Exhibit 99.1

10^th October, 2003

The Listing Department
The Stock Exchange, Mumbai
Dalal Street,
Mumbai

Dear Sir,

Re: Unaudited Financial results

Pursuant to amended clause 41 of the Listing Agreement, we send herewith our Unaudited Financial results for the quarter and half year ended 30^th September, 2003, the segment wise reporting and reconciliation of profits between Indian and US GAAP approved at the Board meeting today.

We will publish the results in the Business Standard and Sakal within 48 hours.

Thanking you,

Yours faithfully,
For HDFC Bank Limited

Sanjay Dongre
Vice President (Legal) &
Company Secretary

Encl: a/a

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2003

				(Rs in lacs)
				Unaudited results			Unaudited results			Unaudited results			Unaudited results			Audited results for
				for the quarter			for the quarter			for the half year			for the half year			the year ended
			Particulars	ended 30/09/2003			ended 30/09/2002			ended 30/09/2003			ended 30/09/2002			31/03/2003
	1		Interest earned (a) + (b) + (c) + (d)		64024			47964			121476			95807			200999
	a		Interest/discount on advances/bills		26030			18622			50760			36149			77370
	b		Income on investments		35273			26481			65958			52693			111295
	c		Interest on balances with Reserve Bank of India and other inter bank funds		2564			2796			4446			6843			12044
	d		Others		157			65			312			122			290
	2		Other income		8626			12764			21845			20365			46555
	A		Total income (1+2)		72650			60728			143321			116172			247554
	3		Interest expended		30244			29047			60182			58114			119196
	4		Operating expenses (e) + (f)		19471			13908			37411			25822			57343
	e		Payment to and provision for employees		4701			3336			9856			6500			15195
	f		Other operating expenses		14770			10572			27555			19322			42148
	B		Total expenditure (3) + (4) (excluding provisions & contingencies)		49715			42955			97593			83936			176539
	C		Operating profit (A – B) (Profit before provisions and contingencies)		22935			17773			45728			32236			71015
	D		Other provisions and contingencies		6376			4336			13392			7298			13930
	E		Provision for taxes		4845			4468			9894			7728			18325
	F		Net profit (C-D-E)		11714			8969			22442			17210			38760
	5		Paid up equity share capital (face value Rs. 10)		28348			28191			28348			28191			28205
	6		Reserves excluding revaluation reserve														196278
	7		Analytical Ratios:
	(i	)	Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil
(ii)			Capital adequacy ratio		10.94	%		13.35	%		10.94	%		13.35	%		11.12	%
(iii)			Earnings per share (par value Rs.10/- each)
			Basic		4.13			3.18			7.92			6.11			13.75
			Diluted		3.80			2.96			7.31			5.69			12.79
	8		Aggregate of Non Promoter Shareholding
			— No. of shares		214620013			213049013			214620013			213049013			213185713
			— Percentage of shareholding		75.71	%		75.57	%		75.71	%		75.57	%		75.59	%

Segment information in accordance with the Accounting Standard on Segment Reporting (AS17) of the three operating segments of the Bank are:

	(Rs in lacs)
	Results for the			Results for the			Results for the			Results for the			Results for the
	quarter ended			quarter ended			half year ended			half year ended			year ended
	30/09/2003			30/09/2002			30/09/2003			30/09/2002			31/03/2003
1. Segment Revenue
a) Wholesale Banking		46608			44994			95091			87153			179558
b) Retail Banking		58729			46178			113141			89851			191304
c) Treasury		9696			10592			19476			19458			42499
Total		115033			101764			227708			196462			413361
Less: Inter Segment Revenue		42383			41036			84387			80290			165807
Income from Operations		72650			60728			143321			116172			247554
2. Segment Results
a) Wholesale Banking		9111			6039			17672			12551			27222
b) Retail Banking		3859			2866			7584			6158			14333
c) Treasury		3589			4532			7080			6229			15530
Total Profit Before Tax		16559			13437			32336			24938			57085
3. Capital Employed
(Segment assets – Segment liabilities)
a) Wholesale Banking		842751			828546			842751			828546			715704
b) Retail Banking		(589659	)		(714570	)		(589659	)		(714570	)		(587010	)
c) Treasury		(14976	)		95240			(14976	)		95240			96202
Total		238116			209216			238116			209216			224896

Note on segment information

The reportable primary segments have been identified in accordance with the Accounting Standard on Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India (ICAI).

The Bank operates in three segments: wholesale banking, retail banking and treasury services. 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 and the internal business reporting systems.

Segment revenue includes earnings from external customers plus earnings from funds transferred from one segment to the other based on an internal transfer price. Segment result includes revenue less interest expense (whether to customers or to the lending segment based on the internal transfer price) less operating expense and provisions, if any, for that segment.

Segment-wise income and expenses include certain allocations. Interest income is charged by a segment that provides funding to another segment, based on yields benchmarked to an internally developed composite yield curve which broadly tracks market discovered interest rates. Transaction charges are made by the retail banking segment to the wholesale banking segment for the use by its customers of the retail banking segment’s branch network or other delivery channels; such transaction costs are determined on a cost plus basis.

Segment capital employed represents the net assets in that segment. It excludes capital and tax related assets.

NOTES:

1.	The above results have been taken on record by the Board at its meeting held on October 10, 2003.
2.	During the quarter and half year ended September 30, 2003, the Bank allotted 3,28,800 shares and 14,35,300 shares respectively, pursuant to the exercise of stock options by certain employees. Subsequently, the bank allotted 4,16,400 shares on October 1, 2003.
3.	Interest income is adjusted for retail loan origination costs (net of subventions) in line with international accounting practices.
4.	Other income relates to income from non-fund based banking activities including commission, fees, foreign exchange earnings, earnings from derivative transactions and profit and loss (including revaluation) from investments.
5.	Previous period figures have been regrouped / reclassified wherever necessary to conform to current periods classification.
6.	The above results for the quarter and half year ended September 30, 2003, have been subjected to a “Limited Review” by the auditors of the bank, as per the listing agreements with The Stock Exchange, Mumbai, The National Stock Exchange and the The Stock Exchange, Ahmedabad.
7.	Status of shareholder complaints received during the quarter ended September 30, 2003:

Total complaints pending for the quarter ended June 30, 2003:	Nil
Total complaints received during the quarter ended September 30, 2003:	21
Total complaints resolved during the quarter ended September 30, 2003:	21
Total complaints pending for the quarter ended September 30, 2003:	Nil

8.	Rs. 10 lacs = Rs. 1 million
	Rs. 10 million = Rs. 1 crore

Place : Mumbai
Date : October 10, 2003 Aditya Puri
Managing Director

The Board has also taken on record the unaudited results for the half year ended September 30, 2003, prepared as per US GAAP. The US GAAP accounts have also been subjected to a ‘Limited Review’ by the Bank’s auditors. The reconciliation of net incomes as per Indian GAAP and US GAAP is as follows:

	(In Rs million)
	Results for the			Results for the
	half year ended			half year ended
Particulars	30/09/2003			30/09/2002
Net profit as per Indian GAAP		2244.2			1721.0
Adjustments to:
Investments		495.0			(102.3	)
Loan loss provisions		(328.5	)		112.5
Affiliates		34.7			15.3
Stock options		(31.5	)		(70.3	)
Deferred tax		(88.7	)		(32.0	)
Others		41.2			(24.3	)
Net profit as per US GAAP		2366.4			1619.9

Certain statements in this release concerning our future growth prospects are forward looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. These risks and uncertainties include, but are not limited to, our growth and expansion, the adequacy of our allowances for investment and credit losses, technological changes, volatility in investment income, our exposure to market risks as well as other risks detailed in the reports filed with the United States Securities and Exchange Commission. The bank may, from time to time, make additional written and oral forward looking statements, including statements contained in the bank’s filings with the Securities and Exchange Commission and our reports to the shareholders. The bank does not undertake to update forward looking statements that may be made from time to time by or on behalf of the bank, to reflect events or circumstances after the date thereof.

Balance Sheet as at end of second quarter

		(Rs. crores)
		As at		As at
		30-09-2003		30-09-2002
CAPITAL AND LIABILITIES
Capital			283		282
Reserves and Surplus			2209		1841
Employees’ Stock Options (Grants) Outstanding			3		7
Deposits			25197		19606
Borrowings			2752		796
Subordinated debt			200		200
Other Liabilities and Provisions			2984		2420
	Total		33628		25152
ASSETS
Cash and balances with Reserve Bank Of India			1317		1132
Balances with Banks and Money at Call and Short notice			657		1443
Investments			16026		12278
Advances			13500		8572
Fixed Assets			564		463
Other Assets			1564		1264
	Total		33628		25152

NEWS RELEASE

HDFC BANK LTD. — FINANCIAL RESULTS (INDIAN GAAP)
FOR THE PERIOD APRIL — SEPTEMBER 2003

The Board of Directors of HDFC Bank Limited approved the Bank’s accounts for the quarter and half year ended September 30, 2003 at its meeting on Friday, October 10, 2003. The Board also considered the reconciliation of profits between Indian GAAP and US GAAP for the six months ended September 30, 2003. Both, the Indian and US GAAP accounts, have been subjected to a “Limited Review” by the Bank’s auditors.

FINANCIAL RESULTS:

For the quarter ended September 30, 2003, the Bank earned total income of Rs.726.5 crores as against Rs.607.3 crores in the corresponding quarter ended September 30, 2002. Net revenues (net interest income plus other income) for the quarter ended September 30, 2003 were Rs.424.1 crores, up 33.9 % over Rs.316.8 crores for the corresponding quarter of the previous year. Interest earned (net of loan origination costs) increased by 33.5 % over the corresponding quarter ended September 30, 2002, to Rs.640.2 crores. Net interest income (interest earned less interest expended) for the quarter ended September 30, 2003 increased by Rs.148.6 crores to Rs.337.8 crores, driven by average asset growth of 39.4 %, an improvement in core net interest margin which increased to 3.6 %, and higher dividend income of around Rs.40 crores from debt mutual fund investments.

Other income for the quarter ended September 30, 2003 was Rs.86.3 crores, consisting principally of fees & commissions of Rs.78.3 crores, foreign exchange & derivatives revenues of Rs.26.6 crores, and profit/(loss) on sale of investments of Rs.(18.8) crores as against Rs.55.2 crores, Rs.22.8 crores and Rs.49.5 crores respectively for the quarter ended September 30, 2002. The loss on sale of investments for the quarter ended September 30, 2003 is due to mark-to-market losses of around Rs.44 crores on debt mutual fund units post receipt of dividends. Operating expenses for the quarter increased by Rs.55.6 crores to Rs.194.7 crores and were 45.9 % of net revenues and 26.8 % of total income. Provisions and contingencies for the quarter were Rs.63.8 crores, principally comprising general & specific loan loss provisions of Rs.38.8 crores and amortization of premia (for investments in the Held to Maturity category) of Rs.20.3 crores. After providing Rs.48.5 crores for taxation, the Bank earned a Net Profit of Rs.117.1 crores, a 30.6 % increase over the quarter ended September 30, 2002.

Balance sheet growth remained healthy, driven once again, primarily by retail deposit and loan growth. As on September 30, 2003, total deposits were Rs.25,197 crores, an increase of 28.5 % over Rs.19,606 crores as of September 30, 2002. The Bank’s success in building stable, low-cost retail deposits was reflected in the Savings Account deposits of Rs.5,992 crores, an increase of 61.3 % over September 30, 2002. The Bank’s core customer assets (including advances, corporate debentures, CPs, etc.) increased from Rs.10,956 crores as of September 30, 2002 to Rs.15,822 crores as of September 30, 2003, a growth 44.4 %. Retail loans grew 130.9 % on a year-on-year basis to Rs.4,555 crores and now form 32.3 % of gross advances as against 22.5 % of gross advances as at September 30, 2002.

For the Half Year ended September 30, 2003, the Bank earned total income of Rs.1,433.2 crores as against Rs.1,161.7 crores in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2003 were Rs.831.4 crores, up 43.2 % over Rs.580.6 crores for the six months ended September 30, 2002. Net Profit for the half year ended September 30, 2003 was Rs.224.4 crores, up 30.4%, over the corresponding six month ended September 30, 2002.

Net Profit computed in accordance with US GAAP for half year ended September 30, 2003 was Rs. 236.6 crores, as against Rs. 162.0 crores for the corresponding half year ended September 30, 2002. The net difference between profits computed in accordance with Indian GAAP and US GAAP is primarily due to differences in accounting treatment for amortization of premia and revaluation losses on investments held in the “Available for Sale” category, loan loss provisions, deferred stock compensation expense and tax provisions.

BUSINESS UPDATE:

During the first half of the current financial year, the Bank’s growth in each of its major business franchises and in particular in the retail business was driven primarily by higher customer acquisition, expanding geography for existing products and higher levels of penetration. Total number of retail accounts increased from 2.8 million in September 30, 2002 to 3.6 million as of September 30, 2003. In the first six months of this financial year, the branch network was expanded to 253 outlets in 135 cities from 203 outlets in 102 cities in September 30, 2002 and from 231 outlets in 122 cities on March 31, 2003. Approximately 73% of customer initiated transactions are now serviced through the alternative channels like ATMs (network of around 830 ATMs), phone banking (available to customers in 89 locations), net banking and mobile banking. The bank is one of the leading players in debit cards business in India with over 1.8 million cards.

The Credit Cards business is now in its second year of operations with total credit cards issued at around 3,40,000.

In the Wholesale Banking businesses, cash management volumes registered good growth on a year-on-year basis. Healthy growth was also achieved in the bank’s supply-chain and vendor finance solutions for its corporate customer segment. The bank has moved from the “180 day overdue” to the “90 day overdue” norm for recognition of non-performing assets, ahead of the regulatory deadline of March 31, 2004 for this. Portfolio quality as of September 30, 2003 remained healthy with net non-performing assets at 0.37 % of customer assets. General loan loss provisions were about 0.9 % of standard advances as against the regulatory requirement of 0.25%. Capital Adequacy Ratio (CAR) was 10.9 % against the regulatory minimum of 9%. Tier I CAR was at 9.2%.

Note:	(i) Rs. = Indian Rupees
	(ii) 1 crore = 10 million
	(iii) All figures and ratios are in accordance with Indian GAAP except where specifically mentioned.

Certain statements in this release which contain words or phrases such as “will”, “continue to”, “remains”, “should”, etc., and similar expressions or variation of these expressions or those concerning our future prospects are forward looking statements. Actual results may differ materially from those suggested by the forward looking statements due to a number of risks or uncertainties associated with the expectations. These risks and uncertainties include, but are not limited to, our ability to successfully implement our strategy, future levels of non-performing loans, our growth and expansion, the adequacy of our allowances for investment and credit losses, technological changes, volatility in investment income, our exposure to market risks as well as other risks detailed in the reports filed with the United State Securities and Exchange Commission. The bank may, from time to time make additional written and oral forward looking statements, including statements contained in the bank’s filings with the Securities and Exchange Commission and our reports to shareholders. The bank does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the bank, to reflect events or circumstances after the date thereof.