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 January, 2016

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: 25th January, 2016				By		/s/ 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 25^th January, 2016 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Financial Results for the third quarter ended 31^st December, 2015.

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Exhibit I

25^th January, 2016

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir

Re: Financial Results for the third quarter ended 31^st December 2015.

We attach herewith the unaudited financial results of the Bank for the third quarter ended 31^st December, 2015, 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. 25^th January, 2016.

Kindly 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 NINE MONTHS ENDED DECEMBER 31, 2015

 

		( in lacs)
Particulars		Quarter ended 31.12.2015				Quarter ended 30.09.2015				Quarter ended 31.12.2014				Nine Months ended 31.12.2015				Nine Months ended 31.12.2014				Year ended 31.03.2015
		Unaudited				Unaudited				Unaudited				Unaudited				Unaudited				Audited
1 Interest Earned (a)+(b)+(c)+(d)			1541112				1477252				1239583				4422470				3546354				4846991
a) Interest / discount on advances / bills			1148349				1094834				954318				3287897				2735210				3718079
b) Income on Investments			365142				339767				248357				1033043				701753				985849
c) Interest on balances with Reserve Bank of India and other inter bank funds			5952				17486				13794				31269				40704				51710
d) Others			21669				25165				23114				70261				68687				91353
2 Other Income			287219				255176				253491				788586				643258				899634
3 TOTAL INCOME (1)+(2)			1828331				1732428				1493074				5211056				4189612				5746625
4 Interest Expended			834261				809162				669590				2408652				1908101				2607423
5 Operating Expenses (i)+(ii)			420484				418977				345628				1239540				1013259				1398755
i) Employees cost			143127				141397				113253				420425				342540				475096
ii) Other operating expenses			277357				277580				232375				819115				670719				923659
6 TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)			1254745				1228139				1015218				3648192				2921360				4006178
7 Operating Profit before Provisions and Contingencies (3)-(6)			573586				504289				477856				1562864				1268252				1740447
8 Provisions (other than tax) and Contingencies			65388				68129				56043				206316				149910				207575
9 Exceptional Items			—				—				—				—				—				—
10 Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)			508198				436160				421813				1356548				1118342				1532872
11 Tax Expense			172514				149215				142362				464347				377441				511280
12 Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)			335684				286945				279451				892201				740901				1021592
13 Extraordinary items (net of tax expense)			—				—				—				—				—				—
14 Net Profit / (Loss) for the period (12)-(13)			335684				286945				279451				892201				740901				1021592
15 Paid up equity share capital (Face Value of 2/- each)			50502				50364				48348				50502				48348				50130
16 Reserves excluding revaluation reserves																							6150813
17 Analytical Ratios
(i) Percentage of shares held by Government of India			Nil				Nil				Nil				Nil				Nil				Nil
(ii) Capital Adequacy Ratio			15.9	%			15.5	%			15.7	%			15.9	%			15.7	%			16.8	%
(iii) Earnings per share ( )
(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized			13.3				11.5				11.5				35.5				30.7				42.1
(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized			13.1				11.3				11.4				35.0				30.4				41.7
(iv) NPA Ratios
(a) Gross NPAs			425520				382777				346791				425520				346791				343838
(b) Net NPAs			126060				103768				90366				126060				90366				89628
(c) % of Gross NPAs to Gross Advances			0.97	%			0.91	%			0.99	%			0.97	%			0.99	%			0.93	%
(d) % of Net NPAs to Net Advances			0.29	%			0.25	%			0.26	%			0.29	%			0.26	%			0.25	%
(v) Return on assets (average) - not annualized			0.5	%			0.5	%			0.5	%			1.4	%			1.5	%			2.0	%

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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)
		Quarter ended 31.12.2015				Quarter ended 30.09.2015				Quarter ended 31.12.2014				Nine Months ended 31.12.2015				Nine Months ended 31.12.2014				Year ended 31.03.2015
Particulars		Unaudited				Unaudited				Unaudited				Unaudited				Unaudited				Audited
1 Segment Revenue
a) Treasury			480719				427215				334369				1328543				918453				1290389
b) Retail Banking			1514811				1470256				1256012				4381136				3592171				4881418
c) Wholesale Banking			683570				671954				593676				2013686				1699537				2315260
d) Other Banking Operations			200961				178406				167827				537015				441742				620102
e) Unallocated			—				—				823				—				823				862
Total			2880061				2747831				2352707				8260380				6652726				9108031
Less: Inter Segment Revenue			1051730				1015403				859633				3049324				2463114				3361406
Income from Operations			1828331				1732428				1493074				5211056				4189612				5746625
2 Segment Results
a) Treasury			51324				27092				26641				111580				33003				61830
b) Retail Banking			194692				173091				164963				525832				462445				622883
c) Wholesale Banking			217364				194314				195012				618179				559591				747183
d) Other Banking Operations			80411				75298				72046				207937				174511				248689
e) Unallocated			(35593	)			(33635	)			(36849	)			(106980	)			(111208	)			(147713	)
Total Profit Before Tax			508198				436160				421813				1356548				1118342				1532872
3 Capital Employed
(Segment Assets - Segment Liabilities)
a) Treasury			16385459				16168255				12588592				16385459				12588592				15425638
b) Retail Banking			(18535401	)			(18084656	)			(16204827	)			(18535401	)			(16204827	)			(17421098	)
c) Wholesale Banking			8888265				8530085				8817771				8888265				8817771				8307529
d) Other Banking Operations			1810316				1643283				1460408				1810316				1460408				1545754
e) Unallocated			(1347983	)			(1429256	)			(1494667	)			(1347983	)			(1494667	)			(1656880	)
Total			7200656				6827711				5167277				7200656				5167277				6200943

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 December 31, 2015 is given below.

 

		( in lacs)
Particulars		As at 31.12.2015				As at 31.03.2015				As at 31.12.2014
CAPITAL AND LIABILITIES			Unaudited				Audited				Unaudited
Capital			50502				50130				48348
Reserves and Surplus			7150154				6150813				5118929
Deposits			52399679				45079565				41412826
Borrowings			6003510				4521356				3965852
Other Liabilities and Provisions			3185344				3248444				2939564
Total			68789189				59050308				53485519
ASSETS
Cash and Balances with Reserve Bank of India			2682253				2751045				2098119
Balances with Banks and Money at Call and Short notice			578946				882100				1205758
Investments			18234510				15164177				11963872
Advances			43636444				36549504				34708798
Fixed Assets			323946				312172				293530
Other Assets			3333090				3391310				3215442
Total			68789189				59050308				53485519

 

2	The statement of financial results for the quarter and nine months ended December 31, 2015 has been prepared in accordance with Regulation 33 of SEBI (Listing and Other Disclosures Requirements) Regulations, 2015.

3	The above results have been approved by the Board of Directors at its meeting held on January 25, 2016.

4	The results for the quarter and nine months ended December 31, 2015 have been subjected to a “Limited Review” by the Statutory Auditors of the Bank. An unqualified report has been issued by them thereon.

5	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, 2015.

6

Pursuant to RBI circular DBR.BP.BC.No.31/21.04.018/2015-16 dated July 16, 2015, the Bank, effective quarter ended June 30, 2015, included its deposits placed with NABARD, SIDBI and NHB on account of shortfall in lending to priority sector under ‘Other Assets’ and interest thereon under ‘Interest Earned—Others’. Earlier these were included under ‘Investments’ and under ‘Interest Earned- Income on Investments’ respectively. Figures for the previous periods have been regrouped / reclassified to conform to current period’s classification. The above change in classification does not impact the profit of the Bank for the periods presented.

7

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 limited review.

8

Pursuant to the shareholder and regulatory approvals, the Bank on February 10, 2015, concluded a Qualified Institutions Placement (QIP) of 1,87,44,142 equity shares at a price of 1,067 per equity share aggregating 2,000 crore and an American Depository Receipt (ADR) offering of 2,20,00,000 ADRs (representing 6,60,00,000 equity shares) at a price of USD 57.76 per ADR, aggregating USD 1,271 million. Pursuant to these issuances, the Bank allotted 8,47,44,142 additional equity shares. Accordingly, share capital increased by 16.95 crores and share premium increased by 9,705.84 crores, net of share issue expenses of 151.03 crores.

9	During the quarter and nine months ended December 31, 2015, the Bank allotted 6893200 and 18591100 shares pursuant to the exercise of options under the approved employee stock option schemes.

10	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.

11	As at December 31, 2015, the total number of branches (including extension counters) and ATM network stood at 4281 branches and 11843 ATMs respectively.

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

10 lac = 1 million

10 million = 1 crore

 

Place :		Mumbai				Aditya Puri
Date :		January 25, 2016				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 Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013.

 

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE

QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2015

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2015 at their meeting held in Mumbai on Monday, January 25, 2016. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2015

The Bank’s total income for the quarter ended December 31, 2015 was 18,283.3 crores, up from 14,930.7 crores for the quarter ended December 31, 2014. Net revenues (net interest income plus other income) increased by 20.7% to 9,940.7 crores for the quarter ended December 31, 2015 as against 8,234.8 crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2015 grew by 24.0% to  7,068.5 crores, from 5,699.9 crores for the quarter ended December 31, 2014 driven by average assets growth of 28.2% and a net interest margin for the quarter of 4.3%.

Other income (non-interest revenue) at 2,872.2 crores was 28.9% of the net revenues for the quarter ended December 31, 2015 and grew by 13.3% over 2,534.9 crores in the corresponding quarter ended December 31, 2014. The four components of other income for the quarter ended December 31, 2015 were fees & commissions of  2,004.8 crores (  1,806.5 crores in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of 277.4 crores ( 253.4 crores for the corresponding quarter of the previous year), gain on revaluation / sale of investments of 327.9 crores ( 265.5 crores in the corresponding quarter of the previous year) and miscellaneous income including recoveries of 262.1 crores ( 209.5 crores for the corresponding quarter of the previous year).

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		NEWS RELEASE		HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013.

 

Operating expenses for the quarter ended December 31, 2015 were 4,204.8 crores, an increase of 21.7% over 3,456.3 crores during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 43.7% as against 43.4% for the corresponding quarter ended December 31, 2014.

Provisions and contingencies for the quarter ended December 31, 2015 were  653.9 crores (consisting of specific loan loss provisions 601.5 crores, general provisions 49.9 crores, and other provisions 2.5 crores) as against 560.4 crores (consisting of specific loan loss provisions 487.6 crores, general provisions 62.2 crores and other provisions 10.6 crores) for the corresponding quarter ended December 31, 2014. After providing 1,725.1 crores for taxation, the Bank earned a net profit of 3,356.8 crores, an increase of 20.1% over the quarter ended December 31, 2014.

Balance Sheet: As of December 31, 2015

Total balance sheet size as of December 31, 2015 was 687,892 crores as against  534,855 crores as of December 31, 2014.

Total deposits as of December 31, 2015 were 523,997 crores, an increase of 26.5% over December 31, 2014. CASA deposits saw healthy growth with current account deposits growing by 29.7% over the previous year to reach 74,044 crores and savings account deposits growing by 20.6% over the previous year to reach 135,432 crores. Time deposits were at 314,522 crores, an increase of 28.5% over the previous year resulting in CASA proportion of 40% as on December 31, 2015.

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		NEWS RELEASE		HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013.

 

Advances as of December 31, 2015 were 436,364 crores, an increase of 25.7% over December 31, 2014. Both segments of the Bank’s loan portfolio grew faster than system loan growth. As per the Bank’s internal business classification, the domestic retail loans and wholesale loans grew by 29.2% and 18.9% respectively. As per regulatory [Basel 2] segment classification the growth rates were 30.4% for domestic retail loans and 20.7% for wholesale loans. The domestic loan mix as per Basel 2 classification between retail:wholesale was 53:47 and advances in overseas branches as of December 31, 2015 were at 7.5% of the total advances.

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		NEWS RELEASE		HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013.

 

Nine Months ended December 31, 2015

For the nine months ended December 31, 2015, the Bank earned a total income of  52,110.6 crore as against 41,896.1 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2015 were 28,024.0 crore, as against 22,815.1 crore for the nine months ended December 31, 2014, an increase of 22.8%. Net profit for the nine months ended December 31, 2015 was 8,922.0 crore, up by 20.4% over the corresponding nine months ended December 31, 2014.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 15.9% as at December 31, 2015 (15.7% as at December 31, 2014) as against a regulatory requirement of 9%. Tier-I CAR was at 13.2% as on December 31, 2015 compared to 12.0% as at December 31, 2014.

NETWORK

As of December 31, 2015, the Bank’s distribution network was at 4,281 branches and 11,843 ATMs across 2,505 cities / towns as against 3,659 branches and 11,633 ATMs across 2,287 cities / towns as of December 31, 2014. 55% of branches are now in the semi-urban and rural areas. Number of employees increased from 76,253 as of December 31, 2014 to 84,619 as of December 31, 2015.

ASSET QUALITY

Gross non-performing assets (NPAs) were at 0.97% of gross advances as on December 31, 2015, as against 0.99% as on December 31, 2014. Net non-performing assets were at 0.3% of net advances as on December 31, 2015. Total restructured loans were at 0.1% of gross advances as of December 31, 2015 as against 0.1% as of December 31, 2014.

Note:

= Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

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		NEWS RELEASE		HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013.

 

BOM: 500180

NSE: HDFCBANK

NYSE: HDB

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

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

For media queries please contact:

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