wholesale Banking

     446455       587538       381348       1743754       1412109  

d)

  

Other Banking Operations

     11539       264281       202533       620714       778463  

e)

  

Unallocated

     (36562     (42284     (41425     (159099     (170379
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total Profit Before Tax

     1083907       1177189       917433       4165899       3660716  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

3

  

Segment Assets

          

a)

  

Treasury

     51964174       48454139       45724091       51964174       45724091  

b)

  

Retail Banking

     52199722       49769712       48427074       52199722       48427074  

c)

  

Wholesale Banking

     62873157       59703781       52056701       62873157       52056701  

d)

  

Other Banking Operations

     6711608       6652394       6050057       6711608       6050057  

e)

  

Unallocated

     938391       842758       793204       938391       793204  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

     174687052       165422784       153051127       174687052       153051127  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

4

  

Segment Liabilities

          

a)

  

Treasury

     7627660       7682004       10201209       7627660       10201209  

b)

  

Retail Banking

     109621782       105202071       90725810       109621782       90725810  

c)

  

Wholesale Banking

     33811531       30117038       31762887       33811531       31762887  

d)

  

Other Banking Operations

     585765       568514       503243       585765       503243  

e)

  

Unallocated

     2668233       2338725       2759376       2668233       2759376  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

     154314971       145908352       135952525       154314971       135952525  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

5

  

Capital Employed

          
  

(Segment Assets - Segment Liabilities)

          

a)

  

Treasury

     44336514       40772135       35522882       44336514       35522882  

b)

  

Retail Banking

     (57422060     (55432359     (42298736     (57422060     (42298736

c)

  

Wholesale Banking

     29061626       29586743       20293814       29061626       20293814  

d)

  

Other Banking Operations

     6125843       6083880       5546814       6125843       5546814  

e)

  

Unallocated

     (1729842     (1495967     (1966172     (1729842     (1966172
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

     20372081       19514432       17098602       20372081       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.


 

Notes :

 

1

Statement of Assets and Liabilities as at March 31, 2021 is given below:

 

     ( in lac)  

Particulars

   As at
31.03.2021
     As at
31.03.2020
 
   Audited      Audited  

CAPITAL AND LIABILITIES

     

Capital

     55128        54833  

Reserves and Surplus

     20316953        17043769  

Deposits

     133506022        114750231  

Borrowings

     13548733        14462854  

Other Liabilities and Provisions

     7260216        6739440  
  

 

 

    

 

 

 

Total

     174687052        153051127  
  

 

 

    

 

 

 

ASSETS

     

Cash and Balances with Reserve Bank of India

     9734073        7220512  

Balances with Banks and Money at Call and Short notice

     2212966        1441360  

Investments

     44372829        39182666  

Advances

     113283663        99370288  

Fixed Assets

     490932        443191  

Other Assets

     4592589        5393110  
  

 

 

    

 

 

 

Total

     174687052        153051127  
  

 

 

    

 

 

 

 

2

Statement of Cash flow as at March 31, 2021 is given below:

 

     ( in lac)  

Particulars

   Year ended  
   31.03.2021      31.03.2020  
   Audited      Audited  

Cash flows from / (used in) operating activities:

     

Profit before income tax

     4165899        3660716  

Adjustments for:

     

Depreciation on fixed assets

     130241        119585  

(Profit) / Loss on revaluation of investments

     148532        70211  

Amortisation of premium on held to maturity investments

     76547        50141  

(Profit) / loss on sale of fixed assets

     (154      832  

Provision / charge for non performing assets

     1164997        935236  

Provision for standard assets and contingencies

     426948        305158  

Dividend from subsidiaries

     (48304      (42372
  

 

 

    

 

 

 
     6064706        5099507  
  

 

 

    

 

 

 

Adjustments for:

     

(Increase) / decrease in investments

     (5254061      (9992161

(Increase) / decrease in advances

     (15092464      (18364046

Increase / (decrease) in deposits

     18755793        22436137  

(Increase) / decrease in other assets

     1001828        (718012

Increase / (decrease) in other liabilities and provisions

     (67565      919400  
  

 

 

    

 

 

 
     5408237        (619175
  

 

 

    

 

 

 

Direct taxes paid (net of refunds)

     (1258757      (1049802
  

 

 

    

 

 

 

Net cash flow from / (used in) operating activities

     4149480        (1668977
  

 

 

    

 

 

 

Cash flows used in investing activities:

     

Purchase of fixed assets

     (161738      (154688

Proceeds from sale of fixed assets

     1416        1824  

Dividend from subsidiaries

     48304        42372  
  

 

 

    

 

 

 

Net cash flow used in investing activities

     (112018      (110492
  

 

 

    

 

 

 


 

Cash flows from / (used in) financing activities:

     

Proceeds from issue of share capital, net of issue expenses

     176010        184868  

Redemption of Tier II capital bonds

     (110500      —    

Increase / (decrease) in other borrowings

     (803621      2754341  

Dividend paid during the period (including tax on dividend)

     —          (654030
  

 

 

    

 

 

 

Net cash flow from / (used in) financing activities

     (738111      2285179  
  

 

 

    

 

 

 

Effect of exchange fluctuation on translation reserve

     (14184      21399  
  

 

 

    

 

 

 

Net increase / (decrease) in cash and cash equivalents

     3285167        527109  
  

 

 

    

 

 

 

Cash and cash equivalents as at April 1st

     8661872        8134763  

Cash and cash equivalents as at the period end

     11947039        8661872  
  

 

 

    

 

 

 

 

3

The above financial results have been approved by the Board of Directors at its meeting held on April 17, 2021. The financial results for the quarter and year ended March 31, 2021 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified. The information presented above is extracted from the audited financial statements.

4

The Bank has consistently applied its significant accounting policies in the preparation of its quarterly financial results and its annual financial statements during the years ended March 31, 2021 and March 31, 2020.

5

The figures of the last quarter in each of the financial years are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the respective financial year.

6

The Reserve Bank of India (RBI), vide notification dated December 4, 2020, stated that in view of the ongoing stress and heightened uncertainty on account of COVID-19, banks should continue to conserve capital to support the economy and absorb losses. The notification also stated that in order to further strengthen the banks’ balance sheets, while at the same time support lending to the real economy, banks shall not make any dividend payment on equity shares from the profits pertaining to the financial year ended March 31, 2020. The Bank did not declare final dividend for the financial year ended March 31, 2020.

Given that the current “second wave” has significantly increased the number of COVID-19 cases in India and uncertainty remains, the Board of Directors of the Bank, at its meeting held on April 17, 2021, has considered it prudent to currently not propose dividend for the financial year ended March 31, 2021. The Board shall reassess the position based on any further guidelines from the RBI in this regard.

 

7

During the quarter and year ended March 31, 2021, the Bank allotted 51,19,550 and 2,94,90,022 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

8

Consequent to the outbreak of the COVID-19 pandemic, the Indian government announced a lockdown in March 2020. Subsequently, the national lockdown was lifted by the government, but regional lockdowns continue to be implemented in areas with a significant number of COVID-19 cases.

The impact of COVID-19, including changes in customer behaviour 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 activities. The slowdown during the year 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. This 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, including the current “second wave” that has significantly increased the number of cases in India, 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.

 

9

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 instalments 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 disclosures as required by RBI circular dated April 17, 2020 are given below:

 

Particulars

   in crore  

Respective amounts in SMA/overdue categories, where the moratorium/deferment was extended, in terms of paragraph 2 and 3 of the circular (as of February 29, 2020)
Term Loan Instalments: 11,805.09 crore
Cash Credit / Overdraft: 4,063.48 crore

     15,868.57  

Respective amount where asset classification benefit is extended *
Term Loan Instalments: 3,918.08 crore
Cash Credit / Overdraft: 1,527.22 crore

     5,445.30  

Provisions made in terms of para 5 of the circular

     620.00  

Provisions adjusted against slippages in terms of paragraph 6 of the circular

     —    

Residual provisions as of March 31, 2021 in terms of paragraph 6 of the circular

     620.00  

 

*

as of March 31, 2021 in respect of such accounts.

10

Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circular dated August 6, 2020 are given below.

in crore except number of accounts

Type of Borrower

   (A) Number of
accounts where
resolution plan
has been
implemented
under this
window
     (B) Exposure to
accounts
mentioned at
(A) before
implementation
of the plan
     (C) Of (B),
aggregate
amount of debt
that was
converted into
other securities
     (D) Additional
funding sanctioned,
if any, including
between invocation
of the plan and
implementation
     (E) Increase in
provisions on
account of the
implementation
of the resolution
 

Personal Loans

     287,487        5,456.00        —          —          545.60  

Corporate persons

     1,453        444.74        —          —          44.47  

Of which, MSMEs

     64        27.08        —          —          2.71  

Others

     47,080        607.63        —          —          60.76  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     336,020        6,508.37        —          —          650.83  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

11

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”), had directed banks that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders. Accordingly, the Bank did not classify any account which was not NPA as of August 31, 2020 as per the RBI IRAC norms, as NPA after August 31, 2020.

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 at December 31, 2020 would have been 1.38% and 0.40% respectively. Pending disposal of the case, the Bank, as a matter of prudence, had made in respect of these accounts a contingent provision, which was included in ‘Provisions (other than tax) and Contingencies’.

The interim order granted to not declare accounts as NPA stood vacated on March 23, 2021 vide the judgement of the Hon’ble SC in the matter of Small Scale Industrial Manufacturers Association vs. UOI & Ors. and other connected matters. In accordance with the instructions in paragraph 5 of the RBI circular dated April 07, 2021 issued in this connection, the Bank has continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

 

12

In accordance with the instructions in the aforesaid circular dated April 07, 2021, the Bank shall refund / adjust ‘interest on interest’ to all borrowers including those who had availed of working capital facilities during the moratorium period, irrespective of whether moratorium had been fully or partially availed, or not availed. Pursuant to these instructions, the methodology for calculation of the amount of such ‘interest on interest’ would be finalised by the Indian Banks Association (IBA) in consultation with other industry participants / bodies and is awaited as on the date of approval of these results. The Bank has however estimated the said amount and recognised a charge in its Profit and Loss Account for the year ended March 31, 2021.


 

13

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.

14

Other operating expenses include commission paid to sales agents of 864.27 crore (previous period: 856.17 crore) and 2,611.72 crore (previous year: 3,154.21 crore) for the quarter and year ended March 31, 2021 respectively.

15

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

16

10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai      Sashidhar Jagdishan
Date : April 17, 2021      Managing Director


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

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

 

        ( in lac)  
          Quarter ended      Year ended  
          31.03.2021      31.12.2020     31.03.2020      31.03.2021      31.03.2020  
    

Particulars

   Audited
(Refer note 5)
     Unaudited     Audited
(Refer note 5)
     Audited      Audited  
1   

Interest Earned (a)+(b)+(c)+(d)

     3260692        3185160       3179505        12855240        12218930  
  

a) Interest / discount on advances / bills

     2589859        2530278       2591924        10229913        9907963  
  

b) Income on investments

     618183        580793       507557        2321162        2057273  
  

c) Interest on balances with Reserve Bank of India and other inter bank funds

     33169        58801       64128        241430        186877  
  

d) Others

     19481        15288       15896        62735        66817  
2   

Other Income

     830257        798713       649212        2733288        2487898  
3   

Total Income (1)+(2)

     4090949        3983873       3828717        15588528        14706828  
4   

Interest Expended

     1408324        1452268       1552857        5924759        6213743  
5   

Operating Expenses (i)+(ii)

     980792        917980       886024        3500126        3303605  
  

i) Employees cost

     357054        345628       337684        1367667        1292013  
  

ii) Other operating expenses

     623738        572352       548340        2132459        2011592  
6   

Total Expenditure (4)+(5) (excluding Provisions and Contingencies)

     2389116        2370248       2438881        9424885        9517348  
7   

Operating Profit before Provisions and Contingencies (3)-(6)

     1701833        1613625       1389836        6163643        5189480  
8   

Provisions (Other than tax) and Contingencies

     575260        432305       421650        1884029        1369994  
9   

Exceptional Items

     —          —         —          —          —    
10   

Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)

     1126573        1181320       968186        4279614        3819486  
11   

Tax Expense

     282140        305301       238515        1093937        1089859  
12   

Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)

     844433        876019       729671        3185677        2729627  
13   

Extraordinary items (net of tax expense)

     —          —         —          —          —    
14   

Net Profit / (Loss) for the period (12)-(13)

     844433        876019       729671        3185677        2729627  
15   

Less: Share of minority shareholders

     1055        (914     1649        2356        4231  
16   

Consolidated Net Profit / (Loss) for the period (14)-(15)

     843378        876933       728022        3183321        2725396  
17   

Paid up equity share capital (Face Value of 1/- each)

     55128        55077       54833        55128        54833  
18   

Reserves excluding revaluation reserves

             20925890        17581038  
19   

Analytical Ratios

             
  

(i) Percentage of shares held by Government of India

     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

     15.3        15.9       13.3        57.9        49.8  
  

(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized

     15.2        15.8       13.2        57.6        49.5  

 

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


 

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

 

       ( in lac)  

Particulars

   Quarter ended     Year ended  
   31.03.2021     31.12.2020     31.03.2020     31.03.2021     31.03.2020  
   Audited
(Refer note 5)
    Unaudited     Audited
(Refer note 5)
    Audited     Audited  
1   

Segment Revenue

          
a)   

Treasury

     803574       820190       690738       3233767       2655844  
b)   

Retail Banking

     2761274       2781220       2821059       11021021       10799994  
c)   

Wholesale Banking

     1472812       1432996       1527601       5715430       6113445  
d)   

Other Banking Operations

     843566       784882       741753       2975969       2802822  
e)   

Unallocated

     3082       —         153       3082       219  
  

Total

     5884308       5819288       5781304       22949269       22372324  
  

Less: Inter Segment Revenue

     1793359       1835415       1952587       7360741       7665496  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Income from Operations

     4090949       3983873       3828717       15588528       14706828  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
2   

Segment Results

          
a)   

Treasury

     243236       216936       108230       903050       346277  
b)   

Retail Banking

     419239       150718       266747       1057480       1294246  
c)   

Wholesale Banking

     446455       587538       381348       1743754       1412109  
d)   

Other Banking Operations

     54205       268412       253286       734429       937233  
e)   

Unallocated

     (36562     (42284     (41425     (159099     (170379
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total Profit Before Tax and Minority Interest

     1126573       1181320       968186       4279614       3819486  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3   

Segment Assets

          
a)   

Treasury

     51964174       48454139       45724091       51964174       45724091  
b)   

Retail Banking

     52199722       49769712       48427074       52199722       48427074  
c)   

Wholesale Banking

     62873157       59703781       52056701       62873157       52056701  
d)   

Other Banking Operations

     11975219       11899147       11081971       11975219       11081971  
e)   

Unallocated

     938391       842758       793204       938391       793204  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

     179950663       170669537       158083041       179950663       158083041  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
4   

Segment Liabilities

          
a)   

Treasury

     7627660       7682004       10201209       7627660       10201209  
b)   

Retail Banking

     109621782       105202071       90725810       109621782       90725810  
c)   

Wholesale Banking

     33811531       30117038       31762887       33811531       31762887  
d)   

Other Banking Operations

     5177164       5169467       4940224       5177164       4940224  
e)   

Unallocated

     2668232       2338725       2759376       2668232       2759376  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

     158906369       150509305       140389506       158906369       140389506  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
5   

Capital Employed

          
  

(Segment Assets - Segment Liabilities)

          
a)   

Treasury

     44336514       40772135       35522882       44336514       35522882  
b)   

Retail Banking

     (57422060     (55432359     (42298736     (57422060     (42298736
c)   

Wholesale Banking

     29061626       29586743       20293814       29061626       20293814  
d)   

Other Banking Operations

     6798055       6729680       6141747       6798055       6141747  
e)   

Unallocated

     (1729841     (1495967     (1966172     (1729841     (1966172
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

     21044294       20160232       17693535       21044294       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.


 

Notes :

 

1

Consolidated Statement of Assets and Liabilities as at March 31, 2021 is given below:

 

        ( in lac)  

Particulars

   As at
31.03.2021
     As at
31.03.2020
 
   Audited      Audited  

CAPITAL AND LIABILITIES

     

Capital

     55128        54833  

Reserves and Surplus

     20925890        17581038  

Minority Interest

     63276        57664  

Deposits

     133372087        114620714  

Borrowings

     17769675        18683431  

Other Liabilities and Provisions

     7764607        7085361  
  

 

 

    

 

 

 

Total

     179950663        158083041  
  

 

 

    

 

 

 

ASSETS

     

Cash and balances with Reserve Bank of India

     9737035        7221100  

Balances with Banks and Money at Call and Short notice

     2390216        1572910  

Investments

     43882311        38930495  

Advances

     118528352        104367088  

Fixed Assets

     509956        462685  

Other Assets

     4902793        5528763  
  

 

 

    

 

 

 

Total

     179950663        158083041  
  

 

 

    

 

 

 

 

2

Consolidated Statement of Cash flow as at March 31, 2021 is given below:

 

     ( in lac)  

Particulars

   Year ended  
   31.03.2021      31.03.2020  
   Audited      Audited  

Cash flows from / (used in) operating activities:

     

Consolidated profit before income tax

     4277258        3815255  

Adjustment for:

     

Depreciation on fixed assets

     138501        127677  

(Profit) / Loss on revaluation of investments

     148532        70211  

Amortisation of premium on held to maturity investments

     76547        50141  

(Profit) / loss on sale of fixed assets

     29        819  

Provision / charge for non performing assets

     1392701        1106571  

Provision for standard assets and contingencies

     528307        305743  
  

 

 

    

 

 

 
     6561875        5476417  
  

 

 

    

 

 

 

Adjustments for:

     

(Increase) / decrease in investments

     (5015664      (10107010

(Increase) / decrease in advances

     (15568107      (18550036

Increase / (decrease) in deposits

     18751374        22370446  

(Increase) / decrease in other assets

     830768        (724976

Increase / (decrease) in other liabilities and provisions

     (10455      935987  
  

 

 

    

 

 

 
     5549791        (599172
  

 

 

    

 

 

 

Direct taxes paid (net of refunds)

     (1302145      (1087737
  

 

 

    

 

 

 

Net cash flow from / (used in) operating activities

     4247646        (1686909
  

 

 

    

 

 

 


 

Cash flows used in investing activities:

     

Purchase of fixed assets

     (169615      (163587

Proceeds from sale of fixed assets

     1528        1895  
  

 

 

    

 

 

 

Net cash flow used in investing activities

     (168087      (161692
  

 

 

    

 

 

 

Cash flows from / (used in) financing activities:

     

Increase in minority interest

     5612        7485  

Proceeds from issue of share capital, net of issue expenses

     176010        184868  

Proceeds from issue of Tier I and Tier II capital bonds

     35650        74350  

Redemption of Tier II capital bonds

     (110500      —    

Increase / (decrease) in other borrowings

     (838907      2835804  

Dividend paid during the period (including tax on dividend)

     —          (663059
  

 

 

    

 

 

 

Net cash flow from / (used in) financing activities

     (732135      2439448  
  

 

 

    

 

 

 

Effect of exchange fluctuation on translation reserve

     (14183      21399  
  

 

 

    

 

 

 

Net increase / (decrease) in cash and cash equivalents

     3333241        612246  
  

 

 

    

 

 

 

Cash and cash equivalents as at April 1st

     8794010        8181764  

Cash and cash equivalents as at the period end

     12127251        8794010  

 

3

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 April 17, 2021. The financial results for the quarter and year ended March 31, 2021 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified.

4

The Group has consistently applied its significant accounting policies in the preparation of its quarterly financial results and its annual financial statements during the years ended March 31, 2021 and March 31, 2020.

5

The figures of the last quarter in each of the financial years are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the respective financial year.

6

Consequent to the outbreak of the COVID-19 pandemic, the Indian government announced a lockdown in March 2020. Subsequently, the national lockdown was lifted by the government, but regional lockdowns continue to be implemented in areas with a significant number of COVID-19 cases.

The impact of COVID-19, including changes in customer behaviour 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 activities. The slowdown during the year 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. This 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, including the current “second wave” that has significantly increased the number of cases in India, 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.

7

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 instalments 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.

8

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”), had directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders. Accordingly, the Group did not classify any account which was not NPA as of August 31, 2020 as per the RBI IRAC norms, as NPA after August 31, 2020.


 

The interim order granted to not declare accounts as NPA stood vacated on March 23, 2021 vide the judgement of the Hon’ble SC in the matter of Small Scale Industrial Manufacturers Association vs. UOI & Ors. and other connected matters. In accordance with the instructions in paragraph 5 of the RBI circular dated April 07, 2021 issued in this connection, the Group has continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

9

In accordance with the instructions in the aforesaid circular dated April 07, 2021, the Group shall refund / adjust ‘interest on interest’ to all borrowers including those who had availed of working capital facilities during the moratorium period, irrespective of whether moratorium had been fully or partially availed, or not availed. Pursuant to these instructions, the methodology for calculation of the amount of such ‘interest on interest’ would be finalised by the Indian Banks Association (IBA) in consultation with other industry participants / bodies and is awaited as on the date of approval of these results. The Group has however estimated the said amount and recognised a charge in its Profit and Loss Account for the year ended March 31, 2021.

10

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.

11

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

12

10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai    Sashidhar Jagdishan
Date : April 17, 2021    Managing Director


   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 YEAR ENDED MARCH 31, 2021

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and full year ended March 31, 2021, at their meeting held in Mumbai on Saturday, April 17, 2021. The accounts have been subjected to an audit by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended March 31, 2021

The Bank’s net revenues (net interest income plus other income) increased by 16.4% to  24,714.1 crore for the quarter ended March 31, 2021 from  21,236.6 crore for the quarter ended March 31, 2020. Net interest income (interest earned less interest expended) for the quarter ended March 31, 2021 grew by 12.6% to  17,120.2 crore from  15,204.1 crore for the quarter ended March 31, 2020, driven by advances growth of 14.0%, and a core net interest margin of 4.2%. The Bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 138%, well above the regulatory requirement.

Other income (non-interest revenue) at  7,593.9 crore was 30.7% of net revenues for the quarter ended March 31, 2021 and grew by 25.9% over  6,032.6 crore in the corresponding quarter ended March 31, 2020. The four components of other income for the quarter ended March 31, 2021 were fees & commissions of  5,023.3 crore ( 4,200.8 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of  879.3 crore ( 500.8 crore for the corresponding quarter of the previous year), gain on sale / revaluation of investments of  655.1 crore (gain of  565.3 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of  1,036.2 crore ( 765.7 crore for the corresponding quarter of the previous year).

Operating expenses for the quarter ended March 31, 2021 were  9,181.3 crore, an increase of 10.9% over  8,277.8 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.2% as against 39.0% for the corresponding quarter ended March 31, 2020.


   NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Pre-provision Operating Profit (PPOP) at  15,532.8 crore grew by 19.9% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended March 31, 2021 were  4,693.7 crore (including a build of approximately  1,300 crore in contingent provisions) as against  3,784.5 crore for the quarter ended March 31, 2020.

The total credit cost ratio was at 1.64%, as compared to 1.25% for the quarter ending December 31, 2020 and 1.51% for the quarter ending March 31, 2020.

Profit before tax (PBT) for the quarter ended March 31, 2021 at  10,839.1 crore grew by 18.1% over corresponding quarter of the previous year. After providing  2,652.6 crore for taxation, the Bank earned a net profit of  8,186.5 crore, an increase of 18.2% over the quarter ended March 31, 2020.

Balance Sheet: As of March 31, 2021

Total balance sheet size as of March 31, 2021 was  1,746,871 crore as against  1,530,511 crore as of March 31, 2020, a growth of 14.1%.

Total deposits as of March 31, 2021 were  1,335,060 crore, an increase of 16.3% over March 31, 2020. CASA deposits grew by 27.0% with savings account deposits at  403,500 crore and current account deposits at  212,182 crore. Time deposits were at  719,378 crore, an increase of 8.5% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 46.1% of total deposits as of March 31, 2021.

Total advances as of March 31, 2021 were  1,132,837 crore, an increase of 14.0% over March 31, 2020. Domestic advances grew by 14.1% over March 31, 2020. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 6.7% and domestic wholesale loans grew by 21.7%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 47:53. Overseas advances constituted 3% of total advances.


   NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Profit & Loss Account: Year ended March 31, 2021

For the year ended March 31, 2021, the Bank earned a total income of  146,063.1 crore as against  138,073.5 crore for the year ended March 31, 2020. Net revenues (net interest income plus other income) for the year ended March 31, 2021 were  90,084.5 crore, as against  79,447.1 crore for the year ended March 31, 2020. The core net interest margin for the year ended March 31, 2021 was 4.2%. The cost to income ratio for the year ended March 31, 2021 was at 36.3%, as against 38.6% for the year ended March 31, 2020. Net profit for the year ended March 31, 2021 was  31,116.5 crore, up 18.5% over the year ended March 31, 2020.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.8% as on March 31, 2021 (18.5% as on March 31, 2020) 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 March 31, 2021 compared to 17.2% as of March 31, 2020. Common Equity Tier 1 Capital ratio was at 16.9% as of March 31, 2021. Risk-weighted Assets were at  1,131,144 crore (as against  994,716 crore as at March 31, 2020).

NETWORK

As of March 31, 2021, the Bank’s distribution network was at 5,608 branches and 16,087 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,902 cities / towns as against 5,254 branches and 14,901 ATMs / CDMs across 2,803 cities / towns as of March 31, 2020. 50% of our branches are in semi-urban and rural areas. In addition, we have 15,756 business correspondents, which are primarily manned by Common Service Centres (CSC) as against 5,541 business correspondents as of March 31, 2020. Number of employees were at 120,093 as of March 31, 2021 (as against 116,971 as of March 31, 2020).

ASSET QUALITY

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 had not been classified as NPA. However, the Bank as a matter of prudence made contingent provisions in respect of these accounts during the quarters ended September 30, 2020 and December 31, 2020 (proforma approach). The interim order granted to not declare accounts as NPA stood vacated on March 23, 2021 vide the judgement of the Honourable Supreme Court in the matter of Small Scale Industrial Manufacturers Association vs UOI & Ors. and other connected matters. In accordance with the instructions in paragraph 5 of the RBI circular dated April 7, 2021 issued in this connection, the Bank has continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Gross non-performing assets were at 1.32% of gross advances as on March 31, 2021, as against 1.38% (proforma approach) as on December 31, 2020 and 1.26% as on March 31, 2020. Net non-performing assets were at 0.40% of net advances as on March 31, 2021.

The Bank also continues to hold provisions as on March 31, 2021 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  5,861 crore as on March 31, 2021. Total provisions (comprising specific, floating, contingent and general provisions) were 153% of the gross non-performing loans as on March 31, 2021.

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.

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on March 31, 2021, the Bank held 96.3% stake in HSL.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

For the quarter ended March 31, 2021, HSL’s total income was  439.1 crore as against  299.9 crore for the quarter ended March 31, 2020. Profit after tax for the quarter was  253.1 crore, as against  157.0 crore for the quarter ended March 31, 2020.

As on March 31, 2021, HSL had 216 branches across 159 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 March 31, 2021, the Bank held 95.1% stake in HDBFSL.

The total loan book was  58,947 crore as on March 31, 2021 as against  55,930 crore as on March 31, 2020. Liquidity coverage ratio was healthy at 265%, well above the regulatory requirement.

For the quarter ended March 31, 2021, HDBFSL’s net interest income grew by 15.4% to  1,252.0 crore as against  1,084.5 crore for the quarter ended March 31, 2020. Pre-provision Operating Profit (PPOP) at  989.4 crore grew by 20.2% over the corresponding quarter of the previous year and by 32.2% over quarter ended December 31, 2020.

Provisions and contingencies for the quarter were at  613.1 crore as against  392.5 for the quarter ended March 31, 2020. Profit after tax for the quarter ended March 31, 2021 was  284.6 crore compared to  341.7 crore for the quarter ended March 31, 2020.

Profit after tax for the year ended March 31, 2021 was  502.8 crore compared to  1,036.9 crore for the year ended March 31, 2020.

As on March 31, 2021, Gross NPA based on the approach used for NBFCs was 3.9% as against 3.5% on March 31, 2020 and 5.9% (proforma approach) as on December 31, 2020.

Total CAR was at 19.0% with Tier-I CAR at 14.3%. As on March 31, 2021, HDBFSL had 1,319 branches across 959 cities / towns.


   NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the quarter ended March 31, 2021 was  8,434 crore, up 15.8%, over the quarter ended March 31, 2020. Consolidated advances grew by 13.6% from  1,043,671 crore as on March 31, 2020 to  1,185,284 crore as on March 31, 2021.

The consolidated net profit for the year ended March 31, 2021 was  31,833 crore, up 16.8% over the year ended March 31, 2020.

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

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.


   NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

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

For media queries please contact:

Rajiv Banerjee

Vertical 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