Form 6-K

6-K 1 d199351d6k.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, 2021

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 21, 2021	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

Description

Communication dated October 18, 2021 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 HDFC Bank Limited for the quarter and half year ended September 30, 2021.

Exhibit I

October 18, 2021

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Re : Audited Financial Results of HDFC Bank Limited (“the Bank”) for the quarter and half year ended September 30, 2021.

We enclose herewith the audited standalone and consolidated financial results of the Bank for the second quarter and half year ended September 30, 2021, segment reporting, 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 on October 16, 2021.

This is for your information and appropriate dissemination.

Yours truly,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Senior 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

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021


		(₹ in lac)
	Particulars	Quarter ended						Half year ended				Year ended
		30.09.2021		30.06.2021		30.09.2020		30.09.2021		30.09.2020		31.03.2021
		Audited (Refer note 5)		Unaudited		Audited (Refer note 5)		Audited		Audited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		3135337		3048297		2997697		6183634		6035494		12085823
	a) Interest / discount on advances / bills		2411494		2359273		2340485		4770767		4744222		9483454
	b) Income on investments		645064		649314		561839		1294378		1121603		2321427
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		69090		30283		84156		99373		146804		234125
	d) Others		9689		9427		11217		19116		22865		46817
2	Other Income		740079		628850		609245		1368929		1016776		2520489
3	Total Income (1)+(2)		3875416		3677147		3606942		7552563		7052270		14606312
4	Interest Expended		1366898		1347401		1420058		2714299		2891313		5597866
5	Operating Expenses (i)+(ii)		927789		816043		805506		1743832		1496652		3272262
	i) Employees cost		296705		276558		254238		573263		505582		1036479
	ii) Other operating expenses		631084		539485		551268		1170569		991070		2235783
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		2294687		2163444		2225564		4458131		4387965		8870128
7	Operating Profit before Provisions and Contingencies (3)-(6)		1580729		1513703		1381378		3094432		2664305		5736184
8	Provisions (other than tax) and Contingencies		392466		483084		370350		875550		759502		1570285
9	Exceptional Items		—		—		—		—		—		—
10	Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)		1188263		1030619		1011028		2218882		1904803		4165899
11	Tax Expense		304832		257655		259717		562487		487630		1054246
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		883431		772964		751311		1656395		1417173		3111653
13	Extraordinary items (net of tax expense)		—		—		—		—		—		—
14	Net Profit / (Loss) for the period (12)-(13)		883431		772964		751311		1656395		1417173		3111653
15	Paid up equity share capital (Face Value of ₹ 1/- each)		55375		55267		55037		55375		55037		55128
16	Reserves excluding revaluation reserves												20316953

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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	20.0	%	19.1	%	19.1	%	20.0	%	19.1	%	18.8	%
	(iii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each):
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized	16.0		14.0		13.7		30.0		25.8		56.6
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized	15.9		13.9		13.6		29.8		25.7		56.3
	(iv) NPA Ratios:
	(a) Gross NPAs	1634607		1709851		1130460		1634607		1130460		1508600
	(b) Net NPAs	475509		548580		175608		475509		175608		455482
	(c) % of Gross NPAs to Gross Advances	1.35	%	1.47	%	1.08	%	1.35	%	1.08	%	1.32	%
	(d) % of Net NPAs to Net Advances	0.40	%	0.48	%	0.17	%	0.40	%	0.17	%	0.40	%
	(v) Return on assets (average) - not annualized	0.50	%	0.45	%	0.48	%	0.95	%	0.92	%	1.97	%
	(vi) Net worth	21283028		20343590		18100984		21283028		18100984		19860103
	(vii) Outstanding redeemable preference shares	—		—		—		—		—		—
	(viii) Capital redemption reserve	—		—		—		—		—		—
	(ix) Debt-equity ratio	0.24		0.21		0.30		0.24		0.30		0.30
	(x) Total debts to total assets	8.12	%	7.48	%	8.24	%	8.12	%	8.24	%	7.76	%

- 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									Half year ended						Year ended
		30.09.2021			30.06.2021			30.09.2020			30.09.2021			30.09.2020			31.03.2021
		Audited (Refer note 5)			Unaudited			Audited (Refer note 5)			Audited			Audited			Audited
1	Segment Revenue
a)	Treasury		865042			864433			809877			1729475			1610003			3233767
b)	Retail Banking		2821405			2697467			2768365			5518872			5478527			11021021
c)	Wholesale Banking		1566263			1440699			1391263			3006962			2809622			5715430
d)	Other Banking Operations		542430			486344			496402			1028774			886085			1993753
e)	Unallocated		—			—			—			—			—			3082
	Total		5795140			5488943			5465907			11284083			10784237			21967053
	Less: Inter Segment Revenue		1919724			1811796			1858965			3731520			3731967			7360741

	Income from Operations		3875416			3677147			3606942			7552563			7052270			14606312

2	Segment Results
a)	Treasury		231727			270743			192361			502470			442878			903050
b)	Retail Banking		207718			109036			265518			316754			487523			1057480
c)	Wholesale Banking		581321			535672			345316			1116993			709761			1743754
d)	Other Banking Operations		212010			152858			247518			364868			344894			620714
e)	Unallocated		(44513	)		(37690	)		(39685	)		(82203	)		(80253	)		(159099	)

	Total Profit Before Tax		1188263			1030619			1011028			2218882			1904803			4165899

3	Segment Assets
a)	Treasury		53320390			50692647			48929119			53320390			48929119			51964174
b)	Retail Banking		55066808			52627989			47695525			55066808			47695525			52199722
c)	Wholesale Banking		68279622			64890618			57446053			68279622			57446053			62873157
d)	Other Banking Operations		6709298			6270073			6053624			6709298			6053624			6711608
e)	Unallocated		1108355			912781			818482			1108355			818482			938391

	Total		184484473			175394108			160942803			184484473			160942803			174687052

4	Segment Liabilities
a)	Treasury		10540440			7646558			9236909			10540440			9236909			7627660
b)	Retail Banking		117708079			113146545			100454226			117708079			100454226			109621782
c)	Wholesale Banking		30520473			30827241			29861663			30520473			29861663			33811531
d)	Other Banking Operations		529363			491736			552824			529363			552824			585765
e)	Unallocated		3315106			2033234			2225940			3315106			2225940			2668233

	Total		162613461			154145314			142331562			162613461			142331562			154314971

5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		42779950			43046089			39692210			42779950			39692210			44336514
b)	Retail Banking		(62641271	)		(60518556	)		(52758701	)		(62641271	)		(52758701	)		(57422060	)
c)	Wholesale Banking		37759149			34063377			27584390			37759149			27584390			29061626
d)	Other Banking Operations		6179935			5778337			5500800			6179935			5500800			6125843
e)	Unallocated		(2206751	)		(1120453	)		(1407458	)		(2206751	)		(1407458	)		(1729842	)

	Total		21871012			21248794			18611241			21871012			18611241			20372081

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.

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Notes :

Statement of Assets and Liabilities is given below:


	(₹ in lac)
Particulars	As at 30.09.2021		As at 30.09.2020		As at 31.03.2021
Particulars	Audited		Audited		Audited
CAPITAL AND LIABILITIES
Capital		55375		55037		55128
Reserves and Surplus		21815637		18556204		20316953
Deposits		140634330		122931039		133506022
Borrowings		14981354		13258005		13548733
Other Liabilities and Provisions		6997777		6142518		7260216

Total		184484473		160942803		174687052

ASSETS
Cash and Balances with Reserve Bank of India		15742861		9945296		9734073
Balances with Banks and Money at Call and Short notice		1185927		857815		2212966
Investments		41629258		41396511		44372829
Advances		119883743		103833513		113283663
Fixed Assets		522717		455523		490932
Other Assets		5519967		4454145		4592589

Total		184484473		160942803		174687052

Statement of Cash flow is given below:


	(₹ in lac)
Particulars	Half year ended						Year ended 31.03.2021
	30.09.2021			30.09.2020			Year ended 31.03.2021
	Audited			Audited			Audited
Cash flows from operating activities:
Profit before income tax		2218882			1904803			4165899
Adjustments for:
Depreciation on fixed assets		73488			62117			130241
(Profit) / Loss on revaluation of investments		(103901	)		116124			148532
Amortisation of premium on held to maturity investments		39655			36453			76547
(Profit) / loss on sale of fixed assets		448			(22	)		(154	)
Provision / charge for non performing assets		662234			403491			1164997
Provision for standard assets and contingencies		224940			361459			426948
Dividend from subsidiaries		(37519	)		(8506	)		(48304	)
Employee Stock Options Expense		8299			—			—

		3086526			2875919			6064706

Adjustments for:
(Increase) / decrease in investments		2777369			(2179312	)		(5254061	)
(Increase) / decrease in advances		(7263200	)		(4868124	)		(15092464	)
Increase / (decrease) in deposits		7128308			8180810			18755793
(Increase) / decrease in other assets		(843864	)		1030351			1001828
Increase / (decrease) in other liabilities and provisions		(460578	)		(1145992	)		(67565	)

		4424561			3893652			5408237

Direct taxes paid (net of refunds)		(658825	)		(583540	)		(1258757	)

Net cash flow from operating activities		3765736			3310112			4149480

Cash flows used in investing activities:
Purchase of fixed assets		(90748	)		(68307	)		(161738	)
Proceeds from sale of fixed assets		717			313			1416
Dividend from subsidiaries		37519			8506			48304

Net cash flow used in investing activities		(52512	)		(59488	)		(112018	)

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Cash flows from / (used in) financing activities:
Proceeds from issue of share capital, net of issue expenses	188471		105900		176010
Proceeds from issue of Additional Tier I capital bonds	816275		—		—
Redemption of Tier II capital bonds	(365000	)	(110500	)	(110500	)
Increase / (decrease) in other borrowings	981422		(1094347	)	(803621	)
Dividend paid during the period	(359240	)	—		—

Net cash flow from / (used in) financing activities	1261928		(1098947	)	(738111	)

Effect of exchange fluctuation on translation reserve	6597		(10438	)	(14184	)

Net increase in cash and cash equivalents	4981749		2141239		3285167

Cash and cash equivalents as at April 1st	11947039		8661872		8661872
Cash and cash equivalents as at the period end	16928788		10803111		11947039

The above financial results have been approved by the Board of Directors at its meeting held on October 16, 2021. The financial results for the quarter and half year ended September 30, 2021 have been subjected to an audit by the statutory auditors (MSKA & Associates, Chartered Accountants and M M Nissim & Co LLP, Chartered Accountants) of the Bank. The report thereon is unmodified. The previous period results were reviewed / audited by 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, 2021 except for its stock based employee compensation plans. RBI, vide its clarification dated August 30, 2021 on Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Material Risk Takers and Control Function Staff, advised Banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense for all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Bank has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked instruments granted after March 31, 2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-Scholes model and is recognised as compensation expense over the vesting period. The Bank granted stock options in July 2021 under its Employee Stock Option Scheme (ESOS) and as a result, ‘Employees cost’ for the quarter and half year ended September 30, 2021 is higher by ₹ 82.99 crore with a consequent reduction in profit after tax by the said amount.

The figures for the second quarter in each of the financial years are the balancing figures between audited figures in respect of the half year end and the published year to date reviewed figures upto the end of the first quarter of the respective financial year.

During the quarter and half year ended September 30, 2021, the Bank allotted 1,07,32,792 and 2,46,75,408 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

During the quarter ended September 30, 2021, the Bank raised Basel III compliant Additional Tier 1 (AT1) Notes of U.S.$ 1 billion (equivalent ₹ 7,423.75 crore) and Basel III compliant AT1 Bonds of ₹ 739.00 crore.

The outbreak of the COVID-19 pandemic had led to a nation-wide lockdown in April-May 2020. This was followed by localised lockdowns in areas with a significant number of COVID-19 cases. Following the easing of lockdown measures, there was an improvement in economic activity in the second half of fiscal 2021. India experienced a “second wave” of the COVID-19 pandemic in April-May 2021 following the discovery of mutant coronavirus variants, leading to the re-imposition of regional lockdowns. These were gradually lifted as the second wave subsided.

The impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activities. The disruptions following the outbreak, have impacted loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts resulting in increase in customer defaults and consequent increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Bank’s results will depend on ongoing as well as future developments, which are uncertain, 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.

(i) Details of resolution plan implemented under the Resolution Framework for COVID-19-related stress as per RBI circular dated August 6, 2020 (Resolution Framework 1.0) are given below:

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	₹ in crore except number of accounts
Type of Borrower	(A) Number of accounts where resolution plan has been implemented under this window		(B) Exposure to accounts mentioned at (A) before implementation of the plan		(C) Of (B), aggregate amount of debt that was converted into other securities		(D) Additional funding sanctioned, if any, including between invocation of the plan and implementation		(E) Increase in provisions on account of the implementation of the resolution
Personal Loans		287824		5467.49		—		—		546.75
Corporate persons		1547		1754.07		—		—		323.31
Of which, MSMEs		64		27.08		—		—		2.71
Others		47090		607.92		—		—		60.79

Total		336461		7829.48		—		—		930.85


	₹ in crore except number of accounts
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 (A)*		Of (A), aggregate debt that slipped into NPA during the half-year		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
Personal Loans		5467.49		1283.06		808.57		366.34		3818.09
Corporate persons		1754.07		123.61		23.59		111.60		1518.86
Of which, MSMEs		27.08		9.47		1.29		4.88		12.73
Others		607.92		280.35		24.50		52.92		274.65

Total		7829.48		1687.02		856.66		530.86		5611.60

*	includes restructuring implemented during the quarter ended June 2021 under the Resolution Framework 1.0.

^#	represents debt that slipped into NPA and was subsequently written off during the half-year.

(ii) Details of resolution plan implemented under the RBI Resolution Framework - 2.0: Resolution of COVID-19 related stress of Individuals and Small Businesses dated May 5, 2021 are given below:


	₹ in crore except number of accounts
Particulars	Individual Borrowers				Small businesses
Particulars	Personal Loans		Business Loans		Small businesses
A) Number of requests received for invoking resolution process		645276		612675		9870
B) Number of accounts where resolution plan has been implemented under this window		550499		530085		6934
C) Exposure to accounts mentioned at (B) before implementation of the plan		14102.61		1506.51		1787.99
D) Of (C), aggregate amount of debt that was converted into other securities		—		—		—
E) Additional funding sanctioned, if any, including between invocation of the plan and implementation		—		—		—
F) Increase in provisions on account of the implementation of the resolution plan		1618.56		196.79		178.48

Exposure to accounts is at borrower level.

Number of accounts under (B) is in respect of requests received for invoking resolution process.

There were 103574 borrower accounts having an aggregate exposure of ₹ 2,672.07 crore to the Bank, where resolution plans had been implemented under RBI’s Resolution Framework 1.0 dated August 6, 2020 and now modified under RBI’s Resolution Framework 2.0 dated May 5, 2021.

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The Honourable Supreme Court of India (Hon’ble SC), vide an interim order dated September 3, 2020, had directed banks that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders, which the Bank complied with. If the Bank had classified borrower accounts as NPA after August 31, 2020, the Bank’s proforma Gross NPA ratio and proforma Net NPA ratio as at September 30, 2020 would have been 1.37% and 0.35% respectively. Pending disposal of the case, the Bank, as a matter of prudence, made in respect of these accounts a contingent provision, which was included in ‘Provisions (other than tax) and Contingencies’. The said interim order stood vacated on March 23, 2021 and the Bank continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

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.

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 16, 2021		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

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021


		(₹ in lacs)
		Quarter ended						Half year ended				Year ended
	Particulars	30.09.2021		30.06.2021		30.09.2020		30.09.2021		30.09.2020		31.03.2021
		Audited (Refer note 5)		Unaudited		Audited (Refer note 5)		Audited		Audited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		3352044		3225376		3174227		6577420		6409388		12855240
	a) Interest / discount on advances / bills		2616373		2528096		2511976		5144469		5109776		10229913
	b) Income on investments		644370		647645		562245		1292015		1122186		2321162
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		70841		32066		85302		102907		149460		241430
	d) Others		20460		17569		14704		38029		27966		62735
2	Other Income		791592		667987		669620		1459579		1104318		2733288
3	Total Income (1)+(2)		4143636		3893363		3843847		8036999		7513706		15588528
4	Interest Expended		1441528		1421850		1503318		2863378		3064167		5924759
5	Operating Expenses (i)+(ii)		998491		870689		860746		1869180		1601354		3500126
	i) Employees cost		393143		364374		334885		757517		664985		1367667
	ii) Other operating expenses		605348		506315		525861		1111663		936369		2132459
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		2440019		2292539		2364064		4732558		4665521		9424885
7	Operating Profit before Provisions and Contingencies (3)-(6)		1703617		1600824		1479783		3304441		2848185		6163643
8	Provisions (Other than tax) and Contingencies		471267		536633		442013		1007900		876464		1884029
9	Exceptional Items		—		—		—		—		—		—
10	Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)		1232350		1064191		1037770		2296541		1971721		4279614
11	Tax Expense		320354		270163		266633		590517		506496		1093937
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		911996		794028		771137		1706024		1465225		3185677
13	Extraordinary items (net of tax expense)		—		—		—		—		—		—
14	Consolidated Net Profit / (Loss) for the period before minorities’ interest (12)-(13)		911996		794028		771137		1706024		1465225		3185677
15	Less: Minorities’ Interest		2377		1819		851		4196		2215		2356
16	Consolidated Net Profit / (Loss) for the period attributable to the group (14)-(15)		909619		792209		770286		1701828		1463010		3183321
17	Paid up equity share capital (Face Value of ₹ 1/- each)		55375		55267		55037		55375		55037		55128
18	Reserves excluding revaluation reserves												20925890
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		16.4		14.4		14.0		30.8		26.6		57.9
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		16.3		14.3		14.0		30.6		26.5		57.6

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 31.03.2021
		30.09.2021			30.06.2021			30.09.2020			30.09.2021			30.09.2020			Year ended 31.03.2021
Particulars		Audited (Refer note 5)			Unaudited			Audited (Refer note 5)			Audited			Audited			Audited
1	Segment Revenue
a)	Treasury		865042			864433			809877			1729475			1610003			3233767
b)	Retail Banking		2821405			2697467			2768365			5518872			5478527			11021021
c)	Wholesale Banking		1566263			1440699			1391263			3006962			2809622			5715430
d)	Other Banking Operations		810650			702560			733307			1513210			1347521			2975969
e)	Unallocated		—			—			—			—			—			3082
	Total		6063360			5705159			5702812			11768519			11245673			22949269
	Less: Inter Segment Revenue		1919724			1811796			1858965			3731520			3731967			7360741

	Income from Operations		4143636			3893363			3843847			8036999			7513706			15588528

2	Segment Results
a)	Treasury		231727			270743			192361			502470			442878			903050
b)	Retail Banking		207718			109036			265518			316754			487523			1057480
c)	Wholesale Banking		581321			535672			345316			1116993			709761			1743754
d)	Other Banking Operations		256097			186430			274260			442527			411812			734429
e)	Unallocated		(44513	)		(37690	)		(39685	)		(82203	)		(80253	)		(159099	)

	Total Profit Before Tax and Minority Interest		1232350			1064191			1037770			2296541			1971721			4279614

3	Segment Assets
a)	Treasury		53320390			50692647			48929119			53320390			48929119			51964174
b)	Retail Banking		55066808			52627989			47695525			55066808			47695525			52199722
c)	Wholesale Banking		68279622			64890618			57446053			68279622			57446053			62873157
d)	Other Banking Operations		11976788			11406952			11107044			11976788			11107044			11975219
e)	Unallocated		1108355			912781			818482			1108355			818482			938391

	Total		189751963			180530987			165996223			189751963			165996223			179950663

4	Segment Liabilities
a)	Treasury		10540440			7646558			9236909			10540440			9236909			7627660
b)	Retail Banking		117708079			113146545			100454226			117708079			100454226			109621782
c)	Wholesale Banking		30520473			30827241			29861663			30520473			29861663			33811531
d)	Other Banking Operations		5081742			4935981			4963113			5081742			4963113			5177164
e)	Unallocated		3315106			2033234			2225940			3315106			2225940			2668232

	Total		167165840			158589559			146741851			167165840			146741851			158906369

5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		42779950			43046089			39692210			42779950			39692210			44336514
b)	Retail Banking		(62641271	)		(60518556	)		(52758701	)		(62641271	)		(52758701	)		(57422060	)
c)	Wholesale Banking		37759149			34063377			27584390			37759149			27584390			29061626
d)	Other Banking Operations		6895046			6470971			6143931			6895046			6143931			6798055
e)	Unallocated		(2206751	)		(1120453	)		(1407458	)		(2206751	)		(1407458	)		(1729841	)

	Total		22586123			21941428			19254372			22586123			19254372			21044294

LOGO

Notes :

Consolidated Statement of Assets and Liabilities is given below:


	(₹ in lac)
	As at 30.09.2021		As at 30.09.2020		As at 31.03.2021
Particulars	Audited		Audited		Audited
CAPITAL AND LIABILITIES
Capital		55375		55037		55128
Reserves and Surplus		22464711		19139308		20925890
Minority Interest		66037		60027		63276
Deposits		140548612		122826597		133372087
Borrowings		19158305		17389822		17769675
Other Liabilities and Provisions		7458923		6525432		7764607

Total		189751963		165996223		179950663

ASSETS
Cash and balances with Reserve Bank of India		15745900		9948423		9737035
Balances with Banks and Money at Call and Short notice		1397379		1012935		2390216
Investments		41103154		41019385		43882311
Advances		124933101		108894763		118528352
Fixed Assets		540200		474918		509956
Other Assets		6017350		4630920		4887914
Goodwill on Consolidation		14879		14879		14879

Total		189751963		165996223		179950663

Consolidated Statement of Cash flow is given below:


	(₹ in lac)
	Half year ended						Year ended 31.03.2021
	30.09.2021			30.09.2020			Year ended 31.03.2021
Particulars	Audited			Audited			Audited
Cash flows from operating activities:
Consolidated profit before income tax		2292345			1969506			4277258
Adjustment for:
Depreciation on fixed assets		77442			66313			138501
(Profit) / Loss on revaluation of investments		(103901	)		116124			148532
Amortisation of premium on held to maturity investments		39655			36453			76547
(Profit) / loss on sale of fixed assets		488			145			29
Provision / charge for non performing assets		835111			487159			1392701
Provision for standard assets and contingencies		190159			401700			528307
Employee Stock Options Expense		8329			—			—

		3339628			3077400			6561875

Adjustments for:
(Increase) / decrease in investments		2812954			(2054357	)		(5015664	)
(Increase) / decrease in advances		(7240746	)		(5016241	)		(15568107	)
Increase / (decrease) in deposits		7176525			8205883			18751374
(Increase) / decrease in other assets		(1044806	)		971962			830768
Increase / (decrease) in other liabilities and provisions		(469427	)		(1149240	)		(10455	)

		4574128			4035407			5549791

Direct taxes paid (net of refunds)		(687796	)		(600147	)		(1302145	)

Net cash flow from operating activities		3886332			3435260			4247646

Cash flows used in investing activities:
Purchase of fixed assets		(93442	)		(72474	)		(169615	)
Proceeds from sale of fixed assets		783			347			1528

Net cash flow used in investing activities		(92659	)		(72127	)		(168087	)

LOGO


Cash flows from / (used in) financing activities:
Increase in minority interest	3935		2363		5612
Proceeds from issue of share capital, net of issue expenses	188471		105900		176010
Proceeds from issue of Additional Tier I and Tier II capital bonds	816275		—		35650
Redemption of Tier II capital bonds	(365000	)	(110500	)	(110500	)
Increase / (decrease) in other borrowings	931317		(1183110	)	(838907	)
Dividend paid during the period	(359240	)	—		—

Net cash flow from / (used in) financing activities	1215758		(1185347	)	(732135	)

Effect of exchange fluctuation on translation reserve	6597		(10438	)	(14183	)

Net increase in cash and cash equivalents	5016028		2167348		3333241

Cash and cash equivalents as at April 1st	12127251		8794010		8794010
Cash and cash equivalents as at the period end	17143279		10961358		12127251

The above financial results represent the consolidated financial results of 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 16, 2021. The financial results for the quarter and half year ended September 30, 2021 have been subjected to an audit by the statutory auditors (MSKA & Associates, Chartered Accountants and M M Nissim & Co LLP, Chartered Accountants) of the Bank. The report thereon is unmodified. The previous period results were reviewed / audited by MSKA & Associates, Chartered Accountants.

The Group has applied its significant accounting policies in the preparation of the consolidated financial results consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2021 except for its stock based employee compensation plans. RBI, vide its clarification dated August 30, 2021 on Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Material Risk Takers and Control Function Staff, advised Banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense for all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Group has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked instruments granted after March 31, 2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-Scholes model and is recognised as compensation expense over the vesting period. The Group granted stock options during the quarter under its Employee Stock Option Scheme (ESOS) and as a result, ‘Employees cost’ for the quarter and half year ended September 30, 2021 is higher by ₹ 83.29 crore with a consequent reduction in profit after tax by the said amount.

The impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activities. The disruptions following the outbreak, have impacted loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts resulting in increase in customer defaults and consequent increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Group’s results will depend on ongoing as well as future developments, which are uncertain, 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.

LOGO

The Honourable Supreme Court of India (Hon’ble SC), vide an interim order dated September 3, 2020, had directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders, which the Group complied with. The said interim order stood vacated on March 23, 2021 and the Group continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

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.

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 16, 2021		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, 2021

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and half year ended September 30, 2021, at its meeting held in Mumbai on Saturday, October 16, 2021. 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, 2021

The Bank’s net revenues (net interest income plus other income) increased by 14.7% to ₹ 25,085.2 crore for the quarter ended September 30, 2021 from ₹ 21,868.8 crore for the quarter ended September 30, 2020.

Net interest income (interest earned less interest expended) for the quarter ended September 30, 2021 grew by 12.1% to ₹ 17,684.4 crore from ₹ 15,776.4 crore for the quarter ended September 30, 2020. Advances grew at 15.5% reaching new heights driven through relationship management, digital offering and breadth of products. Core net interest margin was at 4.1%. New liability relationships added during the quarter were at an all time high. This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123%, well above the regulatory requirement, which positions the Bank favorably to capitalize on the opportunities that would arise as the economy gains momentum during the festive months.

Other income (non-interest revenue) at ₹ 7,400.8 crore was 29.5% of net revenues for the quarter ended September 30, 2021 and grew by 21.5% over ₹ 6,092.5 crore in the corresponding quarter of the previous year. The four components of other income for the quarter ended September 30, 2021 were fees & commissions of ₹ 4,945.9 crore (₹ 3,940.3 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 867.3 crore (₹ 560.4 crore in the corresponding quarter of the previous year), gain on sale / revaluation of investments of ₹ 675.5 crore (₹ 1,016.2 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 912.1 crore (₹ 575.6 crore in 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

We added 256 branches and 12,259 people over the last twelve months and made other investments to position ourselves and capitalize on the growth opportunity. Operating expenses for the quarter ended September 30, 2021 were ₹ 9,277.9 crore, an increase of 15.2% over ₹ 8,055.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.0%.

Pre-provision Operating Profit (PPOP) at ₹ 15,807.3 crore grew by 14.4% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended September 30, 2021 were ₹ 3,924.7 crore (consisting of specific loan loss provisions of ₹ 2,286.4 crore and general and other provisions of ₹ 1,638.3 crore) as against ₹ 3,703.5 crore (consisting of specific loan loss provisions of ₹ 1,240.6 crore and general and other provisions of ₹ 2,462.9 crore) for the quarter ended September 30, 2020. Total provisions for the current quarter included contingent provisions of approximately ₹ 1,200 crore.

The total credit cost ratio was at 1.30%, as compared to 1.67% for the quarter ending June 30, 2021 and 1.41% for the quarter ending September 30, 2020.

Profit before tax (PBT) for the quarter ended September 30, 2021 at ₹ 11,882.6 crore grew by 17.5% over corresponding quarter of the previous year. After providing ₹ 3,048.3 crore for taxation, the Bank earned a net profit of ₹ 8,834.3 crore, an increase of 17.6% over the quarter ended September 30, 2020.

Balance Sheet: As of September 30, 2021

Total balance sheet size as of September 30, 2021 was ₹ 1,844,845 crore as against ₹ 1,609,428 crore as of September 30, 2020, a growth of 14.6%.

Total deposits as of September 30, 2021 were ₹ 1,406,343 crore, an increase of 14.4% over September 30, 2020. CASA deposits grew by 28.7% with savings account deposits at ₹ 452,381 crore and current account deposits at ₹ 205,851 crore. Time deposits were at ₹ 748,111 crore, an increase of 4.2% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 46.8% of total deposits as of September 30, 2021.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

Total advances as of September 30, 2021 were ₹ 1,198,837 crore, an increase of 15.5% over September 30, 2020. Retail loans grew by 12.9%, commercial and rural banking loans grew by 27.6% and other wholesale loans grew by 6.0%. Overseas advances constituted 3.5% of total advances.

Half Year ended September 30, 2021

For the half year ended September 30, 2021, the Bank earned a total income of ₹ 75,525.6 crore as against ₹ 70,522.7 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2021 were ₹ 48,382.6 crore, as against ₹ 41,609.6 crore for the half year ended September 30, 2020. Net profit for the half year ended September 30, 2021 was ₹ 16,564.0 crore, up by 16.9% over the corresponding half year ended September 30, 2020.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 20.0% as on September 30, 2021 (19.1% as on September 30, 2020) 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 18.7% as of September 30, 2021 compared to 17.7% as of September 30, 2020. Common Equity Tier 1 Capital ratio was at 17.4% as of September 30, 2021. Risk-weighted Assets were at ₹ 1,190,270 crore (as against ₹ 1,037,483 crore as at September 30, 2020).

NETWORK

As of September 30, 2021, the Bank’s distribution network was at 5,686 branches and 16,642 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,929 cities / towns as against 5,430 branches and 15,292 ATMs / CDMs across 2,848 cities / towns as of September 30, 2020. 50% of our branches are in semi-urban and rural areas. In addition, we have 15,946 business correspondents, which are primarily manned by Common Service Centres (CSC) as against 12,141 business correspondents as of September 30, 2020. Number of employees were at 129,341 as of September 30, 2021 (as against 117,082 as of September 30, 2020).

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

ASSET QUALITY

Gross non-performing assets were at 1.35% of gross advances as on September 30, 2021, (1.2% excluding NPAs in the agricultural segment) as against 1.47% as on June 30, 2021 (1.3% excluding NPAs in the agricultural segment) and 1.37% (proforma approach) as on September 30, 2020 (1.2% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.40% of net advances as on September 30, 2021.

The Bank held floating provisions of ₹ 1,451 crore and contingent provisions of ₹ 7,756 crore as on September 30, 2021. Total provisions (comprising specific, floating, contingent and general provisions) were 163% of the gross non-performing loans as on September 30, 2021.

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, 2021, the Bank held 96.2% stake in HSL. For the quarter ended September 30, 2021, HSL’s total income grew by 42% to ₹ 489.5 crore, as against ₹ 344.3 crore for the quarter ended September 30, 2020. Profit after tax for the quarter grew by 44% to ₹ 239.6 crore, as against ₹ 165.8 crore for the quarter ended September 30, 2020.

As on September 30, 2021, HSL had 213 branches across 147 cities / towns in the country.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

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, 2021, the Bank held 95.1% stake in HDBFSL.

The total loan book was ₹ 60,008 crore as on September 30, 2021 as against ₹ 59,744 crore as on September 30, 2020. Liquidity coverage ratio was healthy at 157%.

For the quarter ended September 30, 2021, HDBFSL’s net revenue was at ₹ 1,916.7 crore as against ₹ 1,703.7 crore for the quarter ended September 30, 2020, a growth of 12.5%. Pre-provision Operating Profit (PPOP) was ₹ 885.9 crore as against ₹ 816.0 crore for the quarter ended September 30, 2020, a growth of 8.6%.

Provisions and contingencies for the quarter were at ₹ 633.9 crore (including ₹ 125.0 crore of conservative management overlay) as against ₹ 929.8 crore for the quarter ended September 30, 2020 and ₹ 869.6 crore (including ₹ 200.0 crore of conservative management overlay) in the prior quarter.

Profit after tax for the quarter ended September 30, 2021 was ₹ 191.7 crore compared to a loss of ₹ 85.0 crore for the quarter ended September 30, 2020 and a profit after tax of ₹ 88.6 cr for the quarter ended June 30, 2021.

As on September 30, 2021, gross Stage 3 stood at 6.1%, a reduction of over 200 bps in the quarter.

Total CAR was at 19.8% with Tier-I CAR at 14.3% as on September 30, 2021.

As on September 30, 2021, HDBFSL had 1,336 branches across 956 cities / towns.

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the quarter ended September 30, 2021 was ₹ 9,096 crore, up 18.1%, over the quarter ended September 30, 2020. Consolidated advances grew by 14.7% from ₹ 1,088,948 crore as on September 30, 2020 to ₹ 1,249,331 crore as on September 30, 2021.

The consolidated net profit for the half year ended September 30, 2021 was ₹ 17,018 crore, up 16.3%, over the half year ended September 30, 2020.

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.

For more information please log on to: www.hdfcbank.com

For media queries please contact:

Rajiv Banerjee

Vertical Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1307 (D) / 6652 1000 (B)

Mobile: +91 9920454102

rajivshiv.banerjee@hdfcbank.com

For investor queries please contact:

Ajit Shetty

HDFC Bank Ltd., Mumbai.

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

ajit.shetty@hdfcbank.com