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, 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: April 23, 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 April 20, 2019 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Audited Financial Results for the quarter and year ended March 31, 2019 (standalone and consolidated) and Recommendation of Dividend by the Board of Directors.


Exhibit I

20 th April, 2019

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Outcome of Board Meeting held on 20 th April, 2019

We attach herewith the Audited Financial Results for the quarter and year ended 31 st March 2019 (both standalone and consolidated), segment reporting and summarized Balance Sheet as on 31 st March, 2019, duly approved by the Board of Directors at its meeting held today. The press release in this regard is also enclosed.

The Board of Directors have recommended a dividend of Rs.15/- per equity share of Rs. 2/- each (i.e. 750%) out of the net profits for the year ended 31 st March, 2019, subject to approval of the shareholders at the ensuing Annual General Meeting of the Bank.

The Board of Directors have approved the issue of Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long Term Bonds (financing of infrastructure and affordable housing) up to a total amount of up to a total amount of Rs. 50,000 crore in the period of next twelve months through private placement mode, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Bank and any other regulatory approvals as applicable.

Pursuant to the Regulations, we hereby confirm and declare that the Statutory Auditors of the Bank, M/s S. R. Batliboi & Co. LLP, Chartered Accountants (SRB), have issued the Audit Report on the Standalone and Consolidated financial results for the quarter and year ended 31 st March, 2019 with unmodified opinion.

This is for your information and record.

 

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 YEAR ENDED MARCH 31, 2019

 

                                 ( in lacs)  
    

Particulars

  Quarter ended     Year ended  
    31.03.2019     31.12.2018     31.03.2018     31.03.2019     31.03.2018  
    Audited
(Refer note 4)
    Unaudited     Audited
(Refer note 4)
    Audited     Audited  
1    Interest Earned (a)+(b)+(c)+(d)     2633325       2589026       2132108       9897205       8024135  
   a) Interest / discount on advances / bills     2101949       2030629       1666337       7754419       6266179  
   b) Income on Investments     504692       531901       422264       1999746       1622237  
  

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

    11150       9824       19681       63570       52388  
   d) Others     15534       16672       23826       79470       83331  
2    Other Income     487121       492101       422858       1762587       1522031  
3    Total Income (1)+(2)     3120446       3081127       2554966       11659792       9546166  
4    Interest Expended     1324376       1331351       1066337       5072883       4014649  
5    Operating Expenses (i)+(ii)     711710       671934       605063       2611937       2269036  
   i) Employees cost     207440       196764       174120       776176       680574  
   ii) Other operating expenses (Refer Note 9)     504270       475170       430943       1835761       1588462  
6    Total Expenditure (4)+(5) (excluding Provisions and Contingencies)     2036086       2003285       1671400       7684820       6283685  
7    Operating Profit before Provisions and Contingencies (3)-(6)     1084360       1077842       883566       3974972       3262481  
8    Provisions (other than tax) and Contingencies     188922       221153       154110       755008       592749  
9    Exceptional Items     —         —         —         —         —    
10    Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)     895438       856689       729456       3219964       2669732  
11    Tax Expense     306926       298104       249528       1112150       921057  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)     588512       558585       479928       2107814       1748675  
13    Extraordinary items (net of tax expense)     —         —         —         —         —    
14    Net Profit / (Loss) for the period (12)-(13)     588512       558585       479928       2107814       1748675  
15    Paid up equity share capital (Face Value of 2/- each)     54466       54390       51902       54466       51902  
16    Reserves excluding revaluation reserves           14866166       10577601  
17    Analytical Ratios          
   (i) Percentage of shares held by Government of India     Nil       Nil       Nil       Nil       Nil  
   (ii) Capital Adequacy Ratio     17.1     17.3     14.8     17.1     14.8
   (iii) Earnings per share ( ) (Face Value of 2/- each)          
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized     21.6       20.6       18.5       78.6       67.8  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized     21.4       20.4       18.3       77.9       66.8  
   (iv) NPA Ratios          
   (a) Gross NPAs     1122416       1090286       860697       1122416       860697  
   (b) Net NPAs     321452       330154       260102       321452       260102  
   (c) % of Gross NPAs to Gross Advances     1.36     1.38     1.30     1.36     1.30
   (d) % of Net NPAs to Net Advances     0.39     0.42     0.40     0.39     0.40
   (v) Return on assets (average) - not annualized     0.51     0.49     0.50     1.90     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)  

Particulars

   Quarter ended      Year ended  
   31.03.2019      31.12.2018      31.03.2018      31.03.2019      31.03.2018  
   Audited
(Refer note 4)
     Unaudited      Audited
(Refer note 4)
     Audited      Audited  

1

  

Segment Revenue

              

a)

  

Treasury

     590094        668444        513629        2357648        1984137  

b)

  

Retail Banking

     2401535        2310038        1957522        8922234        7384305  

c)

  

Wholesale Banking

     1457003        1421965        1096443        5456354        4150413  

d)

  

Other Banking Operations

     424596        413595        366371        1529943        1225914  

e)

  

Unallocated

     —          —          —          5278        —    
  

Total

     4873228        4814042        3933965        18271457        14744769  
  

Less: Inter Segment Revenue

     1752782        1732915        1378999        6611665        5198603  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  

Income from Operations

     3120446        3081127        2554966        11659792        9546166  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

2

  

Segment Results

              

a)

  

Treasury

     59218        64945        24204        130576        154000  

b)

  

Retail Banking

     317451        246261        291824        1179627        997172  

c)

  

Wholesale Banking

     372483        384473        278681        1422412        1172051  

d)

  

Other Banking Operations

     191256        211977        185253        679153        548790  

e)

  

Unallocated

     (44970      (50967      (50506      (191804      (202281
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  

Total Profit Before Tax

     895438        856689        729456        3219964        2669732  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

3

  

Segment Assets

              

a)

  

Treasury

     34876621        31234090        35089438        34876621        35089438  

b)

  

Retail Banking

     42879092        42104049        37190659        42879092        37190659  

c)

  

Wholesale Banking

     40874972        38007364        29704057        40874972        29704057  

d)

  

Other Banking Operations

     5085471        4772589        3759549        5085471        3759549  

e)

  

Unallocated

     737915        737539        649728        737915        649728  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  

Total

     124454071        116855631        106393431        124454071        106393431  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

4

  

Segment Liabilities

              

a)

  

Treasury

     6143885        5875744        5534970        6143885        5534970  

b)

  

Retail Banking

     73229496        68388252        59878546        73229496        59878546  

c)

  

Wholesale Banking

     27188713        25451869        27028720        27188713        27028720  

d)

  

Other Banking Operations

     535706        466821        408150        535706        408150  

e)

  

Unallocated

     2435639        2376184        2913542        2435639        2913542  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  

Total

     109533439        102558870        95763928        109533439        95763928  
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

5

  

Capital Employed

              
  

(Segment Assets-Segment Liabilities)

              

a)

  

Treasury

     28732736        25358346        29554468        28732736        29554468  

b)

  

Retail Banking

     (30350404      (26284203      (22687887      (30350404      (22687887

c)

  

Wholesale Banking

     13686259        12555495        2675337        13686259        2675337  

d)

  

Other Banking Operations

     4549765        4305768        3351399        4549765        3351399  

e)

  

Unallocated

     (1697724      (1638645      (2263814      (1697724      (2263814
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  

Total

     14920632        14296761        10629503        14920632        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 March 31, 2019 is given below:

 

            ( in lacs)  

Particulars

   As at
31.03.2019
     As at
31.03.2018
 

CAPITAL AND LIABILITIES

     Audited        Audited  

Capital

     54466        51902  

Reserves and Surplus

     14866166        10577601  

Deposits

     92314093        78877064  

Borrowings

     11708513        12310497  

Other Liabilities and Provisions

     5510833        4576367  
  

 

 

    

 

 

 

Total

     124454071        106393431  
  

 

 

    

 

 

 

ASSETS

     

Cash and Balances with Reserve Bank of India

     4676362        10467047  

Balances with Banks and Money at Call and Short notice

     3458401        1824460  

Investments

     29058788        24220024  

Advances

     81940122        65833309  

Fixed Assets

     403001        360721  

Other Assets

     4917397        3687870  
  

 

 

    

 

 

 

Total

     124454071        106393431  
  

 

 

    

 

 

 

 

2

The above results have been approved by the Board of Directors of the Bank at its meeting held on April 20, 2019. The results for the quarter and year ended March 31, 2019 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. The financial results for the year ended March 31, 2018 were audited by another firm of chartered accountants.

3

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, 2019 and March 31, 2018.

4

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.

5

The Board of Directors at their meeting proposed a dividend of 15 per share (previous year : 13 per share), subject to approval of the members at the ensuing Annual General Meeting. Effect of the proposed dividend has been reckoned in determining capital funds in the computation of capital adequacy ratios as at March 31, 2019 and March 31, 2018.

6

During the quarter and year ended March 31, 2019, the Bank allotted 38,05,227 and 2,37,72,304 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

7

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.

8

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.

9

Other operating expenses include commission paid to sales agents of 697.55 crore (previous period: 660.44 crore) and 2,805.61 crore (previous year: 2,427.96 crore) for the quarter and year ended March 31, 2019 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    Aditya Puri
Date : April 20, 2019    Managing Director


LOGO

HDFC BANK LIMITED

CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2019

 

                 ( in lacs)  
    

Particulars

  

Year ended
31-03-2019

    

Year ended
31-03-2018

 
     Audited      Audited  
1    Interest Earned (a)+(b)+(c)+(d)      10516075        8528785  
   a) Interest / discount on advances / bills      8373616        6765890  
   b) Income on Investments      1992475        1622979  
   c) Interest on balances with Reserve Bank of India and other inter bank funds      66062        54062  
   d) Others      83922        85854  
2    Other Income      1894705        1605660  
3    TOTAL INCOME (1)+(2)      12410780        10134445  
4    Interest Expended      5371269        4238148  
5    Operating Expenses (i)+(ii)      2769476        2392722  
   i) Employees cost      1045115        919390  
   ii) Other operating expenses      1724361        1473332  
6    TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)      8140745        6630870  
7    Operating Profit before Provisions and Contingencies (3)-(6)      4270035        3503575  
8    Provisions (Other than tax) and Contingencies      838218        657182  
9    Exceptional Items      —          —    
10    Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)      3431817        2846393  
11    Tax Expense      1187255        990308  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)      2244562        1856085  
13    Extraordinary items (net of tax expense)      —          —    
14    Net Profit / (Loss) for the year (12)-(13)      2244562        1856085  
15    Minority Interest      11318        5134  
16    Share in profits of associates      —          52  
17    Consolidated Profit / (Loss) for the year (14)-(15)+(16)      2233244        1851003  
18    Paid up equity share capital (Face Value of 2/- each)      54466        51902  
19    Reserves excluding revaluation reserves      15312800        10908011  
20    Analytical Ratios      
   (i) Percentage of shares held by Government of India      Nil        Nil  
   (ii) Earnings per share ( ) (Face Value of 2/- each)      
   (a) Basic EPS before & after extraordinary items (net of tax expense)      83.3        71.7  
   (b) Diluted EPS before & after extraordinary items (net of tax expense)      82.5        70.8  


LOGO

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

 

       (  in lacs)  

Particulars

   Year ended
31-03-2019
     Year ended
31-03-2018
 
   Audited      Audited  
1  

Segment Revenue

     
a)  

Treasury

     2357648        1984137  
b)  

Retail Banking

     8922234        7384305  
c)  

Wholesale Banking

     5456354        4150413  
d)  

Other banking operations

     2280931        1814193  
e)  

Unallocated

     5278        —    
 

Total

     19022445        15333048  
 

Less: Inter Segment Revenue

     6611665        5198603  
    

 

 

    

 

 

 
 

Income from Operations

     12410780        10134445  
    

 

 

    

 

 

 
2  

Segment Results

     
a)  

Treasury

     130576        154000  
b)  

Retail Banking

     1179627        997172  
c)  

Wholesale Banking

     1422412        1172051  
d)  

Other banking operations

     891006        725451  
e)  

Unallocated

     (191804      (202281
    

 

 

    

 

 

 
 

Total Profit Before Tax, Minority Interest & Earnings from Associates

     3431817        2846393  
    

 

 

    

 

 

 
3  

Segment Assets

     
a)  

Treasury

     34876621        35089438  
b)  

Retail Banking

     42879092        37190659  
c)  

Wholesale Banking

     40874972        29704057  
d)  

Other banking operations

     9911971        7684735  
e)  

Unallocated

     737915        649728  
    

 

 

    

 

 

 
 

Total

     129280571        110318617  
    

 

 

    

 

 

 
4  

Segment Liabilities

     
a)  

Treasury

     6143885        5534970  
b)  

Retail Banking

     73229496        59878546  
c)  

Wholesale Banking

     27188713        27028720  
d)  

Other banking operations

     4865392        3967293  
e)  

Unallocated

     2435640        2913542  
    

 

 

    

 

 

 
 

Total

     113863126        99323071  
    

 

 

    

 

 

 
5  

Capital Employed

     
 

(Segment Assets - Segment Liabilities)

     
a)  

Treasury

     28732736        29554468  
b)  

Retail Banking

     (30350404      (22687887
c)  

Wholesale Banking

     13686259        2675337  
d)  

Other banking operations

     5046578        3717442  
e)  

Unallocated

     (1697724      (2263814
    

 

 

    

 

 

 
 

Total

     15417445        10995546  
    

 

 

    

 

 

 

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

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

 

            ( in lacs)  

Particulars

   As at
31-03-2019
     As at
31-03-2018
 

CAPITAL AND LIABILITIES

   Audited      Audited  

Capital

     54466        51902  

Reserves and Surplus

     15312800        10908011  

Minority Interest

     50179        35633  

Deposits

     92250268        78837514  

Borrowings

     15773278        15644208  

Other Liabilities and Provisions

     5839580        4841349  
  

 

 

    

 

 

 

Total

     129280571        110318617  
  

 

 

    

 

 

 

ASSETS

     

Cash and balances with Reserve Bank of India

     4680459        10468821  

Balances with Banks and Money at Call and Short notice

     3501305        1837335  

Investments

     28691768        23846092  

Advances

     86922266        70003384  

Fixed Assets

     421984        381056  

Other Assets

     5062789        3781929  
  

 

 

    

 

 

 

Total

     129280571        110318617  
  

 

 

    

 

 

 

 

2

The above results represent the consolidated financial results for HDFC Bank Limited and its subsidiaries constituting the ‘Group’. The corresponding consolidated financial results of the previous year also include the Group’s share of profits in an associate. These results have been approved by the Board of Directors of the Bank at its meeting held on April 20, 2019. The results for the year ended March 31, 2019 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 consolidated financial statements. The financial results for the year ended March 31, 2018 were audited by another firm of chartered accountants.

3

The financial statements of the subsidiaries have been prepared in accordance with notified Indian Accounting Standards (‘Ind-AS’) with effect from April 1, 2018. The financial statements of the subsidiaries used for consolidation of the consolidated financial results are special purpose financial statements prepared in accordance with Generally Accepted Accounting Principles in India (‘GAAP’) specified under Section 133 of the Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, 2016.

4

The above results are prepared in accordance with the principles set out in Accounting Standard 21 - Consolidated Financial Statements and Accounting Standard 23 - Accounting for Investments in Associates in Consolidated Financial Statements as prescribed by The Institute of Chartered Accountants of India.

5

The Group has consistently applied its significant accounting policies in the preparation of its annual financial statements during the years ended March 31, 2019 and March 31, 2018.

6

The Board of Directors at their meeting proposed a dividend of 15 per share (previous year : 13 per share), subject to approval of the members at the ensuing Annual General Meeting. Effect of the proposed dividend has been reckoned in determining capital funds in the computation of capital adequacy ratios as at March 31, 2019 and March 31, 2018.

7

In accordance with 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 Pillar 3 disclosures have not been subjected to audit or review by the statutory auditors.

8

Figures of the previous year have been regrouped / reclassified wherever necessary to conform to current year classification.

9

10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai    Aditya Puri
Date : April 20, 2019    Managing Director


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   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 YEAR ENDED MARCH 31, 2019

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and full year ended March 31, 2019, at their meeting held in Mumbai on Saturday, April 20, 2019. 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, 2019

The Bank’s total income for the quarter ended March 31, 2019 at 31,204.5 crore grew by 22.1% from 25,549.7 crore for the quarter ended March 31, 2018. Net revenues (net interest income plus other income) increased by 20.7% to 17,960.7 crore for the quarter ended March 31, 2019 from 14,886.3 crore in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended March 31, 2019 grew by 22.8% to 13,089.5 crore, from 10,657.7 crore for the quarter ended March 31, 2018, driven by average asset growth of 19.8% and a core net interest margin for the quarter of 4.4%.

Other income (non-interest revenue) at 4,871.2 crore was 27.1% of the net revenues for the quarter ended March 31, 2019 and grew by 15.2% over 4,228.6 crore in the corresponding quarter ended March 31, 2018. The four components of other income for the quarter ended March 31, 2019 were fees & commissions of 3,692.1 crore ( 3,329.7 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of 403.3 crore ( 416.4 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of 228.9 crore (loss of 22.0 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of 546.9 crore ( 504.5 crore for the corresponding quarter of the previous year).


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Operating expenses for the quarter ended March 31, 2019 were 7,117.1 crore, an increase of 17.6% over 6,050.6 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 40.1% as against 40.6% for the corresponding quarter ended March 31, 2018.

Provisions and contingencies for the quarter ended March 31, 2019 were 1,889.2 crore (consisting of specific loan loss provisions 1,431.2 crore, general provisions 191.2 crore and other provisions 266.9 crore) as against 1,541.1 crore (consisting of specific loan loss provisions 1,132.5 crore, general provisions 153.4 crore and other provisions 255.3 crore) for the quarter ended March 31, 2018. Profit before tax (PBT) for the quarter ended March 31, 2019 was up 22.8% to 8,954.4 crore.

After providing 3,069.3 crore for taxation, the Bank earned a net profit of 5,885.1 crore, an increase of 22.6% over the quarter ended March 31, 2018.

Profit & Loss Account: Year ended March 31, 2019

For the year ended March 31, 2019, the Bank earned a total income of 116,597.9 crore. Net revenues (net interest income plus other income) for the year ended March 31, 2019 were 65,869.1 crore, up by 19.1% over 55,315.2 crore for the year ended March 31, 2018. The core net interest margin for the year ended March 31, 2019 was 4.3%. The core cost to income ratio for the year ended March 31, 2019 was at 39.9%, as against 41.7% for the year ended March 31, 2018.

The Bank’s net profit for the year ended March 31, 2019 was 21,078.1 crore, up 20.5% over the year ended March 31, 2018.


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HDFC Bank House,

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Lower Parel,

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Balance Sheet: As of March 31, 2019

Total balance sheet size as of March 31, 2019 was 1,244,541 crore as against 1,063,934 crore as of March 31, 2018.

Total deposits as of March 31, 2019 were 923,141 crore, an increase of 17.0% over March 31, 2018. CASA deposits grew by 14.0% with savings account deposits at 248,700 crore and current account deposits at 142,498 crore. Time deposits were at 531,943 crore, an increase of 19.4% over the previous year, resulting in CASA deposits comprising 42.4% of total deposits as of March 31, 2019. The Bank’s continuing focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 118%, well above the regulatory requirement.

Total advances as of March 31, 2019 were 819,401 crore, an increase of 24.5% over March 31, 2018. Domestic advances grew by 24.6% over March 31, 2018. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 19.0% and domestic wholesale loans grew by 31.9%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 54:46. Overseas advances constituted 3% of total advances.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 17.1% as on March 31, 2019 (14.8% as on March 31, 2018) 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 March 31, 2019 compared to 13.2% as of March 31, 2018. Common Equity Tier 1 Capital ratio was at 14.9% as of March 31, 2019. Risk-weighted Assets were at 931,930 crore (as against 800,126 crore as at March 31, 2018).

DIVIDEND

The Board of Directors recommended a dividend of 15 per equity share of 2 for the year ended March 31, 2019, as against 13 per equity share of 2 for the previous year. This would be subject to approval by the shareholders at the next annual general meeting.


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NETWORK

As of March 31, 2019, the Bank’s distribution network was at 5,103 banking outlets and 13,160 ATMs across 2,748 cities / towns as against 4,787 banking outlets and 12,635 ATMs across 2,691 cities / towns as of March 31, 2018. Of the total banking outlets, 53% are in semi-urban and rural areas. Number of employees were at 98,061 as of March 31, 2019 (as against 88,253 as of March 31, 2018).

ASSET QUALITY

Gross non-performing assets were at 1.36% of gross advances as on March 31, 2019, as against 1.38% as on December 31, 2018 and 1.30% as on March 31, 2018. Coverage ratio as on March 31, 2019 was 71%. Net non-performing assets were at 0.4% of net advances as on March 31, 2019. The Bank held floating provisions of 1,451 crore as on March 31, 2019. Total provisions (comprising specific provisions, general provisions and floating provisions) were 117% of the gross non-performing loans as on March 31, 2019.

SUBSIDIARIES

The financial results of the Bank’s subsidiary companies have been prepared in accordance with notified Indian Accounting Standards (‘Ind-AS’) with effect from April 1, 2018 (April 1, 2017 being the transition date). Accordingly, the financial results for the comparative reporting period have also been prepared in accordance therewith.

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

For the year ended March 31, 2019, HSL’s total income was 782.1 crore as against 800.1 crore for the year ended March 31, 2018. Profit after tax before other comprehensive income for the year was 329.8 crore, as against 344.7 crore in the previous year.

As on March 31, 2019 HSL had 278 branches across 165 cities / towns in the country.

HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-bank finance company (‘NBFC’) offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on March 31, 2019, the Bank held 95.5% stake in HDBFSL.


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As on March 31, 2019, HDBFSL’s balance sheet size was at 56,540 crore. The gross loan book grew by 23.6% to 54,709 crore as on March 31, 2019 (as against 44,268 crore as of March 31, 2018).

For the year ended March 31, 2019, HDBFSL’s net interest income grew by 17.2% to 3,378.8 crore (as against 2,882.2 crore in the previous year). Profit after tax before other comprehensive income for the year ended March 31, 2019 was 1,153.2 crore compared to 933.0 crore in the previous year, a growth of 23.6%.

As on March 31, 2019, HDBFSL had 1,350 branches across 981 cities / towns.

Gross impaired loans were at 1.8% of gross loans and net impaired loans were at 1.3% of net loans as on March 31, 2019. Total CAR was at 17.9% with Tier-I CAR at 12.8%.

CONSOLIDATED FINANCIAL RESULTS

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

The consolidated net profit for the year ended March 31, 2019 was 22,332.4 crore, up 20.7%, over the year ended March 31, 2018. Consolidated advances grew by 24.2% from 700,034 crore as on March 31, 2018 to 869,223 crore as on March 31, 2019.


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HDFC Bank Ltd.

HDFC Bank House,

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Lower Parel,

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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.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

 

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