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 July, 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: 25th July, 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 July, 2017 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Outcome of Board Meeting held on 24th July, 2017.


Exhibit I

24th July, 2017

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Financial Results (Unaudited) for the Quarter ended 30th June, 2017

We attach herewith a file containing the Financial Results (unaudited) for the quarter ended 30th June, 2017 and segment-wise reporting. The results are duly approved by the Board at its meeting held today. The Press Release in this regard are also enclosed.

The aforesaid quarterly financial results (unaudited) 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

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2017

( in lacs)

 

    

Particulars

   Quarter
ended
30.06.2017
     Quarter
ended
31.03.2017
     Quarter
ended
30.06.2016
     Year
ended
31.03.2017
 
          Unaudited      Audited
(Refer note 4)
     Unaudited      Audited  
1    Interest Earned (a)+(b)+(c)+(d)      1866872        1811440        1651602        6930596  
   a) Interest / discount on advances / bills      1448606        1350745        1247081        5205526  
   b) Income on Investments      389297        426769        380924        1594434  
   c) Interest on balances with Reserve Bank of India and other inter bank funds      10820        16526        4021        53202  
   d) Others      18149        17400        19576        77434  
2    Other Income      351666        344626        280661        1229649  
3    Total Income (1)+(2)      2218538        2156066        1932263        8160245  
4    Interest Expended      929798        905930        873458        3616674  
5    Operating Expenses (i)+(ii)      536746        522196        476886        1970332  
   i) Employees cost      165751        155265        158517        648366  
   ii) Other operating expenses      370995        366931        318369        1321966  
6    Total Expenditure (4)+(5) (excluding Provisions & Contingencies)      1466544        1428126        1350344        5587006  
7    Operating Profit before Provisions and Contingencies (3)-(6)      751994        727940        581919        2573239  
8    Provisions (other than tax) and Contingencies      155876        126180        86673        359330  
9    Exceptional Items      —          —          —          —    
10    Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)      596118        601760        495246        2213909  
11    Tax Expense      206734        202751        171355        758943  
12    Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)      389384        399009        323891        1454966  
13    Extraordinary items (net of tax expense)      —          —          —          —    
14    Net Profit / (Loss) for the period (12)-(13)      389384        399009        323891        1454966  
15    Paid up equity share capital (Face Value of 2/—  each)      51478        51251        50701        51251  
16    Reserves excluding revaluation reserves               8894987  
17    Analytical Ratios            
   (i) Percentage of shares held by Government of India      Nil        Nil        Nil        Nil  
   (ii) Capital Adequacy Ratio      15.6%        14.6%        15.5%        14.6%  
   (iii) Earnings per share ()            
   (a) Basic EPS before & after extraordinary items (net of tax expense)—not annualized      15.2        15.6        12.8        57.2  
   (b) Diluted EPS before & after extraordinary items (net of tax expense)—not annualized      15.0        15.4        12.6        56.4  
   (iv) NPA Ratios            
   (a) Gross NPAs      724293        588566        492089        588566  
   (b) Net NPAs      252821        184399        149339        184399  
   (c) % of Gross NPAs to Gross Advances      1.24%        1.05%        1.04%        1.05%  
   (d) % of Net NPAs to Net Advances      0.44%        0.33%        0.32%        0.33%  
   (v) Return on assets (average)—not annualized      0.46%        0.48%        0.45%        1.88%  


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
30.06.2017
    Quarter
ended
31.03.2017
    Quarter
ended
30.06.2016
    Year ended
31.03.2017
 
          Unaudited     Audited
(Refer note 4)
    Unaudited     Audited  
1    Segment Revenue         
a)    Treasury      530618       591301       502324       2158179  
b)    Retail Banking      1759229       1683063       1585264       6614750  
c)    Wholesale Banking      880693       797989       761527       3133224  
d)    Other Banking Operations      255117       263975       194967       904669  
e)    Unallocated      —         —         —         —    
   Total      3425657       3336328       3044082       12810822  
   Less: Inter Segment Revenue      1207119       1180262       1111819       4650577  
     

 

 

   

 

 

   

 

 

   

 

 

 
   Income from Operations      2218538       2156066       1932263       8160245  
     

 

 

   

 

 

   

 

 

   

 

 

 
2    Segment Results         
a)    Treasury      30770       29483       49173       130838  
b)    Retail Banking      212238       222172       189469       843216  
c)    Wholesale Banking      297159       272606       232716       1047377  
d)    Other Banking Operations      98107       109334       58521       336533  
e)    Unallocated      (42156     (31835     (34633     (144055
     

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax      596118       601760       495246       2213909  
     

 

 

   

 

 

   

 

 

   

 

 

 
3    Segment Assets         
a)    Treasury      26693645       26453614       24319155       26453614  
b)    Retail Banking      31457133       29582892       26255629       29582892  
c)    Wholesale Banking      27861737       27096909       22318870       27096909  
d)    Other Banking Operations      3041526       2720588       2204164       2720588  
e)    Unallocated      511265       530018       465278       530018  
     

 

 

   

 

 

   

 

 

   

 

 

 
   Total      89565306       86384021       75563096       86384021  
     

 

 

   

 

 

   

 

 

   

 

 

 
4    Segment Liabilities         
a)    Treasury      7242832       7385749       6102078       7385749  
b)    Retail Banking      53718130       52579290       46701569       52579290  
c)    Wholesale Banking      16058698       15612990       12807800       15612990  
d)    Other Banking Operations      360425       314274       264259       314274  
e)    Unallocated      2759448       1545480       2050833       1545480  
     

 

 

   

 

 

   

 

 

   

 

 

 
   Total      80139533       77437783       67926539       77437783  
     

 

 

   

 

 

   

 

 

   

 

 

 
5    Capital Employed         
   (Segment Assets-Segment Liabilities)         
a)    Treasury      19450813       19067865       18217077       19067865  
b)    Retail Banking      (22260997     (22996398     (20445940     (22996398
c)    Wholesale Banking      11803039       11483919       9511070       11483919  
d)    Other Banking Operations      2681101       2406314       1939905       2406314  
e)    Unallocated      (2248183     (1015462     (1585555     (1015462
     

 

 

   

 

 

   

 

 

   

 

 

 
   Total      9425773       8946238       7636557       8946238  
     

 

 

   

 

 

   

 

 

   

 

 

 

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 June 30, 2017 is given below.

 

 

                   ( in lacs)  

Particulars

   As at
30.06.2017
     As at
30.06.2016
     As at
31.03.2017
 
CAPITAL AND LIABILITIES    Unaudited      Unaudited      Audited  

Capital

     51478        50701        51251  

Reserves and Surplus

     9374295        7585856        8894987  

Deposits

     67137605        57375453        64363966  

Borrowings

     8601170        6943093        7402887  

Other Liabilities and Provisions

     4400758        3607993        5670930  
  

 

 

    

 

 

    

 

 

 

Total

     89565306        75563096        86384021  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and Balances with Reserve Bank of India

     3620417        3152531        3789687  

Balances with Banks and Money at Call and Short notice

     2076642        1188191        1105523  

Investments

     21610827        20374997        21446334  

Advances

     58097580        47062247        55456820  

Fixed Assets

     359321        347688        362675  

Other Assets

     3800519        3437442        4222982  
  

 

 

    

 

 

    

 

 

 

Total

     89565306        75563096        86384021  
  

 

 

    

 

 

    

 

 

 

 

2 The above results have been approved by the Board of Directors at its meeting held on July 24, 2017. The results for the quarter ended June 30, 2017 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, 2017.
4 The figures for the quarter ended March 31, 2017 are the balancing figures between audited figures in respect of the financial year 2016-17 and the published year to date figures upto December 31, 2016.
5 During the quarter ended June 30, 2017, the Bank allotted 11337600 shares pursuant to the exercise of options under the approved employee stock option schemes.
6 During the quarter ended June 30, 2017, the Bank raised Additional Tier 1 Capital bonds of 8,000 crore and Tier 2 Capital bonds of 2,000 crore.
7 During the quarter ended June 30, 2017, of the total increase in gross NPAs, 60% pertained to the agricultural segment. As a prudent measure, the Bank has enhanced specific provision coverage for its non-performing agricultural advances.
8 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.
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 June 30, 2017, the total number of branches (including extension counters) and ATM network stood at 4727 branches and 12220 ATMs respectively.
12 Figures of the previous period have been regrouped / reclassified wherever necessary to conform to current period's classification.
13 10 lac = 1 million
     10 million = 1 crore

 

Place : Mumbai

   Aditya Puri

Date : July 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 ENDED JUNE 30, 2017

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2017, at their meeting held in Mumbai on Monday, July 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 June 30, 2017

The Bank’s total income for the quarter ended June 30, 2017 was 22,185.4 crore, up from 19,322.6 crore for the quarter ended June 30, 2016. Net revenues (net interest income plus other income) increased by 21.7% to 12,887.4 crore for the quarter ended June 30, 2017 from 10,588.1 crore in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended June 30, 2017 grew by 20.4% to 9,370.7 crore, from  7,781.4 crore for the quarter ended June 30, 2016, driven by average loan growth of 20.7% and a core net interest margin for the quarter of 4.4%.

Other income (non-interest revenue) at 3,516.7 crore was 27.3% of the net revenues for the quarter ended June 30, 2017 and grew by 25.3% over 2,806.6 crore in the corresponding quarter ended June 30, 2016. The four components of other income for the quarter ended June 30, 2017 were fees & commissions of 2,578.1 crore ( 1,977.9 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of 296.8 crore ( 314.5 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of 331.4 crore ( 276.9 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of 310.3 crore ( 237.4 crore for the corresponding quarter of the previous year).

Operating expenses for the quarter ended June 30, 2017 were 5,367.5 crore, an increase of 12.6% over 4,768.9 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 42.7% as against 46.2% for the corresponding quarter ended June 30, 2016.


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai – 400 013.

Provisions and contingencies for the quarter ended June 30, 2017 were 1,558.8 crore (consisting of specific loan loss provisions  1,343.2 crore, general provisions  206.3 crore and other provisions  9.3 crore) as against  866.7 crore (consisting of specific loan loss provisions 832.3 crore, general provisions of 1.1 crore and other provisions  33.3 crore) for the corresponding quarter ended June 30, 2016. General provisions include additional provisions of  121.1 crore for standard advances to stressed sectors. Profit before tax was up 20.4% to  5,961.2 crore. After providing  2,067.3 crore for taxation, the Bank earned a net profit of  3,893.8 crore, an increase of 20.2% over the quarter ended June 30, 2016.

Balance Sheet: As of June 30, 2017

Total balance sheet size as of June 30, 2017 was 895,653 crore as against  755,631 crore as of June 30, 2016.

Total deposits as of June 30, 2017 were 671,376 crore, an increase of 17.0% over June 30, 2016. CASA deposits saw healthy growth with savings account deposits growing by 26.5% over the previous year to reach  193,105 crore and current account deposits growing by 34.1% over the previous year to reach  102,030 crore. Time deposits were at  376,241 crore, an increase of 9.1% over the previous year, resulting in CASA deposits comprising 44.0% of total deposits as on June 30, 2017.

Advances as of June 30, 2017 were 580,976 crore, an increase of 23.4% over June 30, 2016. As per regulatory [Basel 2] segment classification, retail loans grew by 21.9% and wholesale loans grew by 25.5% (as per internal business classification, the growth was 19.2% and 33.8% respectively). The loan mix between retail:wholesale was 54:46.

Capital Adequacy:

During the quarter ended June 30, 2017, the Bank raised Additional Tier 1 Capital Bonds of  8,000 crore and Tier 2 Bonds of  2,000 crore. The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 15.6% as on June 30, 2017 (15.5% as on June 30, 2016) as against a regulatory requirement of 10.25% including Capital Conservation Buffer of 1.25%. Tier-I CAR was at 13.6% as of June 30, 2017 compared to 13.3% as on June 30, 2016. Risk-weighted Assets were  690,370 crore ( 551,676 crore as on June 30, 2016).


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai – 400 013.

NETWORK

As of June 30, 2017, the Bank’s distribution network was at 4,727 branches and 12,220 ATMs across 2,666 cities / towns as against 4,541 branches and 12,013 ATMs across 2,593 cities / towns as of June 30, 2016. Of the total branches, 52% are in semi-urban and rural areas.

ASSET QUALITY

Gross non-performing assets were at 1.24% of gross advances as on June 30, 2017, as against 1.05% as on March 31, 2017, and 1.04% as on June 30, 2016. During the quarter ended June 30, 2017, of the total increase in gross NPAs, 60% pertained to the agricultural segment. Recoveries from agricultural advances were impacted during the quarter by borrower expectations of farm loan waivers arising out of policy announcements in certain states. These loan waiver policies are in the process of being finalised and implemented. As a prudent measure, the Bank has enhanced specific provision coverage for its non-performing agricultural advances. Net non-performing assets were at 0.4% of net advances as on June 30, 2017.

Note:

= Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

BSE: 500180

NSE: HDFCBANK

NYSE: HDB


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HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai – 400 013.

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