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, 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 ☒ 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: 25^th October, 2016	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 25^th October, 2016 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 on 30^th September, 2016.

Exhibit I

25^th October, 2016

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, 2016

We attach herewith a file containing the Financial Results for the second quarter (unaudited) and half year (audited) ended on 30^th September, 2016, 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, 2016


		(₹ in lacs)
	Particulars	Quarter ended 30.09.2016			Quarter ended 30.06.2016			Quarter ended 30.09.2015			Half year ended 30.09.2016			Half year ended 30.09.2015			Year ended 31.03.2016
	Particulars	Unaudited			Unaudited			Unaudited			Audited			Audited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		1706994			1651602			1477252			3358596			2881358			6022145
	a) Interest / discount on advances / bills		1290136			1247081			1094834			2537217			2139548			4482786
	b) Income on Investments		381807			380924			339767			762731			667901			1412003
	c) Interest on balances with Reserve Bank of India and other inter bank funds		13967			4021			17486			17988			25317			36161
	d) Others		21084			19576			25165			40660			48592			91195
2	Other Income		290095			280661			255176			570756			501367			1075172
3	TOTAL INCOME (1)+(2)		1997089			1932263			1732428			3929352			3382725			7097317
4	Interest Expended		907635			873458			809162			1781093			1574391			3262993
5	Operating Expenses (i)+(ii)		486999			476886			418977			963885			819056			1697969
	i) Employees cost		165721			158517			141397			324238			277298			570220
	ii) Other operating expenses		321278			318369			277580			639647			541758			1127749
6	TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)		1394634			1350344			1228139			2744978			2393447			4960962
7	Operating Profit before Provisions and Contingencies (3)-(6)		602455			581919			504289			1184374			989278			2136355
8	Provisions (other than tax) and Contingencies		74899			86673			68129			161572			140928			272561
9	Exceptional Items		—			—			—			—			—			—
10	Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)		527556			495246			436160			1022802			848350			1863794
11	Tax Expense		182023			171355			149215			353378			291833			634171
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		345533			323891			286945			669424			556517			1229623
13	Extraordinary items (net of tax expense)		—			—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		345533			323891			286945			669424			556517			1229623
15	Paid up equity share capital (Face Value of ₹ 2/- each)		50913			50701			50364			50913			50364			50564
16	Reserves excluding revaluation reserves																	7217213
17	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		15.4	%		15.5	%		15.5	%		15.4	%		15.5	%		15.5	%
	(iii) Earnings per share (₹)
	(a) Basic EPS before & after extraordinary items (net of tax expense) -not annualized		13.6			12.8			11.5			26.4			22.2			48.8
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		13.4			12.6			11.3			26.1			21.9			48.3
	(iv) NPA Ratios
	(a) Gross NPAs		506904			492089			382777			506904			382777			439283
	(b) Net NPAs		148885			149339			103768			148885			103768			132037
	(c) % of Gross NPAs to Gross Advances		1.02	%		1.04	%		0.91	%		1.02	%		0.91	%		0.94	%
	(d) % of Net NPAs to Net Advances		0.30	%		0.32	%		0.25	%		0.30	%		0.25	%		0.28	%
	(v) Return on assets (average) - not annualized		0.5	%		0.5	%		0.5	%		0.0	%		0.9	%		1.9	%

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 30.09.2016			Quarter ended 30.06.2016			Quarter ended 30.09.2015			Half year ended 30.09.2016			Half year ended 30.09.2015			Year ended 31.03.2016
Particulars	Unaudited			Unaudited			Unaudited			Audited			Audited			Audited
1 Segment Revenue
a) Treasury		502595			502324			427215			1004919			847824			1826488
b) Retail Banking		1651316			1585264			1470256			3236580			2866325			5925234
c) Wholesale Banking		790352			761527			671954			1551879			1330116			2716239
d) Other Banking Operations		212645			194967			178406			407612			336054			755442
e) Unallocated
Total		3156908			3044082			2747831			6200990			5380319			11223403
Less: Inter Segment Revenue		1159819			1111819			1015403			2271638			1997594			4126086

Income from Operations		1997089			1932263			1732428			3929352			3382725			7097317

2 Segment Results
a) Treasury		26834			49173			27092			76007			60256			148921
b) Retail Banking		200731			189469			180064			390200			344406			785503
c) Wholesale Banking		259949			232716			187341			492665			387549			788720
d) Other Banking Operations		74350			58521			75298			132871			127526			283227
e) Unallocated		(34308	)		(34633	)		(33635	)		(68941	)		(71387	)		(142577	)

Total Profit Before Tax		527556			495246			436160			1022802			848350			1863794

3 Segment Assets
a) Treasury		25186101			24266067			20370868			25186101			20370868			20338147
b) Retail Banking		28268880			26255629			23257355			28268880			23257355			25269065
c) Wholesale Banking		22697228			22318870			20039762			22697228			20039762			22624265
d) Other Banking Operations		2214545			2204164			1877149			2214545			1877149			2163306
e) Unallocated		515941			465278			454713			515941			454713			489774

Total		78882695			75510008			65999847			78882695			65999847			70884557

4 Segment Liabilities
a) Treasury		7305597			6048990			4202613			7305597			4202613			4538987
b) Retail Banking		48817836			46701569			41342011			48817836			41342011			44831340
c) Wholesale Banking		12682207			12807800			11509677			12682207			11509677			12042552
d) Other Banking Operations		287794			264259			233866			287794			233866			247631
e) Unallocated		1733535			2050833			1883969			1733535			1883969			1956270

Total		70826969			67873451			59172136			70826969			59172136			63616780

5 Capital Employed
(Segment Assets-Segment Liabilities)
a) Treasury		17880504			18217077			16168255			17880504			16168255			15799160
b) Retail Banking		(20548956	)		(20445940	)		(18084656	)		(20548956	)		(18084656	)		(19562275	)
c) Wholesale Banking		10015021			9511070			8530085			10015021			8530085			10581713
d) Other Banking Operations		1926751			1939905			1643283			1926751			1643283			1915675
e) Unallocated		(1217594	)		(1585555	)		(1429256	)		(1217594	)		(1429256	)		(1466496	)

Total		8055726			7636557			6827711			8055726			6827711			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 on September 30, 2016 is given below.


	(₹ in lacs)
Particulars	As at 30.09.2016		As at 30.09.2015		As at 31.03.2016
	Audited		Audited		Audited
CAPITAL AND LIABILITIES
Capital		50913		50364		50564
Reserves and Surplus		8004813		6777347		7217213
Deposits		59173061		50690866		54642419
Borrowings		7703851		5230736		5301848
Other Liabilities and Provisions		3950057		3250534		3672513

Total		78882695		65999847		70884557

ASSETS
Cash and Balances with Reserve Bank of India		2862972		2570396		3005831
Balances with Banks and Money at Call and Short notice		1787833		778444		886053
Investments		20665262		17128133		16388578
Advances		49441784		41854097		46459396
Fixed Assets		351225		321165		334315
Other Assets		3773619		3347612		3810384

Total		78882695		65999847		70884557

2	The above results have been approved by the Board of Directors at its meeting held on October 25, 2016. The results for the half year ended September 30, 2016 have been audtied 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, 2016.

4	During the quarter and half year ended September 30, 2016, the Bank allotted 10581700 and 17447200 shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

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.

6	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.

7	As at September 30, 2016, the total number of branches (including extension counters) and ATM network stood at 4548 branches and 12016 ATMs respectively.

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

9	₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore


Place : Mumbai						Aditya Puri
Date : October 25, 2016						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, 2016

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended September 30, 2016 and the audited results for the half- year ended September 30, 2016, at their meeting held in Mumbai on Tuesday, October 25, 2016.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2016

The Bank’s total income for the quarter ended September 30, 2016 was ₹19,970.9 crores up from ₹17,324.3 crores for the quarter ended September 30, 2015. Net revenues (net interest income plus other income) increased by 18.0% to ₹10,894.5 crores for the quarter ended September 30, 2016 as against ₹9,232.7 crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended September 30, 2016 grew by 19.6% to ₹7,993.6 crores from ₹6,680.9 crores for the quarter ended September 30, 2015, driven by average assets growth of 19.7% and a net interest margin for the quarter of 4.2%.

Other income (non-interest revenue) at ₹2,901.0 crores was 26.6% of the net revenues for the quarter ended September 30, 2016 and grew by 13.7% over ₹2,551.8 crores in the corresponding quarter ended September 30, 2015. The four components of other income for the quarter ended September 30, 2016, with the other income components for the corresponding quarter ended September 30, 2015 in brackets, were fees & commissions of ₹2,103.9 crores (₹1,868.9 crores), foreign exchange & derivatives revenue of ₹295.0 crores (₹319.6 crores), gain on revaluation / sale of investments of ₹283.5 crores (₹162.4 crores) and miscellaneous income including recoveries of ₹218.6 crores (₹200.9 crores).

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

Operating expenses for the quarter ended September 30, 2016 were ₹4,870.0 crores, an increase of 16.2% over ₹4,189.8 crores during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 44.7% as against 45.4% for the corresponding quarter ended September 30, 2015.

Provisions and contingencies for the quarter ended September 30, 2016 were ₹749.0 crores (consisting of specific loan loss provisions ₹640.7 crores and general and other provisions ₹108.3 crores) as against ₹681.3 crores (consisting of specific loan loss provisions ₹484.4 crores and general and other provisions ₹196.9 crores) for the corresponding quarter ended September 30, 2015. Profit before tax for the quarter ended September 30, 2016 grew by 21.0% to ₹5,275.6 crores from ₹4,361.6 crores for the corresponding quarter ended September 30, 2015.

After providing ₹1,820.2 crores for taxation, the Bank earned a net profit of ₹3,455.3 crores, an increase of 20.4% over the quarter ended September 30, 2015.

Balance Sheet: As of September 30, 2016

Total deposits as of September 30, 2016 were ₹591,731 crores, an increase of 16.7% over September 30, 2015. CASA deposits saw healthy growth with savings account deposits growing by 21.6% over the previous year to reach ₹159,950 crores and current account deposits growing by 13.4% over the previous year to reach ₹79,154 crores. Time deposits were at ₹352,627 crores an increase of 15.4% over the previous year resulting in CASA proportion of 40% as on September 30, 2016.

Advances as of September 30, 2016 were ₹494,418 crores, an increase of 18.1% over September 30, 2015. 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 21.7% and 14.3% respectively (as per regulatory [Basel 2] segment classification growing by 23.5% and 14.6% respectively). The domestic loan mix as per Basel 2 classification between retail:wholesale was 54:46 and advances in overseas branches as of September 30, 2016 were at 6.7% of the total advances.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

Half Year ended September 30, 2016

For the half year ended September 30, 2016, the Bank earned a total income of ₹39,293.5 crore as against ₹33,827.3 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2016 were ₹21,482.6 crore, as against ₹18,083.3 crore for the six months ended September 30, 2015, an increase of 18.8%. Net profit for the half year ended September 30, 2016 was ₹6,694.2 crore, up by 20.3% over the corresponding half year ended September 30, 2015.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 15.4% as at September 30, 2016 (15.5% as at September 30, 2015) as against a regulatory requirement of 9%. Tier-I CAR was at 13.3% as on September 30, 2016 compared to 12.8% as at September 30, 2015.

NETWORK

As of September 30, 2016, the Bank’s distribution network was at 4,548 branches and 12,016 ATMs across 2,596 cities / towns. 54% of branches are now in the semi-urban and rural areas. Number of employees increased from 83,416 as of September 30, 2015 to 95,002 as of September 30, 2016.

ASSET QUALITY

Gross non-performing assets (NPAs) were at 1.02% of gross advances as on September 30, 2016, as against 1.04% as on June 30, 2016 and 0.91% as on September 30, 2015. Net non-performing assets were at 0.3% of net advances as on September 30, 2016. Total restructured loans were at 0.1% of gross advances as of September 30, 2016 as against 0.1% as of September 30, 2015.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

Note:

₹ = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

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