0001193125-20-112680.txt : 20200421 0001193125-20-112680.hdr.sgml : 20200421 20200421062506 ACCESSION NUMBER: 0001193125-20-112680 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20200420 FILED AS OF DATE: 20200421 DATE AS OF CHANGE: 20200421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HDFC BANK LTD CENTRAL INDEX KEY: 0001144967 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 000000000 STATE OF INCORPORATION: K7 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15216 FILM NUMBER: 20803925 BUSINESS ADDRESS: STREET 1: 'HDFC BANK HOUSE', SENAPATI BAPAT ROAD STREET 2: LOWER PAREL (WEST), MUMBAI INDIA CITY: INDIA STATE: K7 ZIP: 400013 BUSINESS PHONE: 91224957676 MAIL ADDRESS: STREET 1: KAMALA MILLS COMPOUND STREET 2: SENAPATI BAPAT MARG, LOWER PAREL CITY: MUMBAI INDIA STATE: K7 ZIP: 400013 6-K 1 d915503d6k.htm FORM 6-K 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 April, 2020

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 ☒ 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 ☒

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 ☒

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 ☒

 

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: April 20, 2020 By IsI Santosh Haldankar  
  Name: Santosh Haldankar  
  Title: Senior 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 April 18, 2020 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about Audited Financial Results for the last quarter and year ended March 31, 2020 alongwith Audited Consolidated accounts for the year ending March 31, 2020 duly approved by the Board of Directors at its meeting held on April 18, 2020.

 

 

 

 

Exhibit I

 

April 18, 2020

 

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

  

 

Dear Sirs,

 

Re: Outcome of Board Meeting held on April 18, 2020

 

Please find attached herewith the Audited Financial Results for the last quarter and year ended March 31, 2020 along with the audited consolidated accounts for the year ending March 31, 2020, duly approved by the Board of Directors at its meeting held today. The press release in this regard is also enclosed.

 

The Statutory Auditors of the Bank, M/s MSKA & Associates, Chartered Accountants, have issued the Audit Report on the Standalone and Consolidated financial results for the quarter and year ended March 31, 2020 with unmodified opinion.

 

The Reserve Bank of India, vide its circular dated April 17, 2020, has decided that banks shall not make any further dividend payouts from profits pertaining to the financial year ended March 31, 2020 until further instructions, with a view that banks must conserve capital in an environment of heightened uncertainty caused by COVID-19. Accordingly, the Board of Directors of the Bank, at their meeting held today, has not proposed any final dividend for the year ended March 31, 2020.

 

This is for your information and record.

 

Thanking you,

 

Yours faithfully,

For HDFC Bank Limited

 

Sd/-

 

Santosh Haldankar

Sr. Vice President (Legal) & Company Secretary

 

 

 

 

 

 

HDFC BANK LIMITED  
CIN : L65920MH1994PLC080618  
Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.  
Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739  
                                 
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020  
                              (₹ in lacs)  
      Quarter ended     Year ended  
        31.03.2020        31.12.2019        31.03.2019        31.03.2020        31.03.2019  
  Particulars     Audited
(Refer note 5)		       Unaudited       Audited
(Refer note 5)		       Audited       Audited  
1 Interest Earned (a)+(b)+(c)+(d)     2988506       2936972       2633325       11481265       9897205  
  a) Interest / discount on advances / bills     2404458       2342463       2101949       9178788       7754419  
  b) Income on Investments     509070       520314       504692       2063332       1999746  
  c) Interest on balances with Reserve Bank of India and  other inter bank funds     62902       60829       11150       182893       63570  
  d) Others     12076       13366       15534       56252       79470  
2 Other Income     603257       666928       487121       2326082       1762587  
3 Total Income (1)+(2)     3591763       3603900       3120446       13807347       11659792  
4 Interest Expended     1468100       1519682       1324376       5862640       5072883  
5 Operating Expenses (i)+(ii)     827781       789677       711710       3069752       2611937  
  i) Employees cost     249826       245496       207440       952567       776176  
  ii) Other operating expenses     577955       544181       504270       2117185       1835761  
6 Total Expenditure (4)+(5) (excluding Provisions and Contingencies)     2295881       2309359       2036086       8932392       7684820  
7 Operating Profit before Provisions and Contingencies (3)-(6)     1295882       1294541       1084360       4874955       3974972  
8 Provisions (other than tax) and Contingencies     378449       304356       188922       1214239       755008  
9 Exceptional Items     —       —       —       —       —  
10 Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)     917433       990185       895438       3660716       3219964  
11 Tax  Expense     224664       248537       306926       1034984       1112150  
12 Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)     692769       741648       588512       2625732       2107814  
13 Extraordinary items (net of tax expense)     —       —       —       —       —  
14 Net Profit / (Loss) for the period (12)-(13)     692769       741648       588512       2625732       2107814  
15 Paid up equity share capital (Face Value of ₹ 1/- each)     54833       54770       54466       54833       54466  
16 Reserves excluding revaluation reserves                             17043769       14866166  
17 Analytical Ratios                                        
  (i)  Percentage of shares held by Government of India      Nil        Nil        Nil        Nil        Nil  
  (ii) Capital Adequacy Ratio     18.5 %     18.5 %     17.1 %     18.5 %     17.1 %
  (iii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each)                                        
  (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized     12.6       13.5       10.8       48.0       39.3  
  (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized     12.6       13.4       10.7       47.7       39.0  
  (iv) NPA Ratios                                        
  (a) Gross NPAs     1264997       1342725       1122416       1264997       1122416  
  (b) Net NPAs     354236       446835       321452       354236       321452  
  (c) % of Gross NPAs to Gross Advances     1.26 %     1.42 %     1.36 %     1.26 %     1.36 %
  (d) % of Net NPAs to Net Advances     0.36 %     0.48 %     0.39 %     0.36 %     0.39 %
  (v) Return on assets (average) - not annualized     0.49 %     0.55 %     0.51 %     2.01 %     1.90 %

 

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

 

 

 

 

 

Segment information in accordance with the Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:  
   
                              (₹ in lacs)  
      Quarter ended     Year ended  
      31.03.2020     31.12.2019     31.03.2019     31.03.2020     31.03.2019  
Particulars   Audited
(Refer note 5)		     Unaudited     Audited
(Refer note 5)		     Audited     Audited  
1 Segment Revenue                                        
a) Treasury     690738       708374       590094       2655844       2357648  
b) Retail Banking     2821059       2775928       2401535       10799994       8922234  
c) Wholesale Banking     1527601       1576940       1457003       6113445       5456354  
d) Other Banking Operations     504799       521074       424596       1903341       1529943  
e) Unallocated     153       —       —       219       5278  
  Total     5544350       5582316       4873228       21472843       18271457  
  Less: Inter Segment Revenue     1952587       1978416       1752782       7665496       6611665  
  Income from Operations     3591763       3603900       3120446       13807347       11659792  
2 Segment Results                                        
a) Treasury     108230       90373       59218       346277       130576  
b) Retail Banking     266747       318421       317451       1294246       1179627  
c) Wholesale Banking     381348       397927       372483       1412109       1422412  
d) Other Banking Operations     202533       226352       191256       778463       679153  
e) Unallocated     (41425 )     (42888 )     (44970 )     (170379 )     (191804 )
  Total Profit Before Tax     917433       990185       895438       3660716       3219964  
3 Segment Assets                                        
a) Treasury     45724091       37086993       34876621       45724091       34876621  
b) Retail Banking     48427074       47895345       42879092       48427074       42879092  
c) Wholesale Banking     52056701       47693394       40874972       52056701       40874972  
d) Other Banking Operations     6050057       6036452       5085471       6050057       5085471  
e) Unallocated     793204       821378       737915       793204       737915  
  Total     153051127       139533562       124454071       153051127       124454071  
4 Segment Liabilities                                        
a) Treasury     10201209       6097321       6143885       10201209       6143885  
b) Retail Banking     90725810       85664751       73229496       90725810       73229496  
c) Wholesale Banking     31762887       28547637       27188713       31762887       27188713  
d) Other Banking Operations     503243       554529       535706       503243       535706  
e) Unallocated     2759376       2310248       2435639       2759376       2435639  
  Total     135952525       123174486       109533439       135952525       109533439  
5 Capital Employed                                        
  (Segment Assets - Segment Liabilities)                                        
a) Treasury     35522882       30989672       28732736       35522882       28732736  
b) Retail Banking     (42298736 )     (37769406 )     (30350404 )     (42298736 )     (30350404 )
c) Wholesale Banking     20293814       19145757       13686259       20293814       13686259  
d) Other Banking Operations     5546814       5481923       4549765       5546814       4549765  
e) Unallocated     (1966172 )     (1488870 )     (1697724 )     (1966172 )     (1697724 )
  Total     17098602       16359076       14920632       17098602       14920632  

 

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 the RBI.

 

 

 

 

 

Notes :

 

1 Statement of Assets and Liabilities as at March 31, 2020 is given below:

 

          (₹ in lacs)  
Particulars   As at
31.03.2020		     As at
31.03.2019		  
CAPITAL AND LIABILITIES   Audited     Audited  
Capital     54833       54466  
Reserves and Surplus     17043769       14866166  
Deposits     114750231       92314093  
Borrowings     14462854       11708513  
Other Liabilities and Provisions     6739440       5510833  
Total     153051127       124454071  
ASSETS                
Cash and Balances with Reserve Bank of India     7220512       4676362  
Balances with Banks and Money at Call and Short notice     1441360       3458401  
Investments     39182666       29311607  
Advances     99370288       81940122  
Fixed Assets     443191       403001  
Other Assets     5393110       4664578  
Total     153051127       124454071  

 

2 Statement of Cashflow as at March 31, 2020 is given below:
             
Particulars   As at
31.03.2020		     As at
31.03.2019		  
    Audited     Audited  
Cash flows from operating activities                
                 
Profit before income tax     3660716       3219964  
                 
Adjustments for:                
Depreciation on fixed assets     119585       114010  
(Profit) / loss on revaluation of investments     70211       1524  
Amortisation of premium on held to maturity investments     50141       45346  
(Profit) / loss on sale of fixed assets     832       (643 )
Provision / charge for non performing assets     935236       658207  
Provision for standard assets and contingencies     305158       115126  
Dividend from subsidiaries     (42372 )     (20444 )
      5099507       4133090  
Adjustments for:                
(Increase) / decrease in investments     (9992161 )     (5138924 )
(Increase) / decrease in advances     (18364046 )     (16764549 )
Increase / (decrease) in deposits     22436137       13437029  
(Increase) / decrease in other assets     (718012 )     (868774 )
Increase / (decrease) in other liabilities and provisions     919400       818303  
      (619175 )     (4383825 )
                 
Direct taxes paid (net of refunds)     (1049802 )     (1221643 )
Net cash flow used in operating activities     (1668977 )     (5605468 )
                 
Cash flows used in investing activities                
                 
Purchase of fixed assets     (154688 )     (155180 )
Proceeds from sale of fixed assets     1824       2124  
Dividend from subsidiaries     42372       20444  
Net cash flow used in investing activities     (110492 )     (132612 )
                 
Cash flows from financing activities                
                 
Proceeds from issue of share capital, net of issue expenses     184868       2579044  
Redemption of Tier II capital bonds     —       (287,500 )
Increase / (decrease) in other borrowings     2754341       (314484 )
Dividend paid during the year (including tax on dividend)     (654030 )     (405259 )
Net cash flow from financing activities     2285179       1571801  
                 
Effect of exchange fluctuation on translation reserve     21399       9535  
                 
Net increase / (decrease) in cash and cash equivalents     527109       (4156744 )
                 
Cash and cash equivalents as at April 1st     8134763       12291507  
Cash and cash equivalents as at March 31st     8661872       8134763  

 

 

 

 

 

3 The above results have been approved by the Board of Directors at its meeting held on April 18, 2020. The financial results for the quarter and year ended March 31, 2020 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified. The information presented above is extracted from the audited financial statements. The financial results for the year ended March 31, 2019 were audited by another firm of chartered accountants.
4 The Bank has consistently applied its significant accounting policies in the preparation of its quarterly financial results and its annual financial statements during the years ended March 31, 2020 and March 31, 2019.
5 The figures of the last quarter in each of the financial years are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the respective financial year.
6 The Reserve Bank of India, vide its circular dated April 17, 2020, has decided that banks shall not make any further dividend payouts from profits pertaining to the financial year ended March 31, 2020 until further instructions, with a view that banks must conserve capital in an environment of heightened uncertainty caused by COVID-19. Accordingly, the Board of Directors of the Bank, at their meeting held on April 18, 2020, has not proposed any final dividend for the year ended March 31, 2020.
7 The shareholders of the Bank, at its Annual General Meeting held on July 12, 2019 approved the sub-division (split) of one equity share of the Bank from face value of ` 2/- each into two equity shares of face value of ` 1/- each.  All shares and per share information in the financial results reflect the effect of sub-division (split) retrospectively.
8 During the quarter and year ended March 31, 2020, the Bank allotted 62,59,392 and 3,66,73,240 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.
9 Other income relates to income (including commission) from non-fund based banking activities, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments, dividends from subsidiaries and recoveries from accounts previously written off.
10 The SARS-CoV-2 virus responsible for COVID-19 continues to spread across the globe and India, which has contributed to a significant decline and volatility in global and Indian financial markets and a significant decrease in global and local economic activities. On March 11, 2020, the COVID-19 outbreak was declared a global pandemic by the World Health Organization. Numerous governments and companies, including the Bank, have introduced a variety of measures to contain the spread of the virus. On March 24, 2020, the Indian government announced a strict 21-day lockdown which was further extended by 19 days across the country to contain the spread of the virus. The extent to which the COVID-19 pandemic will impact the Bank's results will depend on future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by the Bank.

In accordance with the RBI guidelines relating to COVID-19 Regulatory Package dated March 27, 2020 and April 17, 2020, the Bank would be granting a moratorium of three months on the payment of all installments and / or interest, as applicable, falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers classified as Standard, even if overdue, as on February 29, 2020. For all such accounts where the moratorium is granted, the asset classification shall remain stand still during the moratorium period (i.e. the number of days past-due shall exclude the moratorium period for the purposes of asset classification under the Income Recognition, Asset Classification and Provisioning norms).

The Bank holds provisions as at March 31, 2020 against the potential impact of COVID-19 based on the information available at this point in time. The provisions held by the Bank are in excess of the RBI prescribed norms.

11 Other operating expenses include commission paid to sales agents of  ₹ 856.17 crore (previous period: ₹ 697.55 crore) and ₹ 3,154.21 crore (previous year: ₹ 2,805.61 crore) for the quarter and year ended  March 31, 2020 respectively.
12 Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period's classification.
13 ₹ 10 lac = ₹ 1 million

 ₹ 10 million = ₹ 1 crore

 

  Place : Mumbai Aditya Puri
  Date  : April 18, 2020 Managing Director

 

 

 

 

 

HDFC BANK LIMITED
CIN : L65920MH1994PLC080618
Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.
Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739
 
AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020

 

                                        (₹ in lacs)  
       Quarter ended      Year ended  
        31.03.2020        31.12.2019        31.03.2019        31.03.2020        31.03.2019  
  Particulars     Audited
(Refer note 5)		       Unaudited       Audited
(Refer note 5)		       Audited       Audited  
1 Interest Earned (a)+(b)+(c)+(d)     3179505       3120092       2804505       12218930       10516075  
  a) Interest / discount on advances / bills     2591924       2526590       2272760       9907963       8373616  
  b) Income on Investments     507557       515536       502759       2057273       1992475  
  c) Interest on balances with Reserve Bank of India and other inter bank funds     64128       61925       11928       186877       66062  
  d) Others     15896       16041       17058       66817       83922  
2 Other Income     649212       712478       521543       2487898       1894705  
3 Total Income (1)+(2)     3828717       3832570       3326048       14706828       12410780  
4 Interest Expended     1552857       1607327       1406156       6213743       5371269  
5 Operating Expenses (i)+(ii)     886024       852535       755210       3303605       2769476  
  i) Employees cost     337684       333105       272818       1292013       1045115  
  ii) Other operating expenses     548340       519430       482392       2011592       1724361  
6 Total Expenditure (4)+(5) (excluding Provisions and Contingencies)     2438881       2459862       2161366       9517348       8140745  
7 Operating Profit before Provisions and Contingencies (3)-(6)     1389836       1372708       1164682       5189480       4270035  
8 Provisions (Other than tax) and Contingencies     421650       347790       206352       1369994       838218  
9 Exceptional Items     —       —       —       —       —  
10 Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)     968186       1024918       958330       3819486       3431817  
11 Tax  Expense     238515       258922       327278       1089859       1187255  
12 Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)     729671       765996       631052       2729627       2244562  
13 Extraordinary items (net of tax expense)     —       —       —       —       —  
14 Net Profit / (Loss) for the period (12)-(13)     729671       765996       631052       2729627       2244562  
15 Less: Share of Profit / (Loss) of minority shareholders     1649       31       971       4231       11318  
16 Consolidated Net Profit / (Loss) for the period (14)-(15)     728022       765965       630081       2725396       2233244  
17 Paid up equity share capital (Face Value of ₹ 1/- each)     54833       54770       54466       54833       54466  
18 Reserves excluding revaluation reserves                             17581038       15312800  
19 Analytical Ratios                                        
  (i)  Percentage of shares held by Government of India      Nil        Nil        Nil        Nil        Nil  
  (ii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each)                                        
  (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized     13.3       14.0       11.6       49.8       41.7  
  (b) Diluted  EPS before & after extraordinary items (net of tax expense) - not annualized     13.2       13.9       11.5       49.5       41.3  

 

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

 

 

 

 

 

Consolidated Segment information in accordance with the Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:

 

                              (₹ in lacs)  
    Quarter ended     Year ended  
    31.03.2020     31.12.2019     31.03.2019     31.03.2020     31.03.2019  
Particulars   Audited
(Refer note 5)		     Unaudited     Audited
(Refer note 5)		     Audited     Audited  
1 Segment Revenue                                        
a) Treasury     690738       708374       590094       2655844       2357648  
b) Retail Banking     2821059       2775928       2401535       10799994       8922234  
c) Wholesale Banking     1527601       1576940       1457003       6113445       5456354  
d) Other Banking Operations     741753       749744       630197       2802822       2280931  
e) Unallocated     153       —       —       219       5278  
  Total     5781304       5810986       5078829       22372324       19022445  
  Less: Inter Segment Revenue     1952587       1978416       1752781       7665496       6611665  
  Income from Operations     3828717       3832570       3326048       14706828       12410780  
2 Segment Results                                        
a) Treasury     108230       90373       59218       346277       130576  
b) Retail Banking     266747       318421       317451       1294246       1179627  
c) Wholesale Banking     381348       397927       372483       1412109       1422412  
d) Other Banking Operations     253286       261085       254148       937233       891006  
e) Unallocated     (41425 )     (42888 )     (44970 )     (170379 )     (191804 )
  Total Profit Before Tax and Minority Interest     968186       1024918       958330       3819486       3431817  
3 Segment Assets                                        
a) Treasury     45724091       37086993       34876621       45724091       34876621  
b) Retail Banking     48427074       47895345       42879092       48427074       42879092  
c) Wholesale Banking     52056701       47693394       40874972       52056701       40874972  
d) Other Banking Operations     11081971       11026688       9911971       11081971       9911971  
e) Unallocated     793204       821378       737915       793204       737915  
  Total     158083041       144523798       129280571       158083041       129280571  
4 Segment Liabilities                                        
a) Treasury     10201209       6097321       6143885       10201209       6143885  
b) Retail Banking     90725810       85664751       73229496       90725810       73229496  
c) Wholesale Banking     31762887       28547637       27188713       31762887       27188713  
d) Other Banking Operations     4940224       4984839       4865392       4940224       4865392  
e) Unallocated     2759376       2310248       2435640       2759376       2435640  
  Total     140389506       127604796       113863126       140389506       113863126  
5 Capital Employed                                        
  (Segment Assets - Segment Liabilities)                                        
a) Treasury     35522882       30989672       28732736       35522882       28732736  
b) Retail Banking     (42298736 )     (37769406 )     (30350404 )     (42298736 )     (30350404 )
c) Wholesale Banking     20293814       19145757       13686259       20293814       13686259  
d) Other Banking Operations     6141747       6041849       5046578       6141747       5046578  
e) Unallocated     (1966172 )     (1488870 )     (1697724 )     (1966172 )     (1697724 )
  Total     17693535       16919002       15417445       17693535       15417445  

 

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 the RBI.

 

 

 

 

 

Notes :

 

1     Consolidated Statement of Assets and Liabilities as at March 31, 2020 is given below:

 

          (₹ in lacs)  
Particulars   As at
31.03.2020		     As at
31.03.2019		  
CAPITAL AND LIABILITIES   Audited     Audited  
Capital     54833       54466  
Reserves and Surplus     17581038       15312800  
Minority Interest     57664       50179  
Deposits     114620714       92250268  
Borrowings     18683431       15773278  
Other Liabilities and Provisions     7085361       5839580  
Total     158083041       129280571  
ASSETS                
Cash and balances with Reserve Bank of India     7221100       4680459  
Balances with Banks and Money at Call and Short notice     1572910       3501305  
Investments     38930495       28944587  
Advances     104367088       86922266  
Fixed Assets     462685       421984  
Other Assets     5528763       4809970  
Total     158083041       129280571  

 

2     Consolidated Statement of Cashflow as at March 31, 2020 is given below:

             
Particulars   As at
31.03.2020		     As at
31.03.2019		  
    Audited     Audited  
Cash flows from operating activities                
                 
Consolidated profit before income tax     3815255       3420499  
                 
Adjustment for:                
Depreciation on fixed assets     127677       122067  
(Profit) / loss on revaluation of investments     70211       1524  
Amortisation of premium on held to maturity investments     50141       45346  
(Profit) / loss on sale of fixed assets     819       (621 )
Provision / charge for non performing assets     1106571       742338  
Provision for standard assets and contingencies     305743       118525  
      5476417       4449678  
                 
Adjustments for:                
(Increase) / decrease in investments     (10107010 )     (5145836 )
(Increase) / decrease in advances     (18550036 )     (17660750 )
Increase / (decrease) in deposits     22370446       13412754  
(Increase) / decrease in other assets     (724976 )     (971680 )
Increase / (decrease) in other liabilities and provisions     935987       878511  
      (599172 )     (5037323 )
                 
Direct taxes paid (net of refunds)     (1087737 )     (1249831 )
Net cash flow used in operating activities     (1686909 )     (6287154 )
                 
Cash flows used in investing activities                
                 
Purchase of fixed assets     (163587 )     (162061 )
Proceeds from sale of fixed assets     1895       2220  
Net cash flow used in investing activities     (161692 )     (159841 )
                 
Cash flows from financing activities                
                 
Increase in minority interest     7485       14546  
Proceeds from issue of share capital, net of issue expenses     184868       2579043  
Proceeds from issue of  Tier I and Tier II capital bonds     74350       90000  
Redemption of Tier II capital bonds     —       (287500 )
Increase / (decrease) in other borrowings     2835804       326568  
Dividend paid during the year (including tax on dividend)     (663059 )     (409589 )
Net cash flow from financing activities     2439448       2313068  
                 
Effect of exchange fluctuation on translation reserve     21399       9535  
                 
Net increase / (decrease) in cash and cash equivalents     612246       (4124392 )
                 
Cash and cash equivalents as at April 1st     8181764       12306156  
Cash and cash equivalents as at March 31st     8794010       8181764  

 

 

 

   
3 The above financial results represent the consolidated financial results for HDFC Bank Limited and its subsidiaries constituting the 'Group'. These financial results have been approved by the Board of Directors of the Bank at its meeting held on April 18, 2020. The financial results for the quarter and year ended March 31, 2020 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified. The financial results for the year ended March 31, 2019 were audited by another firm of chartered accountants.
   
4 The Group has consistently applied its significant accounting policies in the preparation of its quarterly financial results and its annual financial statements during the years ended March 31, 2020 and March 31, 2019.
   
5 The figures for the quarter ended March 31, 2020 and March 31,2019 are the balancing figures between audited figures in respect of the full financial year and the published / unaudited year to date figures upto end of the third quarter of respective financial year.
   
6 The Reserve Bank of India, vide its circular dated April 17, 2020, has decided that banks shall not make any further dividend payouts from profits pertaining to the financial year ended March 31, 2020 until further instructions, with a view that banks must conserve capital in an environment of heightened uncertainty caused by COVID-19. Accordingly, the Board of Directors of the Bank, at their meeting held on April 18, 2020, has not proposed any final dividend for the year ended March 31, 2020.
   
7 The SARS-CoV-2 virus responsible for COVID-19 continues to spread across the globe and India, which has contributed to a significant decline and volatility in global and Indian financial markets and a significant decrease in global and local economic activities. On March 11, 2020, the COVID-19 outbreak was declared a global pandemic by the World Health Organization. Numerous governments and companies, including the Bank, have introduced a variety of measures to contain the spread of the virus. On March 24, 2020, the Indian government announced a strict 21-day lockdown which was further extended by 19 days across the country to contain the spread of the virus. The extent to which the COVID-19 pandemic will impact the Bank's results will depend on future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by the Bank.
   
  In accordance with the RBI guidelines relating to COVID-19 Regulatory Package dated March 27, 2020 and April 17, 2020, the Bank would be granting a moratorium of three months on the payment of all installments and / or interest, as applicable, falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers classified as Standard, even if overdue, as on February 29, 2020. For all such accounts where the moratorium is granted, the asset classification shall remain stand still during the moratorium period (i.e. the number of days past-due shall exclude the moratorium period for the purposes of asset classification under the Income Recognition, Asset Classification and Provisioning norms).
   
  The Bank holds provisions as at March 31, 2020 against the potential impact of COVID-19 based on the information available at this point in time. The provisions held by the Bank are in excess of the RBI prescribed norms.
   
8 In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III Framework. These disclosures are available on the Bank's website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/ default.htm. The disclosures have not been subjected to audit or review by the statutory auditors.
   
9 Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period's classification.
   
10 ₹ 10 lac = ₹ 1 million
  ₹ 10 million = ₹ 1 crore
   

 

  Place : Mumbai Aditya Puri
  Date  : April 18, 2020 Managing Director

 

 

 

 

 

(IMAGE) NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020

 

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and full year ended March 31, 2020, at their meeting held in Mumbai on Saturday, April 18, 2020. The accounts have been subjected to an audit by the statutory auditors of the Bank.

 

STANDALONE FINANCIAL RESULTS:

 

Profit & Loss Account: Quarter ended March 31, 2020

 

The Bank’s net revenues (net interest income plus other income) increased by 18.2% to ₹ 21,236.6 crore for the quarter ended March 31, 2020 over the corresponding quarter of the previous year.

 

Net interest income (interest earned less interest expended) for the quarter ended March 31, 2020 grew to ₹ 15,204.1 crore from ₹ 13,089.5 crore for the quarter ended March 31, 2019, driven by growth in advances of 21.3%, and a growth in deposits of 24.3%. The net interest margin for the quarter was at 4.3%.

 

Other income (non-interest revenue) at ₹ 6,032.6 crore was 28.4% of the net revenues for the quarter ended March 31, 2020 as against ₹ 4,871.2 crore in the corresponding quarter ended March 31, 2019. The four components of other income for the quarter ended March 31, 2020 were fees & commissions of ₹ 4,200.8 crore (₹ 3,665.4 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 500.8 crore (₹ 403.3 crore for the corresponding quarter of the previous year), gain on sale / revaluation of investments of ₹ 565.3 crore (gain of ₹ 228.9 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 765.7 crore (₹ 573.6 crore for the corresponding quarter of the previous year).

 

 

 

 

(IMAGE) NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

During the quarter, there was a considerable slowdown in economic activities following the outbreak of COVID-19. Furthermore, with the government initiating lockdown in the latter half of March, and our strict adherence to social distancing, not only did we see an impact on business volumes - in terms of loan originations, distribution of third party products, and payments product activities, but we also could not optimize our collection efforts, and as a result of which fees/other income were lower by ₹ 450 crore.

 

Operating expenses for the quarter ended March 31, 2020 were ₹ 8,277.8 crore, an increase of 16.3% over ₹ 7,117.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 39.0% as against 39.6% for the corresponding quarter ended March 31, 2019.

 

Pre-provision Operating Profit (PPOP) at ₹ 12,958.8 crore grew by 19.5% over the corresponding quarter of the previous year.

 

Provisions and contingencies for the quarter ended March 31, 2020 were ₹ 3,784.5 crore (consisting of specific loan loss provisions of ₹ 1,917.8 crore and general provisions and other provisions of ₹ 1,866.7 crore) as against ₹ 1,889.2 crore (consisting of specific loan loss provisions of ₹ 1,430.3 crore and general provisions and other provisions of ₹ 459.0 crore) for the quarter ended March 31, 2019. Total provisions for the current quarter included credit reserves relating to COVID-19 in the form of contingent provisions of approximately ₹1550 crore. The Core Credit Cost ratio was 0.77%, as compared to 0.92% in the quarter ending December 31, 2019 and 0.69% in the quarter ending March 31, 2019.

 

Profit before tax (PBT) for the quarter ended March 31, 2020 was at ₹ 9,174.3 crore. After providing ₹ 2,246.6 crore for taxation, the Bank earned a net profit of ₹ 6,927.7 crore, an increase of 17.7% over the quarter ended March 31, 2019.

 

 

 

 

(IMAGE) NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Profit & Loss Account: Year ended March 31, 2020

 

For the year ended March 31, 2020, the Bank earned a total income of ₹ 138,073.5 crore. Net revenues (net interest income plus other income) for the year ended March 31, 2020 were ₹ 79,447.1 crore, up by 20.6% over ₹ 65,869.1 crore for the year ended March 31, 2019. The net interest margin for the year ended March 31, 2020 was 4.3%. The cost to income ratio for the year ended March 31, 2020 was at 38.6%, as against 39.7% for the year ended March 31, 2019. The Bank’s net profit for the year ended March 31, 2020 was ₹ 26,257.3 crore, up 24.6% over the year ended March 31, 2019.

 

Balance Sheet: As of March 31, 2020

 

Total balance sheet size as of March 31, 2020 was ₹ 1,530,511 crore as against ₹ 1,244,541 crore as of March 31, 2019, a growth of 23.0%.

 

Total deposits as of March 31, 2020 were ₹ 1,147,502 crore, an increase of 24.3% over March 31, 2019. CASA deposits grew by 23.9% with savings account deposits at ₹ 310,377 crore and current account deposits at ₹ 174,248 crore. Time deposits were at ₹ 662,877 crore, an increase of 24.6% over the previous year, resulting in CASA deposits comprising 42.2% of total deposits as of March 31, 2020. The Bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 132%, well above the regulatory requirement.

 

Total advances as of March 31, 2020 were ₹ 993,703 crore, an increase of 21.3% over March 31, 2019. Domestic advances grew by 21.4% over March 31, 2019. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 14.6% and domestic wholesale loans grew by 29.3%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 51:49. Overseas advances constituted 3% of total advances.

 

Capital Adequacy:

 

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.5% as on March 31, 2020 (17.1% as on March 31, 2019) as against a regulatory requirement of 11.075% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.20% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 17.2% as of March 31, 2020 compared to 15.8% as of March 31, 2019. Common Equity Tier 1 Capital ratio was at 16.4% as of March 31, 2020. Risk-weighted Assets were at ₹ 994,716 crore (as against ₹ 931,930 crore as at March 31, 2019).

 

 

 

 

(IMAGE) NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

NETWORK

 

As of March 31, 2020, the Bank’s distribution network was at 5,416 banking outlets and 14,901 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,803 cities / towns as against 5,103 banking outlets and 13,489 ATMs / CDMs across 2,748 cities / towns as of March 31, 2019. Of the total banking outlets, 52% are in semi-urban and rural areas. In addition, we have 5,379 banking outlets managed by the Common Service Centres. Number of employees were at 116,971 as of March 31, 2020 (as against 98,061 as of March 31, 2019).

 

ASSET QUALITY

 

Gross non-performing assets were at 1.26% of gross advances as on March 31, 2020, (1.1% excluding NPAs in the agricultural segment) as against 1.42% as on December 31, 2019 (1.2% excluding NPAs in the agricultural segment) and 1.36% as on March 31, 2019 (1.2% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.36% of net advances as on March 31, 2020.

 

In accordance with the RBI guidelines relating to COVID-19 Regulatory Package dated March 27, 2020 and April 17, 2020, the Bank would be granting a moratorium of three months on the payment of all installments and / or interest, as applicable, falling due between March 1, 2020 and May 31, 2020 to all eligible borrowers classified as Standard, even if overdue, as on February 29, 2020. For all such accounts where the moratorium is granted, the asset classification shall remain standstill during the moratorium period (i.e. the number of days past-due shall exclude the moratorium period for the purposes of asset classification under the IRACP norms). The Bank holds provisions as on March 31, 2020 against the potential impact of COVID-19 based on the information available at this point in time and the same are in excess of the RBI prescribed norms. As a result, GNPA and NNPA ratios were lower by 10 bps and 6 bps respectively.

 

The Bank held floating provisions of ₹ 1,451 crore and contingent provisions of ₹ 2,996 crore as on March 31, 2020. Total provisions (comprising specific, floating, contingent and general provisions) were 142% of the gross non-performing loans as on March 31, 2020.

 

 

 

 

(IMAGE) NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

CONSOLIDATED FINANCIAL RESULTS

 

The Bank’s subsidiary companies prepare their financial results in accordance with the notified Indian Accounting Standards ('Ind-AS'). The Bank for the purposes of its statutory compliance prepares and presents its financial results under Indian GAAP. Hence the Bank’s subsidiary companies, for the purposes of the consolidated financial results of the Bank, prepare 'fit-for-consolidation information' based on the recognition and measurement principles as per Indian GAAP.

 

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on March 31, 2020, the Bank held 96.6% stake in HSL.

 

HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-banking finance company (‘NBFC’) offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on March 31, 2020, the Bank held 95.3% stake in HDBFSL.

 

The consolidated net profit for the quarter ended March 31, 2020 was ₹ 7,280 crore, up 15.5%, over the quarter ended March 31, 2019. Consolidated advances grew by 20.1% from ₹ 869,223 crore as on March 31, 2019 to ₹ 1,043,671 crore as on March 31, 2020.

 

The consolidated net profit for the year ended March 31, 2020 was ₹ 27,254 crore, up 22.0%, over the year ended March 31, 2019.

 

 

 

 

(IMAGE) NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

Note:

 

₹ = Indian Rupees

 

1 crore = 10 million

 

All figures and ratios are in accordance with Indian GAAP unless otherwise specified.

 

BSE: 500180

NSE: HDFCBANK 

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.

 

 

 

 

(IMAGE) NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

 

For more information please log on to: www.hdfcbank.com

 

For media queries please contact:

Neeraj Jha

Head, Corporate Communication 

HDFC Bank Ltd., Mumbai.

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

Fax: 91 - 22 - 2490 3168

Mobile: +91 93236 20828 

neeraj.jha@hdfcbank.com

 

For investor queries please contact:

Ajit Shetty

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1054 (D) / 6652 1000 (B)

Mobile: +91 9819628910

ajit.shetty@hdfcbank.com

 

 

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