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

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	%

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.

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

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

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

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.

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

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

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).

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.

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).

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.

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%.

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.

NEWS RELEASE HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618

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 1054 (D) / 6652 1000 (B)

Mobile: +91 9819628910

ajit.shetty@hdfcbank.com