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, 2014

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: 21st October, 2014     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 October, 2014 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, 2014.


Exhibit I

21st October, 2014

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re:  Financial Results for the quarter and half year ended 30th September, 2014.

Pursuant to the Listing Agreement, we send herewith the Financial Results for the Second quarter (unaudited) and the half year (audited) ended 30th September, 2014, 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. 21st October, 2014.

A copy of the Auditor’s Report for the half year ended 30th September, 2014, including a Limited Review Report in respect of the unaudited financials for the quarter ended 30th September, 2014 is attached.

You are requested to take the same on your records.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Sanjay Dongre

Executive Vice President (Legal) &

Company Secretary

Encl: As above


HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014

 

        ( LOGO in lacs)  

Particulars

  Quarter
ended
30.09.2014
    Quarter
ended
30.06.2014
    Quarter
ended
30.09.2013
    Half year
ended
30.09.2014
    Half year
ended
30.09.2013
    Year
ended
31.03.2014
 
        Unaudited     Unaudited     Unaudited     Audited*     Audited*     Audited*  

1

  Interest Earned (a)+(b)+(c)+(d)     1184763        1122008        1009334        2306771        1975630        4113554   
  a) Interest / discount on advances / bills     907385        873507        769211        1780892        1501685        3168692   
  b) Income on Investments     261380        233901        229173        495281        450955        903685   
  c) Interest on balances with Reserve Bank of India and other inter bank funds     14763        12147        8415        26910        19442        35599   
  d) Others     1235        2453        2535        3688        3548        5578   

2

  Other Income     204710        185057        184435        389767        376995        791964   

3

  TOTAL INCOME (1)+(2)     1389473        1307065        1193769        2696538        2352625        4905518   

4

  Interest Expended     633664        604847        561681        1238511        1086107        2265290   

5

  Operating Expenses (i)+(ii)     349790        317841        293421        667631        597240        1204219   
  i) Employees cost     116694        112593        103569        229287        214477        417898   
  ii) Other operating expenses     233096        205248        189852        438344        382763        786321   

6

  TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)     983454        922688        855102        1906142        1683347        3469509   

7

  Operating Profit before Provisions and Contingencies (3)-(6)     406019        384377        338667        790396        669278        1436009   

8

  Provisions (other than tax) and Contingencies     45589        48278        38593        93867        91305        158802   

9

  Exceptional Items     —          —          —          —          —          —     

10

  Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)     360430        336099        300074        696529        577973        1277207   

11

  Tax Expense     122284        112795        101842        235079        195355        429367   

12

  Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)     238146        223304        198232        461450        382618        847840   

13

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

14

  Net Profit / (Loss) for the period (12)-(13)     238146        223304        198232        461450        382618        847840   

15

  Paid up equity share capital (Face Value of   LOGO  2/- each)     48286        48154        47825        48286        47825        47981   

16

  Reserves excluding revaluation reserves               4299884   

17

  Analytical Ratios            
  (i) Percentage of shares held by Government of India     Nil        Nil        Nil        Nil        Nil        Nil   
  (ii) Capital Adequacy Ratio     15.7%        15.1%        14.6%        15.7%        14.6%        16.1%   
  (iii) Earnings per share ( LOGO )            
  (a) Basic EPS before & after extraordinary items (net of tax expense) – not annualized     9.9        9.3        8.3        19.2        16.0        35.5   
  (b) Diluted EPS before & after extraordinary items (net of tax expense) – not annualized     9.8        9.2        8.2        19.0        15.9        35.2   
  (iv) NPA Ratios            
  (a) Gross NPAs     336165        335622        294171        336165        294171        298928   
  (b) Net NPAs     91734        100742        76721        91734        76721        82003   
  (c) % of Gross NPAs to Gross Advances     1.0%        1.1%        1.1%        1.0%        1.1%        1.0%   
  (d) % of Net NPAs to Net Advances     0.3%        0.3%        0.3%        0.3%        0.3%        0.3%   
  (v) Return on assets (average) – not annualized     0.5%        0.5%        0.5%        1.0%        1.0%        2.0%   

18

  Non Promoters Shareholding            
  (a) Public Shareholding            
  – No. of shares     1464101398        1457475498        1441044575        1464101398        1441044575        1448829678   
  – Percentage of Shareholding     60.6%        60.5%        60.3%        60.6%        60.3%        60.4%   
  (b) Shares underlying Depository Receipts (ADS and GDR)            
  – No. of shares     407004657        407004657        406987485        407004657        406987485        407004657   
  – Percentage of Shareholding     16.9%        16.9%        17.0%        16.9%        17.0%        17.0%   

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)     22.5%        22.6%        22.7%        22.5%        22.7%        22.6%   

 

* 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
30.09.2014
    Quarter
ended
30.06.2014
    Quarter
ended
30.09.2013
    Half year
ended
30.09.2014
    Half year
ended
30.09.2013
    Year
ended
31.03.2014
 
          Unaudited     Unaudited     Unaudited     Audited     Audited     Audited  

1

   Segment Revenue             

a)

   Treasury      310464        270361        304726        580825        610397        1178670   

b)

   Retail Banking      1191868        1144291        974274        2336159        1927357        4080486   

c)

   Wholesale Banking      564503        544617        488382        1109120        938564        1964534   

d)

   Other Banking Operations      145899        128016        125015        273915        225183        503355   

e)

   Unallocated      —          —          —          —          258        258   
   Total      2212734        2087285        1892397        4300019        3701759        7727303   
   Less: Inter Segment Revenue      823261        780220        698628        1603481        1349134        2821785   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Income from Operations      1389473        1307065        1193769        2696538        2352625        4905518   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2

   Segment Results             

a)

   Treasury      8395        (5292     (10322     3103        20659        41230   

b)

   Retail Banking      145845        151637        137201        297482        259351        568541   

c)

   Wholesale Banking      188860        178978        168520        367838        289040        594011   

d)

   Other Banking Operations      54967        47498        41148        102465        83276        192046   

e)

   Unallocated      (37637     (36722     (36473     (74359     (74353     (118621
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total Profit Before Tax      360430        336099        300074        696529        577973        1277207   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

3

  

Capital Employed

(Segment Assets – Segment Liabilities)

            

a)

   Treasury      12113999        11460711        9551390        12113999        9551390        12241141   

b)

   Retail Banking      (15190170     (14417239     (10495893     (15190170     (10495893     (12909019

c)

   Wholesale Banking      8179230        7708329        5445787        8179230        5445787        5305539   

d)

   Other Banking Operations      1307222        1235045        988798        1307222        988798        1259579   

e)

   Unallocated      (1538801     (1382063     (1441565     (1538801     (1441565     (1549375
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   Total      4871480        4604783        4048517        4871480        4048517        4347865   
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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 September 30, 2014 is given below.

 

     ( LOGO in lacs)  

Particulars

   As at
30.09.2014
     As at
30.09.2013
 
     Audited      Audited  

CAPITAL AND LIABILITIES

     

Capital

     48286         47825   

Reserves and Surplus

     4823194         4000692   

Deposits

     39068175         31301114   

Borrowings

     3854042         3933986   

Other Liabilities and Provisions

     3202409         3833060   
  

 

 

    

 

 

 

Total

     50996106         43116677   
  

 

 

    

 

 

 

ASSETS

     

Cash and Balances with Reserve Bank of India

     2037266         1994440   

Balances with Banks and Money at Call and Short notice

     1127848         808631   

Investments

     12955864         10185000   

Advances

     32727279         26861699   

Fixed Assets

     290510         294865   

Other Assets

     1857339         2972042   
  

 

 

    

 

 

 

Total

     50996106         43116677   
  

 

 

    

 

 

 

 

2 The above results have been approved by the Board of Directors at its meeting held on October 21, 2014.

 

3 The results for the half year ended September 30, 2014 have been subjected to an “Audit” and the results for the quarter ended September 30, 2014 have been subjected 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 above financial results as those followed in the annual financial statements for the year ended March 31, 2014.

 

5 During the quarter ended June 30, 2014, the Bank acquired additional 8.7% stake in its subsidiary HDFC Securities Limited (HSL). Post this acquisition, the Bank’s stake holding in HSL was 98.0% as of September 30, 2014.

 

6 In accordance with RBI circular DBOD.No.BP.BC.2/21.06.201/2013-14 dated July 1, 2013, banks are required to make Pillar 3 disclosures under Basel III capital regulations. The Bank has made these disclosures which 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.

 

7 During the quarter and half year ended September 30, 2014, the Bank allotted 6625900 and 15271720 shares pursuant to the exercise of stock options by certain employees.

 

8 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.

 

9 As at September 30, 2014, the total number of branches (including extension counters) and ATM network stood at 3600 branches and 11515 ATMs respectively.

 

10 Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended September 30, 2014:

 

  Opening: Nil;      Additions: 714;      Disposals: 714;      Closing position: Nil.

 

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

 

12 LOGO  10 lac = LOGO  1 million

 

  LOGO  10 million = LOGO  1 crore

 

Place :

 

Mumbai

  Aditya Puri

Date :

 

October 21, 2014

  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, 2014

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended September 30, 2014 and the audited results for the half-year ended September 30, 2014, at its meeting held in Mumbai on Tuesday, October 21, 2014.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2014

The Bank’s total income for the quarter ended September 30, 2014 was LOGO  13,894.7 crore, as against LOGO  11,937.7 crore for the quarter ended September 30, 2013. Net revenues (net interest income plus other income) were at LOGO  7,558.1 crore, an increase of 19.6% for the quarter ended September 30, 2014 over LOGO  6,320.9 crore for the corresponding quarter of the previous year. Interest earned increased from LOGO  10,093.3 crore in the quarter ended September 30, 2013 to LOGO  11,847.6 crore in the quarter ended September 30, 2014, up by 17.4%. With interest expense increasing by 12.8% to LOGO  6,336.6 crore for the quarter ended September 30, 2014, the net interest income (interest earned less interest expended) grew by 23.1% to LOGO  5,511.0 crore from LOGO  4,476.5 crore for the quarter ended September 30, 2013. Net interest margin for the quarter was at 4.5% as against 4.3% for corresponding quarter ended September 30, 2013.

Other income (non-interest revenue) at LOGO  2,047.1 crore was 27.1% of the net revenues for the quarter ended September 30, 2014 and grew by 11.0% over LOGO  1,844.4 crore in the corresponding quarter ended September 30, 2013. The four components of other income for the quarter ended September 30, 2014 were fees & commissions of LOGO  1,536.5 crore ( LOGO  1,354.4 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of LOGO  221.7 crore ( LOGO  501.4 crore for the corresponding quarter of the previous year), profit on revaluation / sale of investments of LOGO  95.1 crore (loss of LOGO  173.3 crore for the corresponding quarter of the previous year) and miscellaneous income including recoveries of LOGO  193.8 crore ( LOGO  161.9 crore for the corresponding quarter of the previous year).

 

 

LOGO


LOGO

 

Operating expenses for the quarter ended September 30, 2014 were LOGO  3,497.9 crore, an increase of 19.2% over LOGO  2,934.2 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 46.3% as against 46.4% for the corresponding quarter ended September 30, 2013.

Provisions and contingencies were LOGO  455.9 crore (consisting of specific loan loss and general provisions) for the quarter ended September 30, 2014 as against LOGO  385.9 crore for the corresponding quarter ended September 30, 2013. After providing LOGO  1,222.8 crore for taxation, the Bank earned a net profit of LOGO  2,381.5 crore for the quarter ended September 30, 2014, an increase of 20.1% over the quarter ended September 30, 2013.

Balance Sheet: As of September 30, 2014

Advances as of September 30, 2014 were LOGO  327,273 crore, an increase of 21.8% over September 30, 2013. This loan growth was contributed by both segments of the Bank’s loan portfolio, with domestic retail loans and wholesale loans as per the Bank’s internal business classification growing by 17.3% and 21.8% respectively (as per regulatory [Basel 2] segment classification growing by 9.8% and 30.1% respectively). Retail loan disbursal for the first half of the fiscal grew by 22% over the corresponding period of the previous fiscal. Total deposits as of September 30, 2014 were LOGO  390,682 crore, an increase of 24.8% over September 30, 2013. Savings account deposits grew 18.8% over the previous year to reach LOGO  110,810 crore and current account deposits at LOGO  57,803 grew 21.4% over the previous year. CASA mix was 43.2% as at September 30, 2014.

Half Year ended September 30, 2014:

For the half year ended September 30, 2014, the Bank earned a total income of LOGO  26,965.4 crore as against LOGO  23,526.3 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2014 were LOGO  14,580.3 crore, as against LOGO  12,665.2 crore for the six months ended September 30, 2013, an increase of 15.1%. Net profit for the half year ended September 30, 2014 was LOGO  4,614.5 crore, up by 20.6% over the corresponding half year ended September 30, 2013.

 

 

LOGO


LOGO

 

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at September 30, 2014 (computed as per Basel III guidelines) stood at 15.7% as against a regulatory requirement of 9%. Of this, Tier-I CAR was 11.8%.

NETWORK

As of September 30, 2014, the Bank’s distribution network was at 3,600 branches and 11,515 ATMs in 2,272 cities / towns, an increase of 349 branches and 338 ATMs over 3,251 branches and 11,177 ATMs in 2,022 cities / towns as of September 30, 2013 and an increase of 197 branches and 259 ATMs during this fiscal year so far. Number of employees increased from 69,662 as of September 30, 2013 to 75,339 as of September 30, 2014.

ASSET QUALITY

Gross non-performing assets (NPAs) were at 1.02% of gross advances as on September 30, 2014, as against 1.09% as on September 30, 2013 and 1.07% as on June 30, 2014. Net non-performing assets were at 0.28% of net advances as on September 30, 2014. Total restructured loans (including applications received and under process for restructuring) were at 0.1% of gross advances as of September 30, 2014 as against 0.2% as of September 30, 2013.

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, any penalties imposed by the RBI, 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, any downgrade in India’s debt rating or the debt rating of our borrowings, 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.

 

 

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For media queries please contact:

Neeraj Jha

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

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

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

 

 

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