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 February, 2015

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 February, 2015     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 14th February, 2015 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Unaudited Financial Results for the Quarter ended 31st December, 2014.


14th February, 2015

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Unaudited Financial Results for the quarter ended 31st December, 2014.

Pursuant to the Listing Agreement, we send herewith the unaudited financial results of the Bank for the third quarter ended 31st December, 2014 and 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. 14th February, 2015.

A copy of the Limited Review Report of the Statutory Auditors for the quarter ended 31st December 2014 is also attached.

Kindly take the same on your records.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Sanjay Dongre

Executive Vice President (Legal) &

Company Secretary

Encl: As above


HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2014

 

    ( LOGO in lacs)  

Particulars

  Quarter
ended
31.12.2014
    Quarter
ended
30.09.2014
    Quarter
ended
31.12.2013
    Nine months
ended
31.12.2014
    Nine months
ended
31.12.2013
    Year ended
31.03.2014
 
  Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited*  

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

    1239583        1184763        1059068        3546354        3034698        4113554   

a) Interest / discount on advances / bills

    954318        907385        818306        2735210        2319991        3168692   

b) Income on Investments

    269561        261380        230940        764842        681895        903685   

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

    13794        14763        8515        40704        27957        35599   

d) Others

    1910        1235        1307        5598        4855        5578   

2 Other Income

    253491        204710        214827        643258        591822        791964   

3 TOTAL INCOME (1)+(2)

    1493074        1389473        1273895        4189612        3626520        4905518   

4 Interest Expended

    669590        633664        595591        1908101        1681698        2265290   

5 Operating Expenses (i)+(ii)

    345628        349790        289507        1013259        886747        1204219   

i) Employees cost

    113253        116694        97297        342540        311774        417898   

ii) Other operating expenses

    232375        233096        192210        670719        574973        786321   

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

    1015218        983454        885098        2921360        2568445        3469509   

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

    477856        406019        388797        1268252        1058075        1436009   

8 Provisions (other than tax) and Contingencies

    56043        45589        38884        149910        130189        158802   

9 Exceptional Items

    —          —          —          —          —          —     

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

    421813        360430        349913        1118342        927886        1277207   

11 Tax Expense

    142362        122284        117343        377441        312698        429367   

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

    279451        238146        232570        740901        615188        847840   

13 Extraordinary items (net of tax expense)

    —          —          —          —          —          —     

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

    279451        238146        232570        740901        615188        847840   

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

    48348        48286        47892        48348        47892        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     15.7     14.7     15.7     14.7     16.1

(iii) Earnings per share ( LOGO )

           

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

    11.5        9.9        9.8        30.7        25.8        35.5   

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

    11.4        9.8        9.7        30.4        25.6        35.2   

(iv) NPA Ratios

           

(a) Gross NPAs

    346791        336165        301784        346791        301784        298928   

(b) Net NPAs

    90366        91734        79734        90366        79734        82003   

(c) % of Gross NPAs to Gross Advances

    1.0     1.0     1.0     1.0     1.0     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     1.5     1.5     2.0

18 Non Promoters Shareholding

           

(a) Public Shareholding

           

- No. of shares

    1467186868        1464101398        1444372788        1467186868        1444372788        1448829678   

- Percentage of Shareholding

    60.7     60.6     60.3     60.7     60.3     60.4

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

           

- No. of shares

    407004657        407004657        407004657        407004657        407004657        407004657   

- Percentage of Shareholding

    16.8     16.9     17.0     16.8     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     22.5     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)  
     Quarter
ended
31.12.2014
    Quarter
ended
30.09.2014
    Quarter
ended
31.12.2013
    Nine months
ended
31.12.2014
    Nine months
ended
31.12.2013
    Year ended
31.03.2014
 

Particulars

   Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Audited  

1 Segment Revenue

            

a) Treasury

     334369        310464        301530        915194        911927        1178670   

b) Retail Banking

     1256012        1191868        1065006        3592171        2992363        4080486   

c) Wholesale Banking

     593676        564503        517842        1702796        1456406        1964534   

d) Other Banking Operations

     167827        145899        132924        441742        358107        503355   

e) Unallocated

     823        —          —          823        258        258   

Total

     2352707        2212734        2017302        6652726        5719061        7727303   

Less: Inter Segment Revenue

     859633        823261        743407        2463114        2092541        2821785   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income from Operations

     1493074        1389473        1273895        4189612        3626520        4905518   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2 Segment Results

            

a) Treasury

     26641        8395        8006        29744        28665        41230   

b) Retail Banking

     164963        145845        151297        462445        410648        568541   

c) Wholesale Banking

     195012        188860        154934        562850        443974        594011   

d) Other Banking Operations

     72046        54967        61150        174511        144426        192046   

e) Unallocated

     (36849     (37637     (25474     (111208     (99827     (118621
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Profit Before Tax

     421813        360430        349913        1118342        927886        1277207   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

3 Capital Employed

            

(Segment Assets - Segment Liabilities)

            

a) Treasury

     12588592        12113999        10436562        12588592        10436562        12241141   

b) Retail Banking

     (16204827     (15190170     (11518070     (16204827     (11518070     (12909019

c) Wholesale Banking

     8817771        8179230        5711662        8817771        5711662        5305539   

d) Other Banking Operations

     1460408        1307222        1113961        1460408        1113961        1259579   

e) Unallocated

     (1494667     (1538801     (1454981     (1494667     (1454981     (1549375
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

     5167277        4871480        4289134        5167277        4289134        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 December 31, 2014 is given below.

 

     ( LOGO in lacs)  
     As at
31.12.2014
     As at
31.12.2013
 

Particulars

   Unaudited      Unaudited  

CAPITAL AND LIABILITIES

     

Capital

     48348         47892   

Reserves and Surplus

     5118929         4241242   

Deposits

     41412826         34921516   

Borrowings

     3965852         4384845   

Other Liabilities and Provisions

     2939564         3217722   
  

 

 

    

 

 

 

Total

     53485519         46813217   
  

 

 

    

 

 

 

ASSETS

     

Cash and Balances with Reserve Bank of India

     2098119         2125138   

Balances with Banks and Money at Call and Short notice

     1205758         1393926   

Investments

     13398096         11061648   

Advances

     34708798         29674161   

Fixed Assets

     293530         293855   

Other Assets

     1781218         2264489   
  

 

 

    

 

 

 

Total

     53485519         46813217   
  

 

 

    

 

 

 

 

2 The above results have been approved by the Board of Directors at its meeting held on February 14, 2015.

 

3 The results for the quarter and nine months ended December 31, 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 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.

 

6 Pursuant to the shareholder and regulatory approvals, the Bank on February 10, 2015, concluded a Qualified Institutions Placement (QIP) of 1,87,44,142 equity shares at a price of LOGO  1,067 per equity share aggregating LOGO 2,000 crore and an American Depository Receipt (ADR) offering of 2,20,00,000 ADRs (representing 6,60,00,000 equity shares) at a price of USD 57.76 per ADR, aggregating USD 1,271 million. Pursuant to these issuances, the Bank allotted 8,47,44,142 additional equity shares upon receipt of funds aggregating LOGO  9,766 crore.

 

7 During the quarter and nine months ended December 31, 2014, the Bank allotted 30,85,470 and 1,83,57,190 shares pursuant to the exercise of options under the approved employee stock option schemes.

 

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 December 31, 2014, the total number of branches (including extension counters) and ATM network stood at 3659 branches and 11633 ATMs respectively.

 

10 Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended December 31, 2014:

Opening: Nil;      Additions: 802;      Disposals: 794;      Closing position: 8.

 

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 :   February 14, 2015      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 NINE MONTHS ENDED DECEMBER 31, 2014

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2014, at their meeting held in Mumbai on Saturday, February 14, 2015. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2014

The Bank’s total income for the quarter ended December 31, 2014 was LOGO 14,930.7 crore, as against LOGO 12,739.0 crore for the quarter ended December 31, 2013. Net revenues (net interest income plus other income) were at LOGO 8,234.8 crore for the quarter ended December 31, 2014, an increase of 21.4% over LOGO  6,783.0 crore for the corresponding quarter of the previous year. Interest earned increased from LOGO 10,590.7 crore in the quarter ended December 31, 2013 to LOGO 12,395.8 crore in the quarter ended December 31, 2014, up by 17.0%. With interest expense increasing by 12.4% to LOGO 6,695.9 crore for the quarter ended December 31, 2014, the net interest income (interest earned less interest expended) grew by 23.0% to LOGO 5,699.9 crore from LOGO 4,634.8 crore for the quarter ended December 31, 2013. Net interest margin for the quarter was at 4.4% as against 4.2% for corresponding quarter ended December 31, 2013.

Other income (non-interest revenue) at LOGO 2,534.9 crore was 30.8% of net revenues for the quarter ended December 31, 2014 and grew by 18.0% over LOGO  2,148.3 crore in the corresponding quarter ended December 31, 2013. The four components of other income for the quarter ended December 31, 2014 were fees & commissions of LOGO  1,806.5 crore ( LOGO  1,575.0 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of LOGO  253.4 crore ( LOGO  333.2 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of LOGO 265.5 crore ( LOGO  50.9 crore for the corresponding quarter of the previous year) and miscellaneous income including recoveries of LOGO 209.5 crore ( LOGO 189.1 crore for the corresponding quarter of the previous year).

 

 

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


LOGO

 

Operating expenses for the quarter ended December 31, 2014 were LOGO  3,456.3 crore, an increase of 19.4% over LOGO  2,895.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 42.0% as against 42.7% for the corresponding quarter ended December 31, 2013.

Provisions and contingencies were LOGO  560.4 crore for the quarter ended December 31, 2014 as against LOGO  388.8 crore for the corresponding quarter ended December 31, 2013. After providing LOGO  1,423.6 crore for taxation, the Bank earned a net profit of LOGO  2,794.5 crore for the quarter ended December 31, 2014, an increase of 20.2% over the quarter ended December 31, 2013.

Balance Sheet: As of December 31, 2014

Total deposits as of December 31, 2014 were LOGO  414,128 crore, an increase of 18.6% over December 31, 2013. Savings account deposits grew 18.6% over the previous year to reach LOGO  112,284 crore and current account deposits at LOGO  57,105 grew 17.6% over the previous year. CASA mix was 40.9% as at December 31, 2014. Advances as of December 31, 2014 were LOGO  347,088 crore, an increase of 17.0% over December 31, 2013. The domestic loan growth was contributed by both retail and wholesale segments with the domestic loan mix between retail : wholesale of 51:49. Total advances in overseas branches as of December 31, 2014 were at 7.4% of the total advances.

Nine months ended December 31, 2014:

For the nine months ended December 31, 2014, the Bank earned a total income of LOGO  41,896.1 crore as against LOGO  36,265.2 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2014 were LOGO  22,815.1 crore, as against LOGO  19,448.2 crore for the nine months ended December 31, 2013, an increase of 17.3%. Net profit for the nine months ended December 31, 2014 was LOGO  7,409.0 crore, up by 20.4% over the corresponding nine months ended December 31, 2013.

 

 

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


LOGO

 

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at December 31, 2014 (computed as per Basel III guidelines) stood at 15.7% as against a regulatory requirement of 9%. Of this, Tier-I CAR was 11.97%.

 

 

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


LOGO

 

ASSET QUALITY

Gross non-performing assets (NPAs) were at 0.99% of gross advances as on December 31, 2014, as against 1.02% as on September 30, 2014 and 1.01% as on December 31, 2013. Net non-performing assets were at 0.26% of net advances as on December 31, 2014. Total restructured loans (including applications under process for restructuring) were at 0.1% of gross advances as of December 31, 2014 as against 0.2% as of December 31, 2013.

BUSINESS UPDATE

As of December 31, 2014, the Bank’s distribution network was at 3,659 branches and 11,633 ATMs in 2,287 cities / towns, an increase of 323 branches and 160 ATMs over 3,336 branches and 11,473 ATMs in 2,104 cities / towns as of December 31, 2013. Number of employees increased from 68,181 as of December 31, 2013 to 76,253 as of September 30, 2014.

On February 5, 2015 the Bank made concurrent Qualified Institutions Placement (QIP) of 18,744,142 equity shares at LOGO  1,067 per equity share and a public offering of 22,000,000 American Depositary Shares (ADSs), each representing three equity shares, at a price of $ 57.76 per ADS. The aggregate funds received from these issuances were LOGO  9,766 crore.

Note:

LOGO  = 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.

 

 

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


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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

 

 

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