Form 6-K

6-K 1 d404315d6k.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 January, 2023

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: January 14, 2023	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 January 14, 2023 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the unaudited Financial Results of HDFC Bank Limited for the quarter and nine months ended December 31, 2022.

January 14, 2023

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 January 14, 2023

We enclose herewith the unaudited standalone and consolidated financial results of the Bank for the third quarter and nine months ended December 31, 2022 (“Results”), along with segment reporting, press release, and the Limited Review 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.

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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

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022


		(₹ in lac)
	Particulars	Quarter ended									Nine months ended						Year ended 31.03.2022
		31.12.2022			30.09.2022			31.12.2021			31.12.2022			31.12.2021			Year ended 31.03.2022
		Unaudited			Audited			Unaudited			Unaudited			Unaudited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		4270777			3858638			3246805			11646619			9430439			12775311
	a) Interest / discount on advances / bills		3364141			3040939			2489549			9145308			7260316			9851202
	b) Income on investments		803922			770193			652582			2293472			1946960			2604613
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		23166			16024			86319			68814			185692			255237
	d) Others		79548			31482			18355			139025			37471			64259
2	Other income		849984			759558			818355			2248365			2187284			2950990
3	Total Income (1)+(2)		5120761			4618196			4065160			13894984			11617723			15726301
4	Interest Expended		1971994			1756522			1402457			5297578			4116756			5574354
5	Operating Expenses (i)+(ii)		1246360			1122457			985108			3418998			2728940			3744219
	i) Employees cost		412623			352383			315442			1115030			888705			1203169
	ii) Other operating expenses		833737			770074			669666			2303968			1840235			2541050
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		3218354			2878979			2387565			8716576			6845696			9318573
7	Operating Profit before Provisions and Contingencies (3)-(6)		1902407			1739217			1677595			5178408			4772027			6407728
8	Provisions (other than tax) and Contingencies		280644			324013			299398			923430			1174948			1506183
9	Exceptional Items		—			—			—			—			—			—
10	Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)		1621763			1415204			1378197			4254978			3597079			4901545
11	Tax Expense		395814			354626			343977			1048852			906464			1205412
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		1225949			1060578			1034220			3206126			2690615			3696133
13	Extraordinary items (net of tax expense)		—			—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		1225949			1060578			1034220			3206126			2690615			3696133
15	Paid up equity share capital (Face Value of ₹ 1/- each)		55768			55700			55424			55768			55424			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		17.66	%		16.92	%		19.53	%		17.66	%		19.53	%		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		21.99			19.07			18.67			57.65			48.66			66.80
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		21.89			19.00			18.54			57.40			48.31			66.35
	(iv) NPA Ratios:
	(a) Gross NPAs		1876390			1830100			1601355			1876390			1601355			1614096
	(b) Net NPAs		502427			488267			467677			502427			467677			440768
	(c) % of Gross NPAs to Gross Advances		1.23	%		1.23	%		1.26	%		1.23	%		1.26	%		1.17	%
	(d) % of Net NPAs to Net Advances		0.33	%		0.33	%		0.37	%		0.33	%		0.37	%		0.32	%
	(v) Return on assets (average) - not annualized		0.56	%		0.51	%		0.56	%		1.54	%		1.52	%		2.03	%
	(vi) Net worth		26039935			24699703			22339400			26039935			22339400			23361381
	(vii) Outstanding Redeemable Preference Shares		—			—			—			—			—			—
	(viii) Capital Redemption Reserve		—			—			—			—			—			—
	(ix) Debt Equity Ratio		0.28			0.38			0.25			0.28			0.25			0.33
	(x) Total debts to total assets		9.18	%		9.29	%		9.82	%		9.18	%		9.82	%		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.

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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									Nine months ended						Year ended
		31.12.2022			30.09.2022			31.12.2021			31.12.2022			31.12.2021			31.03.2022
		Unaudited			Audited			Unaudited			Unaudited			Unaudited			Audited
1	Segment Revenue
a)	Treasury		955078			790995			919160			2484037			2648635			3438512
b)	Retail Banking		3530186			3512514			2925294			10211263			8444166			11518991
c)	Wholesale Banking		2537451			2126597			1872577			6528256			4879539			6648293
d)	Other Banking Operations		656735			644952			567252			1900156			1596026			2149621
e)	Unallocated		104476			40347			—			145696			—			(1218	)
	Total		7783926			7115405			6284283			21269408			17568366			23754199
	Less: Inter Segment Revenue		2663165			2497209			2219123			7374424			5950643			8027898

	Income from Operations		5120761			4618196			4065160			13894984			11617723			15726301

2	Segment Results
a)	Treasury		77494			1226			253105			105337			755575			893951
b)	Retail Banking		440906			307750			195926			1018706			512680			922324
c)	Wholesale Banking		849435			922187			772611			2508286			1889604			2505301
d)	Other Banking Operations		255164			193722			204935			673639			569803			738648
e)	Unallocated		(1236	)		(9681	)		(48380	)		(50990	)		(130583	)		(158679	)

	Total Profit Before Tax		1621763			1415204			1378197			4254978			3597079			4901545

3	Segment Assets
a)	Treasury		65748834			56105272			53754643			65748834			53754643			55176734
b)	Retail Banking		67126656			70443866			58577297			67126656			58577297			61946820
c)	Wholesale Banking		87494145			86839715			72959133			87494145			72959133			80813661
d)	Other Banking Operations		7813956			8163556			7356677			7813956			7356677			7659109
e)	Unallocated		1346941			1236927			1180845			1346941			1180845			1257183

	Total		229530532			222789336			193828595			229530532			193828595			206853507

4	Segment Liabilities
a)	Treasury		9774905			10952287			13237969			9774905			13237969			7727363
b)	Retail Banking		148370986			141573723			122096409			148370986			122096409			129233974
c)	Wholesale Banking		39712407			41751119			31759407			39712407			31759407			41382531
d)	Other Banking Operations		664367			678726			631229			664367			631229			599476
e)	Unallocated		4253625			2422343			3139624			4253625			3139624			3900870

	Total		202776290			197378198			170864638			202776290			170864638			182844214

5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		55973929			45152985			40516674			55973929			40516674			47449371
b)	Retail Banking		(81244330	)		(71129857	)		(63519112	)		(81244330	)		(63519112	)		(67287154	)
c)	Wholesale Banking		47781738			45088596			41199726			47781738			41199726			39431130
d)	Other Banking Operations		7149589			7484830			6725448			7149589			6725448			7059633
e)	Unallocated		(2906684	)		(1185416	)		(1958779	)		(2906684	)		(1958779	)		(2643687	)

	Total		26754242			25411138			22963957			26754242			22963957			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. During the quarter ended December 31, 2022, the Bank has commenced four DBUs. Reporting of Digital Banking segment as a sub-segment of Retail Banking Segment will be implemented by the Bank based on the guidance from the Indian Banks’ Association (IBA) on the clarifications sought by the Bank in this regard.

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Notes :

Statement of Assets and Liabilities is given below:


	(₹ in lac)
Particulars	As at 31.12.2022		As at 31.12.2021		As at 31.03.2022
Particulars	Unaudited		Unaudited		Audited
CAPITAL AND LIABILITIES
Capital		55768		55424		55455
Reserves and Surplus		26698474		22908533		23953838
Deposits		173320398		144591811		155921744
Borrowings		21076210		19042526		18481721
Other Liabilities and Provisions		8379682		7230301		8440749

Total		229530532		193828595		206853507

ASSETS
Cash and Balances with Reserve Bank of India		9477289		15737985		12999564
Balances with Banks and Money at Call and Short notice		2442537		1104653		2233130
Investments		52727667		42258533		45553570
Advances		150680931		126086284		136882093
Fixed Assets		691427		547940		608368
Other Assets		13510681		8093200		8576782

Total		229530532		193828595		206853507

The above financial results have been approved by the Board of Directors at its meeting held on January 14, 2023. The financial results for the quarter and nine months ended December 31, 2022 have been subjected to a limited review by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank. The financial results for the quarter and nine months ended December 31, 2021 and for the year ended March 31, 2022 were reviewed / audited by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 – Interim Financial Reporting (“AS 25”), prescribed under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (“the RBI”) from time to time (‘RBI Guidelines’) and other accounting principles generally accepted in India, and is in compliance with the presentation and disclosure requirements of the Regulation 33 and Regulation 52 read with Regulation 63 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended including relevant circulars issued by the SEBI from time to time.

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 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 was approved by the shareholders at the National Company Law Tribunal (“NCLT”) convened meeting of the shareholders of the Bank held on November 25, 2022 for the purpose of considering and approving the arrangement embodied in the Scheme. Pursuant to the Joint Company Scheme Petition filed on December 7, 2022 with the NCLT in accordance with Sections 230-232 of the Companies Act, 2013 and rules thereunder, seeking the sanction of the NCLT for the Scheme, the NCLT has vide its order dated December 16, 2022, inter alia, fixed January 27, 2023 as the date for hearing for disposal of the said Joint Company Scheme Petition. Steps for seeking certain other regulatory approvals / consents shall be undertaken once the NCLT sanctions / approves the Scheme.

During the quarter and nine months ended December 31, 2022, the Bank allotted 67,96,370 and 3,12,14,420 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

During the quarter and nine months ended December 31, 2022, the Bank issued Basel III compliant bonds of ₹ 20,000.00 crore (Tier 2) and ₹ 23,000.00 crore (Additional Tier 1: ₹ 3,000.00 crore and Tier 2: ₹ 20,000.00 crore) respectively.

The COVID-19 virus, a global pandemic 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 loans transferred / acquired during the quarter ended December 31, 2022 as per RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 are given below:


(i) Details of non-performing assets (NPAs) transferred:	₹ in crore except number of accounts
Particulars	To Asset Reconstruction Companies (ARCs)		To permitted transferees		To other transferees
Number of accounts		1		1		—
Aggregate principal outstanding of loans transferred		52.40		183.80		—
Weighted average residual tenor of the loans transferred (in years)		0.01		—		—
Net book value of loans transferred (at the time of transfer)		—		—		—
Aggregate consideration		41.00		44.22		—
Additional consideration realised in respect of accounts transferred in earlier years		1.33		—		—

The Bank has reversed the excess provision of ₹ 85.22 crore to Profit and Loss account on sale of the aforesaid loans.

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(ii) Details of ratings of SRs outstanding as on December 31, 2022 are given below:

(₹ in crore)

Rating

Rating Agency

Recovery
rating

Outstanding as at
December 31,
2022

RR1

India Ratings

100% - 150%

334.24

RR2

India Ratings

75% - 100%

159.21

RR2

CRICIL

75% - 100%

92.17

RR4

India Ratings

25% - 50%

165.73

Unrated

0.22

Total

751.57

(iii) The Bank has not transferred any Special Mention Account (SMA) and loan not in default.

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


Particulars	Value
Aggregate amount of loans acquired (₹ in crore)		8,901.37
Weighted average residual maturity (in years)		19.71
Weighted average holding period by the originator (in years)		1.28
Retention of beneficial economic interest by the originator		10.00	%
Tangible security coverage		99.90	%

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

(v) 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 ₹ 1,181.95 crore (previous period: ₹ 1,021.52 crore) and ₹ 3,471.56 crore (previous period: ₹ 2,553.62 crore) for the quarter and nine months ended December 31, 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 : January 14, 2023		Managing Director

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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

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022


		(₹ in lac)
	Particulars	Quarter ended						Nine months ended				Year ended 31.03.2022
		31.12.2022		30.09.2022		31.12.2021		31.12.2022		31.12.2021		Year ended 31.03.2022
		Unaudited		Audited		Unaudited		Unaudited		Unaudited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		4500211		4092979		3458802		12320571		10036222		13593641
	a) Interest / discount on advances / bills		3585005		3262998		2690770		9789379		7835239		10629534
	b) Income on investments		796486		768084		647468		2278292		1939483		2590706
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		26568		19070		88446		77603		191353		263078
	d) Others		92152		42827		32118		175297		70147		110323
2	Other Income		912073		825231		877694		2430155		2337273		3175899
3	Total Income (1)+(2)		5412284		4918210		4336496		14750726		12373495		16769540
4	Interest Expended		2050486		1831079		1472402		5517391		4335780		5858433
5	Operating Expenses (i)+(ii)		1343779		1214979		1060711		3694266		2929891		4031243
	i) Employees cost		527753		463175		412123		1451614		1169640		1589703
	ii) Other operating expenses		816026		751804		648588		2242652		1760251		2441540
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		3394265		3046058		2533113		9211657		7265671		9889676
7	Operating Profit before Provisions and Contingencies (3)-(6)		2018019		1872152		1803383		5539069		5107824		6879864
8	Provisions (Other than tax) and Contingencies		324419		376512		381570		1067499		1389470		1792525
9	Exceptional Items		—		—		—		—		—		—
10	Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)		1693600		1495640		1421813		4471570		3718354		5087339
11	Tax Expense		420057		379381		360236		1120101		950753		1272249
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		1273543		1116259		1061577		3351469		2767601		3815090
13	Extraordinary items (net of tax expense)		—		—		—		—		—		—
14	Consolidated Net Profit / (Loss) for the period before minorities’ interest (12)-(13)		1273543		1116259		1061577		3351469		2767601		3815090
15	Less: Minorities’ Interest		3711		3738		2431		11205		6627		9815
16	Consolidated Net Profit / (Loss) for the period attributable to the group (14)-(15)		1269832		1112521		1059146		3340264		2760974		3805275
17	Paid up equity share capital (Face Value of ₹ 1/- each)		55768		55700		55424		55768		55424		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		22.78		20.01		19.12		60.06		49.93		68.77
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		22.68		19.93		18.98		59.80		49.57		68.31

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

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Consolidated 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									Nine months ended						Year ended
		31.12.2022			30.09.2022			31.12.2021			31.12.2022			31.12.2021			31.03.2022
		Unaudited			Audited			Unaudited			Unaudited			Unaudited			Audited
1	Segment Revenue
a)	Treasury		955078			790995			919160			2484037			2648635			3438512
b)	Retail Banking		3530186			3512514			2925294			10211263			8444166			11518991
c)	Wholesale Banking		2537451			2126598			1872577			6528256			4879539			6648293
d)	Other Banking Operations		948259			944965			838588			2755898			2351798			3192860
e)	Unallocated		104476			40347			—			145696			—			(1218	)
	Total		8075450			7415419			6555619			22125150			18324138			24797438
	Less: Inter Segment Revenue		2663166			2497209			2219123			7374424			5950643			8027898

	Income from Operations		5412284			4918210			4336496			14750726			12373495			16769540

2	Segment Results
a)	Treasury		77494			1226			253105			105337			755575			893951
b)	Retail Banking		440906			307750			195926			1018706			512680			922324
c)	Wholesale Banking		849435			922187			772611			2508286			1889604			2505301
d)	Other Banking Operations		327001			274158			248551			890230			691078			924442
e)	Unallocated		(1236	)		(9681	)		(48380	)		(50989	)		(130583	)		(158679	)

	Total Profit Before Tax and Minority Interest		1693600			1495640			1421813			4471570			3718354			5087339

3	Segment Assets
a)	Treasury		65748833			56105272			53754643			65748833			53754643			55176734
b)	Retail Banking		67126656			70443866			58577297			67126656			58577297			61946820
c)	Wholesale Banking		87494145			86839715			72959133			87494145			72959133			80813661
d)	Other Banking Operations		13792050			13731960			12555118			13792050			12555118			13099032
e)	Unallocated		1346941			1236926			1180845			1346941			1180845			1257183

	Total		235508625			228357739			199027036			235508625			199027036			212293430

4	Segment Liabilities
a)	Treasury		9774903			10952286			13237969			9774903			13237969			7727363
b)	Retail Banking		148370986			141573723			122096409			148370986			122096409			129233974
c)	Wholesale Banking		39712407			41751119			31759407			39712407			31759407			41382531
d)	Other Banking Operations		5692211			5348044			5080298			5692211			5080298			5244034
e)	Unallocated		4253626			2422345			3139624			4253626			3139624			3900870

	Total		207804133			202047517			175313707			207804133			175313707			187488772

5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		55973930			45152986			40516674			55973930			40516674			47449371
b)	Retail Banking		(81244330	)		(71129857	)		(63519112	)		(81244330	)		(63519112	)		(67287154	)
c)	Wholesale Banking		47781738			45088596			41199726			47781738			41199726			39431130
d)	Other Banking Operations		8099839			8383916			7474820			8099839			7474820			7854998
e)	Unallocated		(2906685	)		(1185419	)		(1958779	)		(2906685	)		(1958779	)		(2643687	)

	Total		27704492			26310222			23713329			27704492			23713329			24804658

LOGO

Notes :

The above financial results represent the consolidated financial results of HDFC Bank Limited, its subsidiaries (together referred to as the ‘Group’) and HDB Employee Welfare Trust. These financial results have been approved by the Board of Directors at its meeting held on January 14, 2023. The financial results for the quarter and nine months ended December 31, 2022 have been subjected to a limited review by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank. The financial results for the quarter and nine months ended December 31, 2021 and for the year ended March 31, 2022 were reviewed / audited by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 21 - Consolidated Financial Statements (“AS 21”) and Accounting Standard 25 - Interim Financial Reporting (“AS 25”), prescribed under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time (“RBI Guidelines”) and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended including relevant circulars issued by the SEBI from time to time.

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.

The COVID-19 virus, a global pandemic 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 would be 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 : January 14, 2023		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 NINE MONTHS ENDED DECEMBER 31, 2022

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2022, at its meeting held in Mumbai on Saturday, January 14, 2023. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2022

The Bank’s net revenue, grew by 18.3% to ₹ 31,487.7 crore for the quarter ended December 31, 2022 from ₹ 26,627.0 crore for the quarter ended December 31, 2021. Excluding net trading and mark to market income, the net revenue grew by 22.1% over the quarter ended December 31, 2021.

Net interest income (interest earned less interest expended) for the quarter ended December 31, 2022 grew by 24.6% to ₹ 22,987.8 crore from ₹ 18,443.5 crore for the quarter ended December 31, 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 December 31, 2022 were fees & commissions of ₹ 6,052.6 crore (₹ 5,075.1 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,074.1 crore (₹ 949.5 crore in the corresponding quarter of the previous year), net trading and mark to market income of ₹ 261.4 crore (₹ 1,046.5 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,111.8 crore (₹ 1,112.5 crore in the corresponding quarter of the previous year). Other income, excluding net trading and mark to market income, grew by 15.4% over the quarter ended December 31, 2021.

Operating expenses for the quarter ended December 31, 2022 were ₹ 12,463.6 crore, an increase of 26.5% over ₹ 9,851.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 39.6%.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

Pre-provision Operating Profit (PPOP) was at ₹ 19,024.1 crore. PPOP, excluding net trading and mark to market income, grew by 19.3% over the quarter ended December 31, 2021.

Provisions and contingencies for the quarter ended December 31, 2022 were ₹ 2,806.4 crore as against ₹ 2,994.0 crore for the quarter ended December 31, 2021.

The total credit cost ratio was at 0.74%, as compared to 0.94% for the quarter ending December 31, 2021.

Profit before tax (PBT) for the quarter ended December 31, 2022 was at ₹ 16,217.6 crore. After providing ₹ 3,958.1 crore for taxation, the Bank earned a net profit of ₹ 12,259.5 crore, an increase of 18.5% over the quarter ended December 31, 2021.

Balance Sheet: As of December 31, 2022

Total balance sheet size as of December 31, 2022 was ₹ 2,295,305 crore as against ₹ 1,938,286 crore as of December 31, 2021, a growth of 18.4%.

Total Deposits showed a healthy growth and were at ₹ 1,733,204 crore as of December 31, 2022, an increase of 19.9% over December 31, 2021. CASA deposits grew by 12.0% with savings account deposits at ₹ 535,206 crore and current account deposits at ₹ 227,745 crore. Time deposits were at ₹ 970,253 crore, an increase of 26.9% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 44.0% of total deposits as of December 31, 2022.

Total advances as of December 31, 2022 were ₹ 1,506,809 crore, an increase of 19.5% over December 31, 2021. Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by 23.6% over December 31, 2021. Domestic retail loans grew by 21.4%, commercial and rural banking loans grew by 30.2% and corporate and other wholesale loans grew by 20.3%. Overseas advances constituted 2.8% of total advances.

Nine months ended December 31, 2022

For the nine months ended December 31, 2022, the Bank earned a total income of ₹ 138,949.8 crore as against ₹ 116,177.2 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2022 were ₹ 85,974.1 crore, as against ₹ 75,009.7 crore for the nine months ended December 31, 2021. Net profit for the nine months ended December 31, 2022 was ₹ 32,061.3 crore, up by 19.2% over the corresponding nine months ended December 31, 2021.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines (including profits for the nine months ended December 31, 2022) was at 19.4% as on December 31, 2022 (19.5% as on December 31, 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 17.2% as of December 31, 2022 compared to 18.4% as of December 31, 2021. Common Equity Tier 1 Capital ratio was at 16.4% as of December 31, 2022. Risk-weighted Assets were at ₹ 1,536,272 crore (as against ₹ 1,267,426 crore as at December 31, 2021).

NETWORK

As of December 31, 2022, the Bank’s distribution network was at 7,183 branches and 19,007 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities / towns as against 5,779 branches and 17,238 ATMs / CDMs across 2,956 cities / towns as of December 31, 2021. 51% of our branches are in semi-urban and rural areas. In addition, we have 15,815 business correspondents, which are primarily manned by Common Service Centres (CSC). Number of employees were at 166,890 as of December 31, 2022 (as against 134,412 as of December 31, 2021).

ASSET QUALITY

Gross non-performing assets were at 1.23% of gross advances as on December 31, 2022 (1.00% excluding NPAs in the agricultural segment), as against 1.23% as on September 30, 2022 (1.03% excluding NPAs in the agricultural segment), and 1.26% as on December 31, 2021 (1.04% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.33% of net advances as on December 31, 2022.

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.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on December 31, 2022, the Bank held 95.6% stake in HSL. For the quarter ended December 31, 2022, HSL’s total revenue was at ₹ 504.9 crore, as against ₹ 535.6 crore for the quarter ended December 31, 2021. Profit after tax for the quarter was at ₹ 203.2 crore, as against ₹ 258.0 crore for the quarter ended December 31, 2021.

As on December 31, 2022, HSL had 210 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 December 31, 2022, the Bank held 94.9% stake in HDBFSL.

For the quarter ended December 31, 2022, HDBFSL’s net revenue was at ₹ 2,233.4 crore as against ₹ 1,981.6 crore for the quarter ended December 31, 2021, a growth of 12.7%. Profit after tax for the quarter ended December 31, 2022 was ₹ 501.2 crore compared to ₹ 304.0 crore for the quarter ended December 31, 2021.

The total loan book was ₹ 65,103 crore as on December 31, 2022. Stage 3 loans were at 3.73% of gross loans. As on December 31, 2022, total CAR was at 20.5% with Tier-I CAR at 16.0%.

As on December 31, 2022, HDBFSL had 1,421 branches across 1,020 cities / towns.

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the quarter ended December 31, 2022 was ₹ 12,698 crore, up 19.9%, over the quarter ended December 31, 2021. Consolidated advances grew by 19.2% from ₹ 1,312,142 crore as on December 31, 2021 to ₹ 1,563,799 crore as on December 31, 2022.

The consolidated net profit for the nine months ended December 31, 2022 was ₹ 33,403 crore, up 21.0%, over the nine months ended December 31, 2021.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

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:

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