Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the

Securities Exchange Act of 1934

For the month of July, 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: 22nd July, 2016     By  

IsI 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 21st July, 2016 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Unaudited Financial Results for the quarter ended 30th June, 2016.

Exhibit I

21st July, 2016

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Financial Results (Unaudited) for the Quarter ended 30th June, 2016

We attach herewith a file containing the Financial Results (unaudited) for the quarter ended 30th June, 2016 and segment-wise reporting. The results are duly approved by the Board at its meeting held today. The Press Release in this regard are also enclosed.

The aforesaid quarterly financial results (unaudited) have been submitted to the stock exchanges in India as per the listing requirements of those Stock Exchanges.

This is for your information and record.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Sanjay Dongre

Executive Vice President (Legal) &

Company Secretary

Encl : a/a.

HDFC BANK LIMITED

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2016

 

         (₹ in lacs)  
   

Particulars

    Quarter
ended
30.06.2016		     Quarter
ended
31.03.2016		     Quarter
ended
30.06.2015		     Year ended
31.03.2016		  
       Unaudited     Audited     Unaudited     Audited  

1

  

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

      1651602        1599675        1404106        6022145   
 

a) Interest / discount on advances / bills

      1247081        1194889        1044714        4482786   
 

b) Income on Investments

      380924        378960        328134        1412003   
 

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

      4021        4892        7831        36161   
 

d) Others

      19576        20934        23427        91195   

2

  

Other Income

      280661        286586        246191        1075172   

3

  

TOTAL INCOME (1)+(2)

      1932263        1886261        1650297        7097317   

4

  

Interest Expended

      873458        854341        765229        3262993   

5

  

Operating Expenses (i)+(ii)

      476886        458429        400079        1697969   
 

i) Employees cost

      158517        149795        135901        570220   
 

ii) Other operating expenses

      318369        308634        264178        1127749   

6

  

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

      1350344        1312770        1165308        4960962   

7

  

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

      581919        573491        484989        2136355   

8

  

Provisions (other than tax) and Contingencies

      86673        66245        72799        272561   

9

  

Exceptional Items

      —          —          —          —     

10

  

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

      495246        507246        412190        1863794   

11

  

Tax Expense

      171355        169824        142618        634171   

12

  

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

      323891        337422        269572        1229623   

13

  

Extraordinary items (net of tax expense)

      —          —          —          —     

14

  

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

      323891        337422        269572        1229623   

15

  

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

      50701        50564        50229        50564   

16

  

Reserves excluding revaluation reserves

            7217213   

17

  

Analytical Ratios

         
 

(i) Percentage of shares held by Government of India

      Nil        Nil        Nil        Nil   
 

(ii) Capital Adequacy Ratio

      15.5 %      15.5 %      15.7 %      15.5 % 
 

(iii) Earnings per share (₹)

         
 

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

      12.8        13.3        10.7        48.8   
 

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

      12.6        13.2        10.6        48.3   
 

(iv) NPA Ratios

         
 

(a) Gross NPAs

      492089        439283        365223        439283   
 

(b) Net NPAs

      149339        132037        102770        132037   
 

(c) % of Gross NPAs to Gross Advances

      1.04 %      0.94 %      0.95 %      0.94 % 
 

(d) % of Net NPAs to Net Advances

      0.32 %      0.28 %      0.27 %      0.28 % 
 

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

      0.0 %      0.5 %      0.5 %      1.9 % 

 

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

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

 

          (₹ in lacs)  

Particulars

    Quarter
ended
30.06.2016		     Quarter
ended
31.03.2016		     Quarter
ended
30.06.2015		     Year ended
31.03.2016		  
   Unaudited     Audited     Unaudited     Audited  

1

    Segment Revenue         

a)

    Treasury      502324        497945        420609        1826488   

b)

    Retail Banking      1585264        1544098        1396069        5925234   

c)

    Wholesale Banking      761527        702553        658162        2716239   

d)

    Other Banking Operations      194967        218427        157648        755442   

e)

    Unallocated      —          —          —          —     
   Total      3044082        2963023        2632488        11223403   
   Less: Inter Segment Revenue      1111819        1076762        982191        4126086   
     

 

 

    

 

 

    

 

 

    

 

 

  
   Income from Operations      1932263        1886261        1650297        7097317   
     

 

 

    

 

 

    

 

 

    

 

 

  

2

    Segment Results         

a)

    Treasury      49173        37341        33164        148921   

b)

    Retail Banking      173221        226398        158049        752230   

c)

    Wholesale Banking      248964        203814        206501        821993   

d)

    Other Banking Operations      58521        75290        52228        283227   

e)

    Unallocated      (34633 )      (35597 )      (37752 )      (142577 ) 
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total Profit Before Tax      495246        507246        412190        1863794   
     

 

 

    

 

 

    

 

 

    

 

 

  

3

    Segment Assets         

a)

    Treasury      24266067        20338147        21153443        20338147   

b)

    Retail Banking      26255629        25269065        21440738        25269065   

c)

    Wholesale Banking      22318870        22624265        18136000        22624265   

d)

    Other Banking Operations      2204164        2163306        1762411        2163306   

e)

    Unallocated      465278        489774        439634        489774   
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total      75510008        70884557        62932226        70884557   
     

 

 

    

 

 

    

 

 

    

 

 

  

4

    Segment Liabilities         

a)

    Treasury      6048990        4538987        3707535        4538987   

b)

    Retail Banking      46701569        44831340        39280635        44831340   

c)

    Wholesale Banking      12807800        12042552        11183631        12042552   

d)

    Other Banking Operations      264259        247631        175744        247631   

e)

    Unallocated      2050833        1956270        2088004        1956270   
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total      67873451        63616780        56435549        63616780   
     

 

 

    

 

 

    

 

 

    

 

 

  

5

    Capital Employed         
   (Segment Assets-Segment Liabilities)         

a)

    Treasury      18217077        15799160        17445908        15799160   

b)

    Retail Banking      (20445940 )      (19562275 )      (17839897 )      (19562275 ) 

c)

    Wholesale Banking      9511070        10581713        6952369        10581713   

d)

    Other Banking Operations      1939905        1915675        1586667        1915675   

e)

    Unallocated      (1585555 )      (1466496 )      (1648370 )      (1466496 ) 
     

 

 

    

 

 

    

 

 

    

 

 

  
   Total      7636557        7267777        6496677        7267777   
     

 

 

    

 

 

    

 

 

    

 

 

  

Business Segments have been identified and reported taking into account the target customer profile, the nature of products and services, the differing risks and returns, the organisation structure, the internal business reporting system and the guidelines prescribed by RBI.

 

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

Notes :

 

1 Statement of Assets and Liabilities as on June 30, 2016 is given below.

 

     (₹ in lacs)  

Particulars

    As at
30.06.2016		      As at
31.03.2016		      As at
30.06.2015		  
     Unaudited      Audited      Unaudited  

CAPITAL AND LIABILITIES

         

Capital

      50701         50564         50229   

Reserves and Surplus

      7585856         7217213         6446448   

Deposits

      57375453         54642419         48417438   

Borrowings

      6890005         5301848         4694296   

Other Liabilities and Provisions

      3607993         3672513         3323815   
  

 

 

     

 

 

     

 

 

  

Total

      75510008         70884557         62932226   
  

 

 

     

 

 

     

 

 

  

ASSETS

         

Cash and Balances with Reserve Bank of India

      2840531         3005831         2437280   

Balances with Banks and Money at Call and Short notice

      1188191         886053         1429882   

Investments

      20633909         16388578         17239370   

Advances

      47062247         46459396         38201041   

Fixed Assets

      347688         334315         317336   

Other Assets

      3437442         3810384         3307317   
  

 

 

     

 

 

     

 

 

  

Total

      75510008         70884557         62932226   
  

 

 

     

 

 

     

 

 

  

 

2 The above results have been approved by the Board of Directors at its meeting held on July 21, 2016. The results for the quarter ended June 30, 2016 have been subjected to a “Limited Review” by the Statutory Auditors of the Bank. An unqualified report has been issued by them thereon.
3 The Bank has followed the same significant accounting policies in the preparation of these financial results as those followed in the annual financial statements for the year ended March 31, 2016.
4 The figures for the quarter ended March 31, 2016 are the balancing figures between audited figures in respect of the financial year 2015-16 and the published year to date figures upto December 31, 2015.
5 During the quarter ended June 30, 2016, the Bank allotted 6865500 shares pursuant to the exercise of options under the approved employee stock option schemes.
6 RBI circular DBOD.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on ‘Basel III Capital Regulations’ read together with the RBI circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 on ‘Prudential Guidelines on Capital Adequacy and Liquidity Standards - Amendments’ requires banks to make applicable Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III Framework. These disclosures are available on the Bank’s website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/default.htm. The disclosures have not been subjected to audit or limited review.
7 Other income relates to income from non-fund based banking activities including commission, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments and recoveries from accounts written off.
8 As at June 30, 2016, the total number of branches (including extension counters) and ATM network stood at 4541 branches and 12013 ATMs respectively.
9 Figures of the previous period have been regrouped / reclassified wherever necessary to conform to current period’s classification.
10 ₹ 10 lac = ₹ 1 million
   ₹ 10 million = ₹ 1 crore

 

Place : Mumbai          Aditya Puri
Date : July 21, 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 ENDED JUNE 30, 2016

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2016, at their meeting held in Mumbai on Thursday, July 21, 2016. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended June 30, 2016

The Bank’s total income for the quarter ended June 30, 2016 was ₹19,322.6 crores, as against ₹16,503.0 crores for the quarter ended June 30, 2015. Net revenues (net interest income plus other income) increased by 19.6% to ₹10,588.1 crores for the quarter ended June 30, 2016 from ₹8,850.7 crores in the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended June 30, 2016 grew by 21.8% to ₹7,781.4 crores, from ₹6,388.8 crores for the quarter ended June 30, 2015, driven by average assets growth of 20.2% and a net interest margin for the quarter of 4.4%.

Other income (non-interest revenue) at ₹2,806.6 crores was 26.5% of the net revenues for the quarter ended June 30, 2016 and grew by 14.0% over ₹2,461.9 crores in the corresponding quarter ended June 20, 2015. The four components of other income for the quarter ended June 30, 2016 were fees & commissions of ₹1,977.9 crores (₹1,713.0 crores in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹314.5 crores (₹348.0 crores for the corresponding quarter of the previous year), gain on revaluation / sale of investments of ₹276.9 crores (₹125.9 crores in the corresponding quarter of the previous year) and miscellaneous income including recoveries of ₹237.4 crores (₹275.0 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 June 30, 2016 were ₹4,768.9 crores, an increase of 19.2% over ₹4,000.8 crores during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 45.0% as against 45.2% for the corresponding quarter ended June 30, 2015.

Provisions and contingencies for the quarter ended June 30, 2016 were ₹866.7 crores (consisting of specific loan loss provisions ₹832.3 crores and general / floating / other provisions ₹34.4 crores) as against ₹728.0 crores (consisting of specific loan loss provisions ₹557.5 crores and general / floating / other provisions ₹170.5 crores) for the corresponding quarter ended June 30, 2015.

After providing ₹1,713.6 crores for taxation, the Bank earned a net profit of ₹3,238.9 crores, an increase of 20.2% over the quarter ended June 30, 2015.

Balance Sheet: As of June 30, 2016

Total balance sheet size as of June 30, 2016 was ₹755,100 crores as against ₹629,322 crores as of June 30, 2015.

Total deposits as of June 30, 2016 were ₹573,755 crores, an increase of 18.5% over June 30, 2015. CASA deposits saw healthy growth with savings account deposits growing by 22.2% over the previous year to reach ₹152,701 crores and current account deposits growing by 13.7% over the previous year to reach ₹76,082 crores. Time deposits were at ₹344,972 crores an increase of 18.0% over the previous year resulting in CASA deposits at 39.9% of total deposits as on June 30, 2016.

Advances as of June 30, 2016 were ₹470,622 crores, an increase of 23.2% over June 30, 2015. As per regulatory [Basel 2] segment classification, both domestic retail loans and wholesale loans grew by 24.5% (as per internal business classification, the growth was 24.9% and 23.7% respectively). The domestic loan mix between retail:wholesale was 53:47.

LOGO    NEWS RELEASE   

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

 

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 15.5% as at June 30, 2016 (15.7% as at June 30, 2015) as against a regulatory requirement of 9%. Tier-I CAR was at 13.3% as on June 30, 2016 compared to 12.8% as at June 30, 2015.

NETWORK

As of June 30, 2016, the Bank’s distribution network was at 4,541 branches and 12,013 ATMs as against 4,101 branches and 11,962 ATMs as of June 30, 2015. 54% of branches are now in the Semi-urban and rural locations.

ASSET QUALITY

Gross non-performing assets (NPAs) were at 1.04% of gross advances as on June 30, 2016, as against 0.95% as on June 30, 2015. Net non-performing assets were at 0.3% of net advances as on June 30, 2016. Total restructured loans were at 0.1% of gross advances as of June 30, 2016.

Note:

₹ = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

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.

 

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