Exhibit 99.1

INDEX TO FINANCIAL STATEMENTS

	Page
Financial Statements of HDFC Bank Limited prepared in accordance with USGAAP:
Condensed balance sheets as of September 30, 2002 and March 31, 2002	F-3
Condensed statements of income for the periods ended September 30, 2001 and 2002	F-4
Condensed statements of cash flows for the periods ended September 30, 2001 and 2002	F-5
Statements of shareholders’ equity	F-6
Notes to condensed financial statements	F-7

F-1

INDEPENDENT ACCOUNTANTS’ REPORT

To the Board of Directors
HDFC Bank Limited:

     We have reviewed the accompanying condensed balance sheets of HDFC Bank Limited as of March 31 and September 30, 2002, and the related condensed statements of income, shareholders’ equity and cash flows for each of the six month periods ended September 30, 2001 and 2002. These financial statements are the responsibility of the Bank’s Management.

     We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data and of making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

     Based on our review, we are not aware of any material modifications that should be made to such condensed financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

     As described in the notes to the condensed financial statements, these financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which differ in certain material respects from accounting principles generally accepted for banks in India, which form the basis of the Bank’s general purpose financial statements.

CHARTERED ACCOUNTANTS

MUMBAI, INDIA, October 18, 2002

F-2

HDFC Bank Limited
Condensed Balance Sheets
As of March 31, 2002 and September 30, 2002

					As of
					March 31, 2002			September 30, 2002			September 30, 2002
					(In millions)
ASSETS:   Cash and cash equivalents					Rs. 34,590.6			Rs. 25,766.0			US$532.4
	Trading securities					3,837.6			7,469.0			154.3
	Investments available for sale					80,320.6			83,103.1			1,717.0
	Investments, held to maturity, at amortized cost					38,253.4			35,790.2			739.5
	Loans, net					71,528.9			85,456.7			1,765.6
	Other assets					14,501.1			16,053.2			331.7
				Total assets	Rs. 243,032.2			Rs. 253,638.2			US$5,240.5
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Liabilities Interest-bearing deposits					Rs. 134,336.3			Rs. 162,671.8			US$3,361.0
	Non-interest bearing deposits					42,201.8			33,386.1			689.8
		Total deposits				176,538.1			196,057.9			4,050.8
	Short-term borrowings					22,244.2			9,165.1			189.4
	Long-term debt					2,157.9			2,145.7			44.3
	Accrued expenses and other liabilities					20,031.1			23,058.3			476.4
		Total liabilities				220,971.3			230,427.0			4,760.9
Shareholders’ equity:
	Equity shares: par value — Rs.10 each Authorized 300,000,000 shares; issued and outstanding 279,032,838 shares and 279,567,238 shares					2,790.3			2,795.6			57.8
	Additional paid in capital					11,679.1			11,743.6			242.6
	Retained earnings					4,684.8			5,170.7			106.8
	Statutory reserve					2,280.9			2,711.2			56.0
	Deferred stock based compensation					(198.2	)		(128.0	)		(2.6	)
	Accumulated other comprehensive income					824.0			918.1			19.0
			Total shareholders’ equity			22,060.9			23,211.2			479.6
				Total liabilities and shareholders’ equity	Rs. 243,032.2			Rs. 253,638.2			US$5,240.5

See accompanying notes to condensed financial statements

In terms of our report of attached.

For HDFC BANK LTD.

CHARTERED ACCOUNTANTS
MUMBAI, INDIA, October 18, 2002

F-3

HDFC Bank Limited
Condensed Statements of Income
For each of the six month periods ended September 30, 2001 and 2002

					Six months ended September 30,
					2001		2002		2002
					(In millions)
Interest revenue, net: Total interest revenue					Rs.7,874.7		Rs. 9,310.1		US$192.4
Total interest expense						5,192.1		5,813.6		120.2
		Net interest revenue				2,682.6		3,496.5		72.2
				Allowance for credit losses, net		194.1		383.6		7.9
		Net interest revenue after allowance for credit losses				2,488.5		3,112.9		64.3
Non-interest revenue, net: Fees and commissions						710.4		1,109.5		22.9
	Realized gains and losses on sales of securities, net					315.8		469.8		9.8
	Foreign exchange transactions					161.9		180.4		3.7
	Derivative transactions					115.5		248.2		5.1
	Other, net					1.4		14.7		0.3
		Total non-interest revenue, net				1,305.0		2,022.6		41.8
				Net revenue		3,793.5		5,135.5		106.1
Non-interest expenses: Salaries and staff benefits						591.5		721.7		14.9
	Premises and equipment					415.9		599.0		12.4
	Depreciation and amortization of intangible assets					303.1		464.6		9.6
	Administrative and other					559.6		925.4		19.1
			Total non-interest expenses			1,870.1		2,710.7		56.0
			Income before income tax			1,923.4		2,424.8		50.1
	Income tax					610.2		804.9		16.6
			Net income			1,313.2		1,619.9		33.5
Per share information: Earnings per equity share — basic					Rs.5.16		Rs.5.80		US$0.12
	Earnings per equity share — diluted				Rs.5.13		Rs.5.78		US$0.12
	Earnings per ADS (where each ADS represents three equity shares) — basic				Rs. 15.48		Rs.17.39		US$0.36
	Earnings per ADS — diluted				Rs. 15.39		Rs.17.33		US$0.36

See accompanying notes to condensed financial statements

In terms of our report of attached.

For HDFC BANK LTD.

CHARTERED ACCOUNTANTS
MUMBAI, INDIA, October 18, 2002

F-4

HDFC Bank Limited
Condensed Statements of Cash Flows
For each of the six month periods ended September 30, 2001 and 2002

			Six months ended September 30,
			2001			2002			2002
			(In millions)
Net cash provided/(used) by operating activities			Rs.(618.4)				2,549.5		US$52.7
Cash flows from investing activities:
	Net change in securities			(11,425.1	)		(2,699.1	)		(55.8	)
	Net change in repos and reverse repos			863.7			1,248.5			25.8
	Increase in loans originated, net of principal collections			(8,861.9	)		(14,311.5	)		(295.7	)
	Additions to property and equipment			(433.7	)		(1,407.9	)		(29.1	)
	Proceeds from sale or disposal of property and equipment			50.5			1.3			0.0
	Net cash used in investing activities			(19,806.5	)		(17,168.7	)		(354.8	)
Cash flows from financing activities:
	Net increase in deposits			26,208.0			19,519.8			403.3
	Net increase/(decrease) in short-term borrowings			3,366.0			(13,079.1	)		(270.2	)
	Repayment of long-term debt			(1.5	)		(12.2	)		(0.3	)
	Proceeds from exercise of stock options			377.9			69.8			1.5
	Proceeds from issuance of ADSs, net			7,493.3			—			—
	Payment of dividends and dividend tax			(528.7	)		(703.7	)		(14.5	)
	Net cash provided by financing activities			36,915.0			5,794.6			119.8
Net change in cash flows				16,490.1			(8,824.6	)		(182.3	)
Cash and cash equivalents, beginning of the period				26,121.1			34,590.6			714.7
Cash and cash equivalents, end of period			Rs.42,611.2			Rs. 25,766.0			US$532.4
	Supplementary cash flow information:
		Interest paid	Rs. 4,291.7			Rs. 4,636.7			US$95.8
		Income taxes paid	Rs. 700.0			Rs. 730.0			US$15.1

See accompanying notes to condensed financial statements

In terms of our report of attached.

For HDFC BANK LTD.

CHARTERED ACCOUNTANTS
MUMBAI, INDIA, October 18, 2002

F-5

HDFC Bank Limited
Statements of Shareholders’ Equity
For each of the six month periods ended September 30, 2001 and 2002

													Deferred		Other		Total
	Number of		Equity share		Additional paid			Retained			Statutory		stock based		comprehensive		Shareholders'
	equity shares		capital		in capital			earnings			reserve		compensation		income/(loss)		equity
	(In millions, except for equity shares)
Balance at April 1, 2001		239,738,286	Rs.2,397.3		Rs.3,957.2			Rs.2,997.6			Rs.1,538.3		Rs. (63.7)		Rs. (66.9)		Rs.10,759.8
Stock options issued		175,000		1.8		41.0												42.8
Shares issued in public offering of ADSs		37,418,652		374.2		7,429.2												7,803.4
Net income									1,313.2									1,313.2
Shares issued upon exercise of options		190,500		1.9		23.1												25.0
Forfeiture of stock options						(15.8	)											(15.8	)
Dividends, including dividend tax									(528.7	)								(528.7	)
Amortization of deferred stock based compensation														40.8				40.8
Transfer to statutory reserve									(328.4	)		328.4						—
Unrealized gain on available for sale securities, net																91.5		91.5
Balance at September 30, 2001		277,522,438	Rs.2,775.2		Rs.11,434.7			Rs.3,453.7			Rs.1,866.7		Rs. (22.9)		Rs.24.6		Rs.19,532.0
Balance at April 1, 2002		279,032,838	Rs.2,790.3		Rs.11,679.1			Rs.4,684.8			Rs.2,280.9		Rs.(198.2)		Rs.824.0		Rs.22,060.9
Net income									1,619.9									1,619.9
Shares issued upon exercise of options		534,400		5.3		64.5												69.8
Dividends, including dividend tax									(703.7	)								(703.7	)
Amortization of deferred stock based compensation														70.2				70.2
Transfer to statutory reserve									(430.3	)		430.3						—
Unrealized gain on available for sale securities, net																94.1		94.1
Balance at September 30, 2002		279,567,238	Rs.2,795.6		Rs.11,743.6			Rs.5,170.7			Rs.2,711.2		Rs.(128.0)		Rs. 918.1		Rs.23,211.2
Balance at September 30, 2001			US$57.8		US$242.6			US$106.8			US$56.0		US$ (2.6)		US$19.0		US$479.6

See accompanying notes to condensed financial statements

In terms of our report of attached.

For HDFC BANK LTD.

CHARTERED ACCOUNTANTS
MUMBAI, INDIA, October 18, 2002

F-6

HDFC Bank Limited
Notes to Condensed Financial Statements

These condensed financial statements should be read in conjunction with the financial statements of the Bank included in its Form 20-F filed with the Securities and Exchange Commission on September 30, 2002. Material events and changes since then are set out below.

1.     The Bank

     On July 20, 2001, the Bank listed its American Depositary Shares (or ADSs) on the New York Stock Exchange. Following the public offering of the Bank’s ADSs, the Bank’s largest stockholders include HDFC Limited, who control 24.5% of the Bank’s equity, and affiliates of J P Morgan Partners Advisors Pte Ltd, who own 8.55%. The balance of the Bank’s equity is widely held by the public and by foreign and Indian institutional investors.

2.     Summary Of Significant Accounting Policies

a. Basis of presentation and consolidation

     These condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). US GAAP differs in certain material respects from accounting principles generally accepted in India, the requirements of India’s Banking Regulations Act and related regulations issued by the Reserve Bank of India (RBI) (collectively Indian GAAP), which form the basis of the statutory general purpose financial statements of the Bank in India. Principal differences insofar as they relate to the Bank include determination of the allowance for credit losses, valuation of investments, stock based compensation, retirement benefits and affiliates, and the presentation and format of the financial statements and related notes. Additionally, these condensed financial statements include certain inter-period allocations of revenues and expenses based on estimates of amounts applicable for the full fiscal year.

b. Use of estimates

     The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of these financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results could differ from these estimates. Material estimates included in these financial statements that are susceptible to change include the allowance for credit losses and the valuation of unlisted investments.

c. Credit card customer acquisition costs and fees

     The Bank incurs credit card customer acquisition costs, which principally consist of commissions paid to third party referral agents who obtain customers. In addition, the Bank charges annual fees to such credit card customers. In accordance with SFAS No. 91 and EITF 92-5, such acquisition costs and annual fees are recognized ratably over the privilege period to which they relate, which generally does not exceed one year.

d. Income tax

     The income tax expense for interim periods within a fiscal year is allocated to those periods based on the Bank’s best estimate at the balance sheet date of the effective income tax rate applicable for the full fiscal year.

e. Revenue seasonality

     Dividend income from preference and equity shares is recognized when declared; a significant portion of such income is recognized in the second half of the fiscal year ending March 31, 2003. In the year ended March 31, 2002, dividend income represented 2.1% of total interest revenue.

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f. Convenience translation

     The accompanying financial statements have been expressed in Indian Rupees (“Rs.”), the Bank’s functional currency. For the convenience of the reader, the financial statements as at and for the six months ended September 30, 2002 have been translated into US dollars at US$1.00 = Rs.48.4 based on the noon buying rate for cable transfers on September 30, 2002 as certified for customs purposes by the Federal Reserve Bank of New York. Such translation should not be construed as representation that the rupee amounts have been or could be converted into United States dollars at that or any other rate, or at all.

3.     Segment Information

     The Bank continues to operate in three segments: wholesale banking, retail banking and treasury services. Substantially all operations and assets are based in India.

     Summarized segment information for the six months ended September 30, 2001 and 2002 is as follows:

		Six months ended September 30,
		(In millions)
		2001						2002
		Wholesale				Treasury		Wholesale				Treasury
		banking		Retail banking		services		banking		Retail banking		services
Net interest revenue		Rs.	994.6	Rs.	1,283.7	Rs.	404.3	Rs.	1,348.4	Rs.	1,829.3	Rs.	318.8
Allowance for credit losses			101.4		92.7				321.3		62.3
Net interest revenue, after allowance for credit losses			893.2		1,191.0		404.3		1,027.1		1,766.9		318.8
Non-interest revenue			439.6		458.6		406.8		630.8		788.9		602.9
Net revenue			1,332.8		1,649.6		811.1		1,657.9		2,555.9		921.7
Total non-interest expense			374.6		1,418.1		77.4		653.6		1,762.3		294.8
Income before income tax			958.2		231.5		733.7		1,004.3		793.6		626.9
Income tax			270.9		55.4		283.9		333.4		263.4		208.1
Net income			687.3		176.1		449.8		670.9		530.2		418.8
Segment assets:
	Segment average total assets	Rs.	111,167.2	Rs.	38,499.7	Rs.	34,530.7	Rs.	155,096	Rs.	61,120	Rs.	27,137

     The Bank reclassified the earnings of foreign exchange operations from treasury revenue to wholesale banking and retail banking revenues based on the customers on whose account the profit has been made. The amounts for prior years have been conformed to the 2002 presentation. As a result, the segmental non-interest revenue and income before taxes for wholesale banking are higher by Rs. 104.2 million and Rs. 161.2 million for the half year ended September 30, 2001 and 2002, respectively. Similarly, the segmental non-interest revenue and income before taxes for retail banking are higher by Rs. 56.8 million, & Rs. 58.2 million for half year ended September 30, 2001 and 2002, respectively. Additionally, treasury services revenues have decreased by Rs. 160.9 million and Rs. 219.4 million for half year ended September 30, 2001 and 2002, respectively.

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4.     Shareholders’ Equity and Capital Adequacy

     The Bank’s regulatory capital and capital adequacy ratios as measured in accordance with Indian GAAP are as follows:

		As of
		March 31, 2002			September 30, 2002
Capital ratios of the Bank: Tier 1			10.81	%		10.78	%
	Total capital		13.93	%		13.35	%
Minimum capital Ratios required by the RBI: Tier 1			4.50	%		4.50	%
	Total capital		9.00	%		9.00	%

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