HDB HDFC Bank Limited

HDFC BANK LIMITED

/s/ Ajay Agarwal

Tax expense (Refer note 15)

Net profit from ordinary activities after tax and before minority interest (10)-(11)

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Income from Operations

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Consolidated Statement of Assets and Liabilities is given below:

Consolidated Statement of Cashflow is given below:

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 (“EWT”). These financial results have been approved by the Board of Directors at its meeting held on October 19, 2024. The financial results for the quarter and half year ended September 30, 2024 have been subjected to a “Limited Review” by the joint statutory auditors of the Bank viz. Price Waterhouse LLP, Chartered Accountants and Batliboi & Purohit, Chartered Accountants. The previous period results were reviewed / audited by the Bank’s joint statutory auditors - M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants.

These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standards specified 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, the Insurance Regulatory and Development Authority of India (‘the IRDAI’) (Preparation of Financial Statements and Auditors Report of Insurance companies) Regulations, 2002 (“IRDAI Guidelines”) to the extent applicable for insurance entities and other accounting principles generally accepted in India and these financial results are in compliance with the presentation and disclosure requirements of the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Regulations”) as amended including relevant circulars issued by the SEBI from time to time.

The RBI, vide its master direction dated September 12, 2023, issued revised norms for the classification, valuation and operation of investment portfolio of banks, which became applicable from April 1, 2024. While hitherto, the investment portfolio was classified under the held to maturity (HTM), available for sale (AFS) and held for trading (HFT) categories, the revised norms bring in a principle-based classification of investment portfolio and a symmetric treatment of fair value gains and losses. In accordance with the revised norms and the Bank’s board approved policy, the Bank has classified its investment portfolio as on April 1, 2024 under the categories of held to maturity (HTM), available for sale (AFS), subsidiaries, associates and joint ventures and fair value through profit and loss (FVTPL) with held for trading (HFT) as a sub-category of FVTPL, and from that date, measures and values the investment portfolio under the revised framework. For the purpose of consolidation, all the subsidiaries of the Bank and the EWT have followed the revised framework of the Bank except for HDFC Life insurance Company Limited (“HDFC Life”) and HDFC Ergo General Insurance Company Limited (“HDFC Ergo”), (the subsidiaries regulated by IRDAI), which continue to follow IRDAI guidelines. On transition to the revised framework on April 01, 2024, the group has recognised a net gain of ₹ 1,113.78 crore (net of tax of ₹ 405.86 crore and minority interest of ₹ 914.25 crore) which has been credited to general reserve, in accordance with the said norms. The impact of the revised framework for the period subsequent to the transition is not ascertainable and as such the income / profit or loss from investments for the quarter and half year ended September 30, 2024 are not comparable with that of the previous period/s. Except for the foregoing, the Group has applied significant accounting policies in preparation of these consolidated financial results consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2024. Any relevant circular / direction issued by the RBI and other regulator(s) is implemented prospectively when it becomes applicable, unless specifically required under that circular / direction.

The Board of Directors at its meeting held on April 04, 2022, approved a composite Scheme of amalgamation (“Scheme”), for the amalgamation of: (i) erstwhile HDFC Investments Limited (“eHDFC Investments”) and erstwhile HDFC Holdings Limited (“eHDFC Holdings”), with and into erstwhile Housing Development Finance Corporation Limited (“eHDFC Limited”); and thereafter (ii) eHDFC 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, vide its order dated March 17, 2023 sanctioned the Scheme. Upon receipt of all requisite approvals, the Bank filed form INC 28 with Registrar of Companies on July 01, 2023 and accordingly, the scheme became effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of eHDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. The results for the half year ended September 30, 2024 include the operations of eHDFC Limited and its subsidiaries (which became subsidiaries of the Bank on amalgamation) effective from July 01, 2023 and hence are not comparable with results for the half year ended September 30, 2023.

On October 07, 2024, the Board of Directors of the Bank approved the sale of 100.00% stake in HDFC Education and Development Services Private Ltd (“HEADS”), a subsidiary of eHDFC Limited that became a subsidiary of the Bank upon the Scheme becoming effective, for a consideration of ₹ 192.00 crore, in order to comply with the condition imposed by the RBI in relation to the Scheme. The Bank has not consolidated HEADS in the above results, as its control is intended to be temporary. On October 18, 2024, the Bank divested 91.00% stake in HEADS.

The Bank has been allotted 16,13,176 equity shares of HDFC Securities Limited (“HSL”) on April 15, 2024, subscribed through a rights issue for a consideration of ₹ 953.23 crore. The Bank’s shareholding in HSL stood at 94.89% as at September 30, 2024.

The Bank has been allotted 44,20,059 equity shares of HDFC Ergo on August 31, 2024, subscribed through a rights issue for a consideration of ₹ 289.07 crore. The Bank’s shareholding in HDFC Ergo stood at 50.48% as at September 30, 2024.

During the quarter ended September 30, 2024, the Bank has acquired 69,330 equity shares in HDFC Capital Advisors Limited (“HCAL”) for consideration of ₹ 67.47 crore. Post this acquisition, the Bank’s shareholding in HCAL was 89.34% as at September 30, 2024.

The Board of Directors of the Bank at its meeting held on July 20, 2024 provided an in-principle approval to initiate the process of listing equity shares of its subsidiary HDB Financial Services Limited (“HDBFS”). The Board of Directors of HDBFS at its meeting held on September 20, 2024 approved an initial public offering of the equity shares of face value of ₹ 10 each (‘Equity Shares’) comprising of a fresh issue of Equity Shares aggregating up to ₹ 2,500.00 crore and an offer for sale of Equity Shares by existing and eligible shareholders of the HDBFS who may offer to tender their Equity Shares which is subject to approval of the shareholders of the HDBFS, market conditions, receipt of applicable approvals, regulatory clearances, and other considerations.

RBI vide its letter dated May 13, 2022, had conveyed its approval to the Bank for setting up a step-down subsidiary through HSL, for offering broking and clearing services in International Financial Services Centre (IFSC) at GIFT City. Accordingly, a wholly owned subsidiary of HDFC Securities Limited namely “HDFC Securities IFSC Limited” has been incorporated effective October 01, 2024. HDFC Securities IFSC Limited has become a subsidiary of the Bank with effect from October 1, 2024.

During the quarter and half year ended September 30, 2024, the Bank allotted 2,26,56,007 and 3,38,67,647 equity shares pursuant to the exercise of options / units under the approved employee stock option schemes / employee stock incentive master scheme.

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, and recoveries from accounts previously written off.

Provision for tax during the year ended March 31, 2024 as well as for the quarter and half year ended September 30, 2023 is net of write back of provision no longer required of ₹ 6,946.47 crore and ₹ 1,628.12 crore respectively, pursuant to favourable orders received.

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 under the Basel III Framework. These disclosures would be available on the Bank’s website at the following link: https://www.hdfcbank.com/personal/resources/regulatory-disclosures. The disclosures have not been subjected to audit or review by the statutory auditors.

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

₹ 10 million = ₹ 1 crore

Place: Mumbai

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Total Income (1)+(2)

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Net Profit for the period (12)-(13)

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Analytical Ratios and other disclosures:

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