Edgar Filing: HDFC BANK LTD

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, 2017

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: 24^th October, 2017	By	/s/ Sanjay Dongre
	Name:	Sanjay Dongre
	Title:	Executive Vice President (Legal) & Company Secretary

EXHIBIT INDEX

The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this Report pursuant to the General Instructions for Form 6-K.

Exhibit I

Description

Communication dated 24^th October, 2017 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Outcome of Board Meeting held on 24^th October, 2017.

Exhibit I

24^th October, 2017

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Financial Results for the Quarter and Half Year ended 30^th September, 2017

We attach herewith a file containing the Financial Results for the second quarter (unaudited) and half year (audited) ended on 30^th September, 2017, segment reporting and Press Release in this regard.

The aforesaid audited financial results have been submitted to the stock exchanges in India as per the listing requirements of those Stock Exchanges.

This is for your information and record.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Sanjay Dongre

Executive Vice President (Legal) &

Company Secretary

Encl. : a/a.

HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2017


																	(₹ in lacs)
		Quarter ended 30.09.2017			Quarter ended 30.06.2017			Quarter ended 30.09.2016			Half year ended 30.09.2017			Half year ended 30.09.2016			Year ended 31.03.2017
	Particulars	Unaudited			Unaudited			Unaudited			Audited			Audited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		1967028			1866872			1706994			3833900			3358596			6930596
	a) Interest / discount on advances / bills		1535575			1448606			1290136			2984181			2537217			5205526
	b) Income on Investments		400646			389297			381807			789943			762731			1594434
	c) Interest on balances with Reserve Bank of India and other inter bank funds		10649			10820			13967			21469			17988			53202
	d) Others		20158			18149			21084			38307			40660			77434
2	Other Income		360590			351666			290095			712256			570756			1229649
3	Total Income (1)+(2)		2327618			2218538			1997089			4546156			3929352			8160245
4	Interest Expended		991821			929798			907635			1921619			1781093			3616674
5	Operating Expenses (i)+(ii)		554005			536746			486999			1090751			963885			1970332
	i) Employees cost		171577			165751			165721			337328			324238			648366
	ii) Other operating expenses (Refer Note 9)		382428			370995			321278			753423			639647			1321966
6	Total Expenditure (4)+(5) (excluding Provisions & Contingencies)		1545826			1466544			1394634			3012370			2744978			5587006
7	Operating Profit before Provisions and Contingencies (3)-(6)		781792			751994			602455			1533786			1184374			2573239
8	Provisions (other than tax) and Contingencies		147619			155876			74899			303495			161572			359330
9	Exceptional Items		—			—			—			—			—			—
10	Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)		634173			596118			527556			1230291			1022802			2213909
11	Tax Expense		219070			206734			182023			425804			353378			758943
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		415103			389384			345533			804487			669424			1454966
13	Extraordinary items (net of tax expense)		—			—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		415103			389384			345533			804487			669424			1454966
15	Paid up equity share capital (Face Value of ` 2/- each)		51680			51478			50913			51680			50913			51251
16	Reserves excluding revaluation reserves																	8894987
17	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		15.1	%		15.6	%		15.4	%		15.1	%		15.4	%		14.6	%
	(iii) Earnings per share (`)
	(a) Basic EPS before & after extraordinary items (net of tax expense)—not annualized		16.1			15.2			13.6			31.3			26.4			57.2
	(b) Diluted EPS before & after extraordinary items (net of tax expense)—not annualized		15.9			15.0			13.4			30.9			26.1			56.4
	(iv) NPA Ratios
	(a) Gross NPAs		770284			724293			506904			770284			506904			588566
	(b) Net NPAs		259683			252821			148885			259683			148885			184399
	(c) % of Gross NPAs to Gross Advances		1.26	%		1.24	%		1.02	%		1.26	%		1.02	%		1.05	%
	(d) % of Net NPAs to Net Advances		0.43	%		0.44	%		0.30	%		0.43	%		0.30	%		0.33	%
	(v) Return on assets (average)—not annualized		0.47	%		0.46	%		0.46	%		0.93	%		0.92	%		1.88	%

Segment information in accordance with the Accounting Standard on Segment Reporting (AS 17) of the operating segments of the Bank is as under:


																	(₹ in lacs)
	Particulars	Quarter ended 30.09.2017			Quarter ended 30.06.2017			Quarter ended 30.09.2016			Half year ended 30.09.2017			Half year ended 30.09.2016			Year ended 31.03.2017
	Particulars	Unaudited			Unaudited			Unaudited			Audited			Audited			Audited
1	Segment Revenue
a)	Treasury		492717			474088			475719			966805			968004			2032618
b)	Retail Banking		1798234			1759229			1651316			3557463			3236580			6614750
c)	Wholesale Banking		1038220			937223			817228			1975443			1588794			3258785
d)	Other Banking Operations		277984			255117			212645			533101			407612			904669
e)	Unallocated		—			—			—			—			—			—
	Total		3607155			3425657			3156908			7032812			6200990			12810822
	Less: Inter Segment Revenue		1279537			1207119			1159819			2486656			2271638			4650577

	Income from Operations		2327618			2218538			1997089			4546156			3929352			8160245

2	Segment Results
a)	Treasury		42822			45739			33507			88561			85376			165911
b)	Retail Banking		263109			212238			200731			475347			390200			843216
c)	Wholesale Banking		271927			282190			253276			554117			483296			1012304
d)	Other Banking Operations		110909			98107			74350			209016			132871			336533
e)	Unallocated		(54594	)		(42156	)		(34308	)		(96750	)		(68941	)		(144055	)

	Total Profit Before Tax		634173			596118			527556			1230291			1022802			2213909

3	Segment Assets
a)	Treasury		27557908			26570417			25089308			27557908			25089308			26335640
b)	Retail Banking		33628360			31457133			28268880			33628360			28268880			29582892
c)	Wholesale Banking		28245767			27984965			22794021			28245767			22794021			27214883
d)	Other Banking Operations		3341673			3041526			2214545			3341673			2214545			2720588
e)	Unallocated		590025			511265			515941			590025			515941			530018

	Total		93363733			89565306			78882695			93363733			78882695			86384021

4	Segment Liabilities
a)	Treasury		4127964			3530332			4498097			4127964			4498097			3873249
b)	Retail Banking		54309020			53718130			48817836			54309020			48817836			52579290
c)	Wholesale Banking		22015850			19771198			15489707			22015850			15489707			19125490
d)	Other Banking Operations		440338			360425			287794			440338			287794			314274
e)	Unallocated		2876242			2759448			1733535			2876242			1733535			1545480

	Total		83769414			80139533			70826969			83769414			70826969			77437783

5	Capital Employed
	(Segment Assets-Segment Liabilities)
a)	Treasury		23429944			23040085			20591211			23429944			20591211			22462391
b)	Retail Banking		(20680660	)		(22260997	)		(20548956	)		(20680660	)		(20548956	)		(22996398	)
c)	Wholesale Banking		6229917			8213767			7304314			6229917			7304314			8089393
d)	Other Banking Operations		2901335			2681101			1926751			2901335			1926751			2406314
e)	Unallocated		(2286217	)		(2248183	)		(1217594	)		(2286217	)		(1217594	)		(1015462	)

	Total		9594319			9425773			8055726			9594319			8055726			8946238

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 RBI.

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

Notes :

1	Statement of Assets and Liabilities as at September 30, 2017 is given below.


					(₹ in lacs)
Particulars	As at 30.09.2017		As at 30.09.2016		As at 31.03.2017
CAPITAL AND LIABILITIES	Audited		Audited		Audited
Capital		51680		50913		51251
Reserves and Surplus		9542639		8004813		8894987
Deposits		68934590		59173061		64363966
Borrowings		10153108		7703851		7402887
Other Liabilities and Provisions		4681716		3950057		5670930

Total		93363733		78882695		86384021

ASSETS
Cash and Balances with Reserve Bank of India		3594151		2925372		3789687
Balances with Banks and Money at Call and Short notice		988759		1787833		1105523
Investments		24027904		20602862		21446334
Advances		60486694		49441784		55456820
Fixed Assets		353287		351225		362675
Other Assets		3912938		3773619		4222982

Total		93363733		78882695		86384021

2	The above results have been approved by the Board of Directors at its meeting held on October 24, 2017. The results for the half year ended September 30, 2017 have been audited by the Statutory Auditors of the Bank. An unqualified report has been issued by them thereon.

3	The Bank has followed the same significant accounting policies in the preparation of these financial results as those followed in the annual financial statements for the year ended March 31, 2017.

4	The figures for the quarter ended September 30, 2017 are the balancing figures between audited figures for half year ended September 30, 2017 and published figures for the quarter ended June 30, 2017.

5	During the quarter and half year ended September 30, 2017, the Bank allotted 10113300 and 21450900 shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

6	During the half year ended September 30, 2017, the Bank raised Additional Tier 1 Capital bonds of ₹ 8,000 crore and Tier 2 Capital bonds of ₹ 2,000 crore.

RBI circular DBOD.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on ‘Basel III Capital Regulations’ read together with the RBI circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 on ‘Prudential Guidelines on Capital Adequacy and Liquidity Standards—Amendments’ requires banks to make applicable 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.

8	Other income relates to income from non-fund based banking activities including commission, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments and recoveries from accounts written off.

Other operating expenses include commission paid to sales agents of ₹ 600.00 crore (previous period : ₹ 474.99 crore) and ₹ 1,130.21 crore (previous period : ₹ 932.85 crore) for the quarter and half year ended September 30, 2017 respectively and of ₹ 1,906.80 crore for the year ended March 31, 2017.

10	As at September 30, 2017, the total number of branches (including extension counters) and ATM network stood at 4,729 branches and 12,259 ATMs respectively.

The Bank had participated in a project loan (where the Bank had a 2.3% share) which underwent flexible structuring under the 5:25 regulatory framework as approved by the Joint Lenders Forum (JLF) in February 2016. The Bank is in ongoing discussions and correspondence with the regulator in relation to certain observations made on the implementation of the JLF-approved flexible structuring scheme. The conduct of this account with the Bank has been standard throughout. Nevertheless, in the interim, the Bank has made sufficient contingent provisions for this account as at September 30, 2017.

Pursuant to RBI circular FMRD.DIRD.10/14.03.002/2015-16 dated May 19, 2016, the Bank has included its repo / reverse repo transactions under Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) with RBI under ‘Borrowings from RBI’ / ‘Balances with RBI’, as the case may be. Hitherto, these transactions were netted from / included under ‘Investments’. Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period’s classification. The above change in classification has no impact on the profit of the Bank for the periods presented.

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

14	₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore


Place : Mumbai		Aditya Puri
Date : October 24, 2017		Managing Director

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

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2017

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended September 30, 2017, at their meeting held in Mumbai on Tuesday, October 24, 2017. The accounts have been subjected to an audit by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2017

The Bank’s total income for the quarter ended September 30, 2017 was ₹ 23,276.2 crore, up from ₹ 19,970.9 crore for the quarter ended September 30, 2016. Net revenues (net interest income plus other income) increased by 22.6% to ₹ 13,358.0 crore for the quarter ended September 30, 2017 from ₹ 10,894.5 crore in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended September 30, 2017 grew by 22.0% to ₹ 9,752.1 crore, from ₹ 7,993.6 crore for the quarter ended September 30, 2016, driven by average asset growth of 17.6% and a core net interest margin for the quarter of 4.3%.

Other income (non-interest revenue) at ₹ 3,605.9 crore was 27.0% of the net revenues for the quarter ended September 30, 2017 and grew by 24.3% over ₹ 2,901.0 crore in the corresponding quarter ended September 30, 2016. The four components of other income for the quarter ended September 30, 2017 were fees & commissions of ₹ 2,614.0 crore (₹ 2,103.9 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 384.0 crore (₹ 295.0 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of ₹ 355.9 crore (₹ 283.5 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 252.0 crore (₹ 218.6 crore for the corresponding quarter of the previous year).

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

Operating expenses for the quarter ended September 30, 2017 were ₹ 5,540.1 crore, an increase of 13.8% over ₹ 4,870.0 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 42.6% as against 45.9% for the corresponding quarter ended September 30, 2016.

Provisions and contingencies for the quarter ended September 30, 2017 were ₹ 1,476.2 crore (consisting of specific loan loss provisions ₹ 1,078.8 crore and general and other provisions ₹ 397.4 crore) as against ₹ 749.0 crore (consisting of specific loan loss provisions ₹ 640.7 crore and general and other provisions ₹ 108.3 crore) for the corresponding quarter ended September 30, 2016. Profit before tax for the quarter ended September 30, 2017 was up 20.2% to ₹ 6,341.7 crore.

After providing ₹ 2,190.7 crore for taxation, the Bank earned a net profit of ₹ 4,151.0 crore, an increase of 20.1% over the quarter ended September 30, 2016.

Balance Sheet: As of September 30, 2017

Total balance sheet size as of September 30, 2017 was ₹ 933,637 crore as against ₹ 788,827 crore as of September 30, 2016.

Total deposits as of September 30, 2017 were ₹ 689,346 crore, an increase of 16.5% over September 30, 2016. CASA deposits saw healthy growth with both savings account deposits and current account deposits each growing by 23.6% over the previous year to reach ₹ 197,655 crore and ₹ 97,825 crore respectively. Time deposits were at ₹ 393,866 crore, an increase of 11.7% over the previous year, resulting in CASA deposits comprising 42.9% of total deposits as on September 30, 2017.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

Total advances as of September 30, 2017 were ₹ 604,867 crore, an increase of 22.3% over September 30, 2016 (domestic advances grew by 26.8%). This loan growth was contributed by both segments of the Bank’s loan portfolio. As per regulatory [Basel 2] segment classification, retail loans grew by 21.6% and wholesale loans grew by 23.6% (as per internal business classification, the growth was 20.5% and 27.4% respectively). The loan mix between retail:wholesale was 55:45.

Half Year ended September 30, 2017

For the half year ended September 30, 2017, the Bank earned a total income of ₹ 45,461.6 crore as against ₹ 39,293.5 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2017 were ₹ 26,245.4 crore, as against ₹ 21,482.6 crore for the six months ended September 30, 2016, an increase of 22.2%. Net profit for the half year ended September 30, 2017 was ₹ 8,044.9 crore, up by 20.2% over the corresponding half year ended September 30, 2016.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 15.1% as on September 30, 2017 (15.4% as on September 30, 2016) as against a regulatory requirement of 10.25% including Capital Conservation Buffer of 1.25%. Tier-I CAR was at 13.3% as of September 30, 2017 and as of September 30, 2016. During the quarter, the Reserve Bank of India designated the Bank as a Domestic Systemically Important Bank and the Bank will be required to maintain additional Common Equity Tier-I Capital of 0.15% effective April 1, 2018, which will increase to 0.20% effective April 1, 2019. Risk-weighted Assets were ₹ 738,465 crore (₹ 576,858 crore as on September 30, 2016).

NETWORK

As of September 30, 2017, the Bank’s distribution network was at 4,729 branches and 12,259 ATMs across 2,669 cities / towns as against 4,548 branches and 12,016 ATMs across 2,596 cities / towns as of September 30, 2016. Of the total branches, 52% are in semi-urban and rural areas.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

ASSET QUALITY

Gross non-performing assets were at 1.26% of gross advances as on September 30, 2017, as against 1.24% as on June 30, 2017 and 1.02% as on September 30, 2016. Net non-performing assets were at 0.4% of net advances as on September 30, 2017.

Note:

₹ = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

BSE: 500180

NSE: HDFCBANK

NYSE: HDB

Certain statements are included in this release which contain words or phrases such as “will,” “aim,” “will likely result,” “believe,” “expect,” “will continue,” “anticipate,” “estimate,” “intend,” “plan,” “contemplate,” “seek to,” “future,” “objective,” “goal,” “project,” “should,” “will pursue” and similar expressions or variations of these expressions, that are “forward-looking statements.” Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for various Banking services, future levels of our non-performing loans, our growth and expansion, the adequacy of our allowance for credit and investment losses, technological changes, volatility in investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to pay dividends, the impact of changes in Banking regulations and other regulatory changes on us in India and other jurisdictions, our ability to roll over our short-term funding sources and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general economic and political conditions, instability or uncertainty in India and the other countries which have an impact on our business activities or investments caused by any factor, including terrorist attacks in India, the United States or elsewhere, anti-terrorist or other attacks by the United States, a United States-led coalition or any other country, tensions between India and Pakistan related to the Kashmir region or between India and China, military armament or social unrest in any part of India; the monetary and interest rate policies of the government of India, natural calamities, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices; the performance of the financial markets in India and globally, changes in Indian and foreign laws and regulations, including tax, accounting and Banking regulations, changes in competition and the pricing environment in India, and regional or general changes in asset valuations.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

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

For media queries please contact:

Neeraj Jha

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1308 (D) / 6652 1000 (B)

Fax: 91 - 22 - 2490 3168

Mobile: +91 93236 20828

neeraj.jha@hdfcBank.com

For investor queries please contact:

Bhavin Lakhpatwala

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1083 (D) / 6652 1000 (B)

Mobile: +91 74983 51730

bhavin.lakhpatwala@hdfcBank.com