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, 2019

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 21, 2019     By   /s/ Santosh Haldankar
    Name:   Santosh Haldankar
    Title:   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 19, 2019 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Financial Results for the Quarter ended December 31, 2018.


Exhibit I

19 th January, 2019

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Financial Results for the Quarter ended 31 st December, 2018

Pursuant to Regulation 33 and any other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we send herewith the financial results for the third quarter (unaudited) ended 31 st December, 2018, segment reporting, Press Release and the report of the Statutory Auditor in this regard. The results were duly approved by the Board of Directors at its meeting held today.

Kindly take the same on your records.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Vice President- Legal & Company Secretary

Encl.: a/a.


LOGO

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

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

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

FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2018

(  in lacs)

 

     Quarter ended     Nine Months ended     Year ended
 
     31.12.2018     30.09.2018     31.12.2017     31.12.2018     31.12.2017     31.03.2018  

Particulars

   Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited  

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

     2589026       2419956       2058127       7263880       5892027       8024135  

a) Interest / discount on advances / bills

     2030629       1882768       1615661       5652470       4599842       6266179  

b) Income on Investments

     531901       504224       410030       1495054       1199973       1622237  
c) Interest on balances with Reserve Bank of India and other inter bank funds      9824       9358       11238       52420       32707       52388  

d) Others

     16672       23606       21198       63936       59505       83331  

Other Income

     492101       401559       386917       1275466       1099173       1522031  

Total Income (1)+(2)

     3081127       2821515       2445044       8539346       6991200       9546166  

Interest Expended

     1331351       1243615       1026693       3748507       2948312       4014649  

Operating Expenses (i)+(ii)

     671934       629905       573222       1900227       1663973       2269036  

i) Employees cost

     196764       190921       169126       568736       506454       680574  

ii) Other operating expenses (Refer Note 7)

     475170       438984       404096       1331491       1157519       1588462  
Total Expenditure (4)+(5) (excluding Provisions and Contingencies)      2003285       1873520       1599915       5648734       4612285       6283685  
Operating Profit before Provisions and Contingencies (3)-(6)      1077842       947995       845129       2890612       2378915       3262481  

Provisions (other than tax) and Contingencies

     221153       181996       135144       566086       438639       592749  

Exceptional Items

     —         —         —         —         —         —    
Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)      856689       765999       709985       2324526       1940276       2669732  

Tax Expense

     298104       265426       245725       805224       671529       921057  
Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)      558585       500573       464260       1519302       1268747       1748675  

Extraordinary items (net of tax expense)

     —         —         —         —         —         —    

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

     558585       500573       464260       1519302       1268747       1748675  

Paid up equity share capital (Face Value of 2/- each)

     54390       54344       51802       54390       51802       51902  
Reserves excluding revaluation reserves (as per balance sheet of previous accounting year)                10577601  

Analytical Ratios

            

(i) Percentage of shares held by Government of India

     Nil       Nil       Nil       Nil       Nil       Nil  

(ii) Capital Adequacy Ratio

     17.3     17.1     15.5     17.3     15.5     14.8

(iii) Earnings per share ( )

            
(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized      20.6       18.7       17.9       57.0       49.2       67.8  
(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized      20.4       18.5       17.7       56.4       48.6       66.8  

(iv) NPA Ratios

            

(a) Gross NPAs

     1090286       1009773       823488       1090286       823488       860697  

(b) Net NPAs

     330154       302824       277366       330154       277366       260102  

(c) % of Gross NPAs to Gross Advances

     1.38     1.33     1.29     1.38     1.29     1.30

(d) % of Net NPAs to Net Advances

     0.42     0.40     0.44     0.42     0.44     0.40

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

     0.00     0.46     0.50     0.00     1.43     1.93


LOGO

Segment information in accordance with the Accounting Standard on Segment Reporting (AS 17) of the operating segments of the Bank is as under:

(  in lacs)

 

          Quarter ended     Nine Months ended     Year ended  
          31.12.2018     30.09.2018     31.12.2017     31.12.2018     31.12.2017     31.03.2018  

Particulars

   Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited  

1

   Segment Revenue             

a)

   Treasury      668444       570578       503703       1767554       1470508       1984137  

b)

   Retail Banking      2310038       2170602       1869320       6520699       5426783       7384305  

c)

   Wholesale Banking      1421965       1339481       1078527       3999351       3053970       4150413  

d)

   Other Banking Operations      413595       363889       326442       1105347       859543       1225914  

e)

   Unallocated      —         5278       —         5278       —         —    
   Total      4814042       4449828       3777992       13398229       10810804       14744769  
   Less: Inter Segment Revenue      1732915       1628313       1332948       4858883       3819604       5198603  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Income from Operations      3081127       2821515       2445044       8539346       6991200       9546166  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2

   Segment Results             

a)

   Treasury      64945       1368       41235       71358       129796       154000  

b)

   Retail Banking      246261       301447       230001       862176       705348       997172  

c)

   Wholesale Banking      384473       349871       339253       1049929       893370       1172051  

d)

   Other Banking Operations      211977       158682       154521       487897       363537       548790  

e)

   Unallocated      (50967     (45369     (55025     (146834     (151775     (202281
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax      856689       765999       709985       2324526       1940276       2669732  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

3

   Segment Assets             

a)

   Treasury      31234090       34504331       26447291       31234090       26447291       35089438  

b)

   Retail Banking      42104049       40422879       34979225       42104049       34979225       37190659  

c)

   Wholesale Banking      38007364       36940961       29172014       38007364       29172014       29704057  

d)

   Other Banking Operations      4772589       4437850       3633910       4772589       3633910       3759549  

e)

   Unallocated      737539       683764       675500       737539       675500       649728  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      116855631       116989785       94907940       116855631       94907940       106393431  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

4

   Segment Liabilities             

a)

   Treasury      5875744       8347369       4653686       5875744       4653686       5534970  

b)

   Retail Banking      68388252       65759009       55962663       68388252       55962663       59878546  

c)

   Wholesale Banking      25451869       25987903       21214705       25451869       21214705       27028720  

d)

   Other Banking Operations      466821       498533       428484       466821       428484       408150  

e)

   Unallocated      2376184       2673763       2542143       2376184       2542143       2913542  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      102558870       103266577       84801681       102558870       84801681       95763928  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

5

   Capital Employed             
   (Segment Assets-Segment Liabilities)             

a)

   Treasury      25358346       26156962       21793605       25358346       21793605       29554468  

b)

   Retail Banking      (26284203     (25336130     (20983438     (26284203     (20983438     (22687887

c)

   Wholesale Banking      12555495       10953058       7957309       12555495       7957309       2675337  

d)

   Other Banking Operations      4305768       3939317       3205426       4305768       3205426       3351399  

e)

   Unallocated      (1638645     (1989999     (1866643     (1638645     (1866643     (2263814
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      14296761       13723208       10106259       14296761       10106259       10629503  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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 RBI.


LOGO

Notes :

 

1

Statement of Assets and Liabilities as at December 31, 2018 is given below:

(  in lacs)

 

Particulars    As at
31.12.2018
     As at
31.12.2017
     As at
31.03.2018
 

CAPITAL AND LIABILITIES

   Unaudited      Unaudited      Audited  

Capital

     54390        51802        51902  

Reserves and Surplus

     14242371        10054457        10577601  

Deposits

     85250190        69902641        78877064  

Borrowings

     12345976        10386678        12310497  

Other Liabilities and Provisions

     4962704        4512362        4576367  
  

 

 

    

 

 

    

 

 

 

Total

     116855631        94907940        106393431  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and Balances with Reserve Bank of India

     4906485        3438547        10467047  

Balances with Banks and Money at Call and Short notice

     764963        562204        1824460  

Investments

     27975321        23272358        24220024  

Advances

     78095117        63121466        65833309  

Fixed Assets

     386032        350245        360721  

Other Assets

     4727713        4163120        3687870  
  

 

 

    

 

 

    

 

 

 

Total

     116855631        94907940        106393431  
  

 

 

    

 

 

    

 

 

 

 

2

The above results have been approved by the Board of Directors at its meeting held on January 19, 2019. The results for the quarter and nine months ended December 31, 2018 have been subjected to limited review by the Statutory Auditors of the Bank who have issued an unmodified report thereon. The financial results for the quarter and nine months ended December 31, 2017 and the year ended March 31, 2018 were subjected to limited review / audit by another firm of chartered accountants.

 

3

The Bank has followed the same significant accounting policies in the preparation of these financial results as were followed in the annual financial statements for the year ended March 31, 2018.

 

4

During the quarter and nine months ended December 31, 2018, the Bank allotted 23,25,196 and 1,99,67,077 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

 

5

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

 

6

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

 

7

Other operating expenses include commission paid to sales agents of  665.40 crore (previous period :  637.32 crore) and  2,108.06 crore (previous period :  1,767.52 crore) for the quarter and nine months ended December 31, 2018 respectively.

 

8

There was no divergence observed by RBI for the financial year ended March 31, 2018 in respect of the Bank’s asset classification and provisioning under the extant prudential norms on income recognition, asset classification and provisioning pertaining to advances.

 

9

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

10

10 lac =  1 million

 10 million =  1 crore

 

Place : Mumbai          Aditya Puri    
Date : January 19, 2019          Managing Director    


LOGO   

 

NEWS RELEASE

  

 

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2018

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended December 31, 2018, at their meeting held in Mumbai on Saturday, January 19, 2019. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2018

The Bank’s total income for the quarter ended December 31, 2018 at  30,811.3 crore grew by 26.0% from  24,450.4 crore for the quarter ended December 31, 2017. Net revenues (net interest income plus other income) increased by 23.4% to  17,497.8 crore for the quarter ended December 31, 2018 from  14,183.5 crore in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2018 grew by 21.9% to  12,576.8 crore, from  10,314.3 crore for the quarter ended December 31, 2017, driven by asset growth of 23.7% and a core net interest margin for the quarter of 4.3%.

Other income (non-interest revenue) at  4,921.0 crore was 28.1% of the net revenues for the quarter ended December 31, 2018 and grew by 27.2% over  3,869.2 crore in the corresponding quarter ended December 31, 2017. The four components of other income for the quarter ended December 31, 2018 were fees & commissions of  3,646.8 crore (  2,872.1 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of  397.7 crore (  426.2 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of  474.0 crore (  259.4 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries, of  402.6 crore (  311.5 crore for the corresponding quarter of the previous year).


LOGO   

 

NEWS RELEASE

  

 

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

 

Operating expenses for the quarter ended December 31, 2018 were  6,719.3 crore, an increase of 17.2% over  5,732.2 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 39.5% as against 41.2% for the corresponding quarter ended December 31, 2017.

Provisions and contingencies for the quarter ended December 31, 2018 were  2,211.5 crore (consisting of specific loan loss provisions  1,734.6 crore and general provisions and other provisions  476.9 crore) as against  1,351.4 crore (consisting of specific loan loss provisions  1,356.0 crore and write back of general provisions and other provisions  4.5 crore) for the quarter ended December 31, 2017. Provisions for the quarter ended December 31, 2018 include a charge of  322.4 crore towards contingent provisions. Profit before tax (PBT) for the quarter ended December 31, 2018 was up 20.7% to  8,566.9 crore.

After providing  2,981.0 crore for taxation, the Bank earned a net profit of  5,585.9 crore, an increase of 20.3% over the quarter ended December 31, 2017.

Balance Sheet: As of December 31, 2018

Total balance sheet size as of December 31, 2018 was  1,168,556 crore as against  949,079 crore as of December 31, 2017.

Total deposits as of December 31, 2018 were  852,502 crore, an increase of 22.0% over December 31, 2017. CASA deposits grew at 13.0% with savings account deposits at  235,179 crore and current account deposits at  111,905 crore. Time deposits were at  505,417 crore, an increase of 29.0% over the previous year, resulting in CASA deposits comprising 40.7% of total deposits as of December 31, 2018. The Bank’s continuing focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 122%, well above the regulatory requirement.


LOGO   

 

NEWS RELEASE

  

 

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

 

Total advances as of December 31, 2018 were  780,951 crore. Domestic advances grew by 24.1% over December 31, 2017. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 24.0% and domestic wholesale loans grew by 24.1%. The domestic loan mix as per Basel 2 classification between retail: wholesale was 55:45. Overseas advances constituted 3% of total advances.

Nine Months ended December 31, 2018

For the nine months ended December 31, 2018, the Bank earned a total income of  85,393.5 crore as against  69,912.0 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2018 were  47,908.4 crore, as against  40,428.9 crore for the nine months ended December 31, 2017. Net profit for the nine months ended December 31, 2018 was  15,193.0 crore, up by 19.7% over the corresponding nine months ended December 31, 2017.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 17.3% as on December 31, 2018 (15.5% as on December 31, 2017) as against a regulatory requirement of 11.025% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.15% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB).

Tier 1 CAR was at 15.8% as of December 31, 2018 compared to 13.6% as of December 31, 2017. Common Equity Tier 1 Capital ratio was at 14.9% as of December 31, 2018. Risk-weighted Assets were at  908,245 crore (as against  752,513 crore as at December 31, 2017).

NETWORK

As of December 31, 2018, the Bank’s distribution network was at 4,963 banking outlets and 13,160 ATMs across 2,727 cities / towns as against 4,734 banking outlets and 12,333 ATMs across 2,672 cities / towns as of December 31, 2017. Of the total banking outlets, 53% are in semi-urban and rural areas. Number of employees were at 96,425 as of December 31, 2018 (as against 86,660 as of December 31, 2017).

ASSET QUALITY

Gross non-performing assets were at 1.38% of gross advances as on December 31, 2018, as against 1.33% as on September 30, 2018 and 1.29% as on December 31, 2017. Coverage ratio as on December 31, 2018 was 70%. Net non-performing assets were at 0.4% of net advances as on December 31, 2018. The Bank held floating provisions of  1,451 crore as on December 31, 2018. Total provisions (comprising specific provisions, general provisions and floating provisions) were 115% of the gross non-performing loans as on December 31, 2018.


LOGO   

 

NEWS RELEASE

  

 

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

 

Note:

 = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

BSE: 500180

NSE: HDFCBANK

NYSE: HDB

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

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

For media queries please contact:

Neeraj Jha

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

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

Fax: 91 - 22 - 2490 3168

Mobile: +91 93236 20828

neeraj.jha@hdfcbank.com

For investor queries please contact:

Bhavin Lakhpatwala

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1083 (D) / 6652 1000 (B)

Mobile: +91 74983 51730

bhavin.lakhpatwala@hdfcbank.com