Exhibit 1

10^th January, 2006

To,
The New York Stock Exchange.
New York
USA

Dear Sir / Madam,

Sub.: Unaudited Financial Results for the third quarter ended 31^st December, 2005

We attach herewith two files containing the Unaudited financial results of the Bank for the third quarter ended on 31^st December, 2005 and press release in respect thereof as taken on record at the Board Meeting today.

The Unaudited financial results have been submitted to the Stock Exchanges in India as per listing requirements of those stock exchanges.

This is for your information and records.

Thanking you,

Yours faithfully
For HDFC Bank Limited

Sanjay Dongre
Vice-President (Legal) &
Company Secretary

Encl.: a/a

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2005

(Rs. in lac)

		Unaudited			Unaudited results			Unaudited results			Unaudited results			Audited results
		results for the			for the			for the			for the			for the
		quarter ended			quarter ended			nine months ended			nine months ended			year ended
	Particulars	31-12-2005			31-12-2004			31-12-2005			31-12-2004			31-03-2005
1	Interest Earned (a) + (b) + (c) + (d)		117981			77903			309684			222628			309349
a	Interest / discount on advances / bills		73105			43358			187754			117570			166370
b	Income on investments		41824			32704			111906			96248			131149
c	Interest on balances with Reserve Bank of India and other inter bank funds		3013			1831			9961			8789			11809
d	Others		39			10			63			21			21
2	Other Income		29613			20052			81983			43128			65134
A	Total Income (1+2)		147594			97955			391667			265756			374483
3	Interest Expended		50920			33904			129041			96193			131556
4	Operating Expenses ( e) + (f)		44912			27862			120877			75670			108540
e	Payment to and provision for employees		12500			7250			34926			19274			27667
f	Other operating expenses		32412			20612			85951			56396			80873
B	Total Expenditure (3) + (4) (excluding provisions & contingencies)		95832			61766			249918			171863			240096
C	Operating Profit (A – B) (Profit before provisions and contingencies)		51762			36189			141749			93893			134387
D	Other Provisions and Contingencies		19715			11308			54362			25786			36493
E	Provision for Taxes		9607			7788			26630			21788			31338
F	Net Profit (C–D–E)		22440			17093			60757			46319			66556
5	Paid up equity share capital (face value Rs. 10)		31218			28654			31218			28654			30988
6	Reserves excluding revaluation reserve														420997
7	Analytical Ratios:
A	Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil
B	Capital adequacy ratio		10.3	%		9.4	%		10.3	%		9.4	%		12.2	%
C	Earnings per share (par value Rs. 10/- each)
	Basic		7.2			6.0			19.5			16.2			22.9
	Diluted		6.8			5.6			18.4			15.3			21.6
8	Aggregate of Non-promoter shareholding
	–No. of shares		243,320,308			217,681,813			243,320,308			217,681,813			241,014,308
	–Percentage of shareholding		77.9	%		76.0	%		77.9	%		76.0	%		77.8	%

Segment information in accordance with the Accounting Standard on Segment Reporting (AS17) of the three operating segments of the Bank is as under:

(Rs. in lac)

	Unaudited results			Unaudited results			Unaudited results			Unaudited results			Audited results for
	for the quarter			for the quarter			for the nine months			for the nine months			the year ended
Particulars	ended 31-12-2005			ended 31-12-2004			ended 31-12-2005			ended 31-12-2004			31-03-2005
1. Segment Revenue
a) Retail Banking		135641			89376			358105			248495			353627
b) Wholesale Banking		74527			56817			199198			153988			205635
c) Treasury		18082			10072			52544			18621			28689
Total		228250			156265			609847			421104			587951
Less: Inter Segment Revenue		80656			58310			218180			155348			213468
Income from Operations		147594			97955			391667			265756			374483
2. Segment Results
a) Retail Banking		12912			11071			38246			36166			52064
b) Wholesale Banking		18654			14574			48640			38781			53936
c) Treasury		481			(764	)		501			(6840	)		(8106	)
Total Profit Before Tax		32047			24881			87387			68107			97894
3. Capital Employed
(Segment Assets-Segment Liabilities)
a) Retail Banking		87546			(93072	)		87546			(93072	)		(289153	)
b) Wholesale Banking		472900			489589			472900			489589			1002995
c) Treasury		(70961	)		(97077	)		(70961	)		(97077	)		(269913	)
d) Unallocated		30441			19835			30441			19835			8056
Total		519926			319275			519926			319275			451985

Note on segment information

The reportable primary segments have been identified in accordance with the Accounting Standard on Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India (ICAI).

The Bank operates in three segments: retail banking, wholesale banking and treasury services. 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 and the internal business reporting systems.

NOTES:

1.	The above results have been taken on record by the Board at its meeting held on January 10, 2006.
2.	During the quarter and the nine months ended December 31, 2005, the Bank allotted 247,200 shares and 2,306,000 shares respectively pursuant to the exercise of stock options by certain employees. The Bank allotted 217,100 shares on January 6, 2006 pursuant to the exercise of stock options by certain employees during the month of December 2005.
3.	Other income relates to income from non-fund based banking activities including commission, fees, foreign exchange earnings, earnings from derivative transactions and profit and loss (including revaluation) from investments.
4.	Provision for Taxes includes Rs. 300 lac and Rs. 900 lac towards provision for fringe benefit tax (FBT) for the quarter and the nine months ended December 31, 2005, respectively.
5.	The Bank had filed a shelf registration for raising long-term, unsecured, subordinated bonds qualifying as Tier II capital upto Rs.1000 crores and had got a AAA rating for such bonds. During the quarter ended December 31, 2005, the Bank raised Rs. 414 crores as Tier II capital in the form of such subordinated bonds having a maturity of around 9.5 years and at an interest rate of 7.5% per annum.
6.	Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended December 31, 2005:
	Opening: nil; Additions: 52; Disposals: 52; Closing: nil.
7.	Previous period figures have been regrouped/reclassified wherever necessary to conform to current period’s classification.
8.	The above results for the quarter and the nine months ended December 31, 2005, have been subjected to a “Limited Review” by the auditors of the Bank, as per the listing agreements with Bombay Stock Exchange Limited (erstwhile The Stock Exchange, Mumbai) and The National Stock Exchange of India Limited.
9.	Rs. 10 lac = Rs. 1 million Rs. 10 million = Rs. 1 crore

Place : Mumbai	Aditya Puri
Date : January 10, 2006	Managing Director

(Rs. in lac)

	As at		As at
Summarised Balance Sheet	31-12-2005		31-12-2004
CAPITAL AND LIABILITIES
Capital		31218		28654
Reserves and Surplus		488708		290621
Employees’ Stock Options (Grants) Outstanding		8		70
Deposits		5119462		3742852
Borrowings		375213		222847
Subordinated debt		91400		50000
Other Liabilities and Provisions		656288		420560
Total		6762297		4755604
ASSETS
Cash and balances with The Reserve Bank of India		361591		203632
Balances with Banks and Money at Call and Short notice		198328		103421
Investments		2288126		1896171
Advances		3615621		2342951
Fixed Assets		75811		65259
Other Assets		222820		144170
Total		6762297		4755604

NEWS RELEASE

HDFC BANK LTD. — FINANCIAL RESULTS (INDIAN GAAP)
FOR THE PERIOD APRIL — DECEMBER 2005

The Board of Directors of HDFC Bank Limited approved the Bank’s accounts for the quarter and nine months ended December 31, 2005 at its meeting held on Tuesday, January 10, 2006. The accounts have been subjected to a limited review by the Bank’s auditors.

FINANCIAL RESULTS:

Quarter ended December 31, 2005

For the quarter ended December 31, 2005, the Bank earned total income of Rs.1,475.9 crores as against Rs.979.6 crores in the corresponding quarter ended December 31, 2004. Net revenues (net interest income plus other income) were Rs.966.7 crores for the quarter ended December 31, 2005, an increase of 50.9% over Rs.640.5 crores for the corresponding quarter of the previous year. Interest earned (net of loan origination costs) increased from Rs 779.0 crores in the quarter ended December 31, 2004 to Rs.1,179.8 crores in the quarter ended December 31, 2005. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2005 increased by Rs.230.6 crores to Rs.670.6 crores, driven by average asset growth of 45.4% and a net interest margin of just over 3.9% (against 3.7% for the quarter ended December 31, 2004).

Other income for the quarter ended December 31, 2005 was up by 47.7% to Rs.296.1 crores, consisting primarily of fees & commissions of Rs.275.4 crores, foreign exchange & derivatives revenues of Rs.20.1 crores, and profit on sale and revaluation of investments of Rs. (0.6) crores as against Rs.150.3 crores, Rs.43.9 crores and Rs.4.9 crores respectively for the quarter ended December 31, 2004. Operating expenses for the quarter at Rs.449.1 crores, were 46.5% of net revenues. Provisions and contingencies for the quarter were Rs.293.2 crores (against Rs.191.0 crores for the corresponding quarter ended December 31, 2004), and primarily comprised general & specific loan loss provisions of Rs.138.0 crores and amortization of premia (for investments in the Held to Maturity category) of Rs.58.9 crores. After providing Rs.96.1 crores for taxation, the Bank earned a Net Profit of Rs.224.4 crores, a 31.3% increase over the quarter ended December 31, 2004.

Total balance sheet size as of December 31, 2005 was Rs.67,623 crores, a growth of 42.2% over Rs.47,556 crores as of December 31, 2004. As on December 31, 2005, total deposits were Rs.51,195 crores, an increase of 36.8% over Rs.37,429 crores as of December 31, 2004. As of December 31, 2005, Savings Account deposits were at Rs.15,185 crores and Current Account deposits at Rs.12,021 crores, against Rs. 10,876 crores and Rs.10,698 crores respectively, as of December 31, 2004. The Bank’s total

customer assets (including advances, corporate debentures, CPs, etc.) increased from Rs.28,386 crores as of December 31, 2004 to Rs.42,538 crores as of December 31, 2005. Gross retail loans grew 75.6% on a year-on-year basis to Rs.20,659 crores and now form 54.3% of gross advances as against 49.1% of gross advances as at December 31, 2004.

Nine months ended December 31, 2005

For the nine months ended December 31, 2005, the Bank earned total income of Rs.3,916.7 crores as against Rs.2,657.6 crores in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 2005 were Rs.2,626.3 crores, up 54.9% over Rs.1,695.6 crores for the nine months ended December 31, 2004. Net Profit for nine months ended December 31, 2005 was Rs.607.6 crores, up 31.2%, over the corresponding nine months ended December 31, 2004.

BUSINESS UPDATE:

As of December 31, 2005, the Bank’s distribution network was at 535 branches and 1326 ATMs in 228 cities from 425 branches and 1069 ATMs in 195 cities as of December 31, 2004. As of December 2005, the number of debit cards issued by the bank touched 3.7 million while credit cards issued crossed the 2 million mark.

Portfolio quality as of December 31, 2005 remained healthy with net non-performing assets at 0.4% of net advances as against 0.3% of net advances as of December 31, 2004. In September 2005, the Bank had filed a shelf registration for raising long-term, unsecured, subordinated bonds qualifying as Tier II capital upto Rs.1000 crores and had got a AAA rating for such bonds. During the quarter ended December 31, 2005, the Bank raised Rs. 414 crores as Tier II capital in the form of such subordinated bonds having a maturity of around 9.5 years and at an interest rate of 7.5% per annum. As a result, the Bank’s Capital Adequacy Ratio (CAR) was at 10.3% as of December 31, 2005.

Note:	(i)	Rs. = Indian Rupees
	(ii)	1 crore = 10 million
	(iii)	All figures and ratios are in accordance with Indian GAAP

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, cash flow projections 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 in India and the other countries which have an impact on our business activities or investments; the monetary and interest rate policies of the government of India; 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.