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 October, 2013

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: 17th October 2013     By  

/s/ Sanjay Dongre

    Name:   Sanjay Dongre
    Title:   Executive Vice President (Legal) & Company Secretary

EXHIBIT INDEX

The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this Report pursuant to the General Instructions for Form 6-K.

Exhibit I

Description

Communication dated 15th October 2013 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about financial results for the Quarter and half year ended 30th September, 2013 as approved by the Board of Directors.

15th October, 2013

New York Stock Exchange

11, Wall Street

New York,

NY 10005

USA

Dear Sirs,

Re: Financial Results for the quarter and half year ended 30th September, 2013.

Pursuant to the Listing Agreement, we send herewith the Financial Results for the Second quarter (unaudited) and the half year (audited) ended 30th September, 2013, Segment-wise Reporting and the Press Release in this regard. The results were duly approved by the Board of Directors of the Bank at its meeting held today i.e. 15th October, 2013.

A copy of the Auditor’s Report for the half year ended 30th September 2013, including a Limited Review Report in respect of the unaudited financials for the quarter ended 30th September, 2013 are attached

Kindly take the same on record.

Thanking You,

Yours Faithfully,

For HDFC Bank Limited

Sd/-

Sanjay Dongre

Executive Vice- President (Legal) &

Company Secretary

Encl : a/a.

HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2013

 

                                       ( LOGO in lacs)  
    

Particulars

   Quarter
ended
30.09.2013		     Quarter
ended
30.06.2013		     Quarter
ended
30.09.2012		     Half Year
ended
30.09.2013		     Half Year
ended
30.09.2012		     Year
Ended
31.03.2013		  
         Unaudited     Unaudited     Unaudited     Audited*     Audited*     Audited*  
1   

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

     1009334        966296        867482        1975630        1685056        3506487   
  

a) Interest / discount on advances / bills

     769211        732474        659958        1501685        1283141        2682239   
  

b) Income on Investments

     229173        221782        195277        450955        383145        782026   
  

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

     8415        11027        8499        19442        13610        28163   
  

d) Others

     2535        1013        3748        3548        5160        14059   
2   

Other Income

     184435        192560        147183        376995        312126        685262   
3   

TOTAL INCOME (1)+(2)

     1193769        1158856        1014665        2352625        1997182        4191749   
4   

Interest Expended

     561681        524426        479296        1086107        931633        1925375   
5   

Operating Expenses (i)+(ii)

     293421        303819        268536        597240        531195        1123612   
  

i) Employees cost

     103569        110908        96293        214477        195612        396538   
  

ii) Other operating expenses

     189852        192911        172243        382763        335583        727074   
6   

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

     855102        828245        747832        1683347        1462828        3048987   
7   

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

     338667        330611        266833        669278        534354        1142762   
8   

Provisions (other than tax) and Contingencies

     38593        52712        38991        91305        97149        167700   
9   

Exceptional Items

     —          —          —          —          —          —     
10   

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

     300074        277899        227842        577973        437205        975062   
11   

Tax Expense

     101842        93513        71844        195355        139468        302434   
12   

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

     198232        184386        155998        382618        297737        672628   
13   

Extraordinary items (net of tax expense)

     —          —          —          —          —          —     
14   

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

     198232        184386        155998        382618        297737        672628   
15   

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

     47825        47775        47234        47825        47234        47588   
16   

Reserves excluding revaluation reserves

               3573826   
17   

Analytical Ratios

            
  

(i) Percentage of shares held by Government of India

     Nil        Nil        Nil        Nil        Nil        Nil   
  

(ii) Capital Adequacy Ratio

            
  

(a) Basel II

     NA        16.0 %      17.0 %      NA        17.0 %      16.8 % 
  

(b) Basel III

     14.6 %      15.5 %      NA        14.6 %      NA        NA   
  

(iii) Earnings per share ( LOGO )

            
  

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

     8.3        7.7        6.6        16.0        12.6        28.5   
  

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

     8.2        7.7        6.5        15.9        12.5        28.2   
  

(iv) NPA Ratios

            
  

(a) Gross NPAs

     294171        271903        213344        294171        213344        233464   
  

(b) Net NPAs

     76721        68904        38686        76721        38686        46895   
  

(c) % of Gross NPAs to Gross Advances

     1.1 %      1.0 %      0.9 %      1.1 %      0.9 %      1.0 % 
  

(d) % of Net NPAs to Net Advances

     0.3 %      0.3 %      0.2 %      0.3 %      0.2 %      0.2 % 
  

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

     0.5 %      0.5 %      0.4 %      1.0 %      0.9 %      1.9 % 
18   

Non Promoters Shareholding

            
  

(a) Public Shareholding

            
  

- No. of shares

     1441044575        1438851383        1412264911        1441044575        1412264911        1429766866   
  

- Percentage of Shareholding

     60.3 %      60.3 %      59.8 %      60.3 %      59.8 %      60.1 % 
  

(b) Shares underlying Depository Receipts (ADS and GDR)

            
  

- No. of shares

     406987485        406665702        406217229        406987485        406217229        406436064   
  

- Percentage of Shareholding

     17.0 %      17.0 %      17.2 %      17.0 %      17.2 %      17.1 % 
19   

Promoters and Promoter Group Shareholding

            
  

(a) Pledged / Encumbered

            
  

- No. of shares

     —          —          —          —          —          —     
  

- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)

     —          —          —          —          —          —     
  

- Percentage of Shares (as a % of the total share capital of the Company)

     —          —          —          —          —          —     
  

(b) Non - encumbered

            
  

- No. of shares

     543216100        543216100        543216100        543216100        543216100        543216100   
  

- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)

     100.0 %      100.0 %      100.0 %      100.0 %      100.0 %      100.0 % 
  

- Percentage of Shares (as a % of the total share capital of the Company)

     22.7 %      22.7 %      23.0 %      22.7 %      23.0 %      22.8 % 

 

* Except for disclosure regarding ‘Non Promoters Shareholding’ and ‘Promoters and Promoter Group Shareholding’ which are unaudited.

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:

 

     ( LOGO in lacs)  

Particulars

    Quarter
ended
30.09.2013		     Quarter
ended
30.06.2013		     Quarter
ended
30.09.2012		     Half Year
ended
30.09.2013		     Half Year
ended
30.09.2012		     Year
Ended
31.03.2013		  
          Unaudited     Unaudited     Unaudited     Audited     Audited     Audited  

1

   

Segment Revenue

             

a)

   

Treasury

      304726        305671        214103        610397        465799        971102   

b)

   

Retail Banking

      974274        953083        858218        1927357        1663664        3491965   

c)

   

Wholesale Banking

      488382        450182        454806        938564        881665        1763382   

d)

   

Other Banking Operations

      125015        100168        89950        225183        168048        390256   

e)

   

Unallocated

      —          258        3425        258        3425        11277   
  

Total

      1892397        1809362        1620502        3701759        3182601        6627982   
  

Less: Inter Segment Revenue

      698628        650506        605837        1349134        1185419        2436233   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  

Income from Operations

      1193769        1158856        1014665        2352625        1997182        4191749   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

2

   

Segment Results

             

a)

   

Treasury

      (10322 )      30981        4852        20659        11546        22500   

b)

   

Retail Banking

      137201        122150        108913        259351        201855        442415   

c)

   

Wholesale Banking

      168520        120520        108856        289040        218476        475196   

d)

   

Other Banking Operations

      41148        42128        34440        83276        60468        156412   

e)

   

Unallocated

      (36473 )      (37880 )      (29219 )      (74353 )      (55140 )      (121461 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  

Total Profit Before Tax

      300074        277899        227842        577973        437205        975062   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

3

   

Capital Employed

             
  

(Segment Assets - Segment Liabilities)

             

a)

   

Treasury

      9551390        9607111        8818950        9551390        8818950        11480639   

b)

   

Retail Banking

      (10495893 )      (9683888 )      (8600001 )      (10495893 )      (8600001 )      (9696648 ) 

c)

   

Wholesale Banking

      5445787        4479732        3569194        5445787        3569194        2429843   

d)

   

Other Banking Operations

      988798        1050244        876202        988798        876202        1031495   

e)

   

Unallocated

      (1441565 )      (1612204 )      (1329875 )      (1441565 )      (1329875 )      (1623915 ) 
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  

Total

      4048517        3840995        3334470        4048517        3334470        3621414   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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 organization 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 September 30, 2013 is given below.

 

     ( LOGO in lacs)  

Particulars

    As at
30.09.2013		      As at
30.09.2012		  
     Audited      Audited  

CAPITAL AND LIABILITIES

      

Capital

      47825         47234   

Reserves and Surplus

      4000692         3287236   

Employees’ Stock Options (Grants) Outstanding

      —           30   

Deposits

      31301114         27413004   

Borrowings

      3933986         3097259   

Other Liabilities and Provisions

      3833060         3892693   
  

 

 

     

 

 

  

Total

      43116677         37737456   
  

 

 

     

 

 

  

ASSETS

     

Cash and Balances with Reserve Bank of India

      1994440         2168625   

Balances with Banks and Money at Call and Short notice

      808631         502618   

Investments

      10185000         9173377   

Advances

      26861699         23164861   

Fixed Assets

      294865         250013   

Other Assets

      2972041         2477962   
  

 

 

     

 

 

  

Total

      43116677         37737456   
  

 

 

     

 

 

  

 

2 The above results have been approved by the Board of Directors at its meeting held on October 15, 2013.
3 The results for the half year ended September 30, 2013 have been subject to an “Audit” and the results for the quarter ended September 30, 2013 have been subject to a “Limited Review” by the Statutory Auditors of the Bank. An unqualified report has been issued by them thereon.
4 The Bank has followed the same significant accounting policies in the preparation of the interim financial statements as those followed in the annual financial statements for the year ended March 31, 2013.
5 The RBI vide its circular DBOD.BP.BC.No. 41/21.04.141/2013-14 dated August 23, 2013, allowed banks the option to distribute the net depreciation on the entire Available For Sale (AFS )and Held For Trading (HFT) portfolio on each of the valuation dates in the current financial year, in equal installments over the year. For the quarter ended September 30, 2013, the net depreciation on these portfolios of the Bank amounted to LOGO 135.02 crore. However, the Bank has opted not to distribute the said amount of depreciation and has recognised this charge entirely in the Profit and Loss Account during the quarter and half year ended September 30, 2013. Had the Bank opted to amortise the net depreciation, the said charge would have been lower by LOGO 115.73 crore and the profit after tax would have been higher by LOGO 76.61 crore. Further, vide the same circular, as a one-time measure, the RBI permitted banks to transfer SLR securities from AFS/HFT category to HTM category. Accordingly, during the quarter ended September 30, 2013, the Bank has transferred SLR securities with face value of LOGO 1932.49 crore from AFS category to HTM category and has recognised a loss of LOGO 16.90 crore in the Profit and Loss Account resulting from the said transfer. Had this transfer not been effected, the depreciation charge during the quarter and half year ended September 30, 2013, arising on valuation of the investment portfolio, would have been higher by LOGO 38.54 crore and the profit after tax would have been lower by LOGO 25.51 crore.
6 Commission paid to sales agents and subventions / fees received from dealers and manufacturers for originating retail asset products were reclassified under Operating Expenses and under Other Income respectively, effective year ended March 31, 2013. The net commission paid was hitherto reduced from Interest Income. Figures for the quarter and half year ended September 30, 2012 have accordingly been regrouped / reclassified. The above change in classification has no impact on the profit of the Bank.
7 Recoveries from written off accounts and direct charge offs were reclassified under Other Income and under Operating Expenses respectively, effective March 31, 2013. These were hitherto included in the specific loan loss charge under Provisions and Contingencies. Figures for the quarter and half year ended September 30, 2012 have accordingly been regrouped / reclassified. The above change in classification has no impact on the profit of the Bank.
8 In accordance with the RBI circular DBOD.No.BP.BC.88/21.06.201/2012-13 dated March 28, 2013, banks are required to disclose capital adequacy ratio computed under Basel III capital regulations from the quarter ended June 30, 2013. Accordingly, corresponding details for previous periods are not applicable.
9 In accordance with RBI circular DBOD.No.BP.BC.2/21.06.201/2013-14 dated July 1, 2013, Banks are required to make half yearly Pillar 3 disclosures under Basle III capital requirements with effect from September 30, 2013. The Bank has made these disclosures which are are available on its 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.

 

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

10 During the quarter ended September 30, 2013, the Bank acquired additional 27.8% stake in its subsidiary HDFC Securities Limited (HSL). Post this acquisition, the Bank’s stake holding in HSL was 89.9% as of September 30, 2013.
11 During the quarter and half year ended September 30, 2013, the Bank allotted 2514975 and 11829130 shares pursuant to the exercise of stock options by certain employees.
12 Other income relates to income from non-fund based banking activities including commission, fees, foreign exchange earnings, earnings from derivative transactions, profit and loss (including revaluation) from investments and recoveries from accounts written off.
13 As at September 30, 2013, the total number of branches (including extension counters) and ATM network stood at 3251 branches and 11177 ATMs respectively.
14 Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended September 30, 2013:

Opening : Nil; Additions : 683; Disposals : 683; Closing position : Nil.

 

15 Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period’s classification.
16 LOGO 10 lac = LOGO 1 million

LOGO 10 million = LOGO 1 crore

 

Place :   Mumbai        Aditya Puri
Date  :   October 15, 2013        Managing Director

 

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

LOGO

 

NEWS RELEASE

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP)

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2013

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) accounts for the quarter ended September 30, 2013, at their meeting held in Mumbai on Tuesday, October 15, 2013. The accounts for the quarter ended September 30, 2013, have been subject to a ‘Limited Review’, while those for half year ended September 30, 2013, have been subject to an ‘Audit’ by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2013

The Bank’s total income for the quarter ended September 30, 2013 was LOGO 11,937.7 crores, as against LOGO 10,146.7 crores, for the quarter ended September 30, 2012. Net revenues (net interest income plus other income) were at LOGO 6,320.9 crores, an increase of 18.1% for the quarter ended September 30, 2013 as against LOGO 5,353.7 crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended September 30, 2013 accounted for 71% of net revenues and grew by 15.3% to LOGO 4,476.5 crores from LOGO 3,881.9 crores for the quarter ended September 30, 2012. Net interest margin for the quarter was at 4.3% as against 4.4% for corresponding quarter ended September 30, 2012.

Other income (non-interest revenue) at LOGO 1,844.4 crores was 29% of the net revenues for the quarter ended September 30, 2013 and grew by 25.3% over LOGO 1,471.8 crores in the corresponding quarter ended September 30, 2012. The four components of other income for the quarter ended September 30, 2013 were fees & commissions of LOGO 1,354.4 crores ( LOGO 1,220.3 crores in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of LOGO 501.4 crores ( LOGO 235.9 crores for the corresponding quarter of the previous year), loss on revaluation / sale of investments of LOGO 173.3 crores (loss of LOGO 105.9 crores for the quarter ended September 30, 2012) and miscellaneous income including recoveries of LOGO 161.9 crores ( LOGO 121.6 crores for the corresponding quarter of the previous year).

Operating expenses for the quarter were LOGO 2,934.2 crores, an increase of 9.3% over LOGO 2,685.4 crores during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 46.4% as against 50.2% for the corresponding quarter ended September 30, 2012. Provisions and contingencies were LOGO 385.9 crores (consisting of specific loan loss and general provisions) for the quarter ended September 30, 2013 as against LOGO 389.9 crores for the corresponding quarter ended September 30, 2012.

 

 

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

LOGO

 

The profit before tax was LOGO 3,000.7 crores, an increase of 31.7% over the quarter ended September 30, 2012. Provision for taxation was LOGO 1,018.4 crores, an increase of 41.8% over the quarter ended September 30, 2012 primarily due to increase in income tax surcharge from 5% to 10%. After providing for taxation the Bank earned a net profit of LOGO 1,982.3 crores, an increase of 27.1% over the quarter ended September 30, 2012.

Balance Sheet: As of September 30, 2013

Advances as of September 30, 2013 were LOGO 2,68,617 crores, an increase of 16.0% over September 30, 2012. This loan growth was contributed by both segments of the Bank loan portfolio, with retail loans growing by 16.9% and wholesale loans by 15.0% resulting in a retail:wholesale loan mix of 53:47 . Total deposits as of September 30, 2013 were LOGO 3,13,011 crores, an increase of 14.2% over September 30, 2012. Savings account deposits grew 17.9% over the previous year to reach LOGO 93,285 crores. The CASA ratio as at September 30, 2013 was 45.0%.

Half Year ended September 30, 2013:

For the half year ended September 30, 2013, the Bank earned a total income of LOGO 23,526.2 crores as against LOGO 19,971.8 crores in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2013 were LOGO 12,665.2 crores, as against LOGO 10,655.5 crores for the six months ended September 30, 2012, an increase of 18.9%. Net profit for the half year ended September 30, 2013 was LOGO 3,826.2 crores, up by 28.5% over the corresponding six months ended September 30, 2012.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at September 30, 2013 (computed as per Basel III guidelines) stood at 14.6% as against a regulatory requirement of 9%. Of this, Tier-I CAR was 9.9%. These CAR ratios are based on net worth numbers which do not take into account the audited profits for the half year ended September 30, 2013. Had the same been included, the total CAR and Tier-I CAR would have been 15.6% and 10.9% respectively.

 

 

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

LOGO

 

NETWORK

As of September 30, 2013, the Bank’s distribution network was at 3,251 branches and 11,177 ATMs in 2,022 cities / towns an increase of 631 branches and 861 ATMs over 2,620 branches and 10,316 ATMs in 1,454 cities / towns as of September 30, 2012.

ASSET QUALITY

Gross non-performing assets (NPAs) were at 1.09% of gross advances as on September 30, 2013, as against 1.04% as on June 30, 2013 and 0.91% as on September 30, 2012. Net non-performing assets were at 0.3% of net advances as on September 30, 2013. Total restructured loans (including applications received and under process for restructuring) were at 0.2% of gross advances as of September 30, 2013 as against 0.3% as of September 30, 2012.

Note:

LOGO = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

Certain statements are included in this release which contain words or phrases, such as “will”, “aim”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “future”, “objective”, “project”, “should”, 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 in India and other jurisdictions on us, 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. Our forward looking statements speak only as of the date on which they are made and we do not undertake any obligation, and we do not intend, to update or revise any forward looking statements to reflect events or circumstances after the date in the statement, even if our expectations or any related events or circumstances change. 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 other countries which have an impact on our business activities or investments caused by any factor including the global financial crisis and problems in the Eurozone countries, 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, military armament or social unrest in any part of India, the monetary and interest rate policies of the government of India, natural calamities, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in Indian and foreign laws and regulations, including tax, accounting and banking regulations, changes in competition and the pricing environment in India, and regional or general changes in asset valuations.

For media queries please contact:

Neeraj Jha

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1308 (D) / 6652 1000 (B)

Mobile: 09323620828

neeraj.jha@hdfcbank.com

 

 

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