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 January, 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: 24th January, 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 24th January, 2017 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Financial Results for the Quarter ended 31st December, 2016.


Exhibit I

24th January, 2017

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Financial Results for the Quarter ended 31st December, 2016

We attach herewith a file containing the Financial Results for the third quarter (unaudited) ended 31st December, 2016, segment reporting and press release 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/-
N. E. Venkitakrishnan
Vice President- Legal & Secretarial

Encl. : a/a.


HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2016

( in lacs)

 

         Quarter
ended

31.12.2016
    Quarter
ended
30.09.2016
    Quarter
ended
31.12.2015
    Nine Months
ended
31.12.2016
    Nine Months
ended
31.12.2015
    Year ended
31.03.2016
 
    

Particulars

 

Unaudited

   

Unaudited

   

Unaudited

   

Unaudited

   

Unaudited

   

Audited

 
1   

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

    1760560        1706994        1541112        5119156        4422470        6022145   
  

a) Interest / discount on advances / bills

    1317564        1290136        1148349        3854781        3287897        4482786   
  

b) Income on Investments

    404934        381807        365142        1167665        1033043        1412003   
  

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

    18688        13967        5952        36676        31269        36161   
  

d) Others

    19374        21084        21669        60034        70261        91195   
2   

Other Income

    314267        290095        287219        885023        788586        1075172   
3   

Total Income (1)+(2)

    2074827        1997089        1828331        6004179        5211056        7097317   
4   

Interest Expended

    929651        907635        834261        2710744        2408652        3262993   
5   

Operating Expenses (i)+(ii)

    484251        486999        420484        1448136        1239540        1697969   
  

i) Employees cost

    168863        165721        143127        493101        420425        570220   
  

ii) Other operating expenses

    315388        321278        277357        955035        819115        1127749   
6   

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

    1413902        1394634        1254745        4158880        3648192        4960962   
7   

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

    660925        602455        573586        1845299        1562864        2136355   
8   

Provisions (other than tax) and Contingencies

    71578        74899        65388        233150        206316        272561   
9   

Exceptional Items

    —          —          —          —          —          —     
10   

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

    589347        527556        508198        1612149        1356548        1863794   
11   

Tax Expense

    202814        182023        172514        556192        464347        634171   
12   

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

    386533        345533        335684        1055957        892201        1229623   
13   

Extraordinary items (net of tax expense)

    —          —          —          —          —          —     
14   

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

    386533        345533        335684        1055957        892201        1229623   
15   

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

    51107        50913        50502        51107        50502        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

    15.9     15.4     15.9     15.9     15.9     15.5
  

(iii) Earnings per share ()

           
  

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

    15.2        13.6        13.3        41.6        35.5        48.8   
  

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

    15.0        13.4        13.1        41.1        35.0        48.3   
  

(iv) NPA Ratios

           
  

(a) Gross NPAs

    523227        506904        425520        523227        425520        439283   
  

(b) Net NPAs

    156432        148885        126060        156432        126060        132037   
  

(c) % of Gross NPAs to Gross Advances

    1.05     1.02     0.97     1.05     0.97     0.94
  

(d) % of Net NPAs to Net Advances

    0.32     0.30     0.29     0.32     0.29     0.28
  

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

    0.5     0.5     0.5     1.4     1.4     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)

 

Particulars

   Quarter
ended
31.12.2016
    Quarter
ended
30.09.2016
    Quarter
ended
31.12.2015
    Nine Months
ended
31.12.2016
    Nine Months
ended

31.12.2015
    Year ended
31.03.2016
 
   Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited  
1   

Segment Revenue

            
a)   

Treasury

     561959        502595        480719        1566878        1328543        1826488   
b)   

Retail Banking

     1695107        1651316        1514811        4931687        4381136        5925234   
c)   

Wholesale Banking

     783356        790352        683570        2335235        2013686        2716239   
d)   

Other Banking Operations

     233082        212645        200961        640694        537015        755442   
e)   

Unallocated

     —          —          —          —          —          —     
  

Total

     3273504        3156908        2880061        9474494        8260380        11223403   
  

Less: Inter Segment Revenue

     1198677        1159819        1051730        3470315        3049324        4126086   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Income from Operations

     2074827        1997089        1828331        6004179        5211056        7097317   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
2   

Segment Results

            
a)   

Treasury

     25348        26834        51324        101355        111580        148921   
b)   

Retail Banking

     230844        200731        207415        621044        551821        785503   
c)   

Wholesale Banking

     282106        259949        204641        774771        592190        788720   
d)   

Other Banking Operations

     94328        74350        80411        227199        207937        283227   
e)   

Unallocated

     (43279     (34308     (35593     (112220     (106980     (142577
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total Profit Before Tax

     589347        527556        508198        1612149        1356548        1863794   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
3   

Segment Assets

            
a)   

Treasury

     28656657        25186101        22473889        28656657        22473889        23533198   
b)   

Retail Banking

     27721544        28268880        24264374        27721544        24264374        25269065   
c)   

Wholesale Banking

     23137885        22697228        20710495        23137885        20710495        22624265   
d)   

Other Banking Operations

     2747197        2214545        2050514        2747197        2050514        2163306   
e)   

Unallocated

     538686        515941        480477        538686        480477        489774   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

     82801969        78882695        69979749        82801969        69979749        74079608   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
4   

Segment Liabilities

            
a)   

Treasury

     6591139        7305597        6088430        6591139        6088430        7734038   
b)   

Retail Banking

     52831431        48817836        42799775        52831431        42799775        44831340   
c)   

Wholesale Banking

     12854932        12682207        11822230        12854932        11822230        12042552   
d)   

Other Banking Operations

     392147        287794        240198        392147        240198        247631   
e)   

Unallocated

     1629851        1733535        1828460        1629851        1828460        1956270   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

     74299500        70826969        62779093        74299500        62779093        66811831   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
5   

Capital Employed

            
  

(Segment Assets-Segment Liabilities)

            
a)   

Treasury

     22065518        17880504        16385459        22065518        16385459        15799160   
b)   

Retail Banking

     (25109887     (20548956     (18535401     (25109887     (18535401     (19562275
c)   

Wholesale Banking

     10282953        10015021        8888265        10282953        8888265        10581713   
d)   

Other Banking Operations

     2355050        1926751        1810316        2355050        1810316        1915675   
e)   

Unallocated

     (1091165     (1217594     (1347983     (1091165     (1347983     (1466496
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

     8502469        8055726        7200656        8502469        7200656        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 December 31, 2016 is given below.

 

          

 

(  in lacs)

 

  

 

Particulars

   As at
31.12.2016
     As at
31.12.2015
     As at
31.03.2016
 
     Unaudited      Unaudited      Audited  

CAPITAL AND LIABILITIES

        

Capital

     51107         50502         50564   

Reserves and Surplus

     8451362         7150154         7217213   

Deposits

     63470456         52399679         54642419   

Borrowings

     7212115         7194070         8496899   

Other Liabilities and Provisions

     3616929         3185344         3672513   
  

 

 

    

 

 

    

 

 

 

Total

     82801969         69979749         74079608   
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and Balances with Reserve Bank of India

     4999976         2682253         3005831   

Balances with Banks and Money at Call and Short notice

     410256         578946         886053   

Investments

     23605550         19425070         19583629   

Advances

     49504333         43636444         46459396   

Fixed Assets

     349032         323946         334315   

Other Assets

     3932822         3333090         3810384   
  

 

 

    

 

 

    

 

 

 

Total

     82801969         69979749         74079608   
  

 

 

    

 

 

    

 

 

 

 

2 The above results have been approved by the Board of Directors at its meeting held on January 24, 2017. The results for the quarter ended and nine months ended December 31, 2016 have been subjected to a “Limited Review” 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 nine months ended December 31, 2016, the Bank allotted 9740400 and 27187600 shares respectively pursuant to the exercise of options under the approved employee stock option schemes.
5 Pursuant to RBI circular FMRD.DIRD.10/14.03.002/2015-16 dated May 19, 2016, the Bank has, effective quarter ended December 31, 2016, 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 quarter ended December 31, 2016 or the previous periods presented.
6 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.
7 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.
8 As at December 31, 2016, the total number of branches (including extension counters) and ATM network stood at 4555 branches and 12087 ATMs respectively.
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 : January 24, 2017    Managing Director

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


 

LOGO

  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, 2016

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2016 at their meeting held in Mumbai on Tuesday, January 24, 2017. 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, 2016

The Bank’s total income for the quarter ended December 31, 2016 was  20,748.3 crore, up from  18,283.3 crore for the quarter ended December 31, 2015. Net revenues (net interest income plus other income) increased by 15.2% to  11,451.8 crore for the quarter ended December 31, 2016 as against  9,940.7 crore for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2016 grew by 17.6% to  8,309.1 crore, from  7,068.5 crore for the quarter ended December 31, 2015, driven by average assets growth of 18.6% and a net interest margin for the quarter of 4.1%.

Other income (non-interest revenue) at  3,142.7 crore was 27.4% of the net revenues for the quarter ended December 31, 2016 and grew by 9.4% over  2,872.2 crore in the corresponding quarter ended December 31, 2015. The four components of other income for the quarter ended December 31, 2016 were fees & commissions of  2,206.8 crore ( 2,004.8 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of  297.2 crore ( 277.4 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of  398.6 crore ( 327.9 crore in the corresponding quarter of the previous year) and miscellaneous income including recoveries of  240.0 crore ( 262.1 crore for the corresponding quarter of the previous year).


 

LOGO

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

 

Operating expenses for the quarter ended December 31, 2016 were  4,842.5 crore, an increase of 15.2% over  4,204.8 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was 43.8% as against 43.7% for the corresponding quarter ended December 31, 2015.

Provisions and contingencies for the quarter ended December 31, 2016 were  715.8 crore (consisting of specific loan loss provisions  694.4 crore, general provisions  9.3 crore, and other provisions  12.1 crore) as against  653.9 crore (consisting of specific loan loss provisions  601.5 crore, general provisions  49.9 crore and other provisions  2.5 crore) for the corresponding quarter ended December 31, 2015. Profit before tax was up 16.0% to  5893.5 crore. After providing  2,028.1 crore for taxation, the Bank earned a net profit of  3,865.3 crore, an increase of 15.1% over the quarter ended December 31, 2015.

Balance Sheet: As of December 31, 2016

Total balance sheet size as of December 31, 2016 was  828,020 crore as against  699,797 crore as of December 31, 2015. Total deposits as of December 31, 2016 were  634,705 crore, an increase of 21.1% over December 31, 2015. This was after considering maturities of about US$ 3 billion of Foreign Currency Non-Resident (FCNR) deposits raised (and swapped into rupees with RBI at a concessional rate) during the quarter ended December 31, 2013. CASA deposit growth saw a spurt largely attributable to the demonetisation exercise, with current account deposits growing by 36.7% over the previous year to reach  101,239 crore and savings account deposits growing by 37.8% over the previous year to reach  186,634 crore. Time deposits were at  346,832 crore, an increase of 10.3% over the previous year resulting in CASA proportion of 45% as on December 31, 2016.


 

LOGO

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

 

Total advances as of December 31, 2016 were  495,043 crore after considering repayments of about US$ 2 billion of overseas loans linked to FCNR deposits. The Bank’s domestic loan portfolio of  477,415 crore grew at 17.5% on a year on year basis. As per the Bank’s internal business classification, the domestic retail loans and wholesale loans grew by 17.8% and 16.8% respectively. As per regulatory (Basel 2) segment classification the growth rates were 21.5% for domestic retail loans and 13.0% for wholesale loans. The domestic loan mix as per Basel 2 classification between retail:wholesale was 55:45.

Nine Months ended December 31, 2016

For the nine months ended December 31, 2016, the Bank earned a total income of  60,041.8 crore as against  52,110.6 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2016 were  32,934.4 crore, as against  28,024.0 crore for the nine months ended December 31, 2015, an increase of 17.5%. Net profit for the nine months ended December 31, 2016 was  10,559.6 crore, up by 18.4% over the corresponding nine months ended December 31, 2015.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 15.9% as at December 31, 2016 (15.9% as at December 31, 2015) as against a regulatory requirement of 9%. Tier-I CAR was at 13.8% as on December 31, 2016 compared to 13.2% as at December 31, 2015.

NETWORK

As of December 31, 2016, the Bank’s distribution network was at 4,555 branches and 12,087 ATMs across 2,597 cities / towns as against 4,281 branches and 11,843 ATMs across 2,505 cities / towns as of December 31, 2015. Of the total branches, 52% are in semi-urban and rural areas. Number of employees increased from 84,619 as of December 31, 2015 to 90,421 as of December 31, 2016.


 

LOGO

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

 

ASSET QUALITY

Gross non-performing assets (NPAs) were at 1.05% of gross advances as on December 31, 2016, as against 1.02% as on September 30, 2016 and 0.97% as on December 31, 2015. Net non-performing assets were at 0.3% of net advances as on December 31, 2016.

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.


 

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  NEWS RELEASE   HDFC Bank Ltd.
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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