HDB HDFC Bank Limited

 

 

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, 2014

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  x            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  x

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  x

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  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-  Not Applicable                .

 

 

 

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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: 21st October, 2014				By		IsI Sanjay Dongre
						Name: Sanjay Dongre
						Title:   Executive Vice President (Legal) &             Company Secretary

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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 21^st October, 2014 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Financial Results for the Quarter and half year ended 30^th September, 2014.

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Exhibit I

21^st October, 2014

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, 2014.

Pursuant to the Listing Agreement, we send herewith the Financial Results for the Second quarter (unaudited) and the half year (audited) ended 30^th September, 2014, Segment-wise Reporting and the Press Release in this regard. The results were duly approved by the Board of Directors of the Bank at its meeting held today i.e. 21st October, 2014.

A copy of the Auditor’s Report for the half year ended 30^th September, 2014, including a Limited Review Report in respect of the unaudited financials for the quarter ended 30^th September, 2014 is attached.

You are requested to take the same on your records.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Sanjay Dongre

Executive Vice President (Legal) &

Company Secretary

Encl: As above

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HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014

 

				( in lacs)
Particulars				Quarter ended 30.09.2014				Quarter ended 30.06.2014				Quarter ended 30.09.2013				Half year ended 30.09.2014				Half year ended 30.09.2013				Year ended 31.03.2014
				Unaudited				Unaudited				Unaudited				Audited*				Audited*				Audited*
1		Interest Earned (a)+(b)+(c)+(d)			1184763				1122008				1009334				2306771				1975630				4113554
		a) Interest / discount on advances / bills			907385				873507				769211				1780892				1501685				3168692
		b) Income on Investments			261380				233901				229173				495281				450955				903685
		c) Interest on balances with Reserve Bank of India and other inter bank funds			14763				12147				8415				26910				19442				35599
		d) Others			1235				2453				2535				3688				3548				5578
2		Other Income			204710				185057				184435				389767				376995				791964
3		TOTAL INCOME (1)+(2)			1389473				1307065				1193769				2696538				2352625				4905518
4		Interest Expended			633664				604847				561681				1238511				1086107				2265290
5		Operating Expenses (i)+(ii)			349790				317841				293421				667631				597240				1204219
		i) Employees cost			116694				112593				103569				229287				214477				417898
		ii) Other operating expenses			233096				205248				189852				438344				382763				786321
6		TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)			983454				922688				855102				1906142				1683347				3469509
7		Operating Profit before Provisions and Contingencies (3)-(6)			406019				384377				338667				790396				669278				1436009
8		Provisions (other than tax) and Contingencies			45589				48278				38593				93867				91305				158802
9		Exceptional Items			—				—				—				—				—				—
10		Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)			360430				336099				300074				696529				577973				1277207
11		Tax Expense			122284				112795				101842				235079				195355				429367
12		Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)			238146				223304				198232				461450				382618				847840
13		Extraordinary items (net of tax expense)			—				—				—				—				—				—
14		Net Profit / (Loss) for the period (12)-(13)			238146				223304				198232				461450				382618				847840
15		Paid up equity share capital (Face Value of    2/- each)			48286				48154				47825				48286				47825				47981
16		Reserves excluding revaluation reserves																							4299884
17		Analytical Ratios
		(i) Percentage of shares held by Government of India			Nil				Nil				Nil				Nil				Nil				Nil
		(ii) Capital Adequacy Ratio			15.7%				15.1%				14.6%				15.7%				14.6%				16.1%
		(iii) Earnings per share ( )
		(a) Basic EPS before & after extraordinary items (net of tax expense) – not annualized			9.9				9.3				8.3				19.2				16.0				35.5
		(b) Diluted EPS before & after extraordinary items (net of tax expense) – not annualized			9.8				9.2				8.2				19.0				15.9				35.2
		(iv) NPA Ratios
		(a) Gross NPAs			336165				335622				294171				336165				294171				298928
		(b) Net NPAs			91734				100742				76721				91734				76721				82003
		(c) % of Gross NPAs to Gross Advances			1.0%				1.1%				1.1%				1.0%				1.1%				1.0%
		(d) % of Net NPAs to Net Advances			0.3%				0.3%				0.3%				0.3%				0.3%				0.3%
		(v) Return on assets (average) – not annualized			0.5%				0.5%				0.5%				1.0%				1.0%				2.0%
18		Non Promoters Shareholding
		(a) Public Shareholding
		– No. of shares			1464101398				1457475498				1441044575				1464101398				1441044575				1448829678
		– Percentage of Shareholding			60.6%				60.5%				60.3%				60.6%				60.3%				60.4%
		(b) Shares underlying Depository Receipts (ADS and GDR)
		– No. of shares			407004657				407004657				406987485				407004657				406987485				407004657
		– Percentage of Shareholding			16.9%				16.9%				17.0%				16.9%				17.0%				17.0%
19		Promoters and Promoter Group Shareholding
		(a) Pledged / Encumbered
		– No. of shares			—				—				—				—				—				—
		– Percentage of Shares (as a % of the total shareholding of promoter and promoter group)			—				—				—				—				—				—
		– Percentage of Shares (as a % of the total share capital of the Company)			—				—				—				—				—				—
		(b) Non - encumbered
		– No. of shares			543216100				543216100				543216100				543216100				543216100				543216100
		– Percentage of Shares (as a % of the total shareholding of promoter and promoter group)			100.0%				100.0%				100.0%				100.0%				100.0%				100.0%
		– Percentage of Shares (as a % of the total share capital of the Company)			22.5%				22.6%				22.7%				22.5%				22.7%				22.6%

 

*	Except for disclosure regarding ‘Non Promoters Shareholding’ and ‘Promoters and Promoter Group Shareholding’ which are unaudited.

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 on Segment Reporting (AS 17) of the operating segments of the Bank is as under:

 

				( in lacs)
Particulars				Quarter ended 30.09.2014				Quarter ended 30.06.2014				Quarter ended 30.09.2013				Half year ended 30.09.2014				Half year ended 30.09.2013				Year ended 31.03.2014
				Unaudited				Unaudited				Unaudited				Audited				Audited				Audited
1		Segment Revenue
a)		Treasury			310464				270361				304726				580825				610397				1178670
b)		Retail Banking			1191868				1144291				974274				2336159				1927357				4080486
c)		Wholesale Banking			564503				544617				488382				1109120				938564				1964534
d)		Other Banking Operations			145899				128016				125015				273915				225183				503355
e)		Unallocated			—				—				—				—				258				258
		Total			2212734				2087285				1892397				4300019				3701759				7727303
		Less: Inter Segment Revenue			823261				780220				698628				1603481				1349134				2821785
		Income from Operations			1389473				1307065				1193769				2696538				2352625				4905518
2		Segment Results
a)		Treasury			8395				(5292	)			(10322	)			3103				20659				41230
b)		Retail Banking			145845				151637				137201				297482				259351				568541
c)		Wholesale Banking			188860				178978				168520				367838				289040				594011
d)		Other Banking Operations			54967				47498				41148				102465				83276				192046
e)		Unallocated			(37637	)			(36722	)			(36473	)			(74359	)			(74353	)			(118621	)
		Total Profit Before Tax			360430				336099				300074				696529				577973				1277207
3		Capital Employed (Segment Assets – Segment Liabilities)
a)		Treasury			12113999				11460711				9551390				12113999				9551390				12241141
b)		Retail Banking			(15190170	)			(14417239	)			(10495893	)			(15190170	)			(10495893	)			(12909019	)
c)		Wholesale Banking			8179230				7708329				5445787				8179230				5445787				5305539
d)		Other Banking Operations			1307222				1235045				988798				1307222				988798				1259579
e)		Unallocated			(1538801	)			(1382063	)			(1441565	)			(1538801	)			(1441565	)			(1549375	)
		Total			4871480				4604783				4048517				4871480				4048517				4347865

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.

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Notes :

 

1	Statement of Assets and Liabilities as on September 30, 2014 is given below.

 

		( in lacs)
Particulars		As at 30.09.2014				As at 30.09.2013
		Audited				Audited
CAPITAL AND LIABILITIES
Capital			48286				47825
Reserves and Surplus			4823194				4000692
Deposits			39068175				31301114
Borrowings			3854042				3933986
Other Liabilities and Provisions			3202409				3833060
Total			50996106				43116677
ASSETS
Cash and Balances with Reserve Bank of India			2037266				1994440
Balances with Banks and Money at Call and Short notice			1127848				808631
Investments			12955864				10185000
Advances			32727279				26861699
Fixed Assets			290510				294865
Other Assets			1857339				2972042
Total			50996106				43116677

 

2	The above results have been approved by the Board of Directors at its meeting held on October 21, 2014.

 

3	The results for the half year ended September 30, 2014 have been subjected to an “Audit” and the results for the quarter ended September 30, 2014 have been subjected to a “Limited Review” by the Statutory Auditors of the Bank. An unqualified report has been issued by them thereon.

 

4	The Bank has followed the same significant accounting policies in the preparation of the above financial results as those followed in the annual financial statements for the year ended March 31, 2014.

 

5	During the quarter ended June 30, 2014, the Bank acquired additional 8.7% stake in its subsidiary HDFC Securities Limited (HSL). Post this acquisition, the Bank’s stake holding in HSL was 98.0% as of September 30, 2014.

 

6

In accordance with RBI circular DBOD.No.BP.BC.2/21.06.201/2013-14 dated July 1, 2013, banks are required to make Pillar 3 disclosures under Basel III capital regulations. The Bank has made these disclosures which are available on its website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/default.htm. The disclosures have not been subjected to audit or limited review.

 

7	During the quarter and half year ended September 30, 2014, the Bank allotted 6625900 and 15271720 shares pursuant to the exercise of stock options by certain employees.

 

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.

 

9	As at September 30, 2014, the total number of branches (including extension counters) and ATM network stood at 3600 branches and 11515 ATMs respectively.

 

10	Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended September 30, 2014:

 

Opening: Nil;      Additions: 714;      Disposals: 714;      Closing position: Nil.

 

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		Aditya Puri
Date :		October 21, 2014		Managing Director

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

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NEWS RELEASE

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP)

FOR THE QUARTER AND HALF YEAR ENDED

SEPTEMBER 30, 2014

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended September 30, 2014 and the audited results for the half-year ended September 30, 2014, at its meeting held in Mumbai on Tuesday, October 21, 2014.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2014

The Bank’s total income for the quarter ended September 30, 2014 was  13,894.7 crore, as against  11,937.7 crore for the quarter ended September 30, 2013. Net revenues (net interest income plus other income) were at  7,558.1 crore, an increase of 19.6% for the quarter ended September 30, 2014 over  6,320.9 crore for the corresponding quarter of the previous year. Interest earned increased from  10,093.3 crore in the quarter ended September 30, 2013 to  11,847.6 crore in the quarter ended September 30, 2014, up by 17.4%. With interest expense increasing by 12.8% to  6,336.6 crore for the quarter ended September 30, 2014, the net interest income (interest earned less interest expended) grew by 23.1% to  5,511.0 crore from  4,476.5 crore for the quarter ended September 30, 2013. Net interest margin for the quarter was at 4.5% as against 4.3% for corresponding quarter ended September 30, 2013.

Other income (non-interest revenue) at  2,047.1 crore was 27.1% of the net revenues for the quarter ended September 30, 2014 and grew by 11.0% over  1,844.4 crore in the corresponding quarter ended September 30, 2013. The four components of other income for the quarter ended September 30, 2014 were fees & commissions of  1,536.5 crore (  1,354.4 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of  221.7 crore (  501.4 crore for the corresponding quarter of the previous year), profit on revaluation / sale of investments of  95.1 crore (loss of  173.3 crore for the corresponding quarter of the previous year) and miscellaneous income including recoveries of  193.8 crore (  161.9 crore for the corresponding quarter of the previous year).

 

 

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Operating expenses for the quarter ended September 30, 2014 were  3,497.9 crore, an increase of 19.2% over  2,934.2 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 46.3% as against 46.4% for the corresponding quarter ended September 30, 2013.

Provisions and contingencies were  455.9 crore (consisting of specific loan loss and general provisions) for the quarter ended September 30, 2014 as against  385.9 crore for the corresponding quarter ended September 30, 2013. After providing  1,222.8 crore for taxation, the Bank earned a net profit of  2,381.5 crore for the quarter ended September 30, 2014, an increase of 20.1% over the quarter ended September 30, 2013.

Balance Sheet: As of September 30, 2014

Advances as of September 30, 2014 were  327,273 crore, an increase of 21.8% over September 30, 2013. This loan growth was contributed by both segments of the Bank’s loan portfolio, with domestic retail loans and wholesale loans as per the Bank’s internal business classification growing by 17.3% and 21.8% respectively (as per regulatory [Basel 2] segment classification growing by 9.8% and 30.1% respectively). Retail loan disbursal for the first half of the fiscal grew by 22% over the corresponding period of the previous fiscal. Total deposits as of September 30, 2014 were  390,682 crore, an increase of 24.8% over September 30, 2013. Savings account deposits grew 18.8% over the previous year to reach  110,810 crore and current account deposits at  57,803 grew 21.4% over the previous year. CASA mix was 43.2% as at September 30, 2014.

Half Year ended September 30, 2014:

For the half year ended September 30, 2014, the Bank earned a total income of  26,965.4 crore as against  23,526.3 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2014 were  14,580.3 crore, as against  12,665.2 crore for the six months ended September 30, 2013, an increase of 15.1%. Net profit for the half year ended September 30, 2014 was  4,614.5 crore, up by 20.6% over the corresponding half year ended September 30, 2013.

 

 

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Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at September 30, 2014 (computed as per Basel III guidelines) stood at 15.7% as against a regulatory requirement of 9%. Of this, Tier-I CAR was 11.8%.

NETWORK

As of September 30, 2014, the Bank’s distribution network was at 3,600 branches and 11,515 ATMs in 2,272 cities / towns, an increase of 349 branches and 338 ATMs over 3,251 branches and 11,177 ATMs in 2,022 cities / towns as of September 30, 2013 and an increase of 197 branches and 259 ATMs during this fiscal year so far. Number of employees increased from 69,662 as of September 30, 2013 to 75,339 as of September 30, 2014.

ASSET QUALITY

Gross non-performing assets (NPAs) were at 1.02% of gross advances as on September 30, 2014, as against 1.09% as on September 30, 2013 and 1.07% as on June 30, 2014. Net non-performing assets were at 0.28% of net advances as on September 30, 2014. Total restructured loans (including applications received and under process for restructuring) were at 0.1% of gross advances as of September 30, 2014 as against 0.2% as of September 30, 2013.

Note:

= Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

Certain statements are included in this release which contain words or phrases, such as “will”, “aim”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “future”, “objective”, “project”, “should”, 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, any penalties imposed by the RBI, the future impact of new accounting standards, our ability to pay dividends, the impact of changes in banking regulations and other regulatory changes in India and other jurisdictions on us, 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. Our forward looking statements speak only as of the date on which they are made and we do not undertake any obligation, and we do not intend, to update or revise any forward looking statements to reflect events or circumstances after the date in the statement, even if our expectations or any related events or circumstances change. 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 other countries which have an impact on our business activities or investments caused by any factor including the global financial crisis and problems in the Eurozone countries, any downgrade in India’s debt rating or the debt rating of our borrowings, 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, 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.

 

 

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For media queries please contact:

Neeraj Jha

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

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

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