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 October, 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: October 23, 2019

    By  

/s/ Santosh Haldankar

    Name:   Santosh Haldankar
    Title:   Senior 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 October 22, 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 the second quarter and half year ended September 30, 2019.


Exhibit I

October 22, 2019

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sirs,

Re: Audited Financial Results of the Bank for the quarter and half year ended September 30, 2019

We enclose herewith the Audited Standalone and Consolidated Financial Results of the Bank for the second quarter and half year ended September 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 October 19, 2019.

Kindly take the same on your records.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Senior Vice President- Legal & Company Secretary

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

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2019

 

                                      

( in lacs)

 

 
         Quarter ended     Half year ended     Year ended
31.03.2019
 
         30.09.2019     30.06.2019     30.09.2018     30.09.2019     30.09.2018  
    

Particulars

  Audited
(Refer note 5)
    Unaudited     Unaudited     Audited     Audited     Audited  
1    Interest Earned (a)+(b)+(c)+(d)     2816628       2739159       2419956       5555787       4674854       9897205  
   a) Interest / discount on advances / bills     2251398       2180469       1882768       4431867       3621841       7754419  
   b) Income on Investments     509169       524779       504224       1033948       963153       1999746  
   c) Interest on balances with Reserve Bank of India and other inter bank funds     41642       17520       9358       59162       42596       63570  
   d) Others     14419       16391       23606       30810       47264       79470  
2    Other Income     558872       497025       401559       1055897       783365       1762587  
3    Total Income (1)+(2)     3375500       3236184       2821515       6611684       5458219       11659792  
4    Interest Expended     1465124       1409734       1243615       2874858       2417156       5072883  
5    Operating Expenses (i)+(ii)     740568       711726       629905       1452294       1228293       2611937  
   i) Employees cost     235507       221738       190921       457245       371972       776176  
   ii) Other operating expenses     505061       489988       438984       995049       856321       1835761  
6    Total Expenditure (4)+(5) (excluding Provisions and Contingencies)     2205692       2121460       1873520       4327152       3645449       7684820  
7    Operating Profit before Provisions and Contingencies (3)-(6)     1169808       1114724       947995       2284532       1812770       3974972  
8    Provisions (other than tax) and Contingencies     270068       261366       181996       531434       344933       755008  
9    Exceptional Items     —         —         —         —         —         —    
10    Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)     899740       853358       765999       1753098       1467837       3219964  
11    Tax Expense     265241       296542       265426       561783       507120       1112150  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)     634499       556816       500573       1191315       960717       2107814  
13    Extraordinary items (net of tax expense)     —         —         —         —         —         —    
14    Net Profit / (Loss) for the period (12)-(13)     634499       556816       500573       1191315       960717       2107814  
15    Paid up equity share capital (Face Value of 1/- each)     54708       54656       54344       54708       54344       54466  
16    Reserves excluding revaluation reserves               14866166  
17    Analytical Ratios            
   (i) Percentage of shares held by Government of India     Nil       Nil       Nil       Nil       Nil       Nil  
   (ii) Capital Adequacy Ratio     17.5     16.9     17.1     17.5     17.1     17.1
   (iii) Earnings per share (EPS) () (Face Value of 1/- each)            
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized     11.6       10.2       9.4       21.8       18.2       39.3  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized     11.5       10.1       9.3       21.6       18.0       39.0  
   (iv) NPA Ratios            
   (a) Gross NPAs     1250815       1176895       1009773       1250815       1009773       1122416  
   (b) Net NPAs     379095       356718       302824       379095       302824       321452  
   (c) % of Gross NPAs to Gross Advances     1.38     1.40     1.33     1.38     1.33     1.36
   (d) % of Net NPAs to Net Advances     0.42     0.43     0.40     0.42     0.40     0.39
   (v) Return on assets (average) - not annualized     0.50     0.46     0.46     0.96     0.90     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)

 

 
     Quarter ended     Half year ended     Year ended
31.03.2019
 
          30.09.2019     30.06.2019     30.09.2018     30.09.2019     30.09.2018  

Particulars

   Audited
(Refer note 5)
    Unaudited     Unaudited     Audited     Audited     Audited  
1    Segment Revenue             
a)    Treasury      627540       629192       570578       1256732       1099110       2357648  
b)    Retail Banking      2710078       2492929       2170602       5203007       4210661       8922234  
c)    Wholesale Banking      1502943       1505961       1339481       3008904       2577386       5456354  
d)    Other Banking Operations      434503       442965       363889       877468       691752       1529943  
e)    Unallocated      —         66       5278       66       5278       5278  
   Total      5275064       5071113       4449828       10346177       8584187       18271457  
   Less: Inter Segment Revenue      1899564       1834929       1628313       3734493       3125968       6611665  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Income from Operations      3375500       3236184       2821515       6611684       5458219       11659792  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
2    Segment Results             
a)    Treasury      69521       78153       1368       147674       6413       130576  
b)    Retail Banking      402364       306714       301447       709078       615915       1179627  
c)    Wholesale Banking      300691       332143       349871       632834       665456       1422412  
d)    Other Banking Operations      169931       179647       158682       349578       275920       679153  
e)    Unallocated      (42767     (43299     (45369     (86066     (95867     (191804
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax      899740       853358       765999       1753098       1467837       3219964  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3    Segment Assets             
a)    Treasury      34321814       35599098       34504331       34321814       34504331       34876621  
b)    Retail Banking      45996296       44127240       40422879       45996296       40422879       42879092  
c)    Wholesale Banking      45845204       40735586       36940961       45845204       36940961       40874972  
d)    Other Banking Operations      5504158       5405812       4437850       5504158       4437850       5085471  
e)    Unallocated      839726       657549       683764       839726       683764       737915  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      132507198       126525285       116989785       132507198       116989785       124454071  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
4    Segment Liabilities             
a)    Treasury      4374217       4383589       8347369       4374217       8347369       6143885  
b)    Retail Banking      81524711       76191655       65759009       81524711       65759009       73229496  
c)    Wholesale Banking      27977539       27439197       25987903       27977539       25987903       27188713  
d)    Other Banking Operations      553999       542429       498533       553999       498533       535706  
e)    Unallocated      2500439       2404606       2673763       2500439       2673763       2435639  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      116930905       110961476       103266577       116930905       103266577       109533439  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
5    Capital Employed             
   (Segment Assets - Segment Liabilities)             
a)    Treasury      29947597       31215509       26156962       29947597       26156962       28732736  
b)    Retail Banking      (35528415     (32064415     (25336130     (35528415     (25336130     (30350404
c)    Wholesale Banking      17867665       13296389       10953058       17867665       10953058       13686259  
d)    Other Banking Operations      4950159       4863383       3939317       4950159       3939317       4549765  
e)    Unallocated      (1660713     (1747057     (1989999     (1660713     (1989999     (1697724
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      15576293       15563809       13723208       15576293       13723208       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 September 30, 2019 is given below:

 

               

( in lacs)

 

 

Particulars

  As at
30.09.2019
    As at
30.09.2018
    As at
31.03.2019
 

CAPITAL AND LIABILITIES

  Audited     Audited     Audited  

Capital

    54708       54344       54466  

Reserves and Surplus

    15521585       13668864       14866166  

Deposits

    102161494       83336412       92314093  

Borrowings

    9223621       14271858       11708513  

Other Liabilities and Provisions

    5545790       5658307       5510833  
 

 

 

   

 

 

   

 

 

 

Total

    132507198       116989785       124454071  
 

 

 

   

 

 

   

 

 

 

ASSETS

     

Cash and Balances with Reserve Bank of India

    5578886       5074353       4676362  

Balances with Banks and Money at Call and Short notice

    1768886       1373281       3458401  

Investments

    30714795       30008586       29058788  

Advances

    89698377       75083810       81940122  

Fixed Assets

    411259       380580       403001  

Other Assets

    4334995       5069175       4917397  
 

 

 

   

 

 

   

 

 

 

Total

    132507198       116989785       124454071  
 

 

 

   

 

 

   

 

 

 


LOGO

 

 

2

Statement of Cashflow as at September 30, 2019 is given below:

 

               

( in lacs)

 

 
    Half year ended     Year ended
31-03-2019
 
    30.09.2019     30.09.2018  

Particulars

  Audited     Audited     Audited  

Cash flows from operating activities:

     

Profit before income tax

    1753098       1467837       3219964  

Adjustments for :

     

Depreciation on fixed assets

    61412       51302       114010  

Revaluation of investments

    (19666     51164       1524  

Amortisation of premia on held to maturity investments

    21580       21944       45346  

(Profit) / loss on sale of fixed assets

    1053       (451     (643

Provision / charge for non performing assets

    440256       330554       658207  

Provision for standard assets and contingencies

    102499       21664       115126  

Dividend from subsidiaries

    (21865     (12090     (20444
 

 

 

   

 

 

   

 

 

 
    2338367       1931924       4133090  
 

 

 

   

 

 

   

 

 

 

Adjustments for :

     

(Increase) / decrease in investments

    (1658420     (5862109     (4886105

(Increase) / decrease in advances

    (8197513     (9580616     (16764549

Increase / (decrease) in deposits

    9847400       4459347       13437029  

(Increase) / decrease in other assets

    658756       (1352934     (1121593

Increase / (decrease) in other liabilities and provisions

    (69328     1059522       818303  
 

 

 

   

 

 

   

 

 

 
    2919262       (9344866     (4383825
 

 

 

   

 

 

   

 

 

 

Direct taxes paid (net of refunds)

    (641737     (536882     (1221643
 

 

 

   

 

 

   

 

 

 

Net cash flow from / (used in) operating activities

    2277525       (9881748     (5605468
 

 

 

   

 

 

   

 

 

 

Cash flows used in investing activities:

     

Purchase of fixed assets

    (66733     (69614     (155180

Proceeds from sale of fixed assets

    901       1048       2124  

Dividend from subsidiaries

    21865       12090       20444  
 

 

 

   

 

 

   

 

 

 

Net cash flow used in investing activities

    (43967     (56476     (132612
 

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

     

Proceeds from issue of share capital, net of issue expenses

    113082       2519238       2579044  

Redemption of Tier II capital bonds

    —         —         (287500

Increase / (decrease) in other borrowings

    (2484892     1961361       (314484

Dividend paid during the period (including tax on dividend)

    (654031     (405259     (405259
 

 

 

   

 

 

   

 

 

 

Net cash flow from / (used in) financing activities

    (3025841     4075340       1571801  
 

 

 

   

 

 

   

 

 

 

Effect of exchange fluctuation on translation reserve

    5292       19011       9535  
 

 

 

   

 

 

   

 

 

 

Net increase / (decrease) in cash and cash equivalents

    (786991     (5843873     (4156744
 

 

 

   

 

 

   

 

 

 

Cash and cash equivalents as at April 1st

    8134763       12291507       12291507  

Cash and cash equivalents as at the period end

    7347772       6447634       8134763  

 

3

The above financial results have been approved by the Board of Directors at its meeting held on October 19, 2019. The financial results for the quarter and half year ended September 30, 2019 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified. The financial results for the quarter and half year ended September 30, 2018 and the year ended March 31, 2019 were subjected to limited review / audit by another firm of chartered accountants.

4

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.

5

The figures for the quarter ended September 30, 2019 are the balancing figures between audited figures in respect of the half year ended September 30, 2019 and the published year to date figures upto June 30, 2019.

6

The shareholders of the Bank, at its Annual General Meeting held on July 12, 2019 approved the sub-division (split) of one equity share of the Bank from face value of 2/- each into two equity shares of face value of 1/- each. All shares and per share information in the financial results reflect the effect of sub-division (split) retrospectively.

7

During the quarter and half year ended September 30, 2019, the Bank allotted 51,39,352 and 2,41,50,674 equity shares respectively 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 741.93 crore (previous period : 705.44 crore) and 1,461.76 crore (previous period : 1,442.66 crore) for the quarter and half year ended September 30, 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

Date : October 19, 2019

   

Aditya Puri

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

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2019

 

                                            

( in lacs)

 

 
     Quarter ended      Half year ended      Year ended
31-03-2019
 
          30.09.2019      30.06.2019      30.09.2018      30.09.2019      30.09.2018  
    

Particulars

   Audited
(Refer note 5)
     Unaudited      Unaudited      Audited      Unaudited      Audited  
1    Interest Earned (a)+(b)+(c)+(d)      3001688        2917645        2570274        5919333        4968141        10516075  
   a) Interest / discount on advances / bills      2433399        2356050        2030878        4789449        3911886        8373616  
   b) Income on Investments      509138        525042        504641        1034180        963586        1992475  
   c) Interest on balances with Reserve Bank of India and other inter bank funds      42505        18319        10073        60824        43563        66062  
   d) Others      16646        18234        24682        34880        49106        83922  
2    Other Income      611408        514800        442175        1126208        844314        1894705  
3    TOTAL INCOME (1)+(2)      3613096        3432445        3012449        7045541        5812455        12410780  
4    Interest Expended      1555844        1497715        1317524        3053559        2558861        5371269  
5    Operating Expenses (i)+(ii)      805233        759813        666056        1565046        1299862        2769476  
   i) Employees cost      319479        301745        256206        621224        503019        1045115  
   ii) Other operating expenses      485754        458068        409850        943822        796843        1724361  
6    TOTAL EXPENDITURE (4)+(5) (excluding Provisions and Contingencies)      2361077        2257528        1983580        4618605        3858723        8140745  
7    Operating Profit before Provisions and Contingencies (3)-(6)      1252019        1174917        1028869        2426936        1953732        4270035  
8    Provisions (Other than tax) and Contingencies      309120        291434        203070        600554        385940        838218  
9    Exceptional Items      —          —          —             —          —    
10    Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)      942899        883483        825799        1826382        1567792        3431817  
11    Tax Expense      278019        314403        284089        592422        544069        1187255  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)      664880        569080        541710        1233960        1023723        2244562  
13    Extraordinary items (net of tax expense)      —          —          —          —          —          —    
14    Net Profit / (Loss) for the period (12)-(13)      664880        569080        541710        1233960        1023723        2244562  
15    Less: Share of Profit / (Loss) of minority shareholders      1077        1474        9469        2551        10647        11318  
16    Consolidated Net Profit / (Loss) for the period (14)-(15)      663803        567606        532241        1231409        1013076        2233244  
17    Paid up equity share capital (Face Value of 1/- each)      54708        54656        54344        54708        54344        54466  
18    Reserves excluding revaluation reserves

 

                 15312800  
19    Analytical Ratios                  
   (i) Percentage of shares held by Government of India      Nil        Nil        Nil        Nil        Nil        Nil  
   (ii) Earnings per share () (Face Value of 1/- each)                  
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized      12.1        10.4        9.9        22.5        19.2        41.7  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized      12.0        10.3        9.8        22.4        19.0        41.3  


LOGO

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

 

                                      

( in lacs)

 

 
    Quarter ended     Half year ended     Year ended
31-03-2019
 
         30.09.2019     30.06.2019     30.09.2018     30.09.2019     30.09.2018  

Particulars

  Audited
(Refer note 5)
    Unaudited     Unaudited     Audited     Unaudited     Audited  
1    Segment Revenue            
a)    Treasury     627540       629192       570578       1256732       1099110       2357648  
b)    Retail Banking     2710078       2492929       2170602       5203007       4210661       8922234  
c)    Wholesale Banking     1502943       1505961       1339481       3008904       2577386       5456354  
d)    Other banking operations     672099       639226       554825       1311325       1045990       2280931  
e)    Unallocated     —         66       5276       66       5276       5278  
   Total     5512660       5267374       4640762       10780034       8938423       19022445  
   Less: Inter Segment Revenue     1899564       1834929       1628313       3734493       3125968       6611665  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Income from Operations     3613096       3432445       3012449       7045541       5812455       12410780  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
2    Segment Results            
a)    Treasury     69521       78153       1368       147674       6413       130576  
b)    Retail Banking     402364       306714       301447       709078       615915       1179627  
c)    Wholesale Banking     300691       332143       349871       632834       665456       1422412  
d)    Other banking operations     213090       209772       218484       422862       375877       891006  
e)    Unallocated     (42767     (43299     (45371     (86066     (95869     (191804
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax and Minority Interest     942899       883483       825799       1826382       1567792       3431817  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3    Segment Assets            
a)    Treasury     34321814       35599098       34504331       34321814       34504331       34876621  
b)    Retail Banking     45996296       44127240       40422879       45996296       40422879       42879092  
c)    Wholesale Banking     45845204       40735586       36940961       45845204       36940961       40874972  
d)    Other banking operations     10439010       10385483       8652231       10439010       8652231       9911971  
e)    Unallocated     839726       657548       683764       839726       683764       737915  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total     137442050       131504955       121204166       137442050       121204166       129280571  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
4    Segment Liabilities            
a)    Treasury     4374217       4383589       8347369       4374217       8347369       6143885  
b)    Retail Banking     81524711       76191655       65759009       81524711       65759009       73229496  
c)    Wholesale Banking     27977539       27439197       25987903       27977539       25987903       27188713  
d)    Other banking operations     4954546       5018454       4292460       4954546       4292460       4865392  
e)    Unallocated     2500439       2404605       2673763       2500439       2673763       2435640  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total     121331452       115437500       107060504       121331452       107060504       113863126  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
5    Capital Employed            
   (Segment Assets - Segment Liabilities)            
a)    Treasury     29947597       31215509       26156962       29947597       26156962       28732736  
b)    Retail Banking     (35528415     (32064415     (25336130     (35528415     (25336130     (30350404
c)    Wholesale Banking     17867665       13296389       10953058       17867665       10953058       13686259  
d)    Other banking operations     5484464       5367029       4359771       5484464       4359771       5046578  
e)    Unallocated     (1660713     (1747057     (1989999     (1660713     (1989999     (1697724
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total     16110598       16067455       14143662       16110598       14143662       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 September 30, 2019 is given below:

 

                  

( in lacs)

 

 

Particulars

   As at
30-09-2019
     As at
30-09-2018
     As at
31-03-2019
 

CAPITAL AND LIABILITIES

   Audited      Unaudited      Audited  

Capital

     54708        54344        54466  

Reserves and Surplus

     16003637        14044194        15312800  

Minority Interest

     52253        45124        50179  

Deposits

     102081657        83289650        92250268  

Borrowings

     13425949        17853293        15773278  

Other Liabilities and Provisions

     5823846        5917561        5839580  
  

 

 

    

 

 

    

 

 

 

Total

     137442050        121204166        129280571  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and balances with Reserve Bank of India

     5583264        5078024        4680459  

Balances with Banks and Money at Call and Short notice

     1826667        1413605        3501305  

Investments

     30392751        29591997        28691768  

Advances

     94743996        79556278        86922266  

Fixed Assets

     429827        400080        421984  

Other Assets

     4465545        5164182        5062789  
  

 

 

    

 

 

    

 

 

 

Total

     137442050        121204166        129280571  
  

 

 

    

 

 

    

 

 

 


LOGO

 

2

Consolidated Statement of Cashflow as at September 30, 2019 is given below:

 

                  

( in lacs)

 

 
     Half year ended      Year ended
31-03-2019
 
     30.09.2019      30.09.2018  

Particulars

   Audited      Unaudited      Audited  

Cash flows from operating activities

        

Consolidated profit before income tax

     1823831        1557145        3420499  

Adjustment for:

        

Depreciation on fixed assets

     65287        54720        122067  

Revaluation of investments

     (19666      51164        1524  

Amortisation of premia on held to maturity investments

     21580        21944        45346  

(Profit) / loss on sale of fixed assets

     1049        (419      (621

Provision / charge for non performing assets

     512750        370065        742338  

Provision for standard assets and contingencies

     103338        23161        118525  
  

 

 

    

 

 

    

 

 

 
     2508169        2077780        4449678  
  

 

 

    

 

 

    

 

 

 

Adjustments for :

        

(Increase) / decrease in investments (excluding investments in subsidiaries)

     (1703396      (5819451      (4893017

(Increase) / decrease in advances

     (8333481      (9922520      (17660750

Increase / (decrease) in deposits

     9831389        4452135        13412754  

(Increase) / decrease in other assets

     620261        (1389222      (1224499

Increase / (decrease) in other liabilities and provisions

     (120862      1052374        878511  
  

 

 

    

 

 

    

 

 

 
     2802080        (9548904      (5037323
  

 

 

    

 

 

    

 

 

 

Direct taxes paid (net of refunds)

     (619171      (543614      (1249831
  

 

 

    

 

 

    

 

 

 

Net cash flow from / (used in) operating activities

     2182909        (10092518      (6287154
  

 

 

    

 

 

    

 

 

 

Cash flows used in investing activities:

        

Purchase of fixed assets

     (70093      (72080      (162061

Proceeds from sale of fixed assets

     938        1071        2220  
  

 

 

    

 

 

    

 

 

 

Net cash flow used in investing activities

     (69155      (71009      (159841
  

 

 

    

 

 

    

 

 

 

Cash flows from financing activities:

        

Increase in minority interest

     2073        9491        14546  

Proceeds from issue of share capital, net of issue expenses

     113082        2519236        2579043  

Increase / (decrease) in other borrowings

     (2388829      2209085        326568  

Proceeds from issue of Tier I and Tier II capital bonds

     41500        —          90000  

Redemption of Tier II capital bonds

     —          —          (287500

Dividend paid during the period (including tax on dividend)

     (658705      (407824      (409589
  

 

 

    

 

 

    

 

 

 

Net cash flow from / (used in) financing activities

     (2890879      4329988        2313068  
  

 

 

    

 

 

    

 

 

 

Effect of exchange fluctuation on translation reserve

     5292        19012        9535  
  

 

 

    

 

 

    

 

 

 

Net increase / (decrease) in cash and cash equivalents

     (771833      (5814527      (4124392
  

 

 

    

 

 

    

 

 

 

Cash and cash equivalents as at April 1st

     8181764        12306156        12306156  

Cash and cash equivalents as at the period end

     7409931        6491629        8181764  

 

3

The above financial results represent the consolidated financial results for HDFC Bank Limited and its subsidiaries constituting the ‘Group’. These financial results have been approved by the Board of Directors of the Bank at its meeting held on October 19, 2019. The financial results for the quarter and half year ended September 30, 2019 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified. These results include financial results of the subsidiaries which have been subjected to a “Limited Review” by their statutory auditors, and the report thereon is unmodified. The financial results for the year ended March 31, 2019 were audited by another firm of chartered accountants.

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 September 30, 2019 are the balancing figures between audited figures in respect of the half year ended September 30, 2019 and the published year to date figures upto June 30, 2019. The financial results for the quarter and half year ended September 30, 2018 are not reviewed / audited by the statutory auditors.

6

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

7

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

8

10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai

Date : October 19, 2019

   

Aditya Puri

Managing Director


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2019

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and half year ended September 30, 2019, at their meeting held in Mumbai on Saturday, October 19, 2019. The accounts have been subjected to an audit by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2019

The Bank’s total income for the quarter ended September 30, 2019 at 33,755.0 crore grew by 19.6% from 28,215.2 crore for the quarter ended September 30, 2018. Net revenues (net interest income plus other income) increased by 21.1% to 19,103.8 crore for the quarter ended September 30, 2019 from 15,779.0 crore in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended September 30, 2019 grew to 13,515.0 crore from 11,763.4 crore for the quarter ended September 30, 2018, driven by average asset growth of 15.0% and a core net interest margin for the quarter of 4.2%.

Other income (non-interest revenue) at 5,588.7 crore was 29.3% of the net revenues for the quarter ended September 30, 2019 and grew by 39.2% over 4,015.6 crore in the corresponding quarter ended September 30, 2018. The four components of other income for the quarter ended September 30, 2019 were fees & commissions of 4,054.5 crore (3,295.6 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of 551.7 crore (419.8 crore for the corresponding quarter of the previous year), gain on sale / revaluation of investments of 480.7 crore (loss of 32.8 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of 502.0 crore (333.0 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.

CIN: L65920MH1994PLC080618

 

Operating expenses for the quarter ended September 30, 2019 were 7,405.7 crore, an increase of 17.6% over 6,299.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 38.8% as against 39.9% for the corresponding quarter ended September 30, 2018.

Pre-provision Operating Profit (PPOP) at 11,698.1 crore grew by 23.4% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended September 30, 2019 were 2,700.7 crore (consisting of specific loan loss provisions of 2,038.0 crore and general provisions and other provisions of 662.7 crore) as against 1,820.0 crore (consisting of specific loan loss provisions of 1,572.5 crore and general provisions and other provisions of 247.5 crore) for the quarter ended September 30, 2018. Core Profit before tax (PPOP less specific loan loss provisions) for the quarter ended September 30, 2019 was up 22.2%. After providing for general and other provisions, the PBT for the quarter ended September 30, 2019 grew to 8,997.4 crore.

After providing 2,652.4 crore for taxation, the Bank earned a net profit of 6,345.0 crore, an increase of 26.8% over the quarter ended September 30, 2018.

Balance Sheet: As of September 30, 2019

Total balance sheet size as of September 30, 2019 was 1,325,072 crore as against 1,169,898 crore as of September 30, 2018.

Total deposits as of September 30, 2019 were 1,021,615 crore, an increase of 22.6% over September 30, 2018. CASA deposits grew by 14.7% with savings account deposits at 264,445 crore and current account deposits at 136,791 crore. Time deposits were at 620,380 crore, an increase of 28.3% over the previous year, resulting in CASA deposits comprising 39.3% of total deposits as of September 30, 2019. The Bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 133%, well above the regulatory requirement.


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Total advances as of September 30, 2019 were 896,984 crore, an increase of 19.5% over September 30, 2018. Domestic advances grew by 20.7% over September 30, 2018. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 14.7% and domestic wholesale loans grew by 27.9%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 52:48. Overseas advances constituted 3% of total advances.

Half Year ended September 30, 2019

For the half year ended September 30, 2019, the Bank earned a total income of 66,116.8 crore as against 54,582.2 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2019 were 37,368.3 crore, as against 30,410.6 crore for the half year ended September 30, 2018. Net profit for the half year ended September 30, 2019 was 11,913.2 crore, up by 24.0% over the corresponding half year ended September 30, 2018.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 17.5% as on September 30, 2019 (17.1% as on September 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 16.2% as of September 30, 2019 compared to 15.6% as of September 30, 2018. Common Equity Tier 1 Capital ratio was at 15.3% as of September 30, 2019. Risk-weighted Assets were at 963,321 crore (as against 886,489 crore as at September 30, 2018).


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

NETWORK

As of September 30, 2019, the Bank’s distribution network was at 5,314 banking outlets and 13,514 ATMs across 2,768 cities / towns as against 4,825 banking outlets and 13,018 ATMs across 2,718 cities / towns as of September 30, 2018. Of the total banking outlets, 52% are in semi-urban and rural areas. Number of employees were at 111,208 as of September 30, 2019 (as against 94,907 as of September 30, 2018).

ASSET QUALITY

Gross non-performing assets were at 1.38% of gross advances as on September 30, 2019, (1.2% excluding NPAs in the agricultural segment) as against 1.40% as on June 30, 2019 (1.2% excluding NPAs in the agricultural segment) and 1.33% as on September 30, 2018 (1.1% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.4% of net advances as on September 30, 2019. The Bank held floating provisions of 1,451 crore as on September 30, 2019. Total provisions (comprising specific provisions, general provisions and floating provisions) were 114% of the gross non-performing loans as on September 30, 2019.

SUBSIDIARIES

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

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

For the quarter ended September 30, 2019, HSL’s total income was 189.3 crore as against 199.5 crore for the quarter ended September 30, 2018. Profit after tax for the quarter was 91.0 crore, as against 82.9 crore in the previous quarter.


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

For the half year ended September 30, 2019, HSL’s total income was 378.6 crore as against 393.0 crore for the half year ended September 30, 2018. Profit after tax for the half year was 164.7 crore, as against 163.4 crore for the half year ended September 30, 2018.

As on September 30, 2019 HSL had 262 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 September 30, 2019, the Bank held 95.5% stake in HDBFSL.

As on September 30, 2019, HDBFSL’s balance sheet size was at 58,454 crore. The total loan book grew by 16.1% to 55,759 crore as on September 30, 2019 as against 48,014 crore as of September 30, 2018.

For the quarter ended September 30, 2019, HDBFSL’s net interest income grew by 24.8% to 971.1 crore as against 777.8 crore in the previous quarter. Profit after tax for the quarter ended September 30, 2019 was 213.0 crore compared to 246.3 crore in the previous quarter.

For the half year ended September 30, 2019, HDBFSL’s net interest income grew by 22.5% to 1,911.2 crore as against 1,560.2 crore in the previous half year. Profit after tax for the half year ended September 30, 2019 was 478.5 crore compared to 505.3 crore in the previous half year.

Gross non-performing loans were at 3.4% of gross loans. HDBFSL adopted certain best practices on NPA recognition. Adjusting for the same, gross non-performing loans would have been 2.6% as at September 30, 2019, as against 2.3% as at June 30, 2019, and 2.1% as at September 30, 2018.

Net non-performing loans were at 2.5% of net loans as on September 30, 2019. Total CAR was at 18.2% with Tier-I CAR at 13.3%.


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

As on September 30, 2019, HDBFSL had 1,436 branches across 1,043 cities / towns.

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the quarter ended September 30, 2019 was 6,638 crore, up 24.7%, over the quarter ended September 30, 2018. Consolidated advances grew by 19.1% from 795,563 crore as on September 30, 2018 to 947,440 crore as on September 30, 2019.

The consolidated net profit for the half year ended September 30, 2019 was 12,314 crore, up 21.6%, over the half year ended September 30, 2018.

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.

CIN: L65920MH1994PLC080618

 

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HDFC Bank Ltd., Mumbai.

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