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 July, 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: July 17, 2023     By  

/s/ Santosh Haldankar

    Name: Santosh Haldankar
    Title:   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 July 17, 2023 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the unaudited standalone and consolidated financial results of the Bank for the first quarter ended June 30, 2023.

July 17, 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 July 17, 2023

We enclose herewith the unaudited standalone and consolidated financial results of the Bank for the first quarter ended June 30, 2023 (“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.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

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 ENDED JUNE 30, 2023

 

          (₹ in lac)  
          Quarter ended     Year ended
31.03.2023		  
          30.06.2023     31.03.2023     30.06.2022  

Particulars

    Unaudited     Audited
(Refer note 5)		     Unaudited     Audited  

1

    Interest Earned (a)+(b)+(c)+(d)      4858681       4511936       3517204       16158555  
   a) Interest / discount on advances / bills      3800795       3564278       2740228       12709586  
   b) Income on investments      891124       837644       719357       3131116  
   c) Interest on balances with Reserve Bank of India and other inter-bank funds      79185       30865       29624       99679  
   d) Others      87577       79149       27995       218174  

2

    Other income      922986       873118       638823       3121483  

3

    Total Income (1)+(2)      5781667       5385054       4156027       19280038  

4

    Interest Expended      2498774       2176753       1569062       7474331  

5

    Operating Expenses (i)+(ii)      1405691       1346211       1050181       4765209  
   i) Employees cost      478207       436206       350024       1551236  
   ii) Other operating expenses      927484       910005       700157       3213973  

6

    Total Expenditure (4)+(5) (excluding Provisions and Contingencies)      3904465       3522964       2619243       12239540  

7

    Operating Profit before Provisions and Contingencies (3)-(6)      1877202       1862090       1536784       7040498  

8

    Provisions (other than tax) and Contingencies      286003       268537       318773       1191967  

9

    Exceptional Items      —         —         —         —    

10

    Profit from Ordinary Activities before tax (7)-(8)-(9)      1591199       1593553       1218011       5848531  

11

    Tax Expense      396022       388808       298412       1437660  

12

    Net Profit from Ordinary Activities after tax (10)-(11)      1195177       1204745       919599       4410871  

13

    Extraordinary items (net of tax expense)      —         —         —         —    

14

    Net Profit for the period (12)-(13)      1195177       1204745       919599       4410871  

15

    Paid up equity share capital (Face Value of ‘ 1/- each)      55918       55797       55546       55797  

16

    Reserves excluding revaluation reserves            27964105  

17

    Analytical Ratios and other disclosures:         
   (i) Percentage of shares held by Government of India      Nil       Nil       Nil       Nil  
   (ii) Capital Adequacy Ratio      18.93 %      19.26 %      17.52 %      19.26 % 
   (iii) Earnings per share (EPS) (‘) (Face Value of ‘ 1/- each):         
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized      21.40       21.60       16.57       79.25  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized      21.28       21.49       16.50       78.89  
   (iv) NPA Ratios:         
   (a) Gross NPAs      1906412       1801903       1803367       1801903  
   (b) Net NPAs      477687       436843       488773       436843  
   (c) % of Gross NPAs to Gross Advances      1.17 %      1.12 %      1.28 %      1.12 % 
   (d) % of Net NPAs to Net Advances      0.30 %      0.27 %      0.35 %      0.27 % 
   (v) Return on assets (average) - not annualized      0.51 %      0.53 %      0.46 %      2.07 % 
   (vi) Net worth      28638820       27306304       24332225       27306304  
   (vii) Outstanding Redeemable Preference Shares      —         —         —         —    
   (viii) Capital Redemption Reserve      —         —         —         —    
   (ix) Debt Equity Ratio      0.44       0.39       0.36       0.39  
   (x) Total Debts to Total Assets      8.37 %      8.38 %      8.23 %      8.38 % 

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

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

LOGO

 

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

 

          (₹ in lac)  
     Quarter ended     Year ended
31.03.2023		  
          30.06.2023     31.03.2023     30.06.2022  

Particulars

   Unaudited     Audited
(Refer note 5)		     Unaudited     Audited  

1

    Segment Revenue         

a)

    Treasury      1053787       948254       737964       3432291  

b)

    Retail Banking:      4293948       4016052       3168563       14227315  
   (i) Digital Banking*      62       51         64  
   (ii) Other Retail Banking      4293886       4016001         14227251  

c)

    Wholesale Banking      2833289       2653476       1864207       9181732  

d)

    Other Banking Operations      695009       697775       598469       2597931  

e)

    Unallocated      139902       109180       874       254876  
   Total      9015935       8424737       6370077       29694145  
   Less: Inter Segment Revenue      3234268       3039683       2214050       10414107  
     

 

 

    

 

 

    

 

 

    

 

 

  
   Income from Operations      5781667       5385054       4156027       19280038  
     

 

 

    

 

 

    

 

 

    

 

 

  

2

    Segment Results         

a)

    Treasury      135490       104312       26617       209649  

b)

    Retail Banking:      356906       397648       270050       1416354  
   (i) Digital Banking*      (32 )      (37 )        (85 ) 
   (ii) Other Retail Banking      356938       397685         1416439  

c)

    Wholesale Banking      884819       855913       736664       3364199  

d)

    Other Banking Operations      275789       294814       224753       968453  

e)

    Unallocated      (61805 )      (59134 )      (40073 )      (110124 ) 
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total Profit Before Tax      1591199       1593553       1218011       5848531  
     

 

 

    

 

 

    

 

 

    

 

 

  

3

    Segment Assets         

a)

    Treasury      64950758       64110856       55198071       64110856  

b)

    Retail Banking:      78013721       75606877       64446850       75606877  
   (i) Digital Banking*      3777       4022         4022  
   (ii) Other Retail Banking      78009944       75602855         75602855  

c)

    Wholesale Banking      97242820       97368982       82280953       97368982  

d)

    Other Banking Operations      8518039       8074870       7924230       8074870  

e)

    Unallocated      1443962       1446563       1127049       1446563  
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total      250169300       246608148       210977153       246608148  
     

 

 

    

 

 

    

 

 

    

 

 

  

4

    Segment Liabilities         

a)

    Treasury      7964237       7330877       7825587       7330877  

b)

    Retail Banking:      163183242       159073252       134186107       159073252  
   (i) Digital Banking*      4004       4166         4166  
   (ii) Other Retail Banking      163179238       159069086         159069086  

c)

    Wholesale Banking      44557093       46455276       41091705       46455276  

d)

    Other Banking Operations      694972       701864       618250       701864  

e)

    Unallocated      4388297       5026977       2227010       5026977  
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total      220787841       218588246       185948659       218588246  
     

 

 

    

 

 

    

 

 

    

 

 

  

5

    Capital and Reserves      29381459       28019902       25028494       28019902  
     

 

 

    

 

 

    

 

 

    

 

 

  

6

    Total (4)+(5)      250169300       246608148       210977153       246608148  
     

 

 

    

 

 

    

 

 

    

 

 

  

*Information about Digital Banking Segment reported as a sub-segment of Retail Banking Segment is related to Digital Banking Units of the Bank.

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. The Segment Assets and Segment Liabilities exclude transfers between segments and are transfer priced on a gross basis.

LOGO

 

Notes :

 

1

Statement of Assets and Liabilities is given below:

 

     (₹ in lac)  
     As at
30.06.2023		      As at
30.06.2022		      As at
31.03.2023		  

Particulars

   Unaudited      Unaudited      Audited  

CAPITAL AND LIABILITIES

         

Capital

      55918        55546        55797  

Reserves and Surplus

      29325541        24972948        27964105  

Deposits

      191309578        160475997        188339465  

Borrowings

      20942280        17360589        20676556  

Other Liabilities and Provisions

      8535983        8112073        9572225  
  

 

 

     

 

 

     

 

 

  

Total

      250169300        210977153        246608148  
  

 

 

     

 

 

     

 

 

  

ASSETS

         

Cash and Balances with Reserve Bank of India

      11319658        10150734        11716077  

Balances with Banks and Money at Call and Short notice

      4754506        1226367        7660431  

Investments

      56577757        49615668        51700143  

Advances

      161567204        139506768        160058590  

Fixed Assets

      843357        629856        801655  

Other Assets

      15106818        9847760        14671252  
  

 

 

     

 

 

     

 

 

  

Total

      250169300        210977153        246608148  
  

 

 

     

 

 

     

 

 

  

 

2

The above financial results have been approved by the Board of Directors at its meeting held on July 17, 2023. The financial results for the quarter ended June 30, 2023 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 ended June 30, 2022 were reviewed by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

 

3

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.

 

4

The Bank has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2023. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable, unless specifically required under those circulars / directions.

 

5

The figures for the quarter ended March 31, 2023 are the balancing figures between audited figures in respect of the financial year 2022-23 and the published year to date figures up to December 31, 2022.

 

6

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, with and into 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 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. The NCLT, in accordance with Sections 230 to 232 of the Companies Act, 2013 and rules thereunder, has vide its order dated March 17, 2023 sanctioned the Scheme. Upon receipt of all requisite approvals, the bank filed form INC 28 with ROC on July 01, 2023 and accordingly, the scheme has become effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of HDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. Accordingly, no impact of the scheme is required to be given in financial results for the quarter ended June 30, 2023.

In terms of the Scheme, the Bank has issued and allotted 3,11,03,96,492 equity shares to the shareholders of HDFC Limited as on July 13, 2023, being the record date fixed by the Board of Directors as per the Scheme, in accordance with the share exchange ratio i.e. 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. Accordingly, the paid-up share capital of the Bank has increased from ₹ 559.18 crores consisting of 5,59,17,98,806 equity shares of ₹ 1/- each to ₹ 753.76 crore consisting of 7,53,75,69,464 equity shares of ₹ 1/- each, post cancellation of 1,16,46,25,834 equity shares held by HDFC Limited in the Bank on that date in accordance with the provisions of the Scheme.

 

7

During the quarter ended June 30, 2023, the Bank allotted 1,20,56,020 equity shares pursuant to the exercise of options under the approved employee stock option schemes.

 

8

Details of loans transferred / acquired during the quarter ended June 30, 2023 as per RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 are given below:

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

(ii) Details of ratings of SRs outstanding as on June 30, 2023 are given below:

 

    

(₹ in crore)

  

Rating

   

Rating Agency

   

Recovery rating

    Gross Value of
Outstanding
SRs		  

RR1

    CRISIL    100% - 150%      60.96  

RR1

    India Ratings    100% - 150%      184.56  

RR2

    India Ratings    75% - 100%      90.64  

RR4

    India Ratings    25% - 50%      146.16  

Unrated

            0.22  
      Total      482.54  

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  (iii)

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

 

Particulars

    Value  

Aggregate amount of loans acquired (₹ in crore)

      11,632.00  

Weighted average residual maturity (in years)

      19.06  

Weighted average holding period by the originator (in years)

      1.48  

Retention of beneficial economic interest by the originator

      10 % 

Tangible security coverage

      100.00 % 

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

 

  (iv)

The Bank has not acquired any stressed loan.

 

9

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.

 

10

Other operating expenses include commission paid to sales agents of ₹ 1,075.42 crore (previous period: ₹ 1,095.24 crore) for the quarter ended June 30, 2023.

 

11

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

 

12

₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

 

Place: Mumbai

    Sashidhar Jagdishan
Date: July 17, 2023    Managing Director

LOGO

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

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

Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

 

          (₹ in lac)  
          Quarter ended      Year ended
31.03.2023		  
          30.06.2023      31.03.2023      30.06.2022  

Particulars

   Unaudited      Audited
(Refer note 5)		      Unaudited      Audited  
              

1

    Interest Earned (a)+(b)+(c)+(d)      5116814        4754834        3727381        17075405  
   a) Interest / discount on advances / bills      4045277        3787354        2941376        13576733  
   b) Income on investments      887700        839038        713722        3117330  
   c) Interest on balances with Reserve Bank of India and other inter-bank funds      84840        37322        31965        114925  
   d) Others      98997        91120        40318        266417  

2

    Other Income      985315        961050        692851        3391205  

3

    Total Income (1)+(2)      6102129        5715884        4420232        20466610  

4

    Interest Expended      2595476        2260603        1635826        7777994  

5

    Operating Expenses (i)+(ii)      1517771        1459103        1135508        5153369  
   i) Employees cost      595116        550071        460686        2001685  
   ii) Other operating expenses      922655        909032        674822        3151684  

6

    Total Expenditure (4)+(5) (excluding Provisions and Contingencies)      4113247        3719706        2771334        12931363  

7

    Operating Profit before Provisions and Contingencies (3)-(6)      1988882        1996178        1648898        7535247  

8

    Provisions (Other than tax) and Contingencies      329210        317909        366568        1385408  

9

    Exceptional Items      -        -        -        -  

10

    Profit from ordinary activities before tax (7)-(8)-(9)      1659672        1678269        1282330        6149839  

11

    Tax Expense      419347        414868        320663        1534969  

12

    Net Profit from Ordinary Activities after tax (10)-(11)      1240325        1263401        961667        4614870  

13

    Extraordinary items (net of tax expense)      -        -        -        -  

14

    Consolidated Net Profit for the period before minority interest (12)-(13)      1240325        1263401        961667        4614870  

15

    Less: Minority Interest      3287        3954        3756        15159  

16

    Consolidated Net Profit for the period attributable to the group (14)-(15)      1237038        1259447        957911        4599711  

17

    Paid up equity share capital (Face Value of ₹ 1/- each)      55918        55797        55546        55797  

18

    Reserves excluding revaluation reserves               28887955  

19

    Analytical Ratios:            
   (i) Percentage of shares held by Government of India      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      22.15        22.58        17.26        82.64  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized      22.03        22.46        17.19        82.27  

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

LOGO

 

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

 

          (₹ in lac)  
     Quarter ended     Year ended
31.03.2023		  
          30.06.2023     31.03.2023     30.06.2022  

Particulars

   Unaudited     Audited
(Refer note 5)		     Unaudited     Audited  

1

    Segment Revenue         

a)

    Treasury      1053787       948254       737964       3432291  

b)

    Retail Banking:      4293948       4016052       3168563       14227315  
   (i) Digital Banking*      62       51         64  
   (ii) Other Retail Banking      4293886       4016001         14227251  

c)

    Wholesale Banking      2833289       2653476       1864207       9181732  

d)

    Other Banking Operations      1015471       1028605       862674       3784503  

e)

    Unallocated      139902       109180       874       254876  
   Total      9336397       8755567       6634282       30880717  
   Less: Inter Segment Revenue      3234268       3039683       2214050       10414107  
     

 

 

    

 

 

    

 

 

    

 

 

  
   Income from Operations      6102129       5715884       4420232       20466610  
     

 

 

    

 

 

    

 

 

    

 

 

  

2

    Segment Results         

a)

    Treasury      135490       104312       26617       209649  

b)

    Retail Banking:      356906       397648       270050       1416354  
   (i) Digital Banking*      (32 )      (37 )        (85 ) 
   (ii) Other Retail Banking      356938       397685         1416439  

c)

    Wholesale Banking      884819       855913       736664       3364199  

d)

    Other Banking Operations      344262       379531       289072       1269761  

e)

    Unallocated      (61805 )      (59135 )      (40073 )      (110124 ) 
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total Profit Before Tax and Minority Interest      1659672       1678269       1282330       6149839  
     

 

 

    

 

 

    

 

 

    

 

 

  

3

    Segment Assets         

a)

    Treasury      64950758       64110856       55198071       64110856  

b)

    Retail Banking:      78013712       75606877       64446850       75606877  
   (i) Digital Banking*      3777       4022         4022  
   (ii) Other Retail Banking      78009935       75602855         75602855  

c)

    Wholesale Banking      97242829       97368982       82280953       97368982  

d)

    Other Banking Operations      15436496       14509965       13432921       14509965  

e)

    Unallocated      1443962       1446563       1127049       1446563  
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total      257087757       253043243       216485844       253043243  
     

 

 

    

 

 

    

 

 

    

 

 

  

4

    Segment Liabilities         

a)

    Treasury      7964237       7330877       7825587       7330877  

b)

    Retail Banking:      163183242       159073252       134186107       159073252  
   (i) Digital Banking*      4004       4166         4166  
   (ii) Other Retail Banking      163179238       159069086         159069086  

c)

    Wholesale Banking      44557093       46455276       41091705       46455276  

d)

    Other Banking Operations      6558832       6127083       5288415       6127083  

e)

    Unallocated      4388297       5026977       2227010       5026977  
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total      226651701       224013465       190618824       224013465  
     

 

 

    

 

 

    

 

 

    

 

 

  

5

    Capital, Reserves and Minority Interest      30436056       29029778       25867020       29029778  
     

 

 

    

 

 

    

 

 

    

 

 

  

6

    Total (4)+(5)      257087757       253043243       216485844       253043243  
     

 

 

    

 

 

    

 

 

    

 

 

  

*Information about Digital Banking Segment reported as a sub-segment of Retail Banking Segment is related to Digital Banking Units of the Bank.

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. The Segment Assets and Segment Liabilities exclude transfers between segments and are transfer priced on a gross basis.

LOGO

 

Notes:

 

1

Consolidated Statement of Assets and Liabilities is given below:

 

     (₹ in lac)  
     As at
30.06.2023		      As at
30.06.2022		      As at
31.03.2023		  

Particulars

    Unaudited      Unaudited      Audited  

CAPITAL AND LIABILITIES

         

Capital

      55918        55546        55797  

Reserves and Surplus

      30291906        25736603        28887955  

Minority Interest

      88232        74871        86026  

Deposits

      191172011        160362905        188266325  

Borrowings

      26354747        21694614        25654866  

Other Liabilities and Provisions

      9124943        8561305        10092274  
  

 

 

     

 

 

     

 

 

  

Total

      257087757        216485844        253043243  
  

 

 

     

 

 

     

 

 

  

ASSETS

         

Cash and balances with Reserve Bank of India

      11322437        10154061        11718928  

Balances with Banks and Money at Call and Short notice

      5079382        1574943        7995853  

Investments

      56129005        49001620        51158171  

Advances

      168059617        144811146        166194929  

Fixed Assets

      874532        650416        828255  

Other Assets

      15607905        10278779        15132228  

Goodwill on Consolidation

      14879        14879        14879  
  

 

 

     

 

 

     

 

 

  

Total

      257087757        216485844        253043243  
  

 

 

     

 

 

     

 

 

  

 

2

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 July 17, 2023. The financial results for the quarter ended June 30, 2023 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 ended June 30, 2022 were reviewed by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

 

3

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.

 

4

The Group has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2023. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable, unless specifically required under those circulars / directions.

 

5

The figures for the quarter ended March 31, 2023 are the balancing figures between audited figures in respect of the financial year 2022-23 and the published year to date figures up to December 31, 2022.

 

6

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, with and into 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 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. The NCLT, in accordance with Sections 230 to 232 of the Companies Act, 2013 and rules thereunder, has vide its order dated March 17, 2023 sanctioned the Scheme. Upon receipt of all requisite approvals, the bank filed form INC 28 with ROC on July 01, 2023 and accordingly, the scheme has become effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of HDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. Accordingly, no impact of the scheme is required to be given in financial results for the quarter ended June 30, 2023.

In terms of the Scheme, the Bank has issued and allotted 3,11,03,96,492 equity shares to the shareholders of HDFC Limited as on July 13, 2023, being the record date fixed by the Board of Directors as per the Scheme, in accordance with the share exchange ratio i.e. 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. Accordingly, the paid-up share capital of the Bank has increased from ₹ 559.18 crores consisting of 5,59,17,98,806 equity shares of ₹ 1/- each to ₹ 753.76 crore consisting of 7,53,75,69,464 equity shares of ₹ 1/- each, post cancellation of 1,16,46,25,834 equity shares held by HDFC Limited in the Bank on that date in accordance with the provisions of the Scheme.

 

7

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.

 

8

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

 

9

₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

 

Place: Mumbai

    Sashidhar Jagdishan
Date: July 17, 2023    Managing Director

LOGO    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 ENDED JUNE 30, 2023

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2023, at its meeting held in Mumbai on Monday, July 17, 2023. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

CONSOLIDATED FINANCIAL RESULTS:

The Bank’s consolidated net revenue grew by 25.9% to ₹ 35,067 crore for the quarter ended June 30, 2023 from ₹ 27,844 crore for the quarter ended June 30, 2022. The consolidated net profit for the quarter ended June 30, 2023 was ₹ 12,370 crore, up 29.1%, over the quarter ended June 30, 2022. Earnings per share for the quarter ended June 30, 2023 was at ₹ 22.2 and book value per share as of June 30, 2023 was ₹ 542.7.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended June 30, 2023

The Bank’s net revenue grew by 26.9% to ₹ 32,829 crore for the quarter ended June 30, 2023 from ₹ 25,870 crore for the quarter ended June 30, 2022.

Net interest income (interest earned less interest expended) for the quarter ended June 30, 2023 grew by 21.1% to ₹ 23,599 crore from ₹ 19,481 crore for the quarter ended June 30, 2022. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.

Other income (non-interest revenue) at ₹ 9,230 crore was 28.1% of the net revenues for the quarter ended June 30, 2023 as against ₹ 6,388 crore in the corresponding quarter ended June 30, 2022. The four components of other income for the quarter ended June 30, 2023 were fees & commissions of ₹ 6,290 crore (₹ 5,360 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,309 crore (₹ 1,024 crore in the corresponding quarter of the previous year), net trading and mark to market gain of ₹ 552 crore (loss of ₹ 1,077 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,079 crore (₹ 1,080 crore in the corresponding quarter of the previous year). Other income, excluding net trading and mark to market income, grew by 16.2% over the quarter ended June 30, 2022.

LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Operating expenses for the quarter ended June 30, 2023 were ₹ 14,057 crore, an increase of 33.9% over ₹ 10,502 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 42.8%.

Pre-provision Operating Profit (PPOP) at ₹ 18,772 crore grew by 22.2% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended June 30, 2023 were ₹ 2,860 crore as against ₹ 3,188 crore for the quarter ended June 30, 2022.

The total credit cost ratio was at 0.70%, as compared to 0.91% for the quarter ending June 30, 2022.

Profit before tax (PBT) for the quarter ended June 30, 2023 was at ₹ 15,912 crore. After providing ₹ 3,960 crore for taxation, the Bank earned a net profit of ₹ 11,952 crore, an increase of 30.0% over the quarter ended June 30, 2022.

Balance Sheet: As of June 30, 2023

Total balance sheet size as of June 30, 2023 was ₹ 25,01,693 crore as against ₹ 21,09,772 crore as of June 30, 2022, a growth of 18.6%.

Total Deposits showed a healthy growth and were at ₹ 19,13,096 crore as of June 30, 2023, an increase of 19.2% over June 30, 2022. CASA deposits grew by 10.7% with savings account deposits at ₹ 5,60,604 crore and current account deposits at ₹ 2,52,350 crore. Time deposits were at ₹ 11,00,142 crore, an increase of 26.4% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 42.5% of total deposits as of June 30, 2023.

Total advances as of June 30, 2023 were ₹ 16,15,672 crore, an increase of 15.8% over June 30, 2022. Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by 20.1% over June 30, 2022. Domestic retail loans grew by 20.0%, commercial and rural banking loans grew by 29.1% and corporate and other wholesale loans grew by 11.2%. Overseas advances constituted 2.6% of total advances.

LOGO       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 was at 18.9% as on June 30, 2023 (18.1% as on June 30, 2022) 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 16.9% and Common Equity Tier 1 Capital ratio was at 16.2% as of June 30, 2023. Risk-weighted Assets were at ₹ 16,70,899 crore.

NETWORK

As of June 30, 2023, the Bank’s distribution network was at 7,860 branches and 20,352 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,825 cities / towns as against 6,378 branches and 18,620 ATMs / CDMs across 3,203 cities / towns as of June 30, 2022. 52% of our branches are in semi-urban and rural areas. In addition, we have 15,194 business correspondents, which are primarily manned by Common Service Centres (CSC). Number of employees were at 1,81,725 as of June 30, 2023 (as against 1,52,511 as of June 30, 2022).

ASSET QUALITY

Gross non-performing assets were at 1.17% of gross advances as on June 30, 2023 (0.94% excluding NPAs in the agricultural segment), as against 1.12% as on March 31, 2023 (0.94% excluding NPAs in the agricultural segment), and 1.28% as on June 30, 2022 (1.06% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.30% of net advances as on June 30, 2023.

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.

LOGO       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 June 30, 2023, the Bank held 95.6% stake in HSL. For the quarter ended June 30, 2023, HSL’s total revenue was at ₹ 497 crore, as against ₹ 432 crore for the quarter ended June 30, 2022. Profit after tax for the quarter was at ₹ 189 crore, as against ₹ 189 crore for the quarter ended June 30, 2022.

As on June 30, 2023, HSL had 207 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 customer segments such as individuals, emerging businesses and micro enterprises which are typically different from the segments that the Bank caters to. As on June 30, 2023, the Bank held 94.8% stake in HDBFSL.

For the quarter ended June 30, 2023, HDBFSL’s net revenue was at ₹ 2,314 crore as against ₹ 2,194 crore for the quarter ended June 30, 2022, a growth of 5.5%. Profit after tax for the quarter ended June 30, 2023 was ₹ 567 crore compared to ₹ 441 crore for the quarter ended June 30, 2022, a growth of 28.5%.

The total loan book was ₹ 73,568 crore as on June 30, 2023 compared to ₹ 61,814 crore as on June 30, 2022, a growth of 19%. Stage 3 loans were at 2.48% of gross loans. As on June 30, 2023, total CAR was at 19.8% with Tier-I CAR at 15.8%.

As on June 30, 2023, HDBFSL had 1,581 branches across 1,101 cities / towns.

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

LOGO       NEWS RELEASE  

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

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:

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

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