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 April, 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: 21 st April, 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 21 st  April, 2017 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Outcome of Board Meeting held on 31 st  March, 2017.

Exhibit I

21 st April, 2017

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Outcome of Board Meeting held on 21 st April, 2017

We attach herewith the Audited Financial Results for the quarter and year ended 31 st March 2017 (both standalone and consolidated), segment reporting and summarized Balance Sheet as on 31 st March, 2017, duly approved by the Board of Directors at its meeting held today. The press release in this regard is also enclosed.

The Board of Directors have recommended a dividend of Rs. 11/- per equity share of Rs. 2/- each (i.e. 550%) out of the net profits for the year ended 31 st March, 2017, subject to approval of the shareholders at the ensuing Annual General Meeting of the Bank.

The Board of Directors have approved the issue of Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Senior Long Term Infrastructure Bonds up to a total amount of Rs. 50,000 crore in the period of next twelve months through private placement mode, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Bank and any other regulatory approvals as applicable.

Further, subject to the approval of the Reserve Bank of India and the shareholders at the ensuing Annual General Meeting of the Bank, the Board of Directors have approved the re-appointment of Mrs. Shyamala Gopinath as Part Time Non-Executive Chairperson of the Bank, for the period from 2 nd  January, 2018 till 19 th  June, 2019, i.e. on her completing 70 years of age, or till such other date as the RBI may approve.

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 YEAR ENDED MARCH 31, 2017

 

        

( ₹  in lacs)

 

 
    

Particulars

  Quarter
ended
31.03.2017 		    Quarter
ended
31.12.2016 		    Quarter
ended
31.03.2016 		    Year ended
31.03.2017 		    Year ended
31.03.2016 		 
       Audited
(Refer note 3) 		    Unaudited     Audited
(Refer note 3) 		    Audited     Audited  

1

  

Interest Earned (a)+(b)+(c)+(d)

    1811440       1760560       1599675       6930596       6022145  
  

a) Interest / discount on advances / bills

    1350745       1317564       1194889       5205526       4482786  
  

b) Income on Investments

    426769       404934       378960       1594434       1412003  
  

c) Interest on balances with Reserve Bank of India and other inter bank funds

    16526       18688       4892       53202       36161  
  

d) Others

    17400       19374       20934       77434       91195  

2

  

Other Income

    344626       314267       286586       1229649       1075172  

3

  

Total Income (1)+(2)

    2156066       2074827       1886261       8160245       7097317  

4

  

Interest Expended

    905930       929651       854341       3616674       3262993  

5

  

Operating Expenses (i)+(ii)

    522196       484251       458429       1970332       1697969  
  

i) Employees cost

    155265       168863       149795       648366       570220  
  

ii) Other operating expenses

    366931       315388       308634       1321966       1127749  

6

  

Total Expenditure (4)+(5) (excluding Provisions & Contingencies)

    1428126       1413902       1312770       5587006       4960962  

7

  

Operating Profit before Provisions and Contingencies (3)-(6)

    727940       660925       573491       2573239       2136355  

8

  

Provisions (other than tax) and Contingencies

    126180       71578       66245       359330       272561  

9

  

Exceptional Items

    —         —         —         —         —    

10

  

Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)

    601760       589347       507246       2213909       1863794  

11

  

Tax Expense

    202751       202814       169824       758943       634171  

12

  

Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)

    399009       386533       337422       1454966       1229623  

13

  

Extraordinary items (net of tax expense)

    —         —         —         —         —    

14

  

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

    399009       386533       337422       1454966       1229623  

15

  

Paid up equity share capital (Face Value of ₹ 2/- each)

    51251       51107       50564       51251       50564  

16

  

Reserves excluding revaluation reserves

          8894987       7217213  

17

  

Analytical Ratios

         
  

(i) Percentage of shares held by Government of India

    Nil       Nil       Nil       Nil       Nil  
  

(ii) Capital Adequacy Ratio

    14.6 %      15.9 %      15.5 %      14.6 %      15.5 % 
  

(iii) Earnings per share ( ₹ )

         
  

(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized

    15.6       15.2       13.3       57.2       48.8  
  

(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized

    15.4       15.0       13.2       56.4       48.3  
  

(iv) NPA Ratios

         
  

(a) Gross NPAs

    588566       523227       439283       588566       439283  
  

(b) Net NPAs

    184399       156432       132037       184399       132037  
  

(c) % of Gross NPAs to Gross Advances

    1.05 %      1.05 %      0.94 %      1.05 %      0.94 % 
  

(d) % of Net NPAs to Net Advances

    0.33 %      0.32 %      0.28 %      0.33 %      0.28 % 
  

(v) Return on assets (average) - not annualized

    0.48 %      0.49 %      0.49 %      1.88 %      1.92 % 

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
31.03.2017 		    Quarter
ended
31.12.2016 		    Quarter
ended
31.03.2016 		    Year ended
31.03.2017 		    Year ended
31.03.2016 		 
  Audited
(Refer note 3) 		    Unaudited     Audited
(Refer note 3) 		    Audited     Audited  

1

  

Segment Revenue

         

a)

  

Treasury

    591301       561959       497945       2158179       1826488  

b)

  

Retail Banking

    1683063       1695107       1544098       6614750       5925234  

c)

  

Wholesale Banking

    797989       783356       702553       3133224       2716239  

d)

  

Other Banking Operations

    263975       233082       218427       904669       755442  

e)

  

Unallocated

    —         —         —         —         —    
  

Total

    3336328       3273504       2963023       12810822       11223403  
  

Less: Inter Segment Revenue

    1180262       1198677       1076762       4650577       4126086  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Income from Operations

    2156066       2074827       1886261       8160245       7097317  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2

  

Segment Results

         

a)

  

Treasury

    29483       25348       37341       130838       148921  

b)

  

Retail Banking

    222172       230844       233682       843216       785503  

c)

  

Wholesale Banking

    272606       282106       196530       1047377       788720  

d)

  

Other Banking Operations

    109334       94328       75290       336533       283227  

e)

  

Unallocated

    (31835 )      (43279 )      (35597 )      (144055 )      (142577 ) 
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total Profit Before Tax

    601760       589347       507246       2213909       1863794  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

3

  

Segment Assets

         

a)

  

Treasury

    26453614       28656657       23533198       26453614       23533198  

b)

  

Retail Banking

    29582892       27721544       25269065       29582892       25269065  

c)

  

Wholesale Banking

    27096909       23137885       22624265       27096909       22624265  

d)

  

Other Banking Operations

    2720588       2747197       2163306       2720588       2163306  

e)

  

Unallocated

    530018       538686       489774       530018       489774  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

    86384021       82801969       74079608       86384021       74079608  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

4

  

Segment Liabilities

         

a)

  

Treasury

    7385749       6591139       7734038       7385749       7734038  

b)

  

Retail Banking

    52579290       52831431       44831340       52579290       44831340  

c)

  

Wholesale Banking

    15612990       12854932       12042552       15612990       12042552  

d)

  

Other Banking Operations

    314274       392147       247631       314274       247631  

e)

  

Unallocated

    1545480       1629851       1956270       1545480       1956270  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

    77437783       74299500       66811831       77437783       66811831  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

5

  

Capital Employed

         
  

(Segment Assets-Segment Liabilities)

         

a)

  

Treasury

    19067865       22065518       15799160       19067865       15799160  

b)

  

Retail Banking

    (22996398 )      (25109887 )      (19562275 )      (22996398 )      (19562275 ) 

c)

  

Wholesale Banking

    11483919       10282953       10581713       11483919       10581713  

d)

  

Other Banking Operations

    2406314       2355050       1915675       2406314       1915675  

e)

  

Unallocated

    (1015462 )      (1091165 )      (1466496 )      (1015462 )      (1466496 ) 
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

    8946238       8502469       7267777       8946238       7267777  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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 March 31, 2017 is given below.

 

    

( ₹ in lacs)

 

 
     As at
31.03.2017 		     As at
31.03.2016 		 

Particulars

   Audited      Audited  

CAPITAL AND LIABILITIES

     

Capital

     51251        50564  

Reserves and Surplus

     8894987        7217213  

Deposits

     64363966        54642419  

Borrowings

     7402887        8496899  

Other Liabilities and Provisions

     5670930        3672513  
  

 

 

    

 

 

 

Total

     86384021        74079608  
  

 

 

    

 

 

 

ASSETS

     

Cash and Balances with Reserve Bank of India

     3789687        3005831  

Balances with Banks and Money at Call and Short notice

     1105523        886053  

Investments

     21446334        19583629  

Advances

     55456820        46459396  

Fixed Assets

     362675        334315  

Other Assets

     4222982        3810384  
  

 

 

    

 

 

 

Total

     86384021        74079608  
  

 

 

    

 

 

 

 

2 The above results have been approved by the Board of Directors of the Bank at its meeting held on April 21, 2017. There are no qualifications in the auditor’s report for the year ended March 31, 2017. The information presented above is extracted from the audited financial statements as stated.
3 The figures of the last quarter in each of the years are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the respective financial year.
4 The Board of Directors at their meeting proposed a dividend of ₹  11 per share, subject to the approval of the members at the ensuing Annual General Meeting. In terms of revised Accounting Standard (AS) 4 ‘Contingencies and Events occurring after the Balance sheet date’ as notified by the Ministry of Corporate Affairs through amendments to Companies (Accounting Standards) Amendment Rules, 2016, the Bank has not appropriated proposed dividend (including tax) aggregating ₹  3,392.71 crore from Statement of Profit and Loss for the year ended March 31, 2017. However, the effect of the proposed dividend has been reckoned in determining capital funds in the computation of capital adequacy ratio as at March 31, 2017.
5 During the quarter and year ended March 31, 2017, the Bank allotted 7171600 and 34359200 shares respectively pursuant to the exercise of options under the approved employee stock option schemes.
6 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.
7 The RBI, vide its circulars dated November 21, 2016 and December 28, 2016, had given banks, in respect of certain eligible working capital accounts and loans of ₹  1 crore or less, an additional 60/90 days for reckoning days past due for classification as NPAs. Accordingly, eligible accounts aggregating ₹  245.21 crore which were overdue for more than 90 days as at December 31, 2016 were not classified as non-performing as at that date. Of these, accounts that remained outstanding as at March 31, 2017 are classified as NPAs. In addition, other eligible accounts which became more than 90 days overdue during the quarter ended March 31, 2017 have also been classified as non-performing as at March 31, 2017 without the Bank availing of the said dispensation. These accounts otherwise would have been classified as NPAs subsequent to March 31, 2017.
8 There was no divergence observed by RBI for the financial year 2015-16 in respect of the Bank’s asset classification and provisioning under the extant prudential norms on income recognition, asset classification and provisioning (IRACP).
9 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.

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 March 31, 2017, the total number of branches (including extension counters) and ATM network stood at 4715 branches and 12260 ATMs respectively.
12 Figures of the previous year/period have been regrouped / reclassified wherever necessary to conform to current year/period’s classification.
13 ₹  10 lac = ₹  1 million
     ₹  10 million = ₹  1 crore

 

Place : Mumbai    Aditya Puri
Date : April 21, 2017    Managing Director

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

HDFC BANK LIMITED GROUP

CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2017

 

                

( ₹  in lacs)

 

 
    

Particulars

   Year ended
31-03-2017 		     Year ended
31-03-2016 		 
        Audited      Audited  
1   

Interest Earned (a)+(b)+(c)+(d)

     7327136        6316157  
  

a) Interest / discount on advances / bills

     5598618        4773619  
  

b) Income on Investments

     1595156        1412550  
  

c) Interest on balances with Reserve Bank of India and other inter bank funds

     54486        37516  
  

d) Others

     78876        92472  
2   

Other Income

     1287763        1121165  
3   

TOTAL INCOME (1)+(2)

     8614899        7437322  
4   

Interest Expended

     3804158        3406957  
5   

Operating Expenses (i)+(ii)

     2075107        1783189  
  

i) Employees cost

     850470        630614  
  

ii) Other operating expenses

     1224637        1152575  
6   

TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)

     5879265        5190146  
7   

Operating Profit before Provisions and Contingencies (3)-(6)

     2735634        2247176  
8   

Provisions (Other than tax) and Contingencies

     399081        296077  
9   

Exceptional Items

     —          —    
10   

Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)

     2336553        1951099  
11   

Tax Expense

     807812        669366  
12   

Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)

     1528741        1281733  
13   

Extraordinary items (net of tax expense)

     —          —    
14   

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

     1528741        1281733  
15   

Minority Interest

     3672        1972  
16   

Share in profits of associates

     234        372  
17   

Consolidated profit for the year attributable to the Group (14)-(15)+(16)

     1525303        1280133  
18   

Paid up equity share capital (Face Value of ₹ 2/- each)

     51251        50564  
19   

Reserves excluding revaluation reserves

     9128144        7379849  
20   

Analytical Ratios

     
  

(i) Percentage of shares held by Government of India

     Nil        Nil  
  

(ii) Earnings per share ( ₹ )

     
  

(a) Basic EPS before & after extraordinary items (net of tax expense)

     60.0        50.9  
  

(b) Diluted EPS before & after extraordinary items (net of tax expense)

     59.2        50.2  

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

( ₹ in lacs)

 

Particulars

   Year ended
31-03-2017 		    Year ended
31-03-2016 		 
          Audited     Audited  

1

  

Segment Revenue

    

a)

  

Treasury

     2158179       1826488  

b)

  

Retail Banking

     6614750       5925234  

c)

  

Wholesale Banking

     3133224       2716239  

d)

  

Other banking operations

     1359323       1095446  

e)

  

Unallocated

     —         1  
  

Total

     13265476       11563408  
  

Less: Inter Segment Revenue

     4650577       4126086  
     

 

 

   

 

 

 
  

Income from Operations

     8614899       7437322  
     

 

 

   

 

 

 

2

  

Segment Results

    

a)

  

Treasury

     130838       148921  

b)

  

Retail Banking

     843216       785503  

c)

  

Wholesale Banking

     1047377       788720  

d)

  

Other banking operations

     459177       370531  

e)

  

Unallocated

     (144055 )      (142576 ) 
     

 

 

   

 

 

 
  

Total Profit Before Tax, Minority Interest & Earnings from Associates

     2336553       1951099  
     

 

 

   

 

 

 

3

  

Segment Assets

    

a)

  

Treasury

     26453614       23533198  

b)

  

Retail Banking

     29582892       25269065  

c)

  

Wholesale Banking

     27096909       22624265  

d)

  

Other banking operations

     5570983       4304931  

e)

  

Unallocated

     530018       489774  
     

 

 

   

 

 

 
  

Total

     89234416       76221233  
     

 

 

   

 

 

 

4

  

Segment Liabilities

    

a)

  

Treasury

     7385749       7734038  

b)

  

Retail Banking

     52579290       44831340  

c)

  

Wholesale Banking

     15612990       12042552  

d)

  

Other banking operations

     2902368       2208558  

e)

  

Unallocated

     1545480       1956270  
     

 

 

   

 

 

 
  

Total

     80025877       68772758  
     

 

 

   

 

 

 

5

  

Capital Employed

    
  

(Segment Assets - Segment Liabilities)

    

a)

  

Treasury

     19067865       15799160  

b)

  

Retail Banking

     (22996398 )      (19562275 ) 

c)

  

Wholesale Banking

     11483919       10581713  

d)

  

Other banking operations

     2668615       2096373  

e)

  

Unallocated

     (1015462 )      (1466496 ) 
     

 

 

   

 

 

 
  

Total

     9208539       7448475  
     

 

 

   

 

 

 

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 Consolidated Statement of Assets and Liabilities as at March 31, 2017 is given below.

 

        ( ₹  in lacs)  

Particulars

   As at
31-03-2017 		     As at
31-03-2016 		 
     Audited      Audited  

CAPITAL AND LIABILITIES

     

Capital

     51251        50564  

Reserves and Surplus

     9128144        7379849  

Minority Interest

     29144        18062  

Deposits

     64313425        54587329  

Borrowings

     9841564        10371396  

Other Liabilities and Provisions

     5870888        3814033  
  

 

 

    

 

 

 

Total

     89234416        76221233  
  

 

 

    

 

 

 

ASSETS

     

Cash and balances with Reserve Bank of India

     3791055        3007658  

Balances with Banks and Money at Call and Short notice

     1140057        899230  

Investments

     21077711        19363385  

Advances

     58548099        48729042  

Fixed Assets

     381470        347970  

Other Assets

     4296024        3873948  
  

 

 

    

 

 

 

Total

     89234416        76221233  
  

 

 

    

 

 

 

 

2 The above results represent the consolidated financial results for HDFC Bank Limited, its subsidiaries and associates. These results have been approved by the Board of Directors of the Bank at its meeting held on April 21, 2017. There are no qualifications in the auditor’s report for the year ended March 31, 2017. The information presented above is extracted from the audited consolidated financial statements as stated.
3 The above results are prepared in accordance with the principles set out in Accounting Standard 21- Consolidated Financial Statements and Accounting Standard 23 - Accounting for Investments in Associates in Consolidated Financial Statements as prescribed by The Institute of Chartered Accountants of India.
4 In terms of revised Accounting Standard (AS) 4 ‘Contingencies and Events occurring after the Balance sheet date’ as notified by the Ministry of Corporate Affairs through amendments to Companies (Accounting Standards) Amendment Rules, 2016, the Group has not appropriated proposed dividend (including tax) aggregating ₹  3,408.54 crore from Statement of Profit and Loss for the year ended March 31, 2017. However, the effect of the proposed dividend has been reckoned by the Group in determining capital funds in the computation of capital adequacy ratio as at March 31, 2017.
5 Atlas Documentary Facilitators Company Private Limited and HBL Global Private Limited, associates of the Bank as at March 31, 2016, amalgamated with HDB Financial Services Limited, pursuant to the approval of the Honourable High courts of Gujarat and Bombay with effect from December 1, 2016. The appointed date of the merger as per the scheme of amalgamation was April 1, 2014. Accordingly, the consolidated financial statements include the effect of the said amalgamation.
6 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 year have been regrouped / reclassified wherever necessary to conform to current year’s classification. The above change in classification has no impact on the profit of the Bank for the years 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 review by the statutory auditors.
8 Figures of the previous year have been regrouped / reclassified wherever necessary to conform to current year classification.
9 ₹  10 lac = ₹  1 million

₹  10 million = ₹  1 crore

 

Place: Mumbai    Aditya Puri
Date: April 21, 2017    Managing Director

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

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HDFC Bank Ltd.

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Lower Parel,

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HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE

QUARTER AND YEAR ENDED MARCH 31, 2017

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended March 31, 2017 and the audited results for the full year ended March 31, 2017 at their meeting held in Mumbai on Friday, April 21, 2017.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended March 31, 2017

The Bank’s total income for the quarter ended March 31, 2017 was ₹  21,560.7 crore, up from ₹  18,862.6 crore for the quarter ended March 31, 2016. Net revenues (net interest income plus other income) increased by 21.1% to ₹  12,501.4 crore for the quarter ended March 31, 2017 as against ₹  10,319.2 crore for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended March 31, 2017 grew by 21.5% to ₹  9,055.1 crore from ₹  7,453.3 crore for the quarter ended March 31, 2016 driven by average assets growth of 19.0% and a core net interest margin for the quarter of 4.3%.

Other income (non-interest revenue) at ₹  3,446.3 crore was 27.6% of the net revenues for the quarter ended March 31, 2017 and grew by 20.3% over ₹  2,865.9 crore in the corresponding quarter ended March 31, 2016. The four components of other income for the quarter ended March 31, 2017 were fees & commissions of ₹  2,523.0 crore ( ₹  2,172.4 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹  356.7 crore ( ₹  282.8 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of ₹  180.4 crore ( ₹  115.5 crore in the corresponding quarter of the previous year) and miscellaneous income including recoveries of ₹  386.2 crore ( ₹  295.2 crore for the corresponding quarter of the previous year).

Operating expenses for the quarter ended March 31, 2017 were ₹  5,222.0 crore, an increase of 13.9% over ₹  4,584.3 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was 42.4% as against 44.9% for the corresponding quarter ended March 31, 2016.

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Provisions and contingencies for the quarter ended March 31, 2017 were ₹  1,261.8 crore (consisting of specific loan loss provisions ₹  977.9 crore, general provisions ₹  280.3 crore, and other provisions ₹  3.6 crore) as against ₹  662.5 crore (consisting of specific loan loss provisions ₹  490.3 crore, general provisions ₹  161.1 crore and other provisions ₹  11.1 crore) for the corresponding quarter ended March 31, 2016. The specific loan loss provisions for the quarter ended March 31, 2017 include provisions on accounts that would have turned non-performing (NPA) during the quarter ended December 31, 2016, but were classified as NPA during the quarter ended March 31, 2017, in line with the additional 60/90 day dispensation provided by the Reserve Bank of India vide its circulars dated November 21, 2016 and December 28, 2016.

After providing ₹  2,027.5 crore for taxation, the Bank earned a net profit of ₹  3,990.1 crore, an increase of 18.3% over the quarter ended March 31, 2016.

Profit & Loss Account: Year ended March 31, 2017

For the year ended March 31, 2017, the Bank earned total income of ₹  81,602.5 crore. Net revenues (net interest income plus other income) for the year ended March 31, 2017 were ₹  45,435.7 crore, up by 18.5% over ₹  38,343.2 crore for the year ended March 31, 2016. For the year ended March 31, 2017, the net interest margin was 4.3%. Core cost to income ratio was at 44.5% for the year ended March 31, 2017, as against 45.1% for the previous year.

The Bank’s net profit for year ended March 31, 2017 was ₹  14,549.7 crore, up 18.3%, over the year ended March 31, 2016.

Balance Sheet: As of March 31, 2017

Total balance sheet size as of March 31, 2017 was ₹  863,840 crore as against ₹  740,796 crore as of March 31, 2016.

Total deposits as of March 31, 2017 were ₹  643,640 crore, an increase of 17.8% over March 31, 2016. Current account deposits grew by 30.7% over the previous year to reach ₹  115,574 crore and savings account deposits by 30.9% over the previous year to reach ₹  193,579 crore. Term deposits, net of maturities of about US$ 3 billion of Foreign Currency Non-Resident (FCNR) deposits during the quarter ended December 31, 2016, were at ₹  334,487 crore, an increase of 7.9% over the previous year. CASA deposits were therefore at 48% of total deposits as on March 31, 2017.

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Advances as of March 31, 2017 were ₹  554,568 crore, an increase of 19.4% over March 31, 2016, and 12.0% over December 31, 2016. The Bank’s domestic loan portfolio at ₹  538,642 crore as of March 31, 2017, grew by 23.7% over March 31, 2016. Both segments of the Bank’s loan portfolio grew faster than system loan growth. As per regulatory (Basel 2) segment classification, the domestic retail loans and wholesale loans grew by 26.6% and 20.7% respectively, with the domestic loan mix between retail and wholesale at 53:47.

Capital Adequacy

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 14.6% as at March 31, 2017 (15.5% as at March 31, 2016) as against a regulatory requirement of 10.25% including Capital Conservation Buffer of 1.25%. Tier-I CAR was at 12.8% as on March 31, 2017 compared to 13.2% as at March 31, 2016. Risk-weighted Assets were at ₹  640,030 crore ( ₹  529,768 crore as at March 31, 2016).

DIVIDEND

The Board of Directors recommended a dividend of ₹  11 per equity share of ₹  2 for the year ended March 31, 2017, as against ₹  9.50 per equity share of ₹  2 for the previous year. This would be subject to approval by the shareholders at the next annual general meeting.

NETWORK

As of March 31, 2017, the Bank’s distribution network was at 4,715 branches and 12,260 ATMs in 2,657 cities / towns as against 4,520 branches and 12,000 ATMs in 2,587 cities / towns as of March 31, 2016. Of the branches, 52% are in semi-urban and rural areas. Number of employees were at 84,325 as of March 31, 2017.

ASSET QUALITY

Gross non-performing assets (NPAs) were at 1.05% of gross advances as on March 31, 2017, as against 1.05% as on December 31, 2016 and 0.94% as on March 31, 2016. Net non-performing assets were at 0.3% of net advances as on March 31, 2017.

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SUBSIDIARIES

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on March 31, 2017, the Bank held a 97.91% stake in HSL.

For the year ended March 31, 2017, HSL’s total income grew by 37.7% to ₹  553.2 crore. Net profit for the year was ₹  215.9 crore a growth of 61.9% over ₹  133.3 crore in the previous year.

HSL added 11 branches during the year, taking the total to 273 branches across 190 cities in the country serving 1.8 million customers.

HDB Financial Services Limited (HDBFS) is a non-deposit taking non-bank finance company (‘NBFC’) offering wide range of secured and unsecured loans to individuals, small and medium enterprises, including asset finance and consumer durable loans. It operates from 1,151 branches in 815 cities across the country. As on March 31, 2017, the Bank held a 96.20% stake in HDBFS.

As on March 31, 2017, HDBFS’s balance sheet size was at 33,456.1 crore. The total loan book grew 32.3% to ₹  32,291.8 crore as on March 31, 2017 (as against ₹  24,409.6 crore as of March 31, 2016 ).

For the year ended March 31, 2017, HDBFS’s net interest income grew by 41.0% to ₹  2,037.2 crore (as against ₹  1,444.5 crore in the previous year). The net profit for the year ended March 31, 2017 was ₹  684.2 crore compared to ₹  534.4 crore in the previous year, a growth of 28.0%.

Gross NPAs were at 1.45% of gross advances and net NPAs were at 0.9% of net advances as on March 31, 2017. Total CAR was at 20.8% with Tier-I CAR at 15.3%.

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the year ended March 31, 2017 was ₹  15,253.0 crore, up 19.2%, over the year ended March 31, 2016. Consolidated advances grew by 20.2% from ₹  487,290 crore as on March 31, 2016 to ₹  585,481 crore as on March 31, 2017.

Note:

₹  = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

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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.

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

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