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, 2024

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 ☐

 

 

 


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: October 21, 2024     By:  

/s/ Ajay Agarwal

    Name:   Ajay Agarwal
    Title:   Company Secretary and Head – Group Oversight


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 No. 99

Description

Outcome of the meeting of the Board of Directors of HDFC Bank Limited (“the Bank”) held on October 19, 2024.


October 21, 2024

New York Stock Exchange

11, Wall Street,

New York,

NY 10005s

USA

Dear Sir/ Madam,

Sub: Outcome of the meeting of the Board of Directors of HDFC Bank Limited (“the Bank”) held on October 19, 2024

We enclose herewith the unaudited standalone and consolidated financial results of the Bank for the second quarter and half year ended September 30, 2024 (“Results”), along with Limited Review Report and the Press Release of the Joint Statutory Auditors in this regard. The results were duly approved by the Board of Directors at its meeting held on October 19, 2024.

This is for your information and appropriate dissemination.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Ajay Agarwal

Company Secretary and Head – Group Oversight

Encl.: a/a.

Exhibit 99

 

LOGO

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

Website: https://www.hdfcbank.com, Tel.: 022-6652 1000, Fax: 022-2496 0739

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2024

 

          ( in crore)  
          Quarter ended      Half year ended
     Year ended
31.03.2024
 
          30.09.2024      30.06.2024      30.09.2023      30.09.2024      30.09.2023  
Particulars    Unaudited      Unaudited      Unaudited      Unaudited      Unaudited      Audited  
1    Interest earned (a)+(b)+(c)+(d)      83001.72        81546.20        75039.10        164547.92        126207.24        283649.02  
   a) Interest / discount on advances / bills      62707.35        61875.82        56896.57        124583.17        97349.34        217979.34  
   b) Income on investments      17826.68        17474.07        16091.81        35300.75        24968.81        57524.80  
   c) Interest on balances with Reserve Bank of India and other inter-bank funds      849.10        636.42        489.98        1485.52        1338.38        2634.63  
   d) Others      1618.59        1559.89        1560.74        3178.48        2550.71        5510.25  
2    Other income (a)+(b)      38455.02        35450.29        32527.52        73905.31        42380.67        124345.75  
   a) Premium and other operating income from insurance business      19108.13        14606.73        17285.87        33714.86        17285.87        57858.60  
   b) Others      19346.89        20843.56        15241.65        40190.45        25094.80        66487.15  
3    Total income (1)+(2)      121456.74        116996.49        107566.62        238453.23        168587.91        407994.77  
4    Interest expended      45414.21        44579.50        41249.91        89993.71        67204.67        154138.55  
5    Operating expenses (i)+(ii)+(iii)      48805.24        46546.53        42037.59        95351.77        57215.30        152269.34  
   i) Employees cost      8519.34        8289.07        7789.05        16808.41        13740.21        31023.00  
   ii) Claims and benefits paid and other expenses pertaining to insurance business      28396.69        26752.55        23713.93        55149.24        23713.93        78313.46  
   iii) Other operating expenses      11889.21        11504.91        10534.61        23394.12        19761.16        42932.88  
6    Total expenditure (4)+(5) (excluding provisions and contingencies)      94219.45        91126.03        83287.50        185345.48        124419.97        306407.89  
7    Operating profit before provisions and contingencies (3)-(6)      27237.29        25870.46        24279.12        53107.75        44167.94        101586.88  
8    Provisions (other than tax) and contingencies      3268.87        3143.09        3311.74        6411.96        6603.84        25018.28  
9    Exceptional items      —         —         —         —         —         —   
10    Profit from ordinary activities before tax and minority interest (7)-(8)-(9)      23968.42        22727.37        20967.38        46695.79        37564.10        76568.60  
11   

Tax expense (Refer note 15)

     5340.98        5539.32        3655.00        10880.30        7848.47        11122.10  
12   

Net profit from ordinary activities after tax and before minority interest (10)-(11)

     18627.44        17188.05        17312.38        35815.49        29715.63        65446.50  
13    Extraordinary items (net of tax expense)      —         —         —         —         —         —   
14    Net profit for the period before minority interest (12)-(13)      18627.44        17188.05        17312.38        35815.49        29715.63        65446.50  
15    Less: Minority interest      801.53        713.20        500.97        1514.73        533.84        1384.46  
16    Net profit for the period (14)-(15)      17825.91        16474.85        16811.41        34300.76        29181.79        64062.04  
17    Paid up equity share capital (Face value of 1/- each)      763.08        760.81        758.18        763.08        758.18        759.69  
18    Reserves excluding revaluation reserves                     452982.84  
19    Analytical Ratios and other disclosures :                  
   (i) Percentage of shares held by Government of India      Nil        Nil        Nil        Nil        Nil        Nil  
   (ii) Earnings per share (EPS) () (Face value of 1/- each):                  
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized      23.40        21.67        22.24        45.07        44.36        90.42  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized      23.29        21.59        22.12        44.87        44.12        90.01  

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


LOGO

 

Consolidated Segment information in accordance with the RBI guidelines and Accounting Standard 17 - Segment Reporting of the operating segments of the Group is as under:

 

         ( in crore)  
         Quarter ended     Half year ended
    Year ended
31.03.2024
 
         30.09.2024     30.06.2024     30.09.2023     30.09.2024     30.09.2023  

Particulars

  Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited  

1

   Segment Revenue            

a)

   Treasury     14567.80       15320.59       15897.67       29888.39       26435.54       61653.66  

b)

   Retail Banking:     70014.78       68054.79       60859.02       138069.57       103798.50       233637.87  
   (i) Digital Banking*     2.20       1.70       0.76       3.90       1.38       3.37  
   (ii) Non Digital Banking     70012.58       68053.09       60858.26       138065.67       103797.12       233634.50  

c)

   Wholesale Banking     47470.21       47173.95       47298.63       94644.16       77030.54       175520.23  

d)

   Other Banking Operations     8716.61       7994.16       7270.03       16710.77       14220.12       30050.38  

e)

   Insurance Business**     31439.60       29632.63       26013.03       61072.23       26013.03       86877.22  

f)

   Others^     4517.50       3662.61       3,147.35       8,180.11       6,351.97       13536.00  

g)

   Unallocated     —        —        —        —        —        —   
   Total     176726.50       171838.73       160485.73       348565.23       253849.70       601275.36  
   Less: Inter Segment Revenue     55269.76       54842.24       52919.11       110112.00       85261.79       193280.59  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Income from Operations

    121456.74       116996.49       107566.62       238453.23       168587.91       407994.77  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2

   Segment Results***            

a)

   Treasury     743.83       1706.33       1823.49       2450.16       3178.39       14190.10  

b)

   Retail Banking:     6915.89       5821.28       5938.60       12737.17       9507.66       15659.91  
   (i) Digital Banking*     0.12       (0.07     (0.31     0.05       (0.63     (1.23
   (ii) Non Digital Banking     6915.77       5821.35       5938.91       12737.12       9508.29       15661.14  

c)

   Wholesale Banking     11864.31       10776.18       9804.85       22640.49       18653.04       32280.98  

d)

   Other Banking Operations     3075.19       3556.54       2774.38       6631.73       5532.27       11104.00  

e)

   Insurance Business**     1163.42       1360.81       640.09       2524.23       640.09       3321.30  

f)

   Others^     799.72       83.98       537.26       883.70       1221.99       2352.00  

g)

   Unallocated     (593.94     (577.75     (551.29     (1171.69     (1169.34     (2339.69
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax and Minority Interest     23968.42       22727.37       20967.38       46695.79       37564.10       76568.60  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

3

   Segment Assets            

a)

   Treasury     825913.16       796772.25       792493.31       825913.16       792493.31       822926.80  

b)

   Retail Banking:     1466708.32       1432329.21       1317354.12       1466708.32       1317354.12       1395089.03  
   (i) Digital Banking*     60.89       60.68       46.87       60.89       46.87       51.34  
   (ii) Non Digital Banking     1466647.43       1432268.53       1317307.25       1466647.43       1317307.25       1395037.69  

c)

   Wholesale Banking     1263373.58       1210807.95       1203598.87       1263373.58       1203598.87       1274899.43  

d)

   Other Banking Operations     105840.37       102452.02       86212.61       105840.37       86212.61       97097.23  

e)

   Insurance Business**     359068.23       341114.28       291465.88       359068.23       291465.88       322984.00  

f)

   Others^     104654.33       98174.13       73571.02       104654.33       73571.02       89587.20  

g)

   Unallocated     26229.94       24888.10       16651.27       26229.94       16651.27       27610.57  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total     4151787.93       4006537.94       3781347.08       4151787.93       3781347.08       4030194.26  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

4

   Segment Liabilities***            

a)

   Treasury     68586.20       65421.51       133992.56       68586.20       133992.56       94557.67  

b)

   Retail Banking:     2142405.13       2066184.21       1856182.50       2142405.13       1856182.50       2046673.65  
   (i) Digital Banking*     65.56       65.58       50.01       65.56       50.01       56.18  
   (ii) Non Digital Banking     2142339.57       2066118.63       1856132.49       2142339.57       1856132.49       2046617.47  

c)

   Wholesale Banking     950205.19       917628.00       966616.53       950205.19       966616.53       973987.85  

d)

   Other Banking Operations     8899.59       8040.78       7451.29       8899.59       7451.29       8212.98  

e)

   Insurance Business**     346528.53       329394.05       280695.20       346528.53       280695.20       311998.00  

f)

   Others^     83430.04       78346.75       58036.73       83430.04       58036.73       71040.35  

g)

   Unallocated     54498.50       51292.76       47037.45       54498.50       47037.45       53945.11  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total     3654553.18       3516308.06       3350012.26       3654553.18       3350012.26       3560415.61  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

5

   Capital, Employees stock options outstanding, Reserves and Minority Interest     497234.75       490229.88       431334.82       497234.75       431334.82       469778.65  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

6

   Total (4)+(5)     4151787.93       4006537.94       3781347.08       4151787.93       3781347.08       4030194.26  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

*Information about Digital Banking Segment reported as a sub-segment of Retail Banking Segment is related to Digital Banking Units of the Bank.

** Includes the operations of HDFC Life Insurance Company Limited (consolidated) (“HDFC Life”) and HDFC ERGO General Insurance Company Limited (“HDFC Ergo”).

***Segment Results and Liabilities for the periods ended March 31, 2024 are after considering the impact of floating provisions in the respective segments.

^ Includes the operations of the consolidated entities of the Bank, not covered in any of the above segments.

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 the RBI. The Segment Assets and Segment Liabilities exclude transfers between segments and are transfer priced on a gross basis.


LOGO

 

Notes :

 

1

Consolidated Statement of Assets and Liabilities is given below:

 

     ( in crore)  
     As at
30.09.2024
     As at
30.09.2023
     As at
31.03.2024
 

Particulars

   Unaudited      Unaudited      Audited  

CAPITAL AND LIABILITIES

        

Capital

     763.08        758.18        759.69  

Employees stock options outstanding

     3228.04        1871.99        2652.72  

Reserves and surplus

     477794.04        416296.21        452982.84  

Minority interest

     15449.59        12408.44        13383.40  

Deposits

     2496324.92        2171078.75        2376887.28  

Borrowings

     666038.88        771227.26        730615.46  

Other liabilities and provisions

     180896.04        136326.01        174832.07  

Policyholders’ funds

     311293.34        271380.24        278080.80  
  

 

 

    

 

 

    

 

 

 

Total

     4151787.93        3781347.08        4030194.26  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and balances with Reserve Bank of India

     194486.02        154168.67        178718.67  

Balances with banks and money at call and short notice

     71899.37        40962.69        50115.84  

Investments

     1061584.96        992411.21        1005681.63  

Advances

     2585710.03        2401916.29        2565891.41  

Fixed assets

     14170.63        11260.51        12603.76  

Other assets

     223936.92        180627.71        217182.95  
  

 

 

    

 

 

    

 

 

 

Total

     4151787.93        3781347.08        4030194.26  
  

 

 

    

 

 

    

 

 

 

 

2

Consolidated Statement of Cashflow is given below:

 

     ( in crore)  

Particulars

   Half year ended
    Year ended  
   30.09.2024     30.09.2023     31.03.2024  
   Unaudited     Unaudited     Audited  

Cash flows from operating activities:

      

Consolidated profit before income tax and after minority interest

     45181.06       37030.26       75184.14  

Adjustment for :

      

Depreciation on fixed assets

     1888.04       1511.11       3092.08  

Profit on revaluation of investments

     (9654.26     (2828.78     (6957.14

Amortisation of premium / (discount) on investments

     (167.81     478.66       966.09  

Profit on sale of fixed assets

     (10.52     (35.93     (75.36

Profit on sale of investment in subsidiary

     —        —        (7341.42

Provision / charge for non performing assets

     7648.95       6497.93       12540.05  

Floating provisions

     —        —        10900.00  

Provision for standard assets and contingencies

     (1236.99     105.90       1578.23  

Employee stock options / units expense

     1052.13       675.15       1731.73  
  

 

 

   

 

 

   

 

 

 
     44700.60       43434.30       91618.40  
  

 

 

   

 

 

   

 

 

 

Adjustments for :

      

Increase in investments

     (39018.35     (78252.74     (88411.63

Increase in advances

     (27907.72     (139199.65     (309210.70

Increase in deposits

     119437.64       131156.29       336964.81  

Increase in other assets

     (7199.39     (6697.33     (31197.26

(Decrease) / Increase in other liabilities and provisions

     6663.72       (459.81     6420.40  

Increase in policyholders’ funds

     29426.38       12343.44       35728.16  
  

 

 

   

 

 

   

 

 

 
     126102.88       (37675.50     41912.18  
  

 

 

   

 

 

   

 

 

 

Direct taxes paid (net of refunds)

     (12303.16     (7925.37     (22842.84
  

 

 

   

 

 

   

 

 

 

Net cash flow from / (used in) operating activities

     113799.72       (45600.87     19069.34  
  

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

      

Purchase of fixed assets

     (1792.03     (1732.50     (4286.72

Proceeds from sale of fixed assets

     42.26       50.53       99.82  

Proceeds from sale of investment in subsidiary (net)

     —        —        9500.67  

Investment in subsidiaries

     (67.47     —        —   
  

 

 

   

 

 

   

 

 

 

Net cash flow from / (used in) investing activities

     (1817.24     (1681.97     5313.77  
  

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

      

Increase in minority interest

     1054.32       257.44       1201.66  

Proceeds from exercise of convertible equity warrants

     —        3192.81       3192.81  

Proceeds from issue of share capital (other than on exercise of warrants)

     3918.40       3534.64       5249.73  

Proceeds from issue of Tier 1 and Tier 2 capital instruments

     500.00       —        2350.00  

Redemption of Tier 1 and Tier 2 capital instruments

     (200.00     —        (230.00

(Decrease) / Increase in other borrowings

     (64919.96     35430.58       (7342.84

Dividend paid during the period

     (14826.19     (8404.42     (8404.42
  

 

 

   

 

 

   

 

 

 

Net cash flow from / (used in) financing activities

     (74473.43     34011.05       (3983.06
  

 

 

   

 

 

   

 

 

 

Effect of change in foreign currency translation reserve

     41.83       73.63       104.94  
  

 

 

   

 

 

   

 

 

 

Net increase / (decrease) in cash and cash equivalents

     37550.88       (13198.16     20504.99  
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at the beginning of the year

     228834.51       197147.81       197147.81  

Cash and cash equivalents acquired on amalgamation

     —        11181.71       11181.71  

Cash and cash equivalents at the end of the period

     266385.39       195131.36       228834.51  
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents includes cash and balances with the RBI and balances with banks and money at call & short notice.


LOGO

 

3

The above financial results represent the consolidated financial results of HDFC Bank Limited, its subsidiaries (together referred to as the ‘Group’) and HDB Employee Welfare Trust (“EWT”). These financial results have been approved by the Board of Directors at its meeting held on October 19, 2024. The financial results for the quarter and half year ended September 30, 2024 have been subjected to a “Limited Review” by the joint statutory auditors of the Bank viz. Price Waterhouse LLP, Chartered Accountants and Batliboi & Purohit, Chartered Accountants. The previous period results were reviewed / audited by the Bank’s joint statutory auditors - M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants.

 

4

These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standards specified under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (‘the RBI’) from time to time, the Insurance Regulatory and Development Authority of India (‘the IRDAI’) (Preparation of Financial Statements and Auditors Report of Insurance companies) Regulations, 2002 (“IRDAI Guidelines”) to the extent applicable for insurance entities and other accounting principles generally accepted in India and these financial results are in compliance with the presentation and disclosure requirements of the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Regulations”) as amended including relevant circulars issued by the SEBI from time to time.

 

5

The RBI, vide its master direction dated September 12, 2023, issued revised norms for the classification, valuation and operation of investment portfolio of banks, which became applicable from April 1, 2024. While hitherto, the investment portfolio was classified under the held to maturity (HTM), available for sale (AFS) and held for trading (HFT) categories, the revised norms bring in a principle-based classification of investment portfolio and a symmetric treatment of fair value gains and losses. In accordance with the revised norms and the Bank’s board approved policy, the Bank has classified its investment portfolio as on April 1, 2024 under the categories of held to maturity (HTM), available for sale (AFS), subsidiaries, associates and joint ventures and fair value through profit and loss (FVTPL) with held for trading (HFT) as a sub-category of FVTPL, and from that date, measures and values the investment portfolio under the revised framework. For the purpose of consolidation, all the subsidiaries of the Bank and the EWT have followed the revised framework of the Bank except for HDFC Life insurance Company Limited (“HDFC Life”) and HDFC Ergo General Insurance Company Limited (“HDFC Ergo”), (the subsidiaries regulated by IRDAI), which continue to follow IRDAI guidelines. On transition to the revised framework on April 01, 2024, the group has recognised a net gain of  1,113.78 crore (net of tax of  405.86 crore and minority interest of  914.25 crore) which has been credited to general reserve, in accordance with the said norms. The impact of the revised framework for the period subsequent to the transition is not ascertainable and as such the income / profit or loss from investments for the quarter and half year ended September 30, 2024 are not comparable with that of the previous period/s. Except for the foregoing, the Group has applied significant accounting policies in preparation of these consolidated financial results consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2024. Any relevant circular / direction issued by the RBI and other regulator(s) is implemented prospectively when it becomes applicable, unless specifically required under that circular / direction.

 

6

The Board of Directors at its meeting held on April 04, 2022, approved a composite Scheme of amalgamation (“Scheme”), for the amalgamation of: (i) erstwhile HDFC Investments Limited (“eHDFC Investments”) and erstwhile HDFC Holdings Limited (“eHDFC Holdings”), with and into erstwhile Housing Development Finance Corporation Limited (“eHDFC Limited”); and thereafter (ii) eHDFC Limited into HDFC Bank Limited (“Bank”), and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The Scheme was approved by the shareholders at the National Company Law Tribunal (“NCLT”) convened meeting of the shareholders of the Bank held on November 25, 2022. The NCLT, in accordance with Sections 230 to 232 of the Companies Act, 2013 and rules thereunder, vide its order dated March 17, 2023 sanctioned the Scheme. Upon receipt of all requisite approvals, the Bank filed form INC 28 with Registrar of Companies on July 01, 2023 and accordingly, the scheme became effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of eHDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. The results for the half year ended September 30, 2024 include the operations of eHDFC Limited and its subsidiaries (which became subsidiaries of the Bank on amalgamation) effective from July 01, 2023 and hence are not comparable with results for the half year ended September 30, 2023.

 

7

On October 07, 2024, the Board of Directors of the Bank approved the sale of 100.00% stake in HDFC Education and Development Services Private Ltd (“HEADS”), a subsidiary of eHDFC Limited that became a subsidiary of the Bank upon the Scheme becoming effective, for a consideration of  192.00 crore, in order to comply with the condition imposed by the RBI in relation to the Scheme. The Bank has not consolidated HEADS in the above results, as its control is intended to be temporary. On October 18, 2024, the Bank divested 91.00% stake in HEADS.

 

8

The Bank has been allotted 16,13,176 equity shares of HDFC Securities Limited (“HSL”) on April 15, 2024, subscribed through a rights issue for a consideration of  953.23 crore. The Bank’s shareholding in HSL stood at 94.89% as at September 30, 2024.

 

9

The Bank has been allotted 44,20,059 equity shares of HDFC Ergo on August 31, 2024, subscribed through a rights issue for a consideration of  289.07 crore. The Bank’s shareholding in HDFC Ergo stood at 50.48% as at September 30, 2024.

 

10

During the quarter ended September 30, 2024, the Bank has acquired 69,330 equity shares in HDFC Capital Advisors Limited (“HCAL”) for consideration of  67.47 crore. Post this acquisition, the Bank’s shareholding in HCAL was 89.34% as at September 30, 2024.

 

11

The Board of Directors of the Bank at its meeting held on July 20, 2024 provided an in-principle approval to initiate the process of listing equity shares of its subsidiary HDB Financial Services Limited (“HDBFS”). The Board of Directors of HDBFS at its meeting held on September 20, 2024 approved an initial public offering of the equity shares of face value of  10 each (‘Equity Shares’) comprising of a fresh issue of Equity Shares aggregating up to  2,500.00 crore and an offer for sale of Equity Shares by existing and eligible shareholders of the HDBFS who may offer to tender their Equity Shares which is subject to approval of the shareholders of the HDBFS, market conditions, receipt of applicable approvals, regulatory clearances, and other considerations.

 

12

RBI vide its letter dated May 13, 2022, had conveyed its approval to the Bank for setting up a step-down subsidiary through HSL, for offering broking and clearing services in International Financial Services Centre (IFSC) at GIFT City. Accordingly, a wholly owned subsidiary of HDFC Securities Limited namely “HDFC Securities IFSC Limited” has been incorporated effective October 01, 2024. HDFC Securities IFSC Limited has become a subsidiary of the Bank with effect from October 1, 2024.


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13

During the quarter and half year ended September 30, 2024, the Bank allotted 2,26,56,007 and 3,38,67,647 equity shares pursuant to the exercise of options / units under the approved employee stock option schemes / employee stock incentive master scheme.

 

14

Other income includes commission income from non-fund based banking activities, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments, and recoveries from accounts previously written off.

 

15

Provision for tax during the year ended March 31, 2024 as well as for the quarter and half year ended September 30, 2023 is net of write back of provision no longer required of  6,946.47 crore and  1,628.12 crore respectively, pursuant to favourable orders received.

 

16

In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio, liquidity coverage ratio and net stable funding ratio under the Basel III Framework. These disclosures would be available on the Bank’s website at the following link: https://www.hdfcbank.com/personal/resources/regulatory-disclosures. The disclosures have not been subjected to audit or review by the statutory auditors.

 

17

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

 

18

 10 million =  1 crore

 

Place: Mumbai

   Sashidhar Jagdishan
Date: October 19, 2024    Managing Director


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HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2024

 

          ( in crore)  
          Quarter ended     Half year ended
    Year ended
31.03.2024
 
          30.09.2024     30.06.2024     30.09.2023     30.09.2024     30.09.2023  

Particulars

   Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited  

1

   Interest earned (a)+(b)+(c)+(d)      74016.91       73033.14       67698.39       147050.05       116285.20       258340.56  
   a) Interest / discount on advances / bills      59389.81       58714.88       54294.50       118104.69       92302.45       207220.01  
   b) Income on investments      12631.60       12543.82       11639.51       25175.42       20550.75       44364.28  
   c) Interest on balances with Reserve Bank of India and other inter-bank funds      674.74       472.89       412.91       1147.63       1204.76       2040.47  
   d) Others      1320.76       1301.55       1351.47       2622.31       2227.24       4715.80  

2

   Other Income      11482.73       10668.11       10707.84       22150.84       19937.70       49240.99  

3

  

Total Income (1)+(2)

     85499.64       83701.25       78406.23       169200.89       136222.90       307581.55  

4

   Interest expended      43903.01       43196.00       40313.16       87099.01       65300.90       149808.10  

5

   Operating expenses (i)+(ii)      16890.89       16620.61       15399.19       33511.50       29456.10       63386.01  
   i) Employees cost      5985.30       5848.88       5170.19       11834.18       9952.26       22240.21  
   ii) Other operating expenses      10905.59       10771.73       10229.00       21677.32       19503.84       41145.80  

6

   Total Expenditure (4)+(5) (excluding provisions and contingencies)      60793.90       59816.61       55712.35       120610.51       94757.00       213194.11  

7

   Operating Profit before provisions and contingencies (3)-(6)      24705.74       23884.64       22693.88       48590.38       41465.90       94387.44  

8

   Provisions (other than tax) and Contingencies (Refer note 12)      2700.46       2602.06       2903.83       5302.52       5763.86       23492.14  

9

   Exceptional items      —        —        —        —        —        —   

10

   Profit from ordinary activities before tax (7)-(8)-(9)      22005.28       21282.58       19790.05       43287.86       35702.04       70895.30  

11

   Tax Expense (Refer note 16)      5184.31       5107.83       3813.94       10292.14       7774.16       10083.03  

12

   Net Profit from ordinary activities after tax (10)-(11)      16820.97       16174.75       15976.11       32995.72       27927.88       60812.27  

13

   Extraordinary items (net of tax expense)      —        —        —        —        —        —   

14

  

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

     16820.97       16174.75       15976.11       32995.72       27927.88       60812.27  

15

   Paid up equity share capital (Face Value of 1/- each)      763.08       760.81       758.18       763.08       758.18       759.69  

16

   Reserves excluding revaluation reserves                436833.39  

17

  

Analytical Ratios and other disclosures:

            
   (i) Percentage of shares held by Government of India      Nil       Nil       Nil       Nil       Nil       Nil  
   (ii) Capital Adequacy Ratio      19.77     19.33     19.54     19.77     19.54     18.80
   (iii) Earnings per share (EPS) () (Face Value of  1/- each):             
   (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized      22.08       21.28       21.13       43.36       42.46       85.83  
   (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized      21.98       21.19       21.02       43.17       42.23       85.44  
   (iv) NPA Ratios:             
   (a) Gross NPAs      34250.62       33025.69       31577.89       34250.62       31577.89       31173.32  
   (b) Net NPAs      10308.54       9508.44       8072.79       10308.54       8072.79       8091.74  
   (c) % of Gross NPAs to Gross Advances      1.36     1.33     1.34     1.36     1.34     1.24
   (d) % of Net NPAs to Net Advances      0.41     0.39     0.35     0.41     0.35     0.33
   (v) Return on assets (average) - not annualized      0.49     0.47     0.50     0.96     1.00     1.98
   (vi) Net worth      450136.68       444793.21       397232.31       450136.68       397232.31       427634.18  
   (vii) Outstanding Redeemable Preference Shares      —        —        —        —        —        —   
   (viii) Capital Redemption Reserve      —        —        —        —        —        —   
   (ix) Debt Equity Ratio      0.93       1.02       1.25       0.93       1.25       1.21  
   (x) Total Debts to Total Assets      15.88     16.80     20.98     15.88     20.98     18.30
   - Debt represents borrowings with residual maturity of more than one year. Total debts represents total borrowings of the Bank.             

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


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Segment information in accordance with the RBI guidelines and Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:

 

          ( in crore)  
          Quarter ended     Half year ended     Year ended
31.03.2024
 
          30.09.2024     30.06.2024     30.09.2023     30.09.2024     30.09.2023  

Particulars

   Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited  

1

   Segment Revenue             

a)

   Treasury      14567.80       15320.59       15897.67       29888.39       26435.54       61653.66  

b)

   Retail Banking:      70014.78       68054.79       60859.02       138069.57       103798.50       233637.87  
   (i) Digital Banking*      2.20       1.70       0.76       3.90       1.38       3.37  
   (ii) Non Digital Banking      70012.58       68053.09       60858.26       138065.67       103797.12       233634.50  

c)

   Wholesale Banking      47470.21       47173.95       47298.62       94644.16       77030.53       175520.23  

d)

   Other Banking Operations      8716.61       7994.16       7270.03       16710.77       14220.12       30050.38  

e)

   Unallocated      —        —        —        —        —        —   
   Total      140769.40       138543.49       131325.34       279312.89       221484.69       500862.14  
   Less: Inter Segment Revenue      55269.76       54842.24       52919.11       110112.00       85261.79       193280.59  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Income from Operations      85499.64       83701.25       78406.23       169200.89       136222.90       307581.55  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2

   Segment Results$             

a)

   Treasury      743.83       1706.33       1823.49       2450.16       3178.39       14190.10  

b)

   Retail Banking:      6915.89       5821.28       5938.60       12737.17       9507.66       15659.91  
   (i) Digital Banking*      0.12       (0.07     (0.31     0.05       (0.63     (1.23
   (ii) Non Digital Banking      6915.77       5821.35       5938.91       12737.12       9508.29       15661.14  

c)

   Wholesale Banking      11864.31       10776.18       9804.87       22640.49       18653.06       32280.98  

d)

   Other Banking Operations      3075.19       3556.54       2774.38       6631.73       5532.27       11104.00  

e)

   Unallocated      (593.94     (577.75     (551.29     (1171.69     (1169.34     (2339.69
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax      22005.28       21282.58       19790.05       43287.86       35702.04       70895.30  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

3

   Segment Assets             

a)

   Treasury      825913.16       796772.25       792505.41       825913.16       792505.41       822926.80  

b)

   Retail Banking:      1466708.32       1432329.21       1317256.52       1466708.32       1317256.52       1395089.03  
   (i) Digital Banking*      60.89       60.68       46.87       60.89       46.87       51.34  
   (ii) Non Digital Banking      1466647.43       1432268.53       1317209.65       1466647.43       1317209.65       1395037.69  

c)

   Wholesale Banking      1263373.58       1210807.95       1203671.34       1263373.58       1203671.34       1274899.43  

d)

   Other Banking Operations      105840.37       102452.02       86225.63       105840.37       86225.63       97097.23  

e)

   Unallocated      26229.94       24888.10       16651.31       26229.94       16651.31       27610.57  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      3688065.37       3567249.53       3416310.21       3688065.37       3416310.21       3617623.06  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

4

   Segment Liabilities$             

a)

   Treasury      68586.20       65421.51       134012.31       68586.20       134012.31       94557.67  

b)

   Retail Banking:      2142405.13       2066184.21       1856023.26       2142405.13       1856023.26       2046673.65  
   (i) Digital Banking*      65.56       65.58       50.01       65.56       50.01       56.18  
   (ii) Non Digital Banking      2142339.57       2066118.63       1855973.25       2142339.57       1855973.25       2046617.47  

c)

   Wholesale Banking      950205.19       917628.00       966734.78       950205.19       966734.78       973987.85  

d)

   Other Banking Operations      8899.59       8040.78       7472.52       8899.59       7472.52       8212.98  

e)

   Unallocated      54498.50       51292.76       47037.50       54498.50       47037.50       53945.11  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      3224594.61       3108567.26       3011280.37       3224594.61       3011280.37       3177377.26  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

5

   Capital, Employees stock options outstanding and Reserves      463470.76       458682.27       405029.84       463470.76       405029.84       440245.80  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

6

   Total (4)+(5)      3688065.37       3567249.53       3416310.21       3688065.37       3416310.21       3617623.06  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

*Information about Digital Banking Segment reported as a sub-segment of Retail Banking Segment is related to Digital Banking Units of the Bank.

$Segment Results and Liabilities for the periods ended March 31, 2024 are after considering the impact of floating provisions in the respective segments.

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 the RBI. The Segment Assets and Segment Liabilities exclude transfers between segments and are transfer priced on a gross basis.


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Notes :

 

1

Standalone Statement of Assets and Liabilities is given below:

 

     ( in crore)  
     As at
30.09.2024
     As at
30.09.2023
     As at
31.03.2024
 

Particulars

   Unaudited      Unaudited      Audited  

CAPITAL AND LIABILITIES

        

Capital

     763.08        758.18        759.69  

Employees stock options outstanding

     3228.04        1769.83        2652.72  

Reserves and surplus

     459479.64        402501.83        436833.39  

Deposits

     2500088.17        2172857.76        2379786.28  

Borrowings

     585556.08        716774.99        662153.07  

Other liabilities and provisions

     138950.36        121647.62        135437.91  
  

 

 

    

 

 

    

 

 

 

Total

     3688065.37        3416310.21        3617623.06  
  

 

 

    

 

 

    

 

 

 

ASSETS

        

Cash and balances with Reserve Bank of India

     194458.26        154142.54        178683.22  

Balances with banks and money at call and short notice

     61881.11        32927.95        40464.19  

Investments

     724015.07        723435.90        702414.96  

Advances

     2495120.34        2331232.93        2484861.52  

Fixed assets

     12829.45        10142.63        11398.97  

Other assets

     199761.14        164428.26        199800.20  
  

 

 

    

 

 

    

 

 

 

Total

     3688065.37        3416310.21        3617623.06  
  

 

 

    

 

 

    

 

 

 

 

2

Statement of Cash flow is given below:

 

     ( in crore)  
     Half year ended     Year ended
31.03.2024
 
     30.09.2024     30.09.2023  

Particulars

   Unaudited     Unaudited     Audited  

Cash flows from operating activities:

      

Profit before income tax

     43287.86       35702.04       70895.30  

Adjustments for:

      

Depreciation on fixed assets

     1691.44       1403.98       2810.10  

Profit on revaluation of investments

     (469.18     (720.12     (943.49

Amortisation of premium / (discount) on investments

     (228.79     420.80       844.95  

Profit on sale of fixed assets

     (9.86     (35.30     (73.82

Profit on sale of investment in subsidiary

     —        —        (7341.42

Provision / charge for non performing assets

     6447.48       5602.89       10774.82  

Floating provisions

     —        —        10900.00  

Provision for standard assets and contingencies

     (1144.95     160.97       1817.33  

Dividend from subsidiaries

     (1547.48     (675.29     (1332.39

Employee Stock Options / Units expense

     940.39       597.68       1547.40  
  

 

 

   

 

 

   

 

 

 
     48966.91       42457.65       89898.78  
  

 

 

   

 

 

   

 

 

 

Adjustments for:

      

Increase in investments

     (17434.47     (73484.35     (54833.62

Increase in advances

     (17126.34     (130671.80     (289444.22

Increase in deposits

     120301.90       132203.91       339132.41  

Increase in other assets

     (1833.81     (2503.96     (29225.41

(Decrease) / Increase in other liabilities and provisions

     4056.64       (1595.64     (669.23
  

 

 

   

 

 

   

 

 

 
     136930.83       (33594.19     54858.71  
  

 

 

   

 

 

   

 

 

 

Direct taxes paid (net of refunds)

     (11066.04     (8472.75     (19843.74
  

 

 

   

 

 

   

 

 

 

Net cash flow from / (used in) operating activities

     125864.79       (42066.94     35014.97  
  

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

      

Purchase of fixed assets

     (1441.69     (1536.38     (3834.89

Proceeds from sale of fixed assets

     38.31       48.55       96.00  

Investment in subsidiaries

     (1309.77     —        —   

Proceeds from sale of investment in subsidiary (net)

     —        —        9500.67  

Dividend from subsidiaries

     1547.48       675.29       1332.39  
  

 

 

   

 

 

   

 

 

 

Net cash flow from / (used in) investing activities

     (1165.67     (812.54     7094.17  
  

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

      

Proceeds from exercise of convertible equity warrants

     —        3192.81       3192.81  

Proceeds from issue of share capital other than warrants

     3918.40       3534.64       5249.73  

(Decrease) / Increase in other borrowings

     (76636.24     32382.85       (22275.06

Dividend paid during the period

     (14826.19     (8404.42     (8404.42
  

 

 

   

 

 

   

 

 

 

Net cash flow (used in) / from financing activities

     (87544.03     30705.88       (22236.94
  

 

 

   

 

 

   

 

 

 

Effect of fluctuation in foreign currency translation reserve

     36.87       70.14       101.26  
  

 

 

   

 

 

   

 

 

 

Net increase / (decrease) in cash and cash equivalents

     37191.96       (12103.46     19973.46  
  

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at the beginning of the year

     219147.41       193765.08       193765.08  

Cash and cash equivalents acquired on amalgamation

     —        5408.87       5408.87  

Cash and cash equivalents at the end of the period

     256339.37       187070.49       219147.41  

Cash and cash equivalents includes Cash and balances with Reserve Bank of India and Balances with banks and money at call and short notice.


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3

The above standalone financial results have been approved by the Board of Directors at its meeting held on October 19, 2024. The financial results for the quarter and half year ended September 30, 2024 have been subjected to a “Limited Review” by the joint statutory auditors of the Bank viz. Price Waterhouse LLP, Chartered Accountants and Batliboi & Purohit, Chartered Accountants. The previous period results were reviewed / audited by the Bank’s joint statutory auditors - M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants.

 

4

These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standards specified under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (“the RBI”) from time to time and other accounting principles generally accepted in India, and are in compliance with the presentation and disclosure requirements of the Regulation 33 and Regulation 52 read with Regulation 63 (2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Regulations”) as amended including relevant circulars issued by the SEBI from time to time.

 

5

The RBI, vide its master direction dated September 12, 2023, issued revised norms for the classification, valuation and operation of investment portfolio of banks, which became applicable from April 01, 2024. While hitherto, the investment portfolio was classified under the held to maturity (HTM), available for sale (AFS) and held for trading (HFT) categories, the revised norms bring in a principle-based classification of investment portfolio and a symmetric treatment of fair value gains and losses. In accordance with the revised norms and the Bank’s board approved policy, the Bank has classified its investment portfolio as on April 01, 2024 under the categories of held to maturity (HTM), available for sale (AFS), subsidiaries, associates and joint ventures and fair value through profit and loss (FVTPL) with held for trading (HFT) as a sub-category of FVTPL, and from that date, measures and values the investment portfolio under the revised framework. On transition to the framework on April 01, 2024, the Bank has recognised a net gain of  482.87 crore (net of tax of  127.00 crore) which has been credited to general reserve, in accordance with the said norms. The impact of the revised framework for the period subsequent to the transition is not ascertainable and as such the income / profit or loss from investments for the quarter and half-year ended September 30, 2024 is not comparable with that of the previous period/s. Except for the foregoing, the Bank has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2024. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable, unless specifically required under that circular / direction.

 

6

The Board of Directors at its meeting held on April 04, 2022, approved a composite Scheme of amalgamation (“Scheme”), for the amalgamation of: (i) erstwhile HDFC Investments Limited (“eHDFC Investments”) and erstwhile HDFC Holdings Limited (“eHDFC Holdings”), with and into erstwhile Housing Development Finance Corporation Limited (“eHDFC Limited”); and thereafter (ii) eHDFC Limited into HDFC Bank Limited (“Bank”), and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The Scheme was approved by the shareholders at the National Company Law Tribunal (“NCLT”) convened meeting of the shareholders of the Bank held on November 25, 2022. The NCLT, in accordance with Sections 230 to 232 of the Companies Act, 2013 and rules thereunder, vide its order dated March 17, 2023 sanctioned the Scheme. Upon receipt of all requisite approvals, the Bank filed form INC 28 with Registrar of Companies on July 01, 2023 and accordingly, the scheme became effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of eHDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. The results for the half year ended September 30, 2024 include the operations of the eHDFC Limited which amalgamated with and into HDFC Bank on July 01, 2023 and hence are not comparable with results of the half year ended September 30, 2023.

 

7

On October 07, 2024, the Board of Directors of the Bank approved the sale of 100.00% stake in HDFC Education and Development Services Private Ltd (“HEADS”), a subsidiary of eHDFC Limited that became a subsidiary of the Bank upon the Scheme becoming effective, for a consideration of  192.00 crore, in order to comply with the condition imposed by the RBI in relation to the Scheme. On October 18, 2024, the Bank divested 91.00% stake in HEADS.

 

8

The Bank has been allotted 16,13,176 equity shares of HDFC Securities Limited (“HSL”) on April 15, 2024, subscribed through a rights issue for a consideration of  953.23 crore. The Bank’s shareholding in HSL stood at 94.89% as at September 30, 2024.

 

9

The Bank has been allotted 44,20,059 equity shares of HDFC Ergo General Insurance Limited (“HDFC Ergo”) on August 31, 2024, subscribed through a rights issue for a consideration of  289.07 crore. The Bank’s shareholding in HDFC Ergo stood at 50.48% as at September 30, 2024.

 

10

During the quarter ended September 30, 2024, the Bank has acquired 69,330 equity shares in HDFC Capital Advisors Limited (“HCAL”) for consideration of  67.47 crore. Post this acquisition, the Bank’s shareholding in HCAL was 89.34 % as at September 30, 2024.

 

11

During the quarter and half year ended September 30, 2024, the Bank allotted 2,26,56,007 and 3,38,67,647 equity shares pursuant to the exercise of options / units under the approved employee stock option schemes / employee stock incentive master scheme.

 

12

Pursuant to clarification received from the RBI regarding provisioning requirement towards Investments in Alternate Investment Funds (AIFs), the Bank has reassessed the provision thereon. Accordingly, during the quarter ended September 30, 2024 , the Bank has reversed provision of  679.52 crore in respect of the investments in AIFs and holds provision thereagainst of  354.97 crore as at September 30, 2024.

 

13

Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circulars dated August 06, 2020 (Resolution Framework 1.0) and May 05, 2021 (Resolution Framework 2.0) as at September 30, 2024 are given below:

 

     ( in crore)  

Type of Borrower

   Exposure to
accounts classified
as Standard
consequent to
implementation of
resolution plan -
Position as at the
end of the previous
half-year i.e.
March 31,
2024 (A)
     Of (A), aggregate
debt that slipped
into NPA during
the half-year
ended
September 30,
2024
     Of (A) amount
written off during
the half-year#
     Of (A) amount
paid by the
borrowers during
the half-year
     Exposure to
accounts classified
as Standard
consequent to
implementation of
resolution plan -
Position as at the
end of this
half-year i.e.
September 30,
2024^
 

Personal Loans

     4,411.91        166.89        45.74        722.35        3,522.67  

Corporate persons

     325.24        4.20        0.92        41.36        279.68  

Of which, MSMEs

     57.09        2.35        —         10.31        44.43  

Others

     447.32        14.74        2.96        100.94        331.64  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     5,184.47        185.83        49.62        864.65        4,133.99  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  # 

Represents debt that slipped into NPA and was subsequently written off during the half- year ended September 30, 2024.

 

  ^ 

Excludes other facilities to the borrowers aggregating to  362.61 crore which have not been restructured.


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14

Details of loans transferred / acquired during the quarter ended September 30, 2024 as per RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 are given below:

 

  (i)

The Bank has not transferred any stressed loan (Non-performing asset and Special Mention Account).

 

  (ii)

Details of loans not in default transferred through assignment are given below:

 

Particulars

   Value  

Aggregate amount of loans transferred ( in crore)

     10,139.13  

Weighted average residual maturity (in years)

     9.86  

Weighted average holding period (in years)

     2.97  

Retention of beneficial economic interest

     10

Tangible security coverage

     100

The loans transferred are not rated as these are to non-corporate borrowers.

 

  (iii)

Details of ratings of SRs outstanding as on September 30, 2024 are given below:

 

     ( in crore)  

Rating

   Rating Agency      Recovery rating      Gross Value of
Outstanding
SRs
 

RR4

     India Ratings        25% - 50%        129.70  

RR1

     India Ratings        100% - 150%        53.68  

RR1

     CRISIL        100% - 150%        26.81  

RR1+

     India Ratings        More than 150%        0.15  

RR1+

     ICRA        More than 150%        0.85  

RR1

     Informeric        100% - 150%        704.70  

RR3

     India Ratings        50% - 75%        37.66  

Unrated

           25.70  
        Total        979.25  

 

  (iv)

The Bank has not acquired any stressed loan and loan not in default.

 

15

Other income includes commission income from non-fund based banking activities, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments, dividends from subsidiaries and recoveries from accounts previously written off.

 

16

Provision for tax during the quarter and half year ended September 30, 2023, and for the year ended March 31, 2024, is net of write back of provision no longer required of  1,006.69 crore and  6,325.04 crore respectively, pursuant to favourable orders received.

 

17

The Board of Directors of the Bank at its meeting held on July 20, 2024 provided an in-principle approval to initiate the process of listing equity shares of its subsidiary HDB Financial Services Limited (“HDBFS”). The Board of Directors of HDBFS at its meeting held on September 20, 2024 approved an initial public offering of the equity shares of face value of  10 each (‘Equity Shares’) comprising of a fresh issue of Equity Shares aggregating up to  2,500.00 crore and an offer for sale of Equity Shares by existing and eligible shareholders of the HDBFS who may offer to tender their Equity Shares which is subject to approval of the shareholders of the HDBFS, market conditions, receipt of applicable approvals, regulatory clearances, and other considerations.

 

18

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

 

19

 10 million =  1 crore

 

Place: Mumbai

   Sashidhar Jagdishan

Date: October 19, 2024

   Managing Director


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2024

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and half year ended September 30, 2024, at its meeting held in Mumbai on Saturday, October 19, 2024. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

CONSOLIDATED FINANCIAL RESULTS:

The Bank’s consolidated net revenue grew by 14.7% to  760.4 billion for the quarter ended September 30, 2024 from  663.2 billion for the quarter ended September 30, 2023. The consolidated profit after tax for the quarter ended September 30, 2024 was  178.3 billion. The consolidated PAT adjusted for trading & mark to market gains and tax credits in the prior year, grew by 17.4% over the quarter ended September 30, 2023. The consolidated PAT for the half year ended September 30, 2024 was  343.0 billion. Earnings per share for the quarter ended September 30, 2024 was  23.4 and book value per share as of September 30, 2024 was  631.4.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2024

The Bank’s net revenue grew by 9.2% to  416.0 billion for the quarter ended September 30, 2024 from  380.9 billion for the quarter ended September 30, 2023.

Net interest income (interest earned less interest expended) for the quarter ended September 30, 2024 grew by 10.0% to  301.1 billion from  273.9 billion for the quarter ended September 30, 2023. Core net interest margin was at 3.46% on total assets, and 3.65% based on interest earning assets.

Other income (non-interest revenue) for the quarter ended September 30, 2024 was  114.8 billion as against  107.1 billion in the corresponding quarter ended September 30, 2023. The four components of other income for the quarter ended September 30, 2024 were fees & commissions of  81.4 billion ( 69.4 billion in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of  14.6 billion ( 12.2 billion in the corresponding quarter of the previous year), net trading and mark to market gain of  2.9 billion (gain of  10.4 billion in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend of  15.9 billion ( 15.1 billion in the corresponding quarter of the previous year).


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Operating expenses for the quarter ended September 30, 2024 were  168.9 billion, an increase of 9.7% over  154.0 billion during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 40.6%.

Provisions and contingencies for the quarter ended September 30, 2024 were  27.0 billion as against  29.0 billion for the quarter ended September 30, 2023.

The total credit cost ratio was at 0.43%, as compared to 0.49% for the quarter ending September 30, 2023.

Profit before tax (PBT) for the quarter ended September 30, 2024 was at  220.1 billion. Profit after tax (PAT) for the quarter was at  168.2 billion. PAT, adjusted for trading & mark to market gains and tax credits in the prior year, grew by 17.0% over the quarter ended September 30, 2023.

Balance Sheet: As of September 30, 2024

Total balance sheet size as of September 30, 2024 was  36,881 billion as against  34,163 billion as of September 30, 2023.

Total Deposits were at  25,001 billion as of September 30, 2024, an increase of 15.1% over September 30, 2023. CASA deposits grew by 8.1% with savings account deposits at  6,081 billion and current account deposits at  2,754 billion. Time deposits were at  16,165 billion, an increase of 19.3% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 35.3% of total deposits as of September 30, 2024.

The Bank’s average deposits were  23,540 billion for the September 2024 quarter, a growth of 15.5% over  20,385 billion for the September 2023 quarter, and 3.1% over  22,831 billion for the June 2024 quarter.


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

The Bank’s average CASA deposits were  8,084 billion for the September 2024 quarter, a growth of 7.3% over  7,535 billion for the September 2023 quarter, and were lower by 0.3% over  8,106 billion for the June 2024 quarter.

Gross advances were at  25,190 billion as of September 30, 2024, an increase of 7.0% over September 30, 2023. Grossing up for transfers through inter-bank participation certificates, bills rediscounted and securitisation / assignment, advances under management grew by 8.0% over September 30, 2023. Retail loans grew by 11.3%, commercial and rural banking loans grew by 17.4% and corporate and other wholesale loans were lower by 12.0%. Overseas advances constituted 1.7% of total advances.

The Bank’s advances under management, on an average basis, were  25,639 billion for the September 2024 quarter, a growth of 10.2% over  23,266 billion for the September 2023 quarter, and a growth of 1.2% over  25,327 billion for the June 2024 quarter.

Half Year ended September 30, 2024

For the half year ended September 30, 2024, the Bank earned a total income of  1,692 billion as against  1,362 billion in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2024 were  821 billion, as against  709 billion for the half year ended September 30, 2023. Profit after tax for the half year ended September 30, 2024 was  330 billion, up by 18.1% over the corresponding half year ended September 30, 2023.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.8% as on September 30, 2024 (19.5% as on September 30, 2023) as against a regulatory requirement of 11.7%. Tier 1 CAR was at 17.8% and Common Equity Tier 1 Capital ratio was at 17.3% as of September 30, 2024. Risk-weighted Assets were at  24,813 billion.

NETWORK

As of September 30, 2024, the Bank’s distribution network was at 9,092 branches and 20,993 ATMs across 4,088 cities / towns as against 7,945 branches and 20,596 ATMs across 3,836 cities / towns as of September 30, 2023. 51% of our branches are in semi-urban and rural areas. In addition, we have 15,217 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,06,758 as of September 30, 2024 (as against 1,97,899 as of September 30, 2023).


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

ASSET QUALITY

Gross non-performing assets were at 1.36% of gross advances as on September 30, 2024 (1.19% excluding NPAs in the agricultural segment), as against 1.33% as on June 30, 2024 (1.16% excluding NPAs in the agricultural segment), and 1.34% as on September 30, 2023 (1.20% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.41% of net advances as on September 30, 2024.

SUBSIDIARIES

Amongst the Bank’s key subsidiaries, HDFC Life Insurance Company Ltd and HDFC ERGO General Insurance Company Ltd prepare their financial results in accordance with Indian GAAP and other subsidiaries do so in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The financial numbers of the subsidiaries mentioned herein below are in accordance with the accounting standards used in their standalone reporting under the applicable GAAP.

HDB Financial Services Ltd (HDBFSL), is a non-deposit taking NBFC in which the Bank holds a 94.5% stake. For the quarter ended September 30, 2024, HDBFSL’s net revenue was at  24.1 billion. Profit after tax for the quarter ended September 30, 2024 was  5.9 billion compared to  6.0 billion for the quarter ended September 30, 2023. Profit after tax for the half year ended September 30, 2024 was  11.7 billion. The total loan book was  986 billion as on September 30, 2024. Stage 3 loans were at 2.10% of gross loans. Total CAR was at 19.3% with Tier-I CAR at 14.6%.

HDFC Life Insurance Company Ltd (HDFC Life), in which the Bank holds a 50.3% stake, is a leading life insurance solutions provider. Profit after tax for the quarter ended September 30, 2024 was  4.3 billion compared to  3.8 billion for the quarter ended September 30, 2023, a growth of 14.9%. Profit after tax for the half year ended September 30, 2024 was  9.1 billion.

HDFC ERGO General Insurance Company Ltd (HDFC ERGO), in which the Bank holds a 50.5% stake, offers a range of general insurance products. Profit after tax for the quarter ended September 30, 2024 was  2.0 billion, as against profit after tax of  2.4 billion for the quarter ended September 30, 2023. Profit after tax for the half year ended September 30, 2024 was  3.3 billion.


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

HDFC Asset Management Company Ltd (HDFC AMC), in which the Bank holds a 52.5% stake, is the Investment Manager to HDFC Mutual Fund, and offers a comprehensive suite of savings and investment products. For the quarter ended September 30, 2024, HDFC AMC’s Quarterly Average Assets Under Management were approximately  7,588 billion. Profit after tax for the quarter ended September 30, 2024 was  5.8 billion compared to  4.4 billion for the quarter ended September 30, 2023, a growth of 31.8%. Profit after tax for the half year ended September 30, 2024 was  11.8 billion.

HDFC Securities Ltd (HSL), in which the Bank holds a 94.9% stake, is amongst the leading broking firms. For the quarter ended September 30, 2024, HSL’s total revenue was  9.1 billion. Profit after tax for the quarter ended September 30, 2024 was  3.2 billion, as against  2.1 billion for the quarter ended September 30, 2023, a growth of 47.1%. Profit after tax for the half year ended September 30, 2024 was  6.1 billion.

Note:

The figures for the period ended September 30, 2024 include the operations of erstwhile HDFC Ltd. which amalgamated with and into HDFC Bank on July 01, 2023 and hence the comparisons with the previous periods have to be looked at in light of the same.

 = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP unless otherwise specified.

BSE: 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.


LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

For more information please log on to: www.hdfcbank.com

For media queries please contact:

Madhu Chhibber

Head - Corporate Communications

HDFC Bank Ltd., Mumbai.

Mobile: +91 9833775515

madhu.chhibber@hdfcbank.com

For investor queries please contact:

Investor Relations

HDFC Bank Ltd., Mumbai.

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