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 July, 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: 23 rd July, 2019

    By  

/ s / Augustine Quadros

      Name: Augustine Quadros
      Title: Senior Executive Vice President - Legal & Secretarial


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 22 nd July, 2019 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about Financial Result of the Bank for quarter ended 30 th June, 2019.


Exhibit I

July 22, 2019

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sirs,

Re: Unaudited Financial Results of the Bank for the quarter ended June 30, 2019

We enclose herewith the Unaudited Standalone and Consolidated Financial Results of the Bank for the first quarter ended June 30, 2019, 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 on July 20, 2019.

Kindly take the same on your records.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Augustine Quadros

Senior Executive Vice President- Legal & Secretarial

Encl: As above


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

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

 

                          

( in lacs)

 

 
         Quarter ended     Year ended
31.03.2019
 
         30.06.2019     31.03.2019     30.06.2018  

Particulars

  Unaudited     Audited
(Refer note 4)
    Unaudited     Audited  
1    Interest Earned (a)+(b)+(c)+(d)     2739159       2633325       2254898       9897205  
   a) Interest / discount on advances / bills     2180469       2101949       1739073       7754419  
   b) Income on Investments     524779       504692       458929       1999746  
  

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

    17520       11150       33238       63570  
   d) Others     16391       15534       23658       79470  
2    Other Income     497025       487121       381806       1762587  
3    Total Income (1)+(2)     3236184       3120446       2636704       11659792  
4    Interest Expended     1409734       1324376       1173541       5072883  
5    Operating Expenses (i)+(ii)     711726       711710       598388       2611937  
   i) Employees cost     221738       207440       181051       776176  
   ii) Other operating expenses     489988       504270       417337       1835761  
6    Total Expenditure (4)+(5) (excluding Provisions and Contingencies)     2121460       2036086       1771929       7684820  
7    Operating Profit before Provisions and Contingencies (3)-(6)     1114724       1084360       864775       3974972  
8    Provisions (other than tax) and Contingencies     261366       188922       162937       755008  
9    Exceptional Items     —         —         —         —    
10    Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)     853358       895438       701838       3219964  
11    Tax Expense     296542       306926       241694       1112150  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)     556816       588512       460144       2107814  
13    Extraordinary items (net of tax expense)     —         —         —         —    
14    Net Profit / (Loss) for the period (12)-(13)     556816       588512       460144       2107814  
15    Paid up equity share capital (Face Value of 2/- each)     54656       54466       52083       54466  
16    Reserves excluding revaluation reserves           14866166  
17    Analytical Ratios        
   (i) Percentage of shares held by Government of India     Nil       Nil       Nil       Nil  
   (ii) Capital Adequacy Ratio     16.9     17.1     14.6     17.1
   (iii) Earnings per share (EPS) ( ) (Face Value of 2/- each)        
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized     20.4       21.6       17.7       78.6  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized     20.2       21.4       17.5       77.9  
   (iv) NPA Ratios        
   (a) Gross NPAs     1176895       1122416       953862       1122416  
   (b) Net NPAs     356718       321452       290710       321452  
   (c) % of Gross NPAs to Gross Advances     1.40     1.36     1.33     1.36
   (d) % of Net NPAs to Net Advances     0.43     0.39     0.41     0.39
   (v) Return on assets (average) - not annualized     0.46     0.51     0.44     1.90


LOGO

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

 

                          

( in lacs)

 

 

Particulars

   Quarter ended     Year ended
31.03.2019
 
   30.06.2019     31.03.2019     30.06.2018  
   Unaudited     Audited
(Refer note 4)
    Unaudited     Audited  

1

 

Segment Revenue

        

a)

 

Treasury

     629192       590094       528532       2357648  

b)

 

Retail Banking

     2492929       2401535       2040059       8922234  

c)

 

Wholesale Banking

     1505961       1457003       1237905       5456354  

d)

 

Other Banking Operations

     442965       424596       327863       1529943  

e)

 

Unallocated

     66       —         —         5278  
 

Total

     5071113       4873228       4134359       18271457  
 

Less: Inter Segment Revenue

     1834929       1752782       1497655       6611665  
    

 

 

   

 

 

   

 

 

   

 

 

 
 

Income from Operations

     3236184       3120446       2636704       11659792  
    

 

 

   

 

 

   

 

 

   

 

 

 

2

 

Segment Results

        

a)

 

Treasury

     78153       59218       5045       130576  

b)

 

Retail Banking

     306714       317451       314468       1179627  

c)

 

Wholesale Banking

     332143       372483       315585       1422412  

d)

 

Other Banking Operations

     179647       191256       117238       679153  

e)

 

Unallocated

     (43299     (44970     (50498     (191804
    

 

 

   

 

 

   

 

 

   

 

 

 
 

Total Profit Before Tax

     853358       895438       701838       3219964  
    

 

 

   

 

 

   

 

 

   

 

 

 

3

 

Segment Assets

        

a)

 

Treasury

     35599098       34876621       30170308       34876621  

b)

 

Retail Banking

     44127240       42879092       38606584       42879092  

c)

 

Wholesale Banking

     40735586       40874972       34681446       40874972  

d)

 

Other Banking Operations

     5405812       5085471       3994672       5085471  

e)

 

Unallocated

     657549       737915       587899       737915  
    

 

 

   

 

 

   

 

 

   

 

 

 
 

Total

     126525285       124454071       108040909       124454071  
    

 

 

   

 

 

   

 

 

   

 

 

 

4

 

Segment Liabilities

        

a)

 

Treasury

     4383589       6143885       5869806       6143885  

b)

 

Retail Banking

     76191655       73229496       62955796       73229496  

c)

 

Wholesale Banking

     27439197       27188713       25546051       27188713  

d)

 

Other Banking Operations

     542429       535706       429847       535706  

e)

 

Unallocated

     2404606       2435639       2472402       2435639  
    

 

 

   

 

 

   

 

 

   

 

 

 
 

Total

     110961476       109533439       97273902       109533439  
    

 

 

   

 

 

   

 

 

   

 

 

 

5

 

Capital Employed

        
 

(Segment Assets-Segment Liabilities)

        

a)

 

Treasury

     31215509       28732736       24300502       28732736  

b)

 

Retail Banking

     (32064415     (30350404     (24349212     (30350404

c)

 

Wholesale Banking

     13296389       13686259       9135395       13686259  

d)

 

Other Banking Operations

     4863383       4549765       3564825       4549765  

e)

 

Unallocated

     (1747057     (1697724     (1884503     (1697724
    

 

 

   

 

 

   

 

 

   

 

 

 
 

Total

     15563809       14920632       10767007       14920632  
    

 

 

   

 

 

   

 

 

   

 

 

 

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


LOGO

 

Notes :

1

Statement of Assets and Liabilities as at June 30, 2019 is given below:

 

                  

( in lacs)

 

 

Particulars

   As at
30.06.2019
     As at
30.06.2018
     As at
31.03.2019
 

CAPITAL AND LIABILITIES

   Unaudited      Unaudited      Audited  

Capital

     54656        52083        54466  

Reserves and Surplus

     15509153        10714924        14866166  

Deposits

     95455371        80578532        92314093  

Borrowings

     10089412        12102431        11708513  

Other Liabilities and Provisions

     5416693        4592939        5510833  
  

 

 

    

 

 

    

 

 

 

Total

     126525285        108040909        124454071  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and Balances with Reserve Bank of India

     5771133        3958878        4676362  

Balances with Banks and Money at Call and Short notice

     2645660        1190508        3458401  

Investments

     29850324        27567865        29058788  

Advances

     82972981        70864869        81940122  

Fixed Assets

     402627        357615        403001  

Other Assets

     4882560        4101174        4917397  
  

 

 

    

 

 

    

 

 

 

Total

     126525285        108040909        124454071  
  

 

 

    

 

 

    

 

 

 

 

2

The above financial results have been approved by the Board of Directors at its meeting held on July 20, 2019. The financial results for the quarter ended June 30, 2019 have been subjected to a “Limited Review” by the statutory auditors of the Bank. The report thereon is unmodified. The financial results for the quarter ended June 30, 2018 and the year ended March 31, 2019 were subjected to limited review and audit respectively by another firm of chartered accountants.

3

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

4

The figures for the quarter ended March 31, 2019 are the balancing figures between audited figures in respect of the financial year 2018-19 and the published year to date figures upto December 31, 2018.

5

The shareholders of the Bank, at its Annual General Meeting held on July 12, 2019 have approved the sub-division (split) of one equity share of the Bank from nominal value of 2/- each into 2 equity shares of nominal value of 1/- each. The record date for the sub-division is September 20, 2019.

6

The shareholders of the Bank, at its Annual General Meeting held on July 12, 2019 have approved a dividend of 15 per share (previous year : 13 per share) for the year ended March 31, 2019. The Board of Directors at its meeting held on July 20, 2019 has declared a special interim dividend of 5 per share to commemorate 25 years of the Bank’s operations. Effect of the said dividends has been reckoned in determining capital funds in the computation of the capital adequacy ratio.

7

During the quarter ended June 30, 2019, the Bank allotted 95,05,661 shares pursuant to the exercise of options under the approved employee stock option schemes.

8

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

9

Other operating expenses include commission paid to sales agents of 719.83 crore (previous period: 737.22 crore) for the quarter ended June 30, 2019.

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 : July 20, 2019     Managing Director


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

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2019

 

          ( in lacs)  
          Quarter ended      Year ended
31.03.2019
 
          30.06.2019      31.03.2019      30.06.2018  

Particulars

   Unaudited      Audited
(Refer note 5)
     Unaudited      Audited  
1    Interest Earned (a)+(b)+(c)+(d)      2917645        2804505        2397867        10516075  
   a) Interest / discount on advances / bills      2356050        2272760        1881008        8373616  
   b) Income on Investments      525042        502759        458945        1992475  
   c) Interest on balances with Reserve Bank of India and other inter bank funds      18319        11928        33490        66062  
   d) Others      18234        17058        24424        83922  
2    Other Income      514800        521543        402139        1894705  
3    Total Income (1)+(2)      3432445        3326048        2800006        12410780  
4    Interest Expended      1497715        1406156        1241337        5371269  
5    Operating Expenses (i)+(ii)      759813        755210        633806        2769476  
   i) Employees cost      301745        272818        246813        1045115  
   ii) Other operating expenses      458068        482392        386993        1724361  
6    Total Expenditure (4)+(5) (excluding Provisions & Contingencies)      2257528        2161366        1875143        8140745  
7    Operating Profit before Provisions and Contingencies (3)-(6)      1174917        1164682        924863        4270035  
8    Provisions (Other than tax) and Contingencies      291434        206352        182870        838218  
9    Exceptional Items      —          —          —          —    
10    Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)      883483        958330        741993        3431817  
11    Tax Expense      314403        327278        259980        1187255  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)      569080        631052        482013        2244562  
13    Extraordinary items (net of tax expense)      —          —          —          —    
14    Net Profit / (Loss) for the period (12)-(13)      569080        631052        482013        2244562  
15    Less: Share of Profit / (Loss) of minority shareholders      1474        971        1178        11318  
16    Consolidated Net Profit / (Loss) for the period (14)-(15)      567606        630081        480835        2233244  
17    Paid up equity share capital (Face Value of 2/- each)      54656        54466        52083        54466  
18    Reserves excluding revaluation reserves               15312800  
19    Analytical Ratios            
   (i) Percentage of shares held by Government of India      Nil        Nil        Nil        Nil  
   (ii) Earnings per share (EPS) ( ) (Face Value of 2/- each)            
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized      20.8        23.2        18.5        83.3  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized      20.6        22.9        18.3        82.5  


LOGO

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

 

                            ( in lacs)  
          Quarter ended     Year ended
31.03.2019
 
          30.06.2019     31.03.2019     30.06.2018  

Particulars

   Unaudited     Audited
(Refer note 5)
    Unaudited     Audited  
1    Segment Revenue         
a)    Treasury      629192       590094       528532       2357648  
b)    Retail Banking      2492929       2401535       2040059       8922234  
c)    Wholesale Banking      1505961       1457003       1237905       5456354  
d)    Other banking operations      639226       630197       491165       2280931  
e)    Unallocated      66       —         —         5278  
   Total      5267374       5078829       4297661       19022445  
   Less: Inter Segment Revenue      1834929       1752781       1497655       6611665  
     

 

 

   

 

 

   

 

 

   

 

 

 
   Income from Operations      3432445       3326048       2800006       12410780  
     

 

 

   

 

 

   

 

 

   

 

 

 
2    Segment Results         
a)    Treasury      78153       59218       5045       130576  
b)    Retail Banking      306714       317451       314468       1179627  
c)    Wholesale Banking      332143       372483       315585       1422412  
d)    Other banking operations      209772       254148       157393       891006  
e)    Unallocated      (43299     (44970     (50498     (191804
     

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax and Minority Interest      883483       958330       741993       3431817  
     

 

 

   

 

 

   

 

 

   

 

 

 
3    Segment Assets         
a)    Treasury      35599098       34876621       30170308       34876621  
b)    Retail Banking      44127240       42879092       38606584       42879092  
c)    Wholesale Banking      40735586       40874972       34681446       40874972  
d)    Other banking operations      10385483       9911971       7994582       9911971  
e)    Unallocated      657548       737915       587899       737915  
     

 

 

   

 

 

   

 

 

   

 

 

 
   Total      131504955       129280571       112040819       129280571  
     

 

 

   

 

 

   

 

 

   

 

 

 
4    Segment Liabilities         
a)    Treasury      4383589       6143885       5869806       6143885  
b)    Retail Banking      76191655       73229496       62955796       73229496  
c)    Wholesale Banking      27439197       27188713       25546051       27188713  
d)    Other banking operations      5018454       4865392       4050476       4865392  
e)    Unallocated      2404605       2435640       2472402       2435640  
     

 

 

   

 

 

   

 

 

   

 

 

 
   Total      115437500       113863126       100894531       113863126  
     

 

 

   

 

 

   

 

 

   

 

 

 
5    Capital Employed         
   (Segment Assets - Segment Liabilities)         
a)    Treasury      31215509       28732736       24300502       28732736  
b)    Retail Banking      (32064415     (30350404     (24349212     (30350404
c)    Wholesale Banking      13296389       13686259       9135395       13686259  
d)    Other banking operations      5367029       5046578       3944106       5046578  
e)    Unallocated      (1747057     (1697724     (1884503     (1697724
     

 

 

   

 

 

   

 

 

   

 

 

 
   Total      16067455       15417445       11146288       15417445  
     

 

 

   

 

 

   

 

 

   

 

 

 

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


LOGO

 

Notes:

1

Consolidated Statement of Assets and Liabilities as at June 30, 2019 is given below:

 

                   ( in lacs)  

Particulars

   As at
30.06.2019
     As at
30.06.2018
     As at
31.03.2019
 

CAPITAL AND LIABILITIES

   Unaudited      Unaudited      Audited  

Capital

     54656        52083        54466  

Reserves and Surplus

     15961900        11058587        15312800  

Minority Interest

     50899        35618        50179  

Deposits

     95377430        80535395        92250268  

Borrowings

     14367983        15531734        15773278  

Other Liabilities and Provisions

     5692087        4827402        5839580  
  

 

 

    

 

 

    

 

 

 

Total

     131504955        112040819        129280571  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and balances with Reserve Bank of India

     5775699        3961258        4680459  

Balances with Banks and Money at Call and Short notice

     2751460        1237596        3501305  

Investments

     29462525        27152152        28691768  

Advances

     88093871        75138575        86922266  

Fixed Assets

     421257        377431        421984  

Other Assets

     5000143        4173807        5062789  
  

 

 

    

 

 

    

 

 

 

Total

     131504955        112040819        129280571  
  

 

 

    

 

 

    

 

 

 

 

2

The above financial results represent the consolidated financial results for HDFC Bank Limited and its subsidiaries constituting the ‘Group’. These financial results have been approved by the Board of Directors of the Bank at its meeting held on July 20, 2019. The financial results for the quarter ended June 30, 2019 have been subjected to a “Limited Review” by the statutory auditors of the Bank. The report thereon is unmodified. The financial results for the year ended March 31, 2019 were audited by another firm of chartered accountants.

3

The above financial results are prepared in accordance with Section 133 of Companies Act, 2013 read with relevant rules issued thereunder and Regulation 33 of Securities and Exchange Board of India (SEBI) (Listing Obligation and Disclosure Requirements, 2015).

4

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

5

The figures for the quarter ended March 31, 2019 are the balancing figures between audited figures in respect of the financial year 2018-19 and the unaudited year to date figures upto December 31, 2018. The financial results for the quarter ended June 30, 2018 are not reviewed / audited by the statutory auditors.

6

In accordance with 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.

7

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

8

10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai

Date : July 20, 2019

   

Aditya Puri

Managing Director


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER ENDED JUNE 30, 2019

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2019, at their meeting held in Mumbai on Saturday, July 20, 2019. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended June 30, 2019

The Bank’s total income for the quarter ended June 30, 2019 at 32,361.8 crore grew by 22.7% from 26,367.0 crore for the quarter ended June 30, 2018. Net revenues (net interest income plus other income) increased by 24.8% to 18,264.5 crore for the quarter ended June 30, 2019 from 14,631.6 crore in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended June 30, 2019 grew by 22.9% to 13,294.3 crore, from 10,813.6 crore for the quarter ended June 30, 2018, driven by asset growth and a core net interest margin for the quarter of 4.3%.

Other income (non-interest revenue) at 4,970.3 crore was 27.2% of the net revenues for the quarter ended June 30, 2019 and grew by 30.2% over 3,818.1 crore in the corresponding quarter ended June 30, 2018. The four components of other income for the quarter ended June 30, 2019 were fees & commissions of 3,551.6 crore ( 3,171.0 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of 576.7 crore ( 499.6 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of 212.0 crore (loss of 283.2 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of 630.0 crore ( 430.7 crore for the corresponding quarter of the previous year).

Operating expenses for the quarter ended June 30, 2019 were 7,117.3 crore, an increase of 18.9% over 5,983.9 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 39.4% as against 40.1% for the corresponding quarter ended June 30, 2018.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

 

Provisions and contingencies for the quarter ended June 30, 2019 were 2,613.7 crore as against 1,629.4 crore for the quarter ended June 30, 2018. The key components therein for the quarter ended June 30, 2019 were specific loan loss and contingent provisions of 2,413.5 crore (as against 1,432.2 crore for the corresponding quarter of the previous year) and general provisions 200.2 crore (as against 183.2 crore for the corresponding quarter of the previous year). General provisions include additional provisions of 85.9 crore for standard advances to the NBFC / HFC sector. Profit before tax (PBT) for the quarter ended June 30, 2019 was up 21.6% to 8,533.6 crore. After providing 2,965.4 crore for taxation, the Bank earned a net profit of 5,568.2 crore, an increase of 21.0% over the quarter ended June 30, 2018.

Balance Sheet: As of June 30, 2019

Total balance sheet size as of June 30, 2019 was 1,265,253 crore as against 1,080,409 crore as of June 30, 2018.

Total deposits as of June 30, 2019 were 954,554 crore, an increase of 18.5% over June 30, 2018. CASA deposits grew by 12.8% with savings account deposits at 253,338 crore and current account deposits at 125,663 crore. Time deposits were at 575,553 crore, an increase of 22.5% over the previous year, resulting in CASA deposits comprising 39.7% of total deposits as of June 30, 2019. The Bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 126%, well above the regulatory requirement.

Total advances as of June 30, 2019 were 829,730 crore, an increase of 17.1% over June 30, 2018. Advances to the vehicle loan segment, where sales volumes have seen some moderation, grew at 8.3% over the previous year. Domestic advances grew by 17.9% over June 30, 2018. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 16.5% and domestic wholesale loans grew by 19.6%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 54:46. Overseas advances constituted 3% of total advances.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

 

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 16.9% as on June 30, 2019 (14.6% as on June 30, 2018) as against a regulatory requirement of 11.075% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.20% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 15.6% as of June 30, 2019 compared to 13.1% as of June 30, 2018. Common Equity Tier 1 Capital ratio was at 14.8% as of June 30, 2019. Risk-weighted Assets were at 965,635 crore (as against 844,894 crore as at June 30, 2018).

DIVIDEND

The Board of Directors has declared a special interim dividend of 5 per equity share of 2 to commemorate 25 years of the Bank’s operations.

NETWORK

As of June 30, 2019, the Bank’s distribution network was at 5,130 banking outlets and 13,395 ATMs across 2,764 cities / towns as against 4,804 banking outlets and 12,808 ATMs across 2,700 cities / towns as of June 30, 2018. Of the total banking outlets, 53% are in semi-urban and rural areas. Number of employees were at 104,154 as of June 30, 2019 (as against 89,550 as of June 30, 2018).

ASSET QUALITY

Gross non-performing assets were at 1.40% of gross advances as on June 30, 2019 (1.17% excluding NPAs in the agricultural segment) as against 1.33% as on June 30, 2018 (1.09% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.4% of net advances as on June 30, 2019. The Bank held floating provisions of 1,451 crore as on June 30, 2019. Total provisions (comprising specific provisions, general provisions and floating provisions) were 115% of the gross non-performing loans as on June 30, 2019.

SUBSIDIARIES

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

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on June 30, 2019, the Bank held 97.3% stake in HSL.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

 

For the quarter ended June 30, 2019, HSL’s total income was 189.3 crore as against 193.5 crore for the quarter ended June 30, 2018. Profit after tax before other comprehensive income for the quarter was 66.5 crore, as against 72.6 crore in the previous quarter.

As on June 30, 2019 HSL had 269 branches across 161 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 June 30, 2019, the Bank held 95.5% stake in HDBFSL.

As on June 30, 2019, HDBFSL’s balance sheet size was at 58,833 crore. The gross loan book grew by 22.7% to 56,287 crore as on June 30, 2019 (as against 45,889 crore as of June 30, 2018).

For the quarter ended June 30, 2019, HDBFSL’s net interest income grew by 12.9% to 962.7 crore (as against 852.4 crore in the previous quarter). Profit after tax before other comprehensive income for the quarter ended June 30, 2019 was 221.9 crore compared to 228.0 crore in the previous quarter.

As on June 30, 2019, HDBFSL had 1,381 branches across 996 cities / towns.

Gross impaired loans were at 2.3% of gross loans and net impaired loans were at 1.7% of net loans as on June 30, 2019. Total CAR was at 18.1% with Tier-I CAR at 12.5%.

CONSOLIDATED FINANCIAL RESULTS

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

The consolidated net profit for the quarter ended June 30, 2019 was 5,676 crore, up 18.0%, over the quarter ended June 30, 2018. Consolidated advances grew by 17.2% from 751,386 crore as on June 30, 2018 to 880,939 crore as on June 30, 2019.

Note:

= Indian Rupees

1 crore = 10 million


LOGO    NEWS RELEASE     

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

 

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.

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

For media queries please contact:

Neeraj Jha

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

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

Fax: 91 - 22 - 2490 3168

Mobile: +91 93236 20828

neeraj.jha@hdfcbank.com

For investor queries please contact:

Ajit Shetty

HDFC Bank Ltd., Mumbai.

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

Mobile: +91 74983 51730

ajit.shetty@hdfcbank.com