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, 2011

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: 19th October 2011				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 19^th October 2011 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about half yearly results of the Bank.

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19^th October 2011

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Re : Audited Financial Results for the half year ended 30^th September 2011

We attach herewith two files containing the audited financial results of the Bank for the half year ended 30^th September 2011 as approved by the Board of Directors at its meeting held on 19^th October 2011 and a press release issued by the Bank in this regard.

The aforesaid 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: As Above

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Exhibit I

HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2011

 

				( in lacs)
		Particulars		Quarter ended 30.09.2011				Quarter ended 30.06.2011				Quarter ended 30.09.2010				Half year ended 30.09.2011				Half year ended 30.09.2010				Year ended 31.03.2011
				Unaudited				Unaudited				Unaudited				Audited*				Audited*				Audited
1		Interest Earned (a)+(b)+(c)+(d)			671770				597797				480999				1269567				922970				1992821
		a) Interest/discount on advances/bills			499479				451419				367318				950898				698370				1508501
		b) Income on Investments			161819				141070				110025				302889				215303				467544
		c) Interest on balances with Reserve Bank of India and other inter bank funds			3294				2484				3546				5778				7773				14808
		d) Others			7178				2824				110				10002				1524				1968
2		Other Income			121168				112003				96071				233171				195157				433515
3		A) TOTAL INCOME (1) + (2)			792938				709800				577070				1502738				1118127				2426336
4		Interest Expended			377319				313001				228372				690320				430273				938508
5		Operating Expenses (i) + (ii)			203039				193463				167988				396502				332273				715292
		i) Employees cost			82310				78099				71057				160409				137764				283604
		ii) Other operating expenses			120729				115364				96931				236093				194509				431688
6		B) TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)			580358				506464				396360				1086822				762546				1653800
7		Operating Profit before Provisions and Contingencies (3) - (6)			212580				203336				180710				415916				355581				772536
8		Provisions (Other than tax) and Contingencies			36605				44366				45448				80971				100950				190671
9		Exceptional Items			—				—				—				—				—				—
10		Profit / (Loss) from ordinary activities before tax (7-8-9)			175975				158970				135262				334945				254631				581865
11		Tax Expense			56040				50472				44048				106512				82246				189226
12		Net Profit / (Loss) from Ordinary Activities after tax (10-11)			119935				108498				91214				228433				172385				392639
13		Extraordinary items (net of tax expense)			—				—				—				—				—				—
14		Net Profit / (Loss) (12-13)			119935				108498				91214				228433				172385				392639
15		Paid up equity share capital (Face Value of 2/- each)			46766				46677				46260				46766				46260				46523
16		Reserves excluding revaluation reserves (as per balance sheet of previous accounting year)																							2491113
17		Analytical Ratios
		(i) Percentage of shares held by Government of India			Nil				Nil				Nil				Nil				Nil				Nil
		(ii) Capital Adequacy Ratio			16.5	%			16.9	%			17.0	%			16.5	%			17.0	%			16.2	%
		(iii) Earnings per share ( )
		(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized			5.1				4.7				4.0				9.8				7.5				17.0
		(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized			5.1				4.6				3.9				9.7				7.4				16.8
		(iv) NPA Ratios
		(a) Gross NPAs			189494				183313				184121				189494				184121				169434
		(b) Net NPAs			35525				31850				40854				35525				40854				29641
		(c) % of Gross NPAs to Gross Advances			1.00	%			1.04	%			1.16	%			1.00	%			1.16	%			1.05	%
		(d) % of Net NPAs to Net Advances			0.2	%			0.2	%			0.3	%			0.2	%			0.3	%			0.2	%
		(v) Return on assets (average) - not annualized			0.4	%			0.4	%			0.4	%			0.8	%			0.7	%			1.6	%
18		Non Promoters Shareholding
		(a) Public Shareholding
		- No. of shares			1389439055				1384982605				1364151430				1389439055				1364151430				1377200365
		- Percentage of Shareholding			59.4	%			59.3	%			59.0	%			59.4	%			59.0	%			59.2	%
		(b) Shares underlying Depository Receipts ( ADS and GDR )
		- No. of shares			405656975				405656975				405656720				405656975				405656720				405711955
		- Percentage of Shareholding			17.4	%			17.4	%			17.5	%			17.4	%			17.5	%			17.4	%
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)			23.2	%			23.3	%			23.5	%			23.2	%			23.5	%			23.4	%

 

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

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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 30.09.2011				Quarter ended 30.06.2011				Quarter ended 30.09.2010				Half year ended 30.09.2011				Half year ended 30.09.2010				Year ended 31.03.2011
		Unaudited				Unaudited				Unaudited				Audited				Audited				Audited
1       Segment Revenue
a)      Treasury			191031				165710				117752				356741				235101				539116
b)      Retail Banking			661461				605244				459541				1266705				878317				1950503
c)      Wholesale Banking			406905				354073				285014				760978				527048				1161289
d)      Other banking operations			64979				57524				60995				122503				117336				248369
e)      Unallocated			7053				2580				—				9633				—				—
Total			1331429				1185131				923302				2516560				1757802				3899277
Less: Inter Segmental Revenue			538491				475331				346232				1013822				639675				1472941
Income from Operations			792938				709800				577070				1502738				1118127				2426336
2       Segment Results
a)      Treasury			3885				1840				(5174	)			5725				(257	)			9612
b)      Retail Banking			95760				77668				71033				173428				136200				301457
c)      Wholesale Banking			67007				77275				61937				144282				111636				242331
d)      Other banking operations			27406				21643				23676				49049				43798				101836
e)      Unallocated			(18083	)			(19456	)			(16210	)			(37539	)			(36746	)			(73371	)
Total Profit Before Tax			175975				158970				135262				334945				254631				581865
3       Capital Employed
(Segment Assets - Segment Liabilities)
a)      Treasury			5951127				6389288				6333717				5951127				6333717				7501909
b)      Retail Banking			(6588198	)			(6587523	)			(6109482	)			(6588198	)			(6109482	)			(5899586	)
c)      Wholesale Banking			2583495				2984191				2514930				2583495				2514930				966039
d)      Other banking operations			564148				530299				418575				564148				418575				479097
e)      Unallocated			286646				(651273	)			(781703	)			286646				(781703	)			(509823	)
Total			2797218				2664982				2376037				2797218				2376037				2537636

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 organization structure, the internal business reporting system and the guidelines prescribed by RBI.

Geographic Segments

Since the Bank does not have material earnings emanating outside India, the Bank is considered to operate in only the domestic segment.

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Notes :

 

1	Statement of Assets and Liabilities as on September 30, 2011 is given below.

 

		( in lacs)
Particulars		As at 30.09.2011				As at 30.09.2010
CAPITAL AND LIABILITIES
Capital			46766				46260
Reserves and Surplus			2750452				2329777
Employees’ Stock Options (Grants) Outstanding			291				291
Deposits			23067638				19532092
Borrowings			2234388				1334975
Other Liabilities and Provisions			3475110				1754859
Total			31574645				24998254
ASSETS
Cash and balances with Reserve Bank of India			2181375				1656532
Balances with Banks and Money at Call and Short notice			196343				433210
Investments			7864744				6369491
Advances			18850218				15709060
Fixed Assets			216947				213397
Other Assets			2265018				616564
Total			31574645				24998254

 

2	The above results have been approved by the Board of Directors at its meeting held on October 19, 2011.

3	These results for the half year ended September 30, 2011, have been subject to an “Audit” and results for the quarter ended September 30, 2011, have been subject to a “Limited Review” by the Statutory Auditors of the Bank.

4

The shareholders of the Bank at the 17th Annual General Meeting held on July 6, 2011 approved sub-division (split) of one equity share of the Bank from nominal value of 10/- each into five equity shares of nominal value of 2/- each. All shares and per share information in the financial results reflect the effect of sub-division (split) retrospectively.

5	During the quarter and half-year ended September 30, 2011, the Bank allotted 4456450 and 12183710 shares pursuant to the exercise of stock options by certain employees.

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

7	As on September 30, 2011, the total number of branches (including extension counters) and ATM network stood at 2,150 branches and 6,520 ATMs respectively.

8	Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended September 30, 2011: Opening : Nil ; Additions : 441 ; Disposals : 441 ; Closing position : Nil.

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

10	10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai				Aditya Puri
Date : October 19, 2011				Managing Director

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				HDFC Bank Limited HDFC Bank House Senapati Bapat Marg Lower Parel, Mumbai 400013

NEWS RELEASE

HDFC BANK LIMITED – FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2011

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) accounts for the quarter and half year ended September 30, 2011, at its meeting held in Mumbai on Wednesday, October 19, 2011. The results for the quarter ended September 30, 2011, have been subject to a ‘Limited Review’ while those for the half year ended September 30, 2011, have been subject to an ‘Audit’ by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2011

For the quarter ended September 30, 2011, the Bank’s total income was 7,929.4 crore, an increase of 37.4% over 5,770.7 crore, for the quarter ended September 30, 2010. Net revenues (net interest income plus other income) were 4,156.2 crore for the quarter ended September 30, 2011, as compared to 3,487.0 crore for the corresponding quarter of the previous year. Interest earned (net of loan origination costs and amortization of premia on investments held in the Held to Maturity (HTM) category) increased from 4,810.0 crore in the quarter ended September 30, 2010 to 6,717.7 crore in the quarter ended September 30, 2011. Net interest income (interest earned less interest expended) for the quarter ended September 30, 2011, grew by 16.6% to 2,944.5 crore, driven by the asset growth and a Net Interest Margin (NIM) of 4.1% for the quarter ended September 30, 2011.

Other income (non-interest revenue) for the quarter ended September 30, 2011 increased by 26.1% to 1,211.7 crore. Main contributors of other income were, fees and commissions of 987.9 crores (up 15.3% over 857.0 crore in the quarter ended September 30, 2010), foreign exchange / derivative revenues of 218.0 crore (up 43.1% over 152.3 crore in the quarter ended September 30, 2010) and a small loss on revaluation / sale of investments of 1.3 crore for the quarter ended September 30, 2011 as against a loss of 52.1 crore for the quarter ended September 30, 2010. With an increase in investments in the Bank’s branch distribution network and other business verticals, operating expenses for the quarter ended September 30, 2011 grew 20.9% to 2,030.4 crore from 1,679.9 crore in the corresponding quarter of the previous fiscal year. The cost to income ratio for the quarter was therefore at 48.9%. With stable asset quality, provisions and contingencies reduced by 19.5% to 366.0 crore as compared to 454.5 crore for the corresponding quarter of the previous fiscal year. After providing 560.4 crore for taxation, the Bank earned a Net Profit of 1,199.3 crore, an increase of 31.5% over the corresponding quarter ended September 30, 2010.

 

 

 

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				HDFC Bank Limited HDFC Bank House Senapati Bapat Marg Lower Parel, Mumbai 400013

 

Balance Sheet: As of September 30, 2011:

The Bank’s total balance sheet size increased to 315,746 crore as of September 30, 2011. Gross advances touched 189,917 crore, a year on year growth of 25.6% adjusted for short-term one off wholesale loans outstanding as of September 30, 2010, and a quarter on quarter increase of 7.3% over June 30, 2011. Gross retail loans grew 34.2% over September 30, 2010 to 92,878 crores. Total deposits were 230,676 crore, up by 18.1% over September 30, 2010 and 9.2% over those at the end of June 30, 2011. Savings account deposits at 69,017 crore increased 15.9% over September 30, 2011, and 6.5% over June 30, 2011. With interest rates on fixed deposits continuing to be at elevated levels in the system, time deposits grew by 26% over September 30, 2010 to 121,491 crore and 13% over June 30, 2011. As a result the CASA mix was 47.3% of total deposits as of September 30, 2011.

Half Year ended September 30, 2011:

For the half year ended September 30, 2011, the Bank earned a total income of 15,027.4 crore as against 11,181.3 crores in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2011 were 8,124.2 crore, as against 6,878.5 crore for the six months ended September 30, 2010. Net profit for the half year ended September 30, 2011 was 2,284.3 crore, up by 32.5 % over the corresponding six months ended September 30, 2010.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at September 30, 2011 (computed as per Basel II guidelines) was at 16.5%, as against a regulatory minimum of 9%. Tier I CAR was at 11.4% as of September 30, 2011.

Network

As of September 30, 2011 the Bank’s branch network stood at 2,150 branches in 1,141 cities (an increase of 385 branches from 1,765 branches as on September 30, 2010) and 6,520 ATMs, (an increase of 1,799 ATMs from 4,721 as of September 30, 2010).

Asset Quality:

Portfolio quality as of September 30, 2011 remained healthy with gross non-performing assets (NPAs) at 1.0% of gross advances and net non-performing assets at 0.2% of net advances (as against 1.2% gross NPAs and 0.3% net NPA ratios as of September 30, 2010). The Bank’s provisioning policies for specific loan loss provisions remained higher than the minimum regulatory requirements. The NPA provision coverage ratio (excluding write-offs, technical or otherwise) was at 81.3% as of September 30, 2011. Total restructured assets were 0.4% of the

 

 

 

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				HDFC Bank Limited HDFC Bank House Senapati Bapat Marg Lower Parel, Mumbai 400013

 

Bank’s gross advances as of September 30, 2011. Of these, restructured advances categorized as standard assets were 0.1% of the Bank’s gross advances.

Note:

stands for Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

We may have included statements in this release which may 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, 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 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 release 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 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.