Form 6-K

6-K 1 d412792d6k.htm FORM 6-K Form 6-K

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, 2022

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 15, 2022	By	/s/ Santosh Haldankar
	Name: Santosh Haldankar
	Title: Sr. 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 15, 2022 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the audited Financial Results of the HDFC Bank Limited for the quarter and half year ended September 30, 2022.

October 15, 2022

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Sub: Outcome of the meeting of the Board of Directors of HDFC Bank Limited (“the Bank”) held on October 15, 2022

We enclose herewith the standalone and consolidated financial results (audited) of the Bank for the second quarter ended September 30, 2022, press release and the report of the joint statutory auditors in this regard. The results were duly approved by the Board of Directors at its meeting held today.

Kindly take the same on your records.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Sr. Vice President (Legal) & Company Secretary

Encl.:a/a.

LOGO

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

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, 2022


		(₹ in lac)
	Particulars	Quarter ended									Half year ended						Year ended 31.03.2022
		30.09.2022			30.06.2022			30.09.2021			30.09.2022			30.09.2021			Year ended 31.03.2022
		Audited			Unaudited			Audited (Refer note 5)			Audited			Audited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		3858638			3517204			3135337			7375842			6183634			12775311
	a) Interest / discount on advances / bills		3040939			2740228			2411494			5781167			4770767			9851202
	b) Income on investments		770193			719357			645064			1489550			1294378			2604613
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		16024			29624			69090			45648			99373			255237
	d) Others		31482			27995			9689			59477			19116			64259
2	Other income		759558			638823			740079			1398381			1368929			2950990
3	Total Income (1)+(2)		4618196			4156027			3875416			8774223			7552563			15726301
4	Interest Expended		1756522			1569062			1366898			3325584			2714299			5574354
5	Operating Expenses (i)+(ii)		1122457			1050181			927789			2172638			1743832			3744219
	i) Employees cost		352383			350024			296705			702407			573263			1203169
	ii) Other operating expenses		770074			700157			631084			1470231			1170569			2541050
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		2878979			2619243			2294687			5498222			4458131			9318573
7	Operating Profit before Provisions and Contingencies (3)-(6)		1739217			1536784			1580729			3276001			3094432			6407728
8	Provisions (other than tax) and Contingencies		324013			318773			392466			642786			875550			1506183
9	Exceptional Items		—			—			—			—			—			—
10	Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)		1415204			1218011			1188263			2633215			2218882			4901545
11	Tax Expense		354626			298412			304832			653038			562487			1205412
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		1060578			919599			883431			1980177			1656395			3696133
13	Extraordinary items (net of tax expense)		—			—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		1060578			919599			883431			1980177			1656395			3696133
15	Paid up equity share capital (Face Value of ₹ 1/- each)		55700			55546			55375			55700			55375			55455
16	Reserves excluding revaluation reserves																	23953838
17	Analytical Ratios and other disclosures:
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		16.92	%		17.52	%		19.96	%		16.92	%		19.96	%		18.90	%
	(iii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each):
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		19.07			16.57			15.97			35.64			29.98			66.80
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		19.00			16.50			15.85			35.50			29.76			66.35
	(iv) NPA Ratios:
	(a) Gross NPAs		1830100			1803367			1634607			1830100			1634607			1614096
	(b) Net NPAs		488267			488773			475509			488267			475509			440768
	(c) % of Gross NPAs to Gross Advances		1.23	%		1.28	%		1.35	%		1.23	%		1.35	%		1.17	%
	(d) % of Net NPAs to Net Advances		0.33	%		0.35	%		0.40	%		0.33	%		0.40	%		0.32	%
	(v) Return on assets (average) - not annualized		0.51	%		0.46	%		0.50	%		0.97	%		0.95	%		2.03	%
	(vi) Net worth		24699703			24332225			21283028			24699703			21283028			23361381
	(vii) Outstanding Redeemable Preference Shares		—			—			—			—			—			—
	(viii) Capital Redemption Reserve		—			—			—			—			—			—
	(ix) Debt Equity Ratio		0.38			0.36			0.24			0.38			0.24			0.33
	(x) Total debts to total assets		9.29	%		8.23	%		8.12	%		9.29	%		8.12	%		8.93	%

- Debt represents borrowings with residual maturity of more than one year. Total debts represents total borrowings of the Bank.

Regd. Office : HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013.

LOGO

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


		(₹ in lac)
Particulars		Quarter ended									Half year ended						Year ended
		30.09.2022			30.06.2022			30.09.2021			30.09.2022			30.09.2021			31.03.2022
		Audited			Unaudited			Audited (Refer note 5)			Audited			Audited			Audited
1	Segment Revenue
a)	Treasury		790995			737964			865042			1528959			1729475			3438512
b)	Retail Banking		3512514			3168563			2821405			6681077			5518872			11518991
c)	Wholesale Banking		2126597			1864207			1566263			3990805			3006962			6648293
d)	Other Banking Operations		644952			598469			542430			1243421			1028774			2149621
e)	Unallocated		40347			874			—			41220			—			(1218	)
	Total		7115405			6370077			5795140			13485482			11284083			23754199
	Less: Inter Segment Revenue		2497209			2214050			1919724			4711259			3731520			8027898

	Income from Operations		4618196			4156027			3875416			8774223			7552563			15726301

2	Segment Results
a)	Treasury		1226			26617			231727			27843			502470			893951
b)	Retail Banking		307750			270050			207718			577800			316754			922324
c)	Wholesale Banking		922187			736664			581321			1658851			1116993			2505301
d)	Other Banking Operations		193722			224753			212010			418475			364868			738648
e)	Unallocated		(9681	)		(40073	)		(44513	)		(49754	)		(82203	)		(158679	)

	Total Profit Before Tax		1415204			1218011			1188263			2633215			2218882			4901545

3	Segment Assets
a)	Treasury		56105272			55198071			53320390			56105272			53320390			55176734
b)	Retail Banking		70443866			64446850			55066808			70443866			55066808			61946820
c)	Wholesale Banking		86839715			82280953			68279622			86839715			68279622			80813661
d)	Other Banking Operations		8163556			7924230			6709298			8163556			6709298			7659109
e)	Unallocated		1236927			1127049			1108355			1236927			1108355			1257183

	Total		222789336			210977153			184484473			222789336			184484473			206853507

4	Segment Liabilities
a)	Treasury		10952287			7825587			10540440			10952287			10540440			7727363
b)	Retail Banking		141573723			134186107			117708079			141573723			117708079			129233974
c)	Wholesale Banking		41751119			41091705			30520473			41751119			30520473			41382531
d)	Other Banking Operations		678726			618250			529363			678726			529363			599476
e)	Unallocated		2422343			2227010			3315106			2422343			3315106			3900870

	Total		197378198			185948659			162613461			197378198			162613461			182844214

5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		45152985			47372484			42779950			45152985			42779950			47449371
b)	Retail Banking		(71129857	)		(69739257	)		(62641271	)		(71129857	)		(62641271	)		(67287154	)
c)	Wholesale Banking		45088596			41189248			37759149			45088596			37759149			39431130
d)	Other Banking Operations		7484830			7305980			6179935			7484830			6179935			7059633
e)	Unallocated		(1185416	)		(1099961	)		(2206751	)		(1185416	)		(2206751	)		(2643687	)

	Total		25411138			25028494			21871012			25411138			21871012			24009293

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. Vide its circular dated April 7, 2022 on establishment of Digital Banking Units (DBUs), the RBI has prescribed reporting of Digital Banking Segment as a sub-segment of Retail Banking Segment. The proposed DBUs of the Bank have not commenced operations and having regard to the discussions of the DBU Working Group formed by Indian Banks’ Association (IBA) (which included representatives of banks and RBI), reporting of Digital Banking as a separate sub-segment of Retail Banking Segment will be implemented by the Bank based on the decision of the DBU Working Group.

LOGO

Notes :

Statement of Assets and Liabilities is given below:


	(₹ in lac)
Particulars	As at 30.09.2022		As at 30.09.2021		As at 31.03.2022
Particulars	Audited		Audited		Audited
CAPITAL AND LIABILITIES
Capital		55700		55375		55455
Reserves and Surplus		25355438		21815637		23953838
Deposits		167340798		140634330		155921744
Borrowings		20687834		14981354		18481721
Other Liabilities and Provisions		9349566		6997777		8440749

Total		222789336		184484473		206853507

ASSETS
Cash and Balances with Reserve Bank of India		8803058		15742861		12999564
Balances with Banks and Money at Call and Short notice		1373679		1185927		2233130
Investments		51911588		41629258		45553570
Advances		147987322		119883743		136882093
Fixed Assets		660419		522717		608368
Other Assets		12053270		5519967		8576782

Total		222789336		184484473		206853507

Statement of Cash flow is given below:


	(₹ in lac)
Particulars	Half year ended						Year ended 31.03.2022
	30.09.2022			30.09.2021			Year ended 31.03.2022
	Audited			Audited			Audited
Cash flows from operating activities:
Profit before income tax		2633215			2218882			4901545
Adjustments for:
Depreciation on fixed assets		106028			73488			159980
(Profit) / Loss on revaluation of investments		90063			(103901	)		(154640	)
Amortisation of premium on held to maturity investments		40404			39655			82132
(Profit) / loss on sale of fixed assets		553			448			334
Provision / charge for non performing assets		660536			662234			1063348
Provision for standard assets and contingencies		12843			224940			495697
Dividend from subsidiaries		(40924	)		(37519	)		(83090	)
Employee Stock Options Expense		19261			8299			32597

		3521979			3086526			6497903

Adjustments for:
(Increase) / decrease in investments		(6535188	)		2777369			(1219517	)
(Increase) / decrease in advances		(11765574	)		(7263200	)		(24663890	)
Increase / (decrease) in deposits		11419055			7128308			22415722
(Increase) / decrease in other assets		(3375973	)		(843864	)		(3802358	)
Increase / (decrease) in other liabilities and provisions		926330			(460578	)		751796

		(5809371	)		4424561			(20344	)

Direct taxes paid (net of refunds)		(725746	)		(658825	)		(1400526	)

Net cash flow (used in) / from operating activities		(6535117	)		3765736			(1420870	)

Cash flows from investing activities:
Purchase of fixed assets		(118651	)		(90748	)		(214079	)
Proceeds from sale of fixed assets		1443			717			1830
Dividend from subsidiaries		40924			37519			83090

Net cash flow used in investing activities		(76284	)		(52512	)		(129159	)

Cash flows from financing activities:
Proceeds from issue of share capital, net of issue expenses		227771			188471			260976
Proceeds from issue of Additional Tier 1 capital bonds		300000			816275			816275
Redemption of Tier 1 and Tier 2 capital bonds		(1147700	)		(365000	)		(365000	)
Increase / (decrease) in other borrowings		2998288			981422			4466163
Dividend paid during the period		(860452	)		(359240	)		(359240	)

Net cash flow from financing activities		1517907			1261928			4819174

Effect of exchange fluctuation on translation reserve		37537			6597			16510

Net increase / (decrease) in cash and cash equivalents		(5055957	)		4981749			3285655

Cash and cash equivalents as at April 1st		15232694			11947039			11947039
Cash and cash equivalents as at the period end		10176737			16928788			15232694

LOGO

The above financial results have been approved by the Board of Directors at its meeting held on October 15, 2022. The financial results for the quarter and half year ended September 30, 2022 have been subjected to an audit by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank. The previous period results were reviewed / audited by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

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, 2022. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable.

The figures for the quarter ended September 30, 2021 are the balancing figures between audited figures for the half year end September 30, 2021 and the published year to date reviewed figures upto June 30, 2021.

The Board of Directors at its meeting held on April 04, 2022, approved a composite Scheme of amalgamation (“Scheme”), for the amalgamation of: (i) HDFC Investments Limited and HDFC Holdings Limited, into and with Housing Development Finance Corporation Limited (“HDFC Limited”); and thereafter (ii) HDFC Limited into HDFC Bank Limited (“Bank”), and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The share exchange ratio shall be 42 equity shares of face value of ₹ 1/- each of the Bank for every 25 equity shares of face value of ₹ 2/- each of HDFC Limited. As per the Scheme, the appointed date for the amalgamation of HDFC Limited with and into the Bank shall be the effective date of the Scheme. Upon the Scheme becoming effective, the Bank will issue equity shares to the shareholders of HDFC Limited as on the record date as per the Scheme. The equity shares held by HDFC Limited in the Bank will be extinguished as per the Scheme.

The Scheme is subject to the receipt of requisite approvals from the National Company Law Tribunal (“NCLT”), the statutory and regulatory authorities, and the respective shareholders and creditors, under applicable law. The Bank has since received some of the said approvals and no objection letters, subject to certain conditions in this regard.

The Bank had e-filed a Joint Company Scheme Application with the Hon’ble NCLT in relation to the proposed Scheme. The Hon’ble NCLT has, in its order dated October 14, 2022, directed the Bank, to, inter alia, convene the meeting of its equity shareholders on November 25, 2022, for the purpose of considering and, if thought fit, approving with or without modification(s) the arrangement embodied in the Scheme.

During the quarter and half year ended September 30, 2022, the Bank allotted 1,54,06,280 and 2,44,18,050 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

During the quarter ended September 30, 2022, the Bank raised Additional Tier 1 Bonds of ₹ 3,000.00 crore.

India is emerging from the COVID-19 virus, a global pandemic that affected the world economy over the last more than two years. The extent to which any new wave of COVID-19 will impact the bank’s results will depend on ongoing as well as future developments, including, among other things, any new information concerning the severity of the COVID-19 pandemic, and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.

Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circulars dated August 06, 2020 (Resolution Framework 1.0) and May 05, 2021 (Resolution Framework 2.0) as at September 30, 2022 are given below:


	(₹ in crore)
Type of Borrower	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of the previous half-year i.e March 31, 2022 (A)		Of (A), aggregate debt that slipped into NPA during the half-year ended September 30, 2022		Of (A) amount written off during the half-year^#		Of (A) amount paid by the borrowers during the half-year**		Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of this half-year i.e September 30, 2022^
Personal Loans		9,781.56		2,690.30		1,723.35		1,835.34		5,255.92
Corporate persons		1,512.41		307.29		4.83		79.45		1,125.67
Of which, MSMEs		154.18		11.55		1.47		14.49		128.14
Others		2,096.07		345.55		37.05		281.07		1,469.45

Total		13,390.04		3,343.14		1,765.23		2,195.86		7,851.04

Represents debt that slipped into NPA and was subsequently written off during the half- year ended September 30, 2022.

Amount paid by the borrower during the half year is net of additions in the borrower account including additions due to interest capitalisation.

^{^}

Excludes other facilities to the borrowers aggregating to ₹ 1,418.09 crore which have not been restructured.

Details of loans transferred / acquired during the quarter ended September 30, 2022 as per RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 are given below:

(i) The Bank has not transferred any stressed loan (Non-performing asset and Special Mention Account) and loan not in default.

(ii) Details of loans not in default acquired through assignment are given below:


Particulars	Value
Aggregate amount of loans acquired (₹ in crore)		9,199.58
Weighted average residual maturity (in years)		17.42
Weighted average holding period by the originator (in years)		1.46
Retention of beneficial economic interest by the originator		10.00	%
Tangible security coverage		99.93	%

The loans acquired are not rated as these are to non-corporate borrowers.

(iii) The Bank has not acquired any stressed loan.

Other income includes commission income 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.

Other operating expenses include commission paid to sales agents of ₹ 1,194.37 crore (previous period: ₹ 860.51 crore) and ₹ 2,289.61 crore (previous period: ₹ 1,532.10 crore) for the quarter and half year ended September 30, 2022 respectively.

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

₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore


Place : Mumbai		Sashidhar Jagdishan
Date : October 15, 2022		Managing Director

LOGO

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

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, 2022


		(₹ in lac)
		Quarter ended						Half year ended				Year ended
	Particulars	30.09.2022		30.06.2022		30.09.2021		30.09.2022		30.09.2021		31.03.2022
		Audited		Unaudited		Audited (Refer note 5)		Audited		Audited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		4092979		3727381		3352044		7820360		6577420		13593641
	a) Interest / discount on advances / bills		3262998		2941376		2616373		6204374		5144469		10629534
	b) Income on investments		768084		713722		644370		1481806		1292015		2590706
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		19070		31965		70841		51035		102907		263078
	d) Others		42827		40318		20460		83145		38029		110323
2	Other Income		825231		692851		791592		1518082		1459579		3175899
3	Total Income (1)+(2)		4918210		4420232		4143636		9338442		8036999		16769540
4	Interest Expended		1831079		1635826		1441528		3466905		2863378		5858433
5	Operating Expenses (i)+(ii)		1214979		1135508		998491		2350487		1869180		4031243
	i) Employees cost		463175		460686		393143		923861		757517		1589703
	ii) Other operating expenses		751804		674822		605348		1426626		1111663		2441540
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		3046058		2771334		2440019		5817392		4732558		9889676
7	Operating Profit before Provisions and Contingencies (3)-(6)		1872152		1648898		1703617		3521050		3304441		6879864
8	Provisions (Other than tax) and Contingencies		376512		366568		471267		743080		1007900		1792525
9	Exceptional Items		—		—		—		—		—		—
10	Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)		1495640		1282330		1232350		2777970		2296541		5087339
11	Tax Expense		379381		320663		320354		700044		590517		1272249
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		1116259		961667		911996		2077926		1706024		3815090
13	Extraordinary items (net of tax expense)		—		—		—		—		—		—
14	Consolidated Net Profit / (Loss) for the period before minorities’ interest (12)-(13)		1116259		961667		911996		2077926		1706024		3815090
15	Less: Minorities’ Interest		3738		3756		2377		7494		4196		9815
16	Consolidated Net Profit / (Loss) for the period attributable to the group (14)-(15)		1112521		957911		909619		2070432		1701828		3805275
17	Paid up equity share capital (Face Value of ₹ 1/- each)		55700		55546		55375		55700		55375		55455
18	Reserves excluding revaluation reserves												24677162
19	Analytical Ratios:
	(i) Percentage of shares held by Government of India		Nil		Nil		Nil		Nil		Nil		Nil
	(ii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each):
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		20.01		17.26		16.44		37.27		30.80		68.77
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		19.93		17.19		16.32		37.12		30.58		68.31

Regd. Office : HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013.

LOGO

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


		(₹ in lac)
		Quarter ended									Half year ended						Year ended
		30.09.2022			30.06.2022			30.09.2021			30.09.2022			30.09.2021			31.03.2022
Particulars		Audited			Unaudited			Audited (Refer note 5)			Audited			Audited			Audited
1	Segment Revenue
a)	Treasury		790995			737964			865042			1528959			1729475			3438512
b)	Retail Banking		3512514			3168563			2821405			6681077			5518872			11518991
c)	Wholesale Banking		2126598			1864207			1566263			3990805			3006962			6648293
d)	Other Banking Operations		944965			862674			810650			1807639			1513210			3192860
e)	Unallocated		40347			874			—			41221			—			(1218	)
	Total		7415419			6634282			6063360			14049701			11768519			24797438
	Less: Inter Segment Revenue		2497209			2214050			1919724			4711259			3731520			8027898

	Income from Operations		4918210			4420232			4143636			9338442			8036999			16769540

2	Segment Results
a)	Treasury		1226			26617			231727			27843			502470			893951
b)	Retail Banking		307750			270050			207718			577800			316754			922324
c)	Wholesale Banking		922187			736664			581321			1658851			1116993			2505301
d)	Other Banking Operations		274158			289072			256097			563230			442527			924442
e)	Unallocated		(9681	)		(40073	)		(44513	)		(49754	)		(82203	)		(158679	)

	Total Profit Before Tax and Minority Interest		1495640			1282330			1232350			2777970			2296541			5087339

3	Segment Assets
a)	Treasury		56105272			55198071			53320390			56105272			53320390			55176734
b)	Retail Banking		70443866			64446850			55066808			70443866			55066808			61946820
c)	Wholesale Banking		86839715			82280953			68279622			86839715			68279622			80813661
d)	Other Banking Operations		13731960			13432921			11976788			13731960			11976788			13099032
e)	Unallocated		1236926			1127049			1108355			1236926			1108355			1257183

	Total		228357739			216485844			189751963			228357739			189751963			212293430

4	Segment Liabilities
a)	Treasury		10952286			7825587			10540440			10952286			10540440			7727363
b)	Retail Banking		141573723			134186107			117708079			141573723			117708079			129233974
c)	Wholesale Banking		41751119			41091705			30520473			41751119			30520473			41382531
d)	Other Banking Operations		5348044			5288415			5081742			5348044			5081742			5244034
e)	Unallocated		2422345			2227010			3315106			2422345			3315106			3900870

	Total		202047517			190618824			167165840			202047517			167165840			187488772

5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		45152986			47372484			42779950			45152986			42779950			47449371
b)	Retail Banking		(71129857	)		(69739257	)		(62641271	)		(71129857	)		(62641271	)		(67287154	)
c)	Wholesale Banking		45088596			41189248			37759149			45088596			37759149			39431130
d)	Other Banking Operations		8383916			8144506			6895046			8383916			6895046			7854998
e)	Unallocated		(1185419	)		(1099961	)		(2206751	)		(1185419	)		(2206751	)		(2643687	)

	Total		26310222			25867020			22586123			26310222			22586123			24804658

LOGO

Notes :

Consolidated Statement of Assets and Liabilities is given below:


	(₹ in lac)
Particulars	As at 30.09.2022		As at 30.09.2021		As at 31.03.2022
Particulars	Audited		Audited		Audited
CAPITAL AND LIABILITIES
Capital		55700		55375		55455
Reserves and Surplus		26175931		22464711		24677162
Minority Interest		78591		66037		72041
Deposits		167085982		140548612		155800303
Borrowings		25174329		19158305		22696650
Other Liabilities and Provisions		9787206		7458923		8991819

Total		228357739		189751963		212293430

ASSETS
Cash and balances with Reserve Bank of India		8806150		15745900		13003071
Balances with Banks and Money at Call and Short notice		1666136		1397379		2535502
Investments		51249318		41103154		44926386
Advances		153394517		124933101		142094228
Fixed Assets		682803		540200		628328
Other Assets		12543936		6017350		9091036
Goodwill on Consolidation		14879		14879		14879

Total		228357739		189751963		212293430

Consolidated Statement of Cash flow is given below:


	(₹ in lac)
	Half year ended						Year ended 31.03.2022
	30.09.2022			30.09.2021			Year ended 31.03.2022
Particulars	Audited			Audited			Audited
Cash flows from operating activities:
Consolidated profit before income tax		2770476			2292345			5077524
Adjustment for:
Depreciation on fixed assets		110525			77442			168073
(Profit) / Loss on revaluation of investments		90063			(103901	)		(154640	)
Amortisation of premium on held to maturity investments		40404			39655			82132
(Profit) / loss on sale of fixed assets		541			488			325
Provision / charge for non performing assets		832178			835111			1328695
Provision for standard assets and contingencies		(35533	)		190159			541821
Employee Stock Options Expense		21381			8329			34124

		3830035			3339628			7078054

Adjustments for:
(Increase) / decrease in investments		(6499453	)		2812954			(1084922	)
(Increase) / decrease in advances		(12132924	)		(7240746	)		(24894613	)
Increase / (decrease) in deposits		11285679			7176525			22428215
(Increase) / decrease in other assets		(3319187	)		(1044806	)		(4004470	)
Increase / (decrease) in other liabilities and provisions		861277			(469427	)		765595

		(5974573	)		4574128			287859

Direct taxes paid (net of refunds)		(772515	)		(687796	)		(1483816	)

Net cash flow (used in) / from operating activities		(6747088	)		3886332			(1195957	)

Cash flows from investing activities:
Purchase of fixed assets		(126031	)		(93442	)		(223624	)
Proceeds from sale of fixed assets		1490			783			1991

Net cash flow used in investing activities		(124541	)		(92659	)		(221633	)

Cash flows from financing activities:
Increase in minority interest		7760			3935			13583
Proceeds from issue of share capital, net of issue expenses		227771			188471			260976
Proceeds from issue of Additional Tier 1 and Tier 2 capital bonds		300000			816275			831275
Redemption of Tier 1 and Tier 2 capital bonds		(1147700	)		(365000	)		(365000	)
Increase / (decrease) in other borrowings		3240426			931317			4430808
Dividend paid during the period		(860452	)		(359240	)		(359240	)

Net cash flow from financing activities		1767805			1215758			4812402

Effect of exchange fluctuation on translation reserve		37537			6597			16510

Net increase / (decrease) in cash and cash equivalents		(5066287	)		5016028			3411322

Cash and cash equivalents as at April 1st		15538573			12127251			12127251
Cash and cash equivalents as at the period end		10472286			17143279			15538573

LOGO

The above financial results represent the consolidated financial results of HDFC Bank Limited, its subsidiaries (together referred to as the ‘Group’) and Employee Welfare Trust. These financial results have been approved by the Board of Directors at its meeting held on October 15, 2022. The financial results for the quarter and half year ended September 30, 2022 have been subjected to an audit by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank. The previous period results were reviewed / audited by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

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, 2022. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable.

India is emerging from the COVID-19 virus, a global pandemic that affected the world economy over the last more than two years. The extent to which any new wave of COVID-19 will impact the group’s results will depend on ongoing as well as future developments, including, among other things, any new information concerning the severity of the COVID-19 pandemic, and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.

In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio, liquidity coverage ratio and Net Stable Funding Ratio (NSFR) under the Basel III Framework. These disclosures are available on the Bank’s website at the following link: https://www.hdfcbank.com/personal/resources/regulatory-disclosures. The disclosures have not been subjected to audit or review by the statutory auditors.

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

₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore


Place : Mumbai		Sashidhar Jagdishan
Date : October 15, 2022		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, 2022

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and half year ended September 30, 2022, at its meeting held in Mumbai on Saturday, October 15, 2022. 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, 2022

The Bank’s core net revenue (excluding trading and Mark to Market losses), grew by 18.3% to ₹ 28,869.8 crore for the quarter ended September 30, 2022 from ₹ 24,409.7 crore for the quarter ended September 30, 2021. The total net revenues (net interest income plus other income) were ₹ 28,616.7 crore for the quarter ended September 30, 2022.

Net interest income (interest earned less interest expended) for the quarter ended September 30, 2022 grew by 18.9% to ₹ 21,021.2 crore from ₹ 17,684.4 crore for the quarter ended September 30, 2021. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.

The four components of other income for the quarter ended September 30, 2022 were fees & commissions of ₹ 5,802.9 crore (₹ 4,945.9 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 947.8 crore (₹ 867.3 crore in the corresponding quarter of the previous year), loss on sale / revaluation of investments of ₹ 253.1 crore (gain of ₹ 675.5 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,097.9 crore (₹ 912.1 crore in the corresponding quarter of the previous year). Other income, excluding trading and Mark to Market losses, grew by 16.7% over the quarter ended September 30, 2021.

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, 2022 were ₹ 11,224.6 crore, an increase of 21.0% over ₹ 9,277.9 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 39.2%.

Pre-provision Operating Profit (PPOP) was at ₹ 17,392.2 crore. PPOP, excluding trading and Mark to Market losses, grew by 16.6% over the quarter ended September 30, 2021.

Provisions and contingencies for the quarter ended September 30, 2022 were ₹ 3,240.1 crore (consisting of specific loan loss provisions of ₹ 3,000.4 crore and general and other provisions of ₹ 239.7 crore) as against ₹ 3,924.7 crore for the quarter ended September 30, 2021.

The total credit cost ratio was at 0.87%, as compared to 1.30% for the quarter ending September 30, 2021.

Profit before tax (PBT) for the quarter ended September 30, 2022 was at ₹ 14,152.0 crore. After providing ₹ 3,546.3 crore for taxation, the Bank earned a net profit of ₹ 10,605.8 crore, an increase of 20.1% over the quarter ended September 30, 2021.

Balance Sheet: As of September 30, 2022

Total balance sheet size as of September 30, 2022 was ₹ 2,227,893 crore as against ₹ 1,844,845 crore as of September 30, 2021, a growth of 20.8%.

Total Deposits showed a healthy growth and were at ₹ 1,673,408 crore as of September 30, 2022, an increase of 19.0% over September 30, 2021. CASA deposits grew by 15.4% with savings account deposits at ₹ 529,745 crore and current account deposits at ₹ 229,951 crore. Time deposits were at ₹ 913,712 crore, an increase of 22.1% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 45.4% of total deposits as of September 30, 2022.

Total advances as of September 30, 2022 were ₹ 1,479,873 crore, an increase of 23.4% over September 30, 2021. Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by around 25.8% over September 30, 2021. Domestic retail loans grew by 21.4%, commercial and rural banking loans grew by 31.3% and corporate and other wholesale loans grew by 27.0%. Overseas advances constituted 3.1% of total advances.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

Half Year ended September 30, 2022

For the half year ended September 30, 2022, the Bank earned a total income of ₹ 87,742.2 crore as against ₹ 75,525.6 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2022 were ₹ 54,486.4 crore, as against ₹ 48,382.6 crore for the half year ended September 30, 2021. Net profit for the half year ended September 30, 2022 was ₹ 19,801.8 crore, up by 19.5% over the corresponding half year ended September 30, 2021.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines (including profits for the half year ended September 30, 2022) was at 18.0% as on September 30, 2022 (20.0% as on September 30, 2021) as against a regulatory requirement of 11.7% which includes Capital Conservation Buffer of 2.5%, and an additional requirement of 0.2% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 17.1% as of September 30, 2022 compared to 18.7% as of September 30, 2021. Common Equity Tier 1 Capital ratio was at 16.3% as of September 30, 2022. Risk-weighted Assets were at ₹ 1,477,855 crore (as against ₹ 1,190,270 crore as at September 30, 2021).

NETWORK

As of September 30, 2022, the Bank’s distribution network was at 6,499 branches and 18,868 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,226 cities / towns as against 5,686 branches and 16,642 ATMs / CDMs across 2,929 cities / towns as of September 30, 2021. 50% of our branches are in semi-urban and rural areas. In addition, we have 15,691 business correspondents, which are primarily manned by Common Service Centres (CSC). Number of employees were at 161,027 as of September 30, 2022 (as against 129,341 as of September 30, 2021).

ASSET QUALITY

Gross non-performing assets were at 1.23% of gross advances as on September 30, 2022, as against 1.35% as on September 30, 2021. Net non-performing assets were at 0.33% of net advances as on September 30, 2022.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

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 Ind-AS.

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on September 30, 2022, the Bank held 95.8% stake in HSL. For the quarter ended September 30, 2022, HSL’s total revenue was at ₹ 468.2 crore, as against ₹ 489.5 crore for the quarter ended September 30, 2021. Profit after tax for the quarter was at ₹ 190.9 crore, as against ₹ 239.6 crore for the quarter ended September 30, 2021.

As on September 30, 2022, HSL had 215 branches across 147 cities / towns in the country.

HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-banking finance company (‘NBFC’) offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on September 30, 2022, the Bank held 94.9% stake in HDBFSL.

For the quarter ended September 30, 2022, HDBFSL’s net revenue was at ₹ 2,201.3 crore as against ₹ 1,916.7 crore for the quarter ended September 30, 2021, a growth of 14.9%. Profit after tax for the quarter ended September 30, 2022 was ₹ 471.4 crore compared to ₹ 191.7 crore for the quarter ended September 30, 2021.

The total loan book was ₹ 63,112 crore as on September 30, 2022. Stage 3 loans were at 4.88% of gross loans. As on September 30, 2022, total CAR was at 20.8% with Tier-I CAR at 16.0%.

As on September 30, 2022, HDBFSL had 1,407 branches across 1,009 cities / towns.

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the quarter ended September 30, 2022 was ₹ 11,125 crore, up 22.3%, over the quarter ended September 30, 2021. Consolidated advances grew by 22.8% from ₹ 1,249,331 crore as on September 30, 2021 to ₹ 1,533,945 crore as on September 30, 2022.

LOGO

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

The consolidated net profit for the half year ended September 30, 2022 was ₹ 20,704 crore, up 21.7%, over the half year ended September 30, 2021.

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.

LOGO

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:

Madhu Chhibber

Head - Corporate Communications

HDFC Bank Ltd., Mumbai.

Mobile: +91 9833775515

madhu.chhibber@hdfcbank.com

For investor queries please contact:

Investor Relations

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1054 (D) / 6652 1000 (B)

investor.relations@hdfcbank.com