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, 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  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.

 

 

 


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 January, 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 25th January, 2016 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Financial Results for the third quarter ended 31st December, 2015.


Exhibit I

25th January, 2016

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir

Re: Financial Results for the third quarter ended 31st December 2015.

We attach herewith the unaudited financial results of the Bank for the third quarter ended 31st December, 2015, segment-wise reporting and the press release in this regard. The results were duly approved by the Board of Directors of the Bank at its meeting held today i.e. 25th January, 2016.

Kindly take the same on your records.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Sanjay Dongre

Executive Vice President (Legal) &

Company Secretary

Encl: As above


HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2015

 

    ( LOGO in lacs)  

Particulars

  Quarter
ended
31.12.2015
    Quarter
ended
30.09.2015
    Quarter
ended
31.12.2014
    Nine
Months
ended
31.12.2015
    Nine
Months
ended
31.12.2014
    Year
ended
31.03.2015
 
  Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited  

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

    1541112        1477252        1239583        4422470        3546354        4846991   

a) Interest / discount on advances / bills

    1148349        1094834        954318        3287897        2735210        3718079   

b) Income on Investments

    365142        339767        248357        1033043        701753        985849   

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

    5952        17486        13794        31269        40704        51710   

d) Others

    21669        25165        23114        70261        68687        91353   

2 Other Income

    287219        255176        253491        788586        643258        899634   

3 TOTAL INCOME (1)+(2)

    1828331        1732428        1493074        5211056        4189612        5746625   

4 Interest Expended

    834261        809162        669590        2408652        1908101        2607423   

5 Operating Expenses (i)+(ii)

    420484        418977        345628        1239540        1013259        1398755   

i) Employees cost

    143127        141397        113253        420425        342540        475096   

ii) Other operating expenses

    277357        277580        232375        819115        670719        923659   

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

    1254745        1228139        1015218        3648192        2921360        4006178   

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

    573586        504289        477856        1562864        1268252        1740447   

8 Provisions (other than tax) and Contingencies

    65388        68129        56043        206316        149910        207575   

9 Exceptional Items

    —          —          —          —          —          —     

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

    508198        436160        421813        1356548        1118342        1532872   

11 Tax Expense

    172514        149215        142362        464347        377441        511280   

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

    335684        286945        279451        892201        740901        1021592   

13 Extraordinary items (net of tax expense)

    —          —          —          —          —          —     

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

    335684        286945        279451        892201        740901        1021592   

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

    50502        50364        48348        50502        48348        50130   

16 Reserves excluding revaluation reserves

              6150813   

17 Analytical Ratios

           

(i) Percentage of shares held by Government of India

    Nil        Nil        Nil        Nil        Nil        Nil   

(ii) Capital Adequacy Ratio

    15.9     15.5     15.7     15.9     15.7     16.8

(iii) Earnings per share ( LOGO )

           

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

    13.3        11.5        11.5        35.5        30.7        42.1   

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

    13.1        11.3        11.4        35.0        30.4        41.7   

(iv) NPA Ratios

           

(a) Gross NPAs

    425520        382777        346791        425520        346791        343838   

(b) Net NPAs

    126060        103768        90366        126060        90366        89628   

(c) % of Gross NPAs to Gross Advances

    0.97     0.91     0.99     0.97     0.99     0.93

(d) % of Net NPAs to Net Advances

    0.29     0.25     0.26     0.29     0.26     0.25

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

    0.5     0.5     0.5     1.4     1.5     2.0


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

 

     ( LOGO in lacs)  
     Quarter
ended
31.12.2015
    Quarter
ended
30.09.2015
    Quarter
ended
31.12.2014
    Nine
Months
ended
31.12.2015
    Nine
Months
ended
31.12.2014
    Year
ended
31.03.2015
 

Particulars

   Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited  

1 Segment Revenue

            

a) Treasury

     480719        427215        334369        1328543        918453        1290389   

b) Retail Banking

     1514811        1470256        1256012        4381136        3592171        4881418   

c) Wholesale Banking

     683570        671954        593676        2013686        1699537        2315260   

d) Other Banking Operations

     200961        178406        167827        537015        441742        620102   

e) Unallocated

     —          —          823        —          823        862   

Total

     2880061        2747831        2352707        8260380        6652726        9108031   

Less: Inter Segment Revenue

     1051730        1015403        859633        3049324        2463114        3361406   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from Operations

     1828331        1732428        1493074        5211056        4189612        5746625   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2 Segment Results

            

a) Treasury

     51324        27092        26641        111580        33003        61830   

b) Retail Banking

     194692        173091        164963        525832        462445        622883   

c) Wholesale Banking

     217364        194314        195012        618179        559591        747183   

d) Other Banking Operations

     80411        75298        72046        207937        174511        248689   

e) Unallocated

     (35593     (33635     (36849     (106980     (111208     (147713
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Profit Before Tax

     508198        436160        421813        1356548        1118342        1532872   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

3 Capital Employed

            

(Segment Assets - Segment Liabilities)

            

a) Treasury

     16385459        16168255        12588592        16385459        12588592        15425638   

b) Retail Banking

     (18535401     (18084656     (16204827     (18535401     (16204827     (17421098

c) Wholesale Banking

     8888265        8530085        8817771        8888265        8817771        8307529   

d) Other Banking Operations

     1810316        1643283        1460408        1810316        1460408        1545754   

e) Unallocated

     (1347983     (1429256     (1494667     (1347983     (1494667     (1656880
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     7200656        6827711        5167277        7200656        5167277        6200943   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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, 2015 is given below.

 

     ( LOGO in lacs)  

Particulars

   As at
31.12.2015
     As at
31.03.2015
     As at
31.12.2014
 

CAPITAL AND LIABILITIES

     Unaudited         Audited         Unaudited   

Capital

     50502         50130         48348   

Reserves and Surplus

     7150154         6150813         5118929   

Deposits

     52399679         45079565         41412826   

Borrowings

     6003510         4521356         3965852   

Other Liabilities and Provisions

     3185344         3248444         2939564   
  

 

 

    

 

 

    

 

 

 

Total

     68789189         59050308         53485519   
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and Balances with Reserve Bank of India

     2682253         2751045         2098119   

Balances with Banks and Money at Call and Short notice

     578946         882100         1205758   

Investments

     18234510         15164177         11963872   

Advances

     43636444         36549504         34708798   

Fixed Assets

     323946         312172         293530   

Other Assets

     3333090         3391310         3215442   
  

 

 

    

 

 

    

 

 

 

Total

     68789189         59050308         53485519   
  

 

 

    

 

 

    

 

 

 

 

2 The statement of financial results for the quarter and nine months ended December 31, 2015 has been prepared in accordance with Regulation 33 of SEBI (Listing and Other Disclosures Requirements) Regulations, 2015.
3 The above results have been approved by the Board of Directors at its meeting held on January 25, 2016.
4 The results for the quarter and nine months ended December 31, 2015 have been subjected to a “Limited Review” by the Statutory Auditors of the Bank. An unqualified report has been issued by them thereon.
5 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, 2015.
6 Pursuant to RBI circular DBR.BP.BC.No.31/21.04.018/2015-16 dated July 16, 2015, the Bank, effective quarter ended June 30, 2015, included its deposits placed with NABARD, SIDBI and NHB on account of shortfall in lending to priority sector under ‘Other Assets’ and interest thereon under ‘Interest Earned—Others’. Earlier these were included under ‘Investments’ and under ‘Interest Earned- Income on Investments’ respectively. Figures for the previous periods have been regrouped / reclassified to conform to current period’s classification. The above change in classification does not impact the profit of the Bank for the periods presented.
7 RBI circular DBOD.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on ‘Basel III Capital Regulations’ read together with the RBI circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 on ‘Prudential Guidelines on Capital Adequacy and Liquidity Standards—Amendments’ requires banks to make applicable Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III Framework. These disclosures are available on the Bank’s website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/default.htm. The disclosures have not been subjected to audit or limited review.
8 Pursuant to the shareholder and regulatory approvals, the Bank on February 10, 2015, concluded a Qualified Institutions Placement (QIP) of 1,87,44,142 equity shares at a price of LOGO 1,067 per equity share aggregating LOGO 2,000 crore and an American Depository Receipt (ADR) offering of 2,20,00,000 ADRs (representing 6,60,00,000 equity shares) at a price of USD 57.76 per ADR, aggregating USD 1,271 million. Pursuant to these issuances, the Bank allotted 8,47,44,142 additional equity shares. Accordingly, share capital increased by LOGO 16.95 crores and share premium increased by LOGO 9,705.84 crores, net of share issue expenses of LOGO 151.03 crores.
9 During the quarter and nine months ended December 31, 2015, the Bank allotted 6893200 and 18591100 shares pursuant to the exercise of options under the approved employee stock option schemes.
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 December 31, 2015, the total number of branches (including extension counters) and ATM network stood at 4281 branches and 11843 ATMs respectively.
12 Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period’s classification.

LOGO 10 lac = LOGO 1 million

LOGO 10 million = LOGO 1 crore

 

Place :   Mumbai      Aditya Puri   
Date :   January 25, 2016      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, 2015

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2015 at their meeting held in Mumbai on Monday, January 25, 2016. 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, 2015

The Bank’s total income for the quarter ended December 31, 2015 was LOGO 18,283.3 crores, up from LOGO 14,930.7 crores for the quarter ended December 31, 2014. Net revenues (net interest income plus other income) increased by 20.7% to LOGO 9,940.7 crores for the quarter ended December 31, 2015 as against LOGO 8,234.8 crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2015 grew by 24.0% to LOGO  7,068.5 crores, from LOGO 5,699.9 crores for the quarter ended December 31, 2014 driven by average assets growth of 28.2% and a net interest margin for the quarter of 4.3%.

Other income (non-interest revenue) at LOGO 2,872.2 crores was 28.9% of the net revenues for the quarter ended December 31, 2015 and grew by 13.3% over LOGO 2,534.9 crores in the corresponding quarter ended December 31, 2014. The four components of other income for the quarter ended December 31, 2015 were fees & commissions of LOGO  2,004.8 crores ( LOGO  1,806.5 crores in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of LOGO 277.4 crores ( LOGO 253.4 crores for the corresponding quarter of the previous year), gain on revaluation / sale of investments of LOGO 327.9 crores ( LOGO 265.5 crores in the corresponding quarter of the previous year) and miscellaneous income including recoveries of LOGO 262.1 crores ( LOGO 209.5 crores 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, 2015 were LOGO 4,204.8 crores, an increase of 21.7% over LOGO 3,456.3 crores during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was at 43.7% as against 43.4% for the corresponding quarter ended December 31, 2014.

Provisions and contingencies for the quarter ended December 31, 2015 were LOGO  653.9 crores (consisting of specific loan loss provisions LOGO 601.5 crores, general provisions LOGO 49.9 crores, and other provisions LOGO 2.5 crores) as against LOGO 560.4 crores (consisting of specific loan loss provisions LOGO 487.6 crores, general provisions LOGO 62.2 crores and other provisions LOGO 10.6 crores) for the corresponding quarter ended December 31, 2014. After providing LOGO 1,725.1 crores for taxation, the Bank earned a net profit of LOGO 3,356.8 crores, an increase of 20.1% over the quarter ended December 31, 2014.

Balance Sheet: As of December 31, 2015

Total balance sheet size as of December 31, 2015 was LOGO 687,892 crores as against LOGO  534,855 crores as of December 31, 2014.

Total deposits as of December 31, 2015 were LOGO 523,997 crores, an increase of 26.5% over December 31, 2014. CASA deposits saw healthy growth with current account deposits growing by 29.7% over the previous year to reach LOGO 74,044 crores and savings account deposits growing by 20.6% over the previous year to reach LOGO 135,432 crores. Time deposits were at LOGO 314,522 crores, an increase of 28.5% over the previous year resulting in CASA proportion of 40% as on December 31, 2015.


LOGO   NEWS RELEASE  

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai – 400 013.

 

Advances as of December 31, 2015 were LOGO 436,364 crores, an increase of 25.7% over December 31, 2014. Both segments of the Bank’s loan portfolio grew faster than system loan growth. As per the Bank’s internal business classification, the domestic retail loans and wholesale loans grew by 29.2% and 18.9% respectively. As per regulatory [Basel 2] segment classification the growth rates were 30.4% for domestic retail loans and 20.7% for wholesale loans. The domestic loan mix as per Basel 2 classification between retail:wholesale was 53:47 and advances in overseas branches as of December 31, 2015 were at 7.5% of the total advances.


LOGO   NEWS RELEASE  

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai – 400 013.

 

Nine Months ended December 31, 2015

For the nine months ended December 31, 2015, the Bank earned a total income of LOGO  52,110.6 crore as against LOGO 41,896.1 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2015 were LOGO 28,024.0 crore, as against LOGO 22,815.1 crore for the nine months ended December 31, 2014, an increase of 22.8%. Net profit for the nine months ended December 31, 2015 was LOGO 8,922.0 crore, up by 20.4% over the corresponding nine months ended December 31, 2014.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 15.9% as at December 31, 2015 (15.7% as at December 31, 2014) as against a regulatory requirement of 9%. Tier-I CAR was at 13.2% as on December 31, 2015 compared to 12.0% as at December 31, 2014.

NETWORK

As of December 31, 2015, the Bank’s distribution network was at 4,281 branches and 11,843 ATMs across 2,505 cities / towns as against 3,659 branches and 11,633 ATMs across 2,287 cities / towns as of December 31, 2014. 55% of branches are now in the semi-urban and rural areas. Number of employees increased from 76,253 as of December 31, 2014 to 84,619 as of December 31, 2015.

ASSET QUALITY

Gross non-performing assets (NPAs) were at 0.97% of gross advances as on December 31, 2015, as against 0.99% as on December 31, 2014. Net non-performing assets were at 0.3% of net advances as on December 31, 2015. Total restructured loans were at 0.1% of gross advances as of December 31, 2015 as against 0.1% as of December 31, 2014.

Note:

LOGO = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.


LOGO   NEWS RELEASE  

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai – 400 013.

 

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