REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
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International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ |
Other ☐ |
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66 | ||||
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79 | ||||
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91 | ||||
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151 | ||||
190 | ||||
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Item Caption |
Location |
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Part I |
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Item 1 | Identity of Directors, Senior Management and Advisors | Not Applicable |
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Item 2 | Offer Statistics and Expected Timetable | Not Applicable |
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Item 3 | Key Information | Exchange Rates and Certain Defined Terms |
1 | |||
Risk Factors |
36 | |||||
Selected Financial and Other Data |
80 | |||||
Item 4 | Information on the Company | Business |
3 | |||
Selected Statistical Information |
83 | |||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
91 | |||||
Principal Shareholders |
142 | |||||
Related Party Transactions |
143 | |||||
Supervision and Regulation |
151 | |||||
Item 5 | Operating and Financial Review and Prospects | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
91 | |||
Item 6 | Directors, Senior Management and Employees | Business—Employees |
30 | |||
Management |
120 | |||||
Principal Shareholders |
142 | |||||
Item 7 | Major Shareholders and Related Party Transactions | Principal Shareholders |
142 | |||
Management—Loans to Members of Our Senior Management |
134 | |||||
Related Party Transactions |
143 | |||||
Item 8 | Financial Information | Report of Independent Registered Public Accounting Firms |
F-2 | |||
Consolidated Financial Statements and the Notes thereto |
F-5 | |||||
Business—Legal Proceedings |
31 | |||||
Item 9 | The Offer and Listing | Certain Information About Our American Depositary Share and Equity Shares |
66 | |||
Restrictions on Foreign Ownership of Indian Securities |
192 | |||||
Item 10 | Additional Information | Management |
120 | |||
Description of Equity Shares |
67 | |||||
Dividend Policy |
79 | |||||
Taxation |
145 | |||||
Supervision and Regulation |
151 | |||||
Exchange Controls |
190 | |||||
Restrictions on Foreign Ownership of Indian Securities |
192 | |||||
Additional Information |
196 |
Item Caption |
Location |
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Item 11 | Quantitative and Qualitative Disclosures About Market Risk | Business—Risk Management |
23 | |||||
Selected Statistical Information |
83 | |||||||
Item 12 | Description of Securities Other than Equity Securities | Not Applicable |
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Item 12D | ADSs fee disclosure | Description of American Depositary Shares—Fees and Charges for Holders of American Depositary Shares |
75 | |||||
Part II |
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Item 13 | Defaults, Dividend Arrearages and Delinquencies | Not Applicable |
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Item 14 | Material Modifications to the Rights of Security Holders and Use of Proceeds |
Not Applicable |
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Item 15 | Controls and Procedures | Management—Controls and Procedures |
135 | |||||
Management’s Report on Internal Control Over Financial Reporting |
197 | |||||||
Report of Independent Registered Public Accounting Firm—Internal Controls Over Financial Reporting |
198 | |||||||
Item 16A | Audit Committee Financial Expert | Management—Audit Committee Financial Expert |
136 | |||||
Item 16B | Code of Ethics | Management—Code of Ethics |
136 | |||||
Item 16C | Principal Accountant Fees and Services | Management—Principal Accountant Fees and Services |
136 | |||||
Item 16D | Exemption from the Listing Standards for Audit Committees | Not Applicable |
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Item 16E | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | Not Applicable |
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Item 16F | Changes in or disagreements with accountants | Not Applicable |
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Item 16G | Significant Differences in Corporate Governance Practices | Management—Compliance with NYSE Listing Standards on Corporate Governance |
137 | |||||
Item 16H | Mine Safety Disclosure | Not Applicable |
• | Vyapar: Digital onboarding of merchants for payment acceptance and servicing of banking transactions for the merchant community (Live); |
• | Xpress Car Loans: Anytime-anywhere digital auto loans with seamless connectivity to multiple platforms and loan disbursement within 30 minutes; |
• | PayZapp 2.0: Enhanced experience for app-customers to onboard and auto-link HDFC Bank cards, to manage the wallet and limits, and to display transactions via a rich user interface; |
• | Wealth App: A new wealth management app with client-self-profiling, goal setting, mutual fund order execution and portfolio re-balancing; |
• | SME Customer Experience Transformation: New technology to support scaled-up business volumes and enhance the entire SME customer experience across commercial and retail business lines; and |
• | Biz Express: A new web portal for SME segments covering digital on-boarding, managing their multiple accounts, making payments with hierarchy, raising GST; compliant invoices for payment, multiple collection modes, raising service requests online, etc. |
1. | Implementation of a Landing Zone for Hyperscalers |
2. | Capacity Upgrades |
• | NetBanking and MobileBanking being scaled up to cater to 90,000 concurrent users. |
• | The foundations of the banking platform being upgraded along with the modernization of more than 300 services. This enhances our scalability and capacity to cater to cater more than three times the number of Unified Payments Interface (“UPI”) transactions. Successfully managing over 2.3 million UPI transactions per hour, we are ranked among the top players in India as published in National Payments Corporation of India’s (“NPCI”) UPI performance metrics dashboard. Our average customer uptime has increased to 99.94 percent through lower technical declines in fiscal year 2022. |
3. | DR & Resiliency |
• | Reduction of the recovery time objective (“RTO”) for key applications to 40-60 minutes, which has been completed for 56 key applications; |
• | Deep automation to improve configuration drift management between primary and DR sites; |
• | Enrichment of existing automation tools for DR to cover all DR scenarios and reduce the RTO time further; and |
• | Refactoring key applications into an “Hot DR”/“Active-Active” design. |
4. | Migration of the primary data center |
5. | Technology Obsolescence Management |
Years ended March 31, |
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2020 |
2021 |
2022 |
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(in millions, except percentages) |
||||||||||||||||||||||||||||
Retail banking |
Rs.540,456.5 | 80.2 | % | Rs.567,389.2 | 72.5 | % | Rs.640,670.1 | US$ | 8,444.2 | 71.8 | % | |||||||||||||||||
Wholesale banking |
126,677.3 | 18.8 | % | 198,576.0 | 25.4 | % | 235,811.3 | 3,108.1 | 26.4 | % | ||||||||||||||||||
Treasury operations |
6,990.7 | 1.0 | % | 16,463.6 | 2.1 | % | 15,952.8 | 210.3 | 1.8 | % | ||||||||||||||||||
Net revenue |
Rs.674,124.5 | 100.0 | % | Rs.782,428.8 | 100.0 | % | Rs.892,434.2 | US$ | 11,762.6 | 100.0 | % |
At March 31, 2022 Value |
% of Total Value |
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(in millions) |
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Retail Assets: |
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Auto loans |
Rs.1,042,793.0 | US$ | 13,744.5 | 11.2 | ||||||||
Personal loans/Credit cards |
2,341,971.8 | 30,868.2 | 25.2 | |||||||||
Retail business banking |
2,617,087.1 | 34,494.4 | 28.1 | |||||||||
Commercial vehicle and construction equipment finance |
951,066.0 | 12,535.5 | 10.2 | |||||||||
Housing loans |
830,882.4 | 10,951.4 | 8.9 | |||||||||
Other retail loans |
1,526,734.4 | 20,122.9 | 16.4 | |||||||||
Total retail loans |
Rs.9,310,534.7 | US$ | 122,716.9 | 100.0 |
At March 31, 2022 |
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Value (in millions) |
% of total |
|||||||||||
Savings |
Rs.5,008,100.3 | US$ | 66,009.0 | 39.6 | ||||||||
Current |
1,556,279.5 | 20,512.4 | 12.3 | |||||||||
Time |
6,071,527.5 | 80,025.4 | 48.1 | |||||||||
Total |
Rs.12,635,907.3 | US$ | 166,546.8 | 100.0 |
• | Savings accounts, which are demand deposits, primarily for individuals and trusts. |
• | Current accounts, which are non-interest-bearing accounts designed primarily for business customers. Customers have a choice to select from a wide range of product offerings which are differentiated by basis minimum average quarterly account balance requirements and the nature of the transactions. |
• | Time deposits, which pay a fixed return over a predetermined time period. |
As of March 31, |
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2020 |
2021 |
2022 |
2022 |
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(in millions) |
||||||||||||||||
Gross commercial loans |
Rs. | 3,583,055.2 | Rs. | 4,214,885.3 | Rs. | 5,099,009.3 | US$ | 67,207.2 | ||||||||
Credit substitutes: |
||||||||||||||||
Commercial paper |
Rs. | 124,393.4 | Rs. | 9,804.1 | Rs. | 1,468.2 | US$ | 19.4 | ||||||||
Non-convertible debentures |
237,980.3 | 537,472.8 | 581,551.5 | 7,665.1 | ||||||||||||
Preferred shares |
— | — | 0.5 | 0.0 | ||||||||||||
Total credit substitutes |
Rs. | 362,373.7 | Rs. | 547,276.9 | Rs. | 583,020.2 | US$ | 7,684.5 | ||||||||
Gross commercial loans plus credit substitutes |
Rs. | 3,945,428.9 | Rs. | 4,762,162.2 | Rs. | 5,682,029.5 | US$ | 74,891.7 |
As of March 31, |
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2020 |
2021 |
2022 |
2022 |
|||||||||||||
(in millions) |
||||||||||||||||
Bill collection |
Rs. | 6,039,408.6 | Rs. | 5,863,622.6 | Rs. | 8,826,470.0 | US$ | 116,336.8 | ||||||||
Documentary credits |
1,753,159.7 | 1,410,029.3 | 2,543,661.3 | 33,526.6 | ||||||||||||
Bank guarantees |
303,348.0 | 420,229.2 | 455,008.5 | 5,997.2 | ||||||||||||
Total |
Rs. | 8,095,916.3 | Rs. | 7,693,881.1 | Rs. | 11,825,139.8 | US$ | 155,860.5 |
As of March 31, |
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2020 |
2021 |
2022 |
2022 |
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Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
|||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Interest rate swaps and forward rate agreements |
Rs.1,545,303.1 | Rs.1,404.5 | Rs.1,684,294.2 | Rs. | 785.5 | Rs.3,163,571.7 | Rs. | 2,253.9 | US$ | 41,697.3 | US$ | 29.7 | ||||||||||||||||||||
Forward exchange contracts, currency swaps, currency options |
Rs.1,309,254.8 | Rs.7,532.1 | Rs.1,490,543.6 | Rs. | 4,275.8 | Rs.1,892,709.0 | Rs. | (12,243.4) | US$ | 24,946.7 | US$ | (161.4 | ) |
As of March 31, |
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2020 |
2021 |
2022 |
2022 |
|||||||||||||||||||||||||||||
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
Notional |
Fair Value |
|||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Interest rate swaps and forward rate agreements |
Rs. | 2,099,192.7 | Rs. | (3,504.6 | ) | Rs. | 1,492,003.7 | Rs. | (2,256.4 | ) | Rs. | 2,029,651.4 | Rs. | 225.1 | US$ | 26,751.8 | US$ | 3.0 | ||||||||||||||
Forward exchange contracts, currency swaps, currency options |
Rs. | 5,276,918.2 | Rs. | 322.6 | Rs. | 3,913,667.3 | Rs. | (278.2 | ) | Rs. | 5,402,291.4 | Rs. | 15,147.5 | US$ | 71,204.6 | US$ | 199.7 |
(a) | Borrower/business group Supervision and Regulation—Large Exposures Framework |
(b) | Industry non-fund-based exposures are aggregated. Retail advances are exempt from this exposure limit. |
(c) | Risk grading non-funded exposure (excluding retail assets) specific to each risk rating category at the portfolio level. |
(a) | Central Credit Program Unit |
(b) | Retail Underwriting |
(c) | Credit Intelligence and Control inter alia |
(d) | Retail Collections Unit |
1. | to review and recommend for Board approval the liquidity and interest rate risk policies and behavioral studies or any other amendment thereto; and |
2. | to ratify excess utilization of Board-approved limits except where delegated to the ALCO. |
• | product pricing for deposits and customer advances; |
• | deciding the desired maturity profile and mix of incremental assets and liabilities; |
• | articulating the Bank’s interest rate view and deciding on its future business strategy; |
• | reviewing and articulating funding strategy and deciding on source and mix of liabilities or sale of assets; |
• | ensuring adherence to the liquidity and interest rate risk limits set by the Board and ratification of utilization, wherever applicable; |
• | determining the structure, responsibilities and controls for managing liquidity and interest rate risk and overseeing the liquidity positions of the Bank level (including domestic and overseas branches) and reviewing liquidity risk and interest rate risk in banking book positions at the group level (including the Bank and its subsidiaries); |
• | ensuring adequate representation of risk management function on ALCO to adhere with operational independence of liquidity management and risk monitoring; |
• | reviewing ALM stress test results and ensuring that a well-documented contingency funding plan is in place; |
• | deciding on the transfer pricing policy of the Bank and considering liquidity costs and benefits an integral part of the Bank’s strategic planning; and |
• | regularly reporting to the Board on the ALM risk profile of the Bank through ALCO minutes. |
• | Earnings Perspective (impact on net interest income) |
• | Economic Value Perspective (impact on market value of equity) |
• | Business, operations, support & other functions: These functions are primarily responsible for the implementation of sound risk management practices (including cost-benefit analyses) in the day-to-day |
• | Operational risk management department: ORMD is responsible for implementing the operational risk management framework across the Bank. The department designs and develops tools required for implementing the framework, including policies and processes, and guidelines towards implementation and is also responsible for the maintenance of the framework. ORMD represents the second line of defense against operational risk; and |
• | Internal audit department: Internal audit is the third line of defense in mitigating operational risk exposures. Internal audit evaluates the adequacy and effectiveness of the internal control systems and procedures in the risk management functions, as well as across the various business and support units of the Bank. |
• | risk control self-assessment, to identify high-risk areas so the Bank can initiate timely remedial measures. This assessment is conducted annually to update senior management of the risk level across the Bank; |
• | key risk indicators that are derived from various factors to provide an early warning of, or to monitor, the increasing risk or control failures in an activity. As these indicators are quantifiable, they can be measured continuously to identify trends in values; |
• | loss data maintenance to establish the Bank’s process of recognizing, recording and mitigating operational losses. Units or functions accounting loss data are required to report every operational risk loss data in a timely manner to ORMD. Operational losses experienced by the units are followed up by the respective control functions for initiation of mitigative measures as applicable; |
• | annual scenario analysis to derive information on hypothetical severe loss situations. The Bank uses this information for risk management purposes, as well as for analyzing the possible financial impact; and |
• | periodic reporting on risk assessment and monitoring to the line as well as to senior management to enable them to take timely action. |
1. |
Economic and Political Risks |
• |
A slowdown in economic growth in India would cause us to experience slower growth in our asset portfolio and deterioration in the quality of our assets. |
• |
Our business is particularly vulnerable to interest rate risk, and volatility in interest rates could adversely affect our net interest margin, the value of our fixed income portfolio, our treasury income and our financial performance. |
• |
Financial and political instability in other countries may cause increased volatility in the Indian financial market. |
• |
Our and our customers’ exposure to fluctuations in foreign currency exchange rates could adversely affect our operating results. |
• |
We may not adequately assess, monitor and manage risks inherent in our business, and any failure to manage risks could adversely affect our business, financial position or results of operations. |
• |
In order to support and grow our business, we must maintain a minimum capital adequacy ratio, and a lack of access to the capital markets may prevent us from maintaining an adequate ratio. |
• |
We rely on third parties, including service providers, overseas correspondent banks and other Indian banks, who may not perform their obligations satisfactorily or in compliance with the law. |
2. |
Risks Relating to Our Business |
• |
If we are unable to manage our growth, our operations may suffer and our performance may decline. |
• |
Our success depends in large part upon our management team and skilled personnel and our ability to attract and retain such persons. |
• |
Our funding is primarily short and medium term, and if depositors do not roll over deposited funds upon maturity, our net income may decrease. |
• |
Any increase in interest rates would have an adverse effect on the value of our fixed income securities portfolio and could have a material adverse effect on our net income. |
• |
We could experience a decline in our revenue generated from activities on the equity markets if there is a prolonged or significant downturn on the Indian stock exchanges, and we may face difficulties in getting regulatory approvals necessary to conduct our business if we fail to meet regulatory limits on capital market exposures. |
• |
Any failure or material weakness of our internal control system could cause significant errors, which may have a materially adverse effect on our reputation, business, financial position or results of operations. |
• |
Significant fraud, system failure or calamities would disrupt our revenue-generating activities in the short term and could harm our reputation and adversely impact our revenue-generating capabilities. |
• |
We may not successfully implement our sustainability strategies or satisfy our ESG commitments, or our performance may not meet investor or other stakeholder expectations or standards, which could adversely impact our reputation, access to capital, business and financial condition. |
• |
We are subject to climate change-related risks, including the physical risks of severe weather and water scarcity, as well as the risks of transitioning to a low carbon economy, which could have a significant negative impact on our industry, business and results of operations. |
• |
Negative publicity could damage our reputation and adversely impact our business and financial results. |
• |
Many of our branches have been recently added to our branch network and are not operating with the same efficiency as compared to the rest of our existing branches, which adversely affects our profitability. |
• |
Deficiencies in accuracy and completeness of information about customers and counterparties may adversely impact us. |
• |
We present our financial information differently in other markets or in certain reporting contexts. |
• |
Statistical, industry and financial data obtained from industry publications and other third-party sources may be incomplete or unreliable. |
• |
We may be unable to fully capture the expected value from acquisitions, which could materially and adversely affect our business, results of operations and financial condition. |
3. |
Credit Risks |
• |
If the level of non-performing loans in our portfolio increases, we will be required to increase our provisions, which would negatively impact our income. |
• |
We have high concentrations of exposures to certain customers and sectors, and if any of these exposures were to become non-performing, the quality of our portfolio could be adversely affected and our ability to meet capital requirements could be jeopardized. |
• |
We are required to undertake directed lending under RBI guidelines. Consequently, we may experience a higher level of non-performing loans in our directed lending portfolio, which could adversely impact the quality of our loan portfolio, our business and the price of our equity shares and ADSs. Further, in the case of any shortfall in complying with these requirements, we may be required to invest in deposits of Indian development banks as directed by the RBI. These deposits yield low returns, thereby impacting our profitability. |
• |
We may be unable to foreclose on collateral in a timely fashion or at all when borrowers default on their obligations to us, or the value of collateral may decrease, any of which may result in failure to recover the expected value of collateral security, increased losses and a decline in net income. |
• |
Our unsecured loan portfolio is not supported by any collateral that could help ensure repayment of the loan, and in the event of non-payment by a borrower of one of these loans, we may be unable to collect the unpaid balance. |
4. |
Risks Relating to Our Industry |
• |
RBI guidelines relating to ownership in private banks could discourage or prevent a change of control or other business combination involving us, such as with HDFC Limited, which could restrict the growth of our business and operations. |
• |
Foreign investment in our shares may be restricted due to regulations governing aggregate foreign investment in the Bank’s paid-up equity share capital. |
• |
Further competition and the development of advanced payment systems by our competitors would adversely impact our cash float and decrease fees we receive in connection with cash management services. |
• |
Our business is highly competitive, which makes it challenging for us to offer competitive prices to retain existing customers and solicit new business, and our strategy depends on our ability to compete effectively. |
• |
We may face increased competition as a result of revised guidelines that relax restrictions on foreign ownership and participation in the Indian banking industry, and the entry of new banks in the private sector, which could cause us to lose existing business or be unable to compete effectively for new business. |
• |
If the goodwill recorded in connection with our acquisitions becomes impaired, we may be required to record impairment charges, which would decrease our net income and total assets. |
5. |
Risks Relating to Our Ownership Structure and the Proposed Transaction |
• |
The Scheme with HDFC Limited is subject to a number of conditions, some of which are outside of the parties’ control, and, if these conditions are not satisfied, the Scheme may be terminated and the Proposed Transaction may not be completed. |
• |
Uncertainty about the Proposed Transaction may adversely affect the relationships of the parties with their respective investors, customers, business partners and employees, whether or not the Proposed Transaction is completed. |
• |
The Scheme with HDFC Limited may be more difficult, costly or time-consuming than expected, and implementation may fail to realize the anticipated benefits of the merger and will expose us to incremental regulatory requirements. |
• |
HDFC Limited holds a significant percentage of our share capital and can exercise influence over board decisions that could directly or indirectly favor the interests of HDFC Limited over our interests. |
• |
We may face conflicts of interest relating to our promoter and principal shareholder, HDFC Limited, which could cause us to forgo business opportunities and consequently have an adverse effect on our financial performance. |
• |
HDFC Limited may prevent us from using the HDFC Bank brand if they reduce their shareholding in us to below 5 percent. |
6. |
Legal and Regulatory Risks |
• |
We have previously been subject to penalties imposed by the RBI. Any regulatory investigations, fines, sanctions and requirements relating to conduct of business and financial crime could negatively affect our business and financial results, or cause serious reputational harm. |
• |
Transactions with counterparties in countries designated as state sponsors of terrorism by the United States Department of State, the Government of India or other countries, or with persons targeted by United States, Indian, EU or other economic sanctions may cause potential customers and investors to avoid doing business with us or investing in our securities, harm our reputation or result in regulatory action which could materially and adversely affect our business. |
• |
Material changes in Indian banking regulations may adversely affect our business and our future financial performance. |
• |
Our business and financial results could be impacted materially by adverse results in legal proceedings. |
• |
We may breach third-party intellectual property rights. |
7. |
Technology Risks |
• |
We face cyber threats, such as hacking, phishing and trojans, attempting to exploit our network to disrupt services to customers and/or theft or leaking of sensitive internal Bank data or customer information. This may cause damage to our reputation and adversely impact our business and financial results. |
• | A failure, inadequacy or security breach in our information technology and telecommunication systems may adversely affect our business, results of operation or financial condition. |
8. |
Risks Relating to India |
• |
Any adverse change in India’s credit rating, or the credit rating of any country in which our foreign banking outlets are located, by an international rating agency could adversely affect our business and profitability. |
• |
If there is any change in tax laws or regulations, or their interpretation, such changes may significantly affect our financial statements for the current and future years, which may have a material adverse effect on our financial position, business and results of operations. |
• |
Any volatility in the exchange rate may lead to a decline in India’s foreign exchange reserves and may affect liquidity and interest rates in the Indian economy, which could adversely impact us. |
• |
Political instability or changes in the Government could delay the liberalization of the Indian economy and adversely affect economic conditions in India generally, which would impact the Bank’s financial results and prospects. |
• |
Terrorist attacks, civil unrest and other acts of violence or war involving India and other countries would negatively affect the Indian market where our shares trade and lead to a loss of confidence and impair travel, which could reduce our customers’ appetite for our products and services. |
• |
Natural calamities, including those exacerbated by climate change, and public health epidemics could adversely affect the Indian economy or the economies of other countries where we operate and, in turn, negatively impact our business and the price of our equity shares and ADSs. |
• | The COVID-19 pandemic or similar public health crises may have a material adverse effect on our business, financial condition and results of operation |
• |
Investors may have difficulty enforcing foreign judgments in India against the Bank or its management. |
9. |
Risks Relating to the ADSs and Equity Shares |
• | Historically, our ADSs have traded at a premium to the trading prices of our underlying equity shares, a situation which may not continue. |
• | Investors in ADSs will not be able to vote. |
• | Your ability to withdraw equity shares from the depositary facility is uncertain and may be subject to delays. |
• | Restrictions on deposit of equity shares in the depositary facility could adversely affect the price of our ADSs. |
• | There is a limited market for the ADSs. |
• | Conditions in the Indian securities market may affect the price or liquidity of our equity shares and ADSs. |
• | Settlement of trades of equity shares on Indian stock exchanges may be subject to delays. |
• | You may be subject to Indian taxes arising out of capital gains. |
• | You may be unable to exercise preemptive rights available to other shareholders. |
• | Financial difficulty and other problems in certain financial institutions in India could adversely affect our business and the price of our equity shares and ADSs. |
• | Because the equity shares underlying our ADSs are quoted in rupees in India, you may be subject to potential losses arising out of exchange rate risk on the Indian rupee and risks associated with the conversion of rupee proceeds into foreign currency. |
• | There may be less information available on Indian securities markets than securities markets in developed countries. |
• | HDFC Limited’s significant holdings could have an effect on the trading price of our equity shares and ADSs. |
• | Investors may be subject to Indian taxes arising out of capital gains on the sale of equity shares. |
• | Future issuances or sales of equity shares and ADSs could significantly affect the trading price of our equity shares and ADSs. |
• | Foreign Account Tax Compliance Act withholding may affect payments on our equity shares and ADSs. |
• | recruiting, training and retaining sufficient skilled personnel; |
• | upgrading, expanding and securing our technology platform; |
• | developing and improving our products and delivery channels; |
• | preserving our asset quality as our geographical presence increases and customer profile changes; |
• | complying with regulatory requirements such as the KYC norms; and |
• | maintaining high levels of customer satisfaction. |
(i) | In the case of individuals and non-financial entities (other than promoters/a promoter group), 10 percent of the paid-up capital. However, in the case of promoters being individuals and non-financial entities in existing banks, the permitted promoter/promoter group shareholding shall be as prescribed under the February 2013 guidelines, i.e. |
(ii) | In the case of entities from the financial sector, other than regulated or diversified or listed, 15 percent of the paid-up capital. |
(iii) | In the case of “regulated, well diversified, listed entities from the financial sector” shareholding by supranational institutions, public sector undertaking or governments, up to 40 percent of the paid-up capital is permitted for both promoters/a promoter group and non-promoters. |
• | the United States dollar equivalent of the Indian rupee trading price of our equity shares in India and, indirectly, the United States dollar trading price of our ADSs in the United States; |
• | the United States dollar equivalent of the proceeds that you would receive upon the sale in India of any equity shares that you withdraw from the depositary; and |
• | the United States dollar equivalent of cash dividends, if any, paid in Indian rupees on the equity shares represented by our ADSs. |
• | the right, exercisable by the shareholders of record, to renounce the shares offered in favor of any other person; |
• | the number of shares offered; and |
• | the period of the offer, which may not be less than 15 days from the date of the offer and shall not exceed 30 days. If the offer is not accepted, it is deemed to have been declined. |
• | sell the rights, if practicable, and distribute the net proceeds as cash. |
• | if it is not practicable to sell the rights, allow the rights to lapse, in which case ADR holders will receive nothing. |
• | distribute such securities or property in any manner it deems equitable and practicable; or |
• | to the extent the depositary deems distribution of such securities or property not to be equitable and practicable, sell such securities or property and distribute any net proceeds in the same way it distributes cash. |
• | temporary delays caused by closing the Bank’s transfer books or those of the depositary or the deposit of shares in connection with voting at a shareholders’ meeting, or the payment of dividends; |
• | the payment of fees, taxes and similar charges; or |
• | compliance with any United States or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of deposited securities. |
Category |
Depositary actions |
Associated fee | ||||
(a) |
Issuing ADSs | Issuing ADSs upon deposits of shares, issuances in respect of share distributions, rights and other distributions, stock dividends, stock splits, mergers, exchanges of securities or any other transaction or event or other distribution affecting the ADSs or the deposited securities. | US$ 5.00 for each 100 ADSs (or portion thereof) issued or delivered. | |||
(b) |
Distributing dividends | Distribution of cash. | US$ 0.02 or less per ADS. | |||
(c) |
Distributing or selling securities | Distribution to ADR holders of securities received by the depositary or net proceeds from the sale of such securities. | US$ 5.00 for each 100 ADSs (or portion thereof), the fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities. | |||
(d) |
Cancellation or reduction of ADSs | Acceptance of ADSs surrendered for withdrawal of deposited shares, or the cancellation or reduction of ADSs for any other reason. | US$ 5.00 for each 100 ADSs (or portion thereof) reduced, canceled or surrendered (as the case may be). | |||
(e) |
Transferring, splitting or combining ADRs | Transfer, split or combination of depositary receipts. | US$ 1.50 per ADR. | |||
(f) |
General depositary services | Services performed by the depositary in administering the ADRs. | US$ 0.01 per ADS per calendar year (or portion thereof). | |||
(g) |
Other | Fees, charges and expenses incurred on behalf of holders in connection with: | The amount of such fees, charges and expenses incurred by the depositary and/or any of its agents. | |||
• compliance with foreign exchange control regulations or any law or regulation relating to foreign investment; |
||||||
• the servicing of shares or other deposited securities; |
||||||
• the sale of securities; |
||||||
• the delivery of deposited securities; |
||||||
• the depositary’s or its custodian’s compliance with applicable laws, rules or regulations; |
||||||
• stock transfer or other taxes and other governmental charges; |
||||||
• cable, telex and facsimile transmission and delivery charges; |
||||||
• transfer or registration fees for the registration or transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities; |
||||||
• the conversion of foreign currency into United States dollars (which are deducted by the depositary out of such foreign currency); or |
||||||
• the fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public or private sale of securities under the deposit agreement. |
Category |
Contribution received |
|||
Legal, accounting fees and other expenses incurred in connection with our ADS program |
|
US$9,406,308.19 (approximately Rs. 713.7 million) |
|
• | deduct the amount thereof from any cash distributions; or |
• | sell deposited securities and deduct the amount owing from the net proceeds of such sale. |
• | amend the form of ADR; |
• | distribute additional or amended ADRs; |
• | distribute cash, securities or other property it has received in connection with such actions; |
• | sell any securities or property received and distribute the proceeds as cash; or |
• | take no action. |
• | any present or future law, rule, regulation, fiat, order or decree of the United States, the Republic of India or any other country, or of any governmental or regulatory authority or securities exchange or market or automated quotation system, the provisions of or regulation governing any deposited securities, any present or future provision of our charter, any act of God, war, terrorism, nationalization or other circumstance beyond its control shall prevent or delay, or shall cause it to be subject to any civil or criminal penalty in connection with any act which the deposit agreement or the ADRs provide shall be done or performed by it; |
• | it exercises or fails to exercise discretion under the deposit agreement or the ADR; |
• | it takes any action or inaction in reliance upon the advice of or information from legal counsel, accountants, any person presenting shares for deposit, any registered holder of ADRs, or any other person believed by it to be competent to give such advice or information; |
• | it performs its obligations under the deposit agreement without gross negligence or willful misconduct; or |
• | it relies upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed, presented or given by the proper party or parties. |
• | the capacity in which they own or owned ADSs; |
• | the identity of any other persons then or previously interested in such ADSs; and |
• | the nature of such interest and various other matters. |
• | issue, register or transfer an ADR or ADRs; |
• | effect a split-up or combination of ADRs; |
• | deliver distributions on any such ADRs; or |
• | permit the withdrawal of deposited securities (unless the deposit agreement provides otherwise), until the following conditions have been met: |
• | the holder has paid all taxes, governmental charges and fees and expenses as required in the deposit agreement; |
• | the holder has provided the depositary with any information it may deem necessary or proper, including, without limitation, proof of identity and the genuineness of any signature, and information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the deposit agreement and the ADRs; and |
• | the holder has complied with such regulations as the depositary may establish consistent with the deposit agreement. |
• | the person or entity to whom ADSs or shares will be delivered; |
• | represents that, at the time of the pre-release, the applicant or its customer owns the shares or ADSs to be delivered; |
• | agrees to indicate the depositary as owner of such shares or ADSs in its records and to hold such shares or ADSs in trust for the depositary until they have been delivered to the depositary or custodian; |
• | unconditionally guarantees to deliver the shares or ADSs to the depositary or custodian, as applicable; |
• | agrees to any additional restrictions or requirements that the depositary deems appropriate; and |
• | the depositary has received collateral for the full market value of the pre-released ADSs or shares. |
Dividend per equity share |
Total amount of dividends declared |
|||||||||||||||
(in millions) |
||||||||||||||||
Relating to Fiscal Year |
||||||||||||||||
2018 |
6.50 | US$ | 0.086 | 33,736.2 | US$444.7 | |||||||||||
2019 |
7.50 | 0.099 | 40,849.6 | 538.4 | ||||||||||||
2020* |
2.50 | 0.033 | 13,664.1 | 180.1 | ||||||||||||
2021** |
6.50 | 0.086 | 35,833.0 | 472.3 | ||||||||||||
2022*** |
15.50 | 0.204 | 85,955.9 | 1,132.9 |
* | i) | A special interim dividend was declared in a meeting of the Board held on July 20, 2019 to commemorate 25 years of HDFC Bank’s operations with the record date fixed as August 2, 2019. |
ii) | The RBI, in its circular dated April 17, 2020, prohibited banks from making any further dividend pay-outs from the profits pertaining to fiscal year ended March 31, 2020 until further notice. This restriction was put in place to ensure that banks conserve capital and retain their ability to support the economy and absorb losses in an environment of heightened uncertainty caused by the COVID-19 pandemic. On December 4, 2020, the RBI repeated its view that in light of the ongoing stress and heightened uncertainty caused by the pandemic, banks should continue to conserve capital and maintained the prohibition on making dividend payments on equity shares from the profits pertaining to fiscal year ended March 31, 2020. |
** | On April 22, 2021, the RBI limited dividend payouts for fiscal year 2021 to 50 percent of the amount determined under the applicable dividend payout ratio. The Board, at its meeting on June 18, 2021, inter alia |
*** | On April 23, 2022, the Board recommended a dividend of Rs. 15.50 per share of the Bank for the fiscal year ended March 31, 2022, which was approved by the shareholders for payment at their Annual General Meeting held on July 16, 2022. |
Year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(in millions, except per equity share data and ADS data) |
||||||||||||||||
Selected income statement data: |
||||||||||||||||
Interest and dividend revenue |
Rs. | 1,211,982.9 | Rs. | 1,275,967.6 | Rs. | 1,333,137.0 | US$ | 17,571.3 | ||||||||
Interest expense |
618,455.5 | 592,281.1 | 584,297.5 | 7,701.4 | ||||||||||||
Net interest revenue |
593,527.4 | 683,686.5 | 748,839.5 | 9,869.9 | ||||||||||||
Provisions for credit losses (1) |
117,621.9 | 154,233.4 | 126,979.5 | 1,673.6 | ||||||||||||
Net interest revenue after provisions for credit losses |
475,905.5 | 529,453.1 | 621,860.0 | 8,196.3 | ||||||||||||
Non-interest revenue, net |
198,219.0 | 252,975.7 | 270,574.2 | 3,566.3 | ||||||||||||
Net revenue |
674,124.5 | 782,428.8 | 892,434.2 | 11,762.6 | ||||||||||||
Non-interest expense |
308,280.5 | 342,602.3 | 373,272.0 | 4,920.0 | ||||||||||||
Income before income tax expense |
365,844.0 | 439,826.5 | 519,162.2 | 6,842.6 | ||||||||||||
Income tax expense |
105,480.0 | 113,820.1 | 132,559.2 | 1,747.2 | ||||||||||||
Net income before non-controlling interest |
260,364.0 | 326,006.4 | 386,603.0 | 5,095.4 | ||||||||||||
Less: Net income attributable to shareholders of non-controlling interest |
94.1 | 29.3 | 602.6 | 7.9 | ||||||||||||
Net income attributable to HDFC Bank Limited |
Rs. | 260,269.9 | Rs. | 325,977.1 | Rs. | 386,000.4 | US$ | 5,087.5 | ||||||||
Per equity share data: |
||||||||||||||||
Earnings per equity share, basic |
Rs. | 47.59 | Rs. | 59.27 | Rs. | 69.76 | US$ | 0.92 | ||||||||
Earnings per equity share, diluted |
47.27 | 59.02 | 69.38 | 0.91 | ||||||||||||
Dividends per share |
2.50 | 6.50 | 15.50 | 0.20 | ||||||||||||
Book value (2) |
345.25 | 391.75 | 451.69 | 5.95 | ||||||||||||
Equity share data: |
||||||||||||||||
Equity shares outstanding at end of period |
5,483.3 | 5,512.8 | 5,545.5 | 5,545.5 | ||||||||||||
Weighted average equity shares outstanding—basic |
5,468.8 | 5,499.6 | 5,533.1 | 5,533.1 | ||||||||||||
Weighted average equity shares outstanding—diluted |
5,505.8 | 5,523.5 | 5,563.5 | 5,563.5 | ||||||||||||
ADS data (where one ADS represents three shares): |
||||||||||||||||
Earnings per ADS—basic |
142.77 | 177.81 | 209.28 | 2.76 | ||||||||||||
Earnings per ADS—diluted |
141.81 | 177.06 | 208.14 | 2.73 |
As of March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(in millions) |
||||||||||||||||
Selected balance sheet data: |
||||||||||||||||
Cash and due from banks, and restricted cash |
Rs. | 611,961.0 | Rs. | 930,694.7 | Rs. | 1,122,031.1 | US$ | 14,788.9 | ||||||||
Loans, net of allowance (1) |
10,425,022.4 | 11,700,189.2 | 14,036,872.2 | 185,012.2 | ||||||||||||
Investments: |
||||||||||||||||
Investments held for trading |
304,962.9 | 99,620.2 | 53,199.5 | 701.2 | ||||||||||||
Investments available for sale, debt securities |
3,406,289.2 | 4,275,449.9 | 4,388,563.1 | 57,843.2 | ||||||||||||
Total |
3,711,252.1 | 4,375,070.1 | 4,441,762.6 | 58,544.4 | ||||||||||||
Total assets (3) |
Rs. | 15,961,889.1 | Rs. | 17,979,782.0 | Rs. | 21,113,705.5 | US$ | 278,287.9 | ||||||||
Long term debt |
1,026,518.3 | 1,174,758.2 | 1,554,333.4 | 20,486.8 | ||||||||||||
Short term borrowings |
377,417.6 | 239,264.1 | 554,167.6 | 7,304.2 | ||||||||||||
Total deposits |
11,462,071.3 | 13,337,230.2 | 15,580,031.9 | 205,351.7 | ||||||||||||
Of which: |
||||||||||||||||
Interest-bearing deposits |
9,730,481.3 | 11,226,467.8 | 13,197,979.7 | 173,955.2 | ||||||||||||
Non-interest-bearing deposits |
1,731,590.0 | 2,110,762.4 | 2,382,052.2 | 31,396.5 | ||||||||||||
Total liabilities (3) |
14,065,395.3 | 15,816,377.2 | 18,604,252.1 | 245,212.2 | ||||||||||||
Noncontrolling interest |
3,411.4 | 3,776.4 | 4,615.0 | 60.8 | ||||||||||||
HDFC Bank Limited shareholders’ equity |
1,893,082.4 | 2,159,628.4 | 2,504,838.4 | 33,014.9 | ||||||||||||
Total liabilities and shareholders’ equity |
Rs. | 15,961,889.1 | Rs. | 17,979,782.0 | Rs. | 21,113,705.5 | US$ | 278,287.9 | ||||||||
Year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(in millions) |
||||||||||||||||
Period average (4) |
||||||||||||||||
Interest-earning assets |
Rs. | 12,882,466.7 | Rs. | 15,385,116.2 | Rs. | 17,476,144.8 | US$ | 230,343.3 | ||||||||
Loans, net of allowance |
9,342,363.0 | 10,589,490.6 | 12,175,749.9 | 160,481.7 | ||||||||||||
Total assets |
13,797,721.6 | 16,396,029.4 | 18,648,153.1 | 245,790.9 | ||||||||||||
Interest-bearing deposits |
8,684,183.5 | 10,628,807.9 | 11,951,645.0 | 157,527.9 | ||||||||||||
Non-interest-bearing deposits |
1,202,574.5 | 1,430,913.3 | 1,769,880.8 | 23,327.8 | ||||||||||||
Total deposits |
9,886,758.0 | 12,059,721.2 | 13,721,525.8 | 180,855.8 | ||||||||||||
Interest-bearing liabilities |
10,306,283.8 | 12,287,815.7 | 13,945,086.1 | 183,802.4 | ||||||||||||
Long term debt |
1,023,425.5 | 1,109,959.9 | 1,243,226.8 | 16,386.3 | ||||||||||||
Short term borrowings |
598,674.8 | 549,047.9 | 750,214.3 | 9,888.2 | ||||||||||||
Total liabilities |
12,069,459.7 | 14,368,425.0 | 16,347,325.5 | 215,464.9 | ||||||||||||
Total shareholders’ equity |
1,728,261.9 | 2,027,604.4 | 2,300,827.6 | 30,325.9 |
2020 |
2021 |
2022 |
||||||||||
(in percentage) |
||||||||||||
Profitability: |
||||||||||||
Net income attributable to HDFC Bank Limited as a percentage of: |
||||||||||||
Average total assets |
1.9 | 2.0 | 2.1 | |||||||||
Average total shareholders’ equity |
15.1 | 16.1 | 16.8 | |||||||||
Dividend payout ratio (5) |
5.3 | 11.0 | 22.3 | |||||||||
Spread (6) |
4.0 | 4.0 | 3.9 | |||||||||
Net interest margin (7) |
4.6 | 4.4 | 4.3 | |||||||||
Cost-to-net (8) |
45.7 | 43.8 | 41.8 | |||||||||
Cost-to-average (9) |
2.2 | 2.1 | 2.0 | |||||||||
Capital: |
||||||||||||
Total capital adequacy ratio (10) |
18.52 | 18.79 | 18.90 | |||||||||
Tier I capital adequacy ratio (10) |
17.23 | 17.56 | 17.87 | |||||||||
Tier II capital adequacy ratio (10) |
1.29 | 1.23 | 1.03 | |||||||||
Average total shareholders’ equity as a percentage of average total assets |
12.5 | 12.4 | 12.3 | |||||||||
Asset quality: |
||||||||||||
Gross non-performing customer assets as a percentage of gross customer assets(11) |
1.4 | 1.7 | 1.3 |
(1) | With effect from April 1, 2020, the Bank adopted FASB ASU 2016-13 “Financial Instruments—Credit Losses (Topic 326)” using the modified retrospective method for reporting periods beginning after April 1, 2020. Prior period amounts continue to be reported in accordance with previously applicable GAAP. |
(2) | Represents the difference between total assets and total liabilities, reduced by noncontrolling interests in subsidiaries, divided by the number of shares outstanding at the end of each reporting period. |
(3) | With effect from April 1, 2019, the Bank adopted FASB ASU 2016-02 “Leases (Topic 842)” using the modified retrospective method. |
(4) | Average balances are the average of daily outstanding amounts. |
(5) | Represents the ratio of total dividends payable on equity shares relating to each fiscal year, excluding the dividend distribution tax, as a percentage of net income of that year. Dividends declared each year are typically paid in the following fiscal year. With effect from April 1, 2020, dividend distribution tax on dividends distributed has been abolished. The dividend for fiscal year 2020 represents the special interim dividend paid during that year. See “ Dividend Policy . |
(6) | Represents the difference between yield on average interest-earning assets and cost of average interest-bearing liabilities. Yield on average interest-earning assets is the ratio of interest revenue to average interest-earning assets. Cost of average interest-bearing liabilities is the ratio of interest expense to average interest-bearing liabilities. For purposes of calculating spread, interest-bearing liabilities includes non-interest-bearing current accounts. |
(7) | Represents the ratio of net interest revenue to average interest-earning assets. The difference in net interest margin and spread arises due to the difference in the amount of average interest-earning assets and average interest-bearing liabilities. If average interest-earning assets exceed average interest-bearing liabilities, the net interest margin is greater than the spread. If average interest-bearing liabilities exceed average interest-earning assets, the net interest margin is less than the spread. |
(8) | Represents the ratio of non-interest expense to the sum of net interest revenue after provision for credit losses and non-interest revenue. |
(9) | Represents the ratio of non-interest expense to average total assets. |
(10) | Calculated in accordance with RBI guidelines (Basel III Capital Regulations, generally referred to as “Basel III”). See also “ Supervision and Regulation |
(11) | Customer assets consist of loans and credit substitutes. |
Year ended March 31, |
||||||||||||||||||||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||||||||||||||||||||||||||
Average balance |
Interest revenue/ expense |
Average yield/ cost |
Average balance |
Interest revenue/ expense |
Average yield/ cost |
Average balance |
Interest revenue/ expense |
Average yield/ cost |
||||||||||||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||||||
Interest-earning assets: |
||||||||||||||||||||||||||||||||||||
Due from banks |
Rs. | 131,074.9 | Rs. | 3,138.5 | 2.4 | % | Rs. | 147,708.6 | Rs. | 1,019.5 | 0.7 | % | Rs. | 108,184.0 | Rs. | 1,090.9 | 1.0 | % | ||||||||||||||||||
Investments available for sale debt securities |
2,811,228.3 | 198,383.2 | 7.1 | 3,751,942.6 | 226,690.9 | 6.0 | 4,132,605.2 | 240,943.0 | 5.8 | |||||||||||||||||||||||||||
Investments held for trading |
160,667.5 | 7,392.1 | 4.6 | 81,621.3 | 3,373.8 | 4.1 | 81,809.4 | 1,647.5 | 2.0 | |||||||||||||||||||||||||||
Loans, net: |
||||||||||||||||||||||||||||||||||||
Retail loans |
6,465,548.5 | 736,290.1 | 11.4 | 6,975,006.4 | 757,784.4 | 10.9 | 8,014,536.7 | 827,230.7 | 10.3 | |||||||||||||||||||||||||||
Wholesale loans |
2,876,814.5 | 245,504.7 | 8.5 | 3,614,484.2 | 259,263.4 | 7.2 | 4,161,213.2 | 230,694.9 | 5.5 | |||||||||||||||||||||||||||
Securities purchased with agreement to resell |
300,386.8 | 15,527.3 | 5.2 | 674,912.0 | 23,149.6 | 3.4 | 699,778.0 | 25,101.0 | 3.6 | |||||||||||||||||||||||||||
Other assets |
136,746.2 | 5,747.0 | 4.2 | 139,441.1 | 4,686.0 | 3.4 | 278,018.3 | 6,429.0 | 2.3 | |||||||||||||||||||||||||||
Total interest-earning assets: |
Rs. | 12,882,466.7 | Rs. | 1,211,982.9 | 9.4 | % | Rs. | 15,385,116.2 | Rs. | 1,275,967.6 | 8.3 | % | Rs. | 17,476,144.8 | Rs. | 1,333,137.0 | 7.6 | % | ||||||||||||||||||
Non-interest-earning assets: |
||||||||||||||||||||||||||||||||||||
Cash and due from banks, and restricted cash |
490,459.0 | 474,736.0 | 668,669.0 | |||||||||||||||||||||||||||||||||
Property and equipment |
45,124.2 | 50,822.3 | 57,591.1 | |||||||||||||||||||||||||||||||||
Other assets |
379,671.7 | 485,354.9 | 445,748.2 | |||||||||||||||||||||||||||||||||
Total non-interest earning assets |
915,254.9 | 1,010,913.2 | 1,172,008.3 | |||||||||||||||||||||||||||||||||
Total assets |
Rs. | 13,797,721.6 | Rs. | 1,211,982.9 | 8.8 | % | Rs. | 16,396,029.4 | Rs. | 1,275,967.6 | 7.8 | % | Rs. | 18,648,153.1 | Rs. | 1,333,137.0 | 7.1 | % | ||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: |
||||||||||||||||||||||||||||||||||||
Savings account deposits |
Rs. | 2,552,856.0 | Rs. | 92,813.0 | 3.6 | % | Rs. | 3,392,406.0 | Rs. | 108,107.0 | 3.2 | % | Rs. | 4,348,242.0 | Rs. | 137,400.0 | 3.2 | % | ||||||||||||||||||
Time deposits |
6,131,327.5 | 415,075.8 | 6.8 | 7,236,401.9 | 393,153.2 | 5.4 | 7,603,403.0 | 351,610.1 | 4.6 | |||||||||||||||||||||||||||
Short term borrowings |
478,191.0 | 22,175.2 | 4.6 | 239,096.7 | 3,359.4 | 1.4 | 403,780.3 | 6,537.1 | 1.6 | |||||||||||||||||||||||||||
Long term debt |
1,023,425.5 | 83,200.5 | 8.1 | 1,109,959.9 | 78,361.5 | 7.1 | 1,243,226.8 | 77,456.3 | 6.2 | |||||||||||||||||||||||||||
Securities sold with agreement to repurchase |
120,483.8 | 5,191.0 | 4.3 | 309,951.2 | 9,300.0 | 3.0 | 346,434.0 | 11,294.0 | 3.3 | |||||||||||||||||||||||||||
Total interest-bearing liabilities |
Rs. | 10,306,283.8 | Rs. | 618,455.5 | 6.0 | % | Rs. | 12,287,815.7 | Rs. | 592,281.1 | 4.8 | % | Rs. | 13,945,086.1 | Rs. | 584,297.5 | 4.2 | % | ||||||||||||||||||
Non-interest-bearing liabilities: |
||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits |
1,202,574.5 | 1,430,913.3 | 1,769,880.8 | |||||||||||||||||||||||||||||||||
Other liabilities |
560,601.4 | 649,696.0 | 632,358.6 | |||||||||||||||||||||||||||||||||
Total non-interest-bearing liabilities |
1,763,175.9 | 2,080,609.3 | 2,402,239.4 | |||||||||||||||||||||||||||||||||
Total liabilities |
Rs. | 12,069,459.7 | Rs. | 618,455.5 | 5.1 | % | Rs. | 14,368,425.0 | Rs. | 592,281.1 | 4.1 | % | Rs. | 16,347,325.5 | Rs. | 584,297.5 | 3.6 | % | ||||||||||||||||||
Total shareholders’ equity |
1,728,261.9 | 2,027,604.4 | 2,300,827.6 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity |
Rs. | 13,797,721.6 | Rs. | 618,455.5 | 4.5 | % | Rs. | 16,396,029.4 | Rs. | 592,281.1 | 3.6 | % | Rs. | 18,648,153.1 | Rs. | 584,297.5 | 3.1 | % |
Fiscal Year 2021 vs. Fiscal Year 2020 Increase (decrease) (1) due to |
Fiscal Year 2022 vs. Fiscal Year 2021 Increase (decrease) (1) due to |
|||||||||||||||||||||||
Net change |
Change in Average balance |
Change in Average rate |
Net change |
Change in Average balance |
Change in Average rate |
|||||||||||||||||||
(in millions) |
||||||||||||||||||||||||
Interest revenue: |
||||||||||||||||||||||||
Cash and due from banks, and restricted cash |
Rs. | (2,119.0 | ) | Rs. | 398.3 | Rs. | (2,517.3 | ) | Rs. | 71.4 | Rs. | (272.8 | ) | Rs. | 344.2 | |||||||||
Investments available for sale debt securities |
28,307.7 | 66,384.5 | (38,076.8 | ) | 14,252.1 | 22,999.5 | (8,747.4 | ) | ||||||||||||||||
Investments held for trading |
(4,018.3 | ) | (3,636.8 | ) | (381.5 | ) | (1,726.3 | ) | 7.8 | (1,734.1 | ) | |||||||||||||
Loans, net: |
||||||||||||||||||||||||
Retail loans |
21,494.2 | 58,016.6 | (36,522.4 | ) | 69,446.3 | 112,937.5 | (43,491.2 | ) | ||||||||||||||||
Wholesale loans |
13,758.8 | 62,952.0 | (49,193.2 | ) | (28,568.5 | ) | 39,216.3 | (67,784.8 | ) | |||||||||||||||
Securities purchased with agreement to resell |
7,622.3 | 19,359.6 | (11,737.3 | ) | 1,951.4 | 852.9 | 1,098.5 | |||||||||||||||||
Other assets |
(1,061.0 | ) | 113.3 | (1,174.3 | ) | 1,743.0 | 4,657.0 | (2,914.0 | ) | |||||||||||||||
Total interest-earning assets |
Rs. | 63,984.7 | Rs. | 203,587.5 | Rs. | (139,602.8 | ) | Rs. | 57,169.4 | Rs. | 180,398.2 | Rs. | (123,228.8 | ) | ||||||||||
Interest expense: |
||||||||||||||||||||||||
Savings account deposits |
Rs. | 15,294.0 | Rs. | 30,523.1 | Rs. | (15,229.1) | Rs. | 29,293.0 | Rs. | 30,460.0 | Rs. | (1,167.0 | ) | |||||||||||
Time deposits |
(21,922.6 | ) | 74,810.8 | (96,733.4 | ) | (41,543.1 | ) | 19,939.1 | (61,482.2 | ) | ||||||||||||||
Short term borrowings |
(18,815.8 | ) | (11,087.5 | ) | (7,728.3 | ) | 3,177.7 | 2,313.9 | 863.8 | |||||||||||||||
Long term debt |
(4,839.0 | ) | 7,034.9 | (11,873.9 | ) | (905.2 | ) | 9,408.4 | (10,313.6 | ) | ||||||||||||||
Securities sold with agreement to repurchase |
4,109.0 | 8,163.1 | (4,054.1 | ) | 1,994.0 | 1,094.7 | 899.3 | |||||||||||||||||
Total interest-bearing liabilities |
Rs. | (26,174.4 | ) | Rs. | 109,444.4 | Rs. | (135,618.8 | ) | Rs. | (7,983.6 | ) | Rs. | 63,216.1 | Rs. | (71,199.7 | ) | ||||||||
Net interest revenue |
Rs. | 90,159.1 | Rs. | 94,143.1 | Rs. | (3,984.0 | ) | Rs. | 65,153.0 | Rs. | 117,182.1 | Rs. | (52,029.1 | ) |
(1) | The changes in net interest revenue between periods have been reflected as attributed either to average balance or average rate changes. For purposes of this table, changes that are due to both average balance and average rate have been allocated solely to changes in average rate. |
Years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
(in millions, except percentages) |
||||||||||||
Interest and dividend revenue |
Rs. | 1,211,982.9 | Rs. | 1,275,967.6 | Rs. | 1,333,137.0 | ||||||
Average interest-earning assets |
12,882,466.7 | 15,385,116.2 | 17,476,144.8 | |||||||||
Interest expense |
618,455.5 | 592,281.1 | 584,297.5 | |||||||||
Average interest-bearing liabilities |
10,306,283.8 | 12,287,815.7 | 13,945,086.1 | |||||||||
Average total assets |
13,797,721.6 | 16,396,029.4 | 18,648,153.1 | |||||||||
Average interest-earning assets as a percentage of average total assets |
93.4 | % | 93.8 | % | 93.7 | % | ||||||
Average interest-bearing liabilities as a percentage of average total assets |
74.7 | % | 74.9 | % | 74.8 | % | ||||||
Average interest-earning assets as a percentage of average interest-bearing liabilities |
125.0 | % | 125.2 | % | 125.3 | % | ||||||
Yield |
9.4 | % | 8.3 | % | 7.6 | % | ||||||
Cost of funds (1) |
5.1 | % | 4.1 | % | 3.6 | % | ||||||
Spread (2) |
4.0 | % | 4.0 | % | 3.9 | % | ||||||
Net interest margin (3) |
4.6 | % | 4.4 | % | 4.3 | % |
(1) | Excludes total shareholders’ equity. |
(2) | Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. The yield on average interest-earning assets is the ratio of interest revenue to average interest-earning assets. The cost of average interest-bearing liabilities is the ratio of interest expense to average interest-bearing liabilities. For purposes of calculating spread, interest-bearing liabilities includes non-interest-bearing current accounts. |
(3) | The net interest margin is the ratio of net interest revenue to average interest-earning assets. The difference in the net interest margin and spread arises due to the difference in the amount of average interest-earning assets and average interest-bearing liabilities. If average interest-earning assets exceed average interest-bearing liabilities, the net interest margin is greater than the spread. If average interest-bearing liabilities exceed average interest-earning assets, the net interest margin is less than the spread. |
Years ended March 31, |
||||||||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||||||||||||||
Amount |
% of total |
Amount |
% of total |
Amount |
% of total |
|||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Current deposits |
Rs. | 1,202,574.5 | 12.2 | % | Rs. | 1,430,913.3 | 11.9 | % | Rs. | 1,769,880.8 | 12.9 | % | ||||||||||||
Savings deposits |
2,552,856.0 | 25.8 | 3,392,406.0 | 28.1 | 4,348,242.0 | 31.7 | ||||||||||||||||||
Time deposits |
6,131,327.5 | 62.0 | 7,236,401.9 | 60.0 | 7,603,403.0 | 55.4 | ||||||||||||||||||
Total |
Rs. | 9,886,758.0 | 100.0 | % | Rs. | 12,059,721.2 | 100.0 | % | Rs. | 13,721,525.8 | 100.0 |
At March 31, 2022 |
||||
(in billions) |
||||
Uninsured time deposits with a maturity of: |
||||
Up to three months |
Rs. | 1,958.4 | ||
Three to six months |
1,236.0 | |||
Six to twelve months |
2,133.6 | |||
More than one year |
1,667.6 |
At March 31, |
||||||||
2021 |
2022 |
|||||||
(in millions) |
||||||||
Retail loans |
Rs. | 7,828,832.6 | Rs. | 9,310,534.7 | ||||
Wholesale loans |
4,214,885.3 | 5,099,009.3 | ||||||
Gross loans |
Rs. | 12,043,717.9 | Rs. | 14,409,544.0 | ||||
Credit substitutes (at fair value) |
547,276.9 | 583,020.2 | ||||||
Gross loans plus credit substitutes |
Rs. | 12,590,994.8 | Rs. | 14,992,564.2 |
At March 31, 2022 |
||||||||||||||||
Due in one year or less |
Due in one to five years |
Due in five to fifteen years |
Due after fifteen years |
|||||||||||||
(in millions) |
||||||||||||||||
Retail loans |
Rs. | 2,525,390.8 | Rs. | 6,006,016.1 | Rs. | 730,840.8 | Rs. | 48,287.0 | ||||||||
Wholesale loans |
2,174,459.2 | 1,844,496.2 | 1,058,681.6 | 21,372.3 | ||||||||||||
Gross loans |
Rs. | 4,699,850.0 | Rs. | 7,850,512.3 | Rs. | 1,789,522.4 | 69,659.3 | |||||||||
Credit substitutes (at fair value) |
145,905.1 | 425,328.3 | 11,786.3 | 0.5 | ||||||||||||
Gross loans plus credit substitutes |
Rs. | 4,845,755.1 | Rs. | 8,275,840.6 | Rs. | 1,801,308.7 | Rs. | 69,659.8 | ||||||||
At March 31, 2022 |
||||||||||||||||
Due in one year or less |
Due in one to five years |
Due in five to fifteen years |
Due after fifteen years |
|||||||||||||
(in millions) |
||||||||||||||||
Interest rate classification of loans by maturity: |
||||||||||||||||
Variable rates |
Rs. | 1,770,928.1 | Rs. | 4,156,842.6 | Rs. | 1,511,608.6 | 63,595.7 | |||||||||
Fixed rates |
2,928,921.9 | 3,693,669.7 | 277,913.8 | 6,063.6 | ||||||||||||
Gross loans |
Rs. | 4,699,850.0 | Rs. | 7,850,512.3 | Rs. | 1,789,522.4 | 69,659.3 | |||||||||
Interest rate classification of credit substitutes by maturity: |
||||||||||||||||
Variable rates |
Rs. | 1,636.0 | Rs. | 53,342.3 | Rs. | 1,153.5 | — | |||||||||
Fixed rates |
144,269.1 | 371,986.0 | 10,632.8 | 0.5 | ||||||||||||
Gross credit substitutes |
Rs. | 145,905.1 | Rs. | 425,328.3 | Rs. | 11,786.3 | 0.5 | |||||||||
Interest rate classification of loans and credit substitutes by maturity: |
||||||||||||||||
Variable rates |
Rs. | 1,772,564.1 | Rs. | 4,210,184.9 | Rs. | 1,512,762.1 | 63,595.7 | |||||||||
Fixed rates |
3,073,191.0 | 4,065,655.7 | 288,546.6 | 6,064.1 | ||||||||||||
Gross loans and credit substitutes |
Rs. | 4,845,755.1 | Rs. | 8,275,840.6 | Rs. | 1,801,308.7 | 69,659.8 |
As of March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
(in millions) |
||||||||||||
Directed lending: |
||||||||||||
Agriculture |
Rs. | 823,267.2 | Rs. | 929,039.3 | Rs. | 1,022,103.4 | ||||||
Micro, small and medium enterprises |
1,438,145.6 | 1,767,746.8 | 2,573,219.5 | |||||||||
Other |
321,819.3 | 326,168.7 | 352,350.5 | |||||||||
Total directed lending |
Rs. | 2,583,232.1 | Rs. | 3,022,954.8 | Rs. | 3,947,673.4 |
As of March 31, |
||||||||||||||||||||||||
2021 |
2022 |
|||||||||||||||||||||||
Retail |
Wholesale |
Total |
Retail |
Wholesale |
Total |
|||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Non-performing loans |
Rs. | 173,602.9 | Rs. | 40,179.5 | Rs. | 213,782.4 | Rs. | 165,348.4 | Rs. | 31,921.1 | Rs. | 197,269.5 | ||||||||||||
Allowance for credit losses |
271,929.4 | 71,599.3 | 343,528.7 | 298,270.9 | 74,400.9 | 372,671.8 | ||||||||||||||||||
Net charge-offs |
87,236.2 | 3,314.7 | 90,550.9 | 96,281.1 | 1,555.3 | 97,836.4 | ||||||||||||||||||
Gross loan |
7,828,832.6 | 4,214,885.3 | 12,043,717.9 | 9,310,534.7 | 5,099,009.3 | 14,409,544.0 | ||||||||||||||||||
Net loan |
7,556,903.2 | 4,143,286.0 | 11,700,189.2 | 9,012,263.8 | 5,024,608.4 | 14,036,872.2 | ||||||||||||||||||
Average loans |
6,975,006.4 | 3,614,484.2 | 10,589,490.6 | 8,014,536.7 | 4,161,213.2 | 12,175,749.9 | ||||||||||||||||||
Gross non-performing loans as a percentage of gross loans |
2.2 | % | 1.0 | % | 1.8 | % | 1.8 | % | 0.6 | % | 1.4 | % | ||||||||||||
Gross unsecured non-performing loans as a percentage of gross non-performing loans |
25.5 | % | 22.1 | % | 24.9 | % | 24.8 | % | 23.7 | % | 24.6 | % | ||||||||||||
Gross unsecured non-performing loans as a percentage of gross unsecured loans |
1.8 | % | 0.5 | % | 1.3 | % | 1.6 | % | 0.4 | % | 1.1 | % | ||||||||||||
Total allowances for credit losses as a percentage of gross loans |
3.5 | % | 1.7 | % | 2.9 | % | 3.2 | % | 1.5 | % | 2.6 | % | ||||||||||||
Net charge-offs as a percentage of average outstanding loans |
1.3 | % | 0.1 | % | 0.9 | % | 1.2 | % | ~0.0 | % | 0.8 | % |
At March 31, |
||||||||
2021 |
2022 |
|||||||
(in millions) |
||||||||
Performing |
Rs. | 11,829,935.5 | Rs. | 14,212,274.5 | ||||
Non-performing: |
||||||||
On accrual status |
— | — | ||||||
On non-accrual status |
213,782.4 | 197,269.5 | ||||||
Total non-performing |
213,782.4 | 197,269.5 | ||||||
Total |
Rs. | 12,043,717.9 | Rs. | 14,409,544.0 |
As of March 31, |
||||||||||||||||||||||||
2021 |
2022 |
|||||||||||||||||||||||
Industry |
Gross Loans |
Non- performing loans |
% of loans in industry |
Gross Loans |
Non- performing Loans |
% of loans in industry |
||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Capital Market Intermediaries |
Rs. | 13,037.0 | Rs. | 3,877.4 | 29.7 | % | Rs. | 17,633.0 | Rs. | 3,356.4 | 19.0 | % | ||||||||||||
Agriculture Production—Food |
337,904.8 | 21,028.5 | 6.2 | 350,859.6 | 23,569.7 | 6.7 | ||||||||||||||||||
Agriculture Production—Non-Food |
165,146.5 | 8,348.7 | 5.1 | 168,993.8 | 8,831.4 | 5.2 | ||||||||||||||||||
Agriculture—Allied |
253,095.5 | 10,829.6 | 4.3 | 316,128.5 | 13,255.0 | 4.2 | ||||||||||||||||||
Road Transportation |
368,388.5 | 18,344.8 | 5.0 | 406,376.4 | 12,961.6 | 3.2 | ||||||||||||||||||
Plastic & Products |
68,201.1 | 2,519.2 | 3.7 | 89,176.3 | 2,608.7 | 2.9 | ||||||||||||||||||
Animal Husbandry |
27,321.2 | 786.5 | 2.9 | 32,980.0 | 952.1 | 2.9 | ||||||||||||||||||
Agriculture Produce Trade |
145,999.2 | 2,241.5 | 1.5 | 88,374.1 | 2,531.3 | 2.9 | ||||||||||||||||||
Retail Trade |
540,350.3 | 17,242.8 | 3.2 | 589,947.3 | 15,124.1 | 2.6 | ||||||||||||||||||
Consumer Services |
424,765.4 | 9,965.6 | 2.3 | 465,465.8 | 10,352.3 | 2.2 | ||||||||||||||||||
Wood & Products |
22,191.6 | 387.9 | 1.7 | 27,851.6 | 607.7 | 2.2 | ||||||||||||||||||
Infrastructure Development |
167,416.1 | 5,356.2 | 3.2 | 272,428.0 | 5,801.5 | 2.1 | ||||||||||||||||||
Business Services |
251,243.1 | 6,275.9 | 2.5 | 281,216.8 | 5,306.9 | 1.9 | ||||||||||||||||||
Automobile & Auto Ancillary |
381,562.7 | 7,969.6 | 2.1 | 443,538.7 | 7,766.3 | 1.8 | ||||||||||||||||||
Tobacco & Products |
4,460.4 | 42.7 | 1.0 | 5,633.9 | 98.7 | 1.8 | ||||||||||||||||||
Media & Entertainment |
22,725.5 | 429.0 | 1.9 | 23,591.4 | 404.8 | 1.7 | ||||||||||||||||||
FMCG & Personal Care |
28,406.5 | 607.5 | 2.1 | 37,281.7 | 590.4 | 1.6 | ||||||||||||||||||
Mining and Minerals |
129,538.5 | 1,894.8 | 1.5 | 103,056.6 | 1,622.3 | 1.6 | ||||||||||||||||||
Engineering |
189,952.7 | 2,631.4 | 1.4 | 253,105.1 | 4,152.8 | 1.6 | ||||||||||||||||||
Food and Beverage |
342,573.5 | 6,233.6 | 1.8 | 433,042.2 | 6,689.6 | 1.5 | ||||||||||||||||||
Wholesale Trade—Industrial |
258,854.1 | 3,525.4 | 1.4 | 347,202.9 | 4,586.9 | 1.3 | ||||||||||||||||||
Wholesale Trade—Non-Industrial |
301,508.2 | 4,958.9 | 1.6 | 417,954.8 | 5,190.3 | 1.2 | ||||||||||||||||||
Other Industries |
525,732.4 | 8,557.5 | 1.6 | 732,166.4 | 8,654.9 | 1.2 | ||||||||||||||||||
Rubber & Products |
14,641.7 | 202.6 | 1.4 | 20,158.5 | 245.4 | 1.2 | ||||||||||||||||||
Railways |
729.8 | — | — | 1,007.5 | 12.3 | 1.2 | ||||||||||||||||||
Information Technology |
41,209.3 | 776.0 | 1.9 | 58,441.1 | 652.7 | 1.1 | ||||||||||||||||||
Textiles & Garments |
257,577.9 | 3,991.0 | 1.5 | 324,419.6 | 3,556.3 | 1.1 | ||||||||||||||||||
Fishing |
13,847.3 | 169.0 | 1.2 | 17,275.8 | 166.5 | 1.0 | ||||||||||||||||||
Consumer Loans |
3,241,292.9 | 47,028.8 | 1.5 | 3,746,781.7 | 35,554.7 | 0.9 | ||||||||||||||||||
Consumer Durables |
84,103.3 | 1,073.1 | 1.3 | 127,218.7 | 986.1 | 0.8 | ||||||||||||||||||
Financial Intermediaries |
12,376.3 | 151.0 | 1.2 | 13,304.0 | 110.9 | 0.8 | ||||||||||||||||||
Non-ferrous Metals |
80,348.8 | 845.2 | 1.1 | 91,539.5 | 717.7 | 0.8 | ||||||||||||||||||
Paper, Printing and Stationery |
65,089.7 | 483.3 | 0.7 | 93,290.8 | 652.3 | 0.7 | ||||||||||||||||||
Gems and Jewelry |
124,802.2 | 576.6 | 0.5 | 131,799.7 | 945.9 | 0.7 | ||||||||||||||||||
Glass & Glass Products |
8,262.9 | 18.2 | 0.2 | 7,713.0 | 52.1 | 0.7 | ||||||||||||||||||
Leather & Products |
22,743.1 | 104.8 | 0.5 | 30,766.5 | 197.5 | 0.6 | ||||||||||||||||||
Housing Finance Companies |
234,937.3 | 4,912.8 | 2.1 | 282,156.7 | 1,416.8 | 0.5 | ||||||||||||||||||
Real Estate & Property Services |
298,277.1 | 2,686.1 | 0.9 | 383,765.5 | 2,004.5 | 0.5 | ||||||||||||||||||
Drugs and Pharmaceuticals |
93,248.4 | 313.9 | 0.3 | 123,309.0 | 675.9 | 0.5 | ||||||||||||||||||
Power |
630,189.4 | 3,973.4 | 0.6 | 671,859.4 | 2,217.8 | 0.3 | ||||||||||||||||||
Other Non-metallic/Mineral Products |
33,380.1 | 198.0 | 0.6 | 53,367.8 | 143.0 | 0.3 | ||||||||||||||||||
Cement & Products |
110,502.3 | 262.7 | 0.2 | 87,637.4 | 255.9 | 0.3 | ||||||||||||||||||
Iron and Steel |
248,140.2 | 1,095.0 | 0.4 | 321,587.7 | 764.4 | 0.2 | ||||||||||||||||||
Coal & Petroleum Products |
172,989.4 | 414.4 | 0.2 | 233,583.7 | 360.5 | 0.2 | ||||||||||||||||||
Chemical and Products |
108,517.7 | 192.5 | 0.2 | 150,696.2 | 233.1 | 0.2 | ||||||||||||||||||
Shipping |
13,939.9 | 17.0 | 0.1 | 15,718.4 | 17.7 | 0.1 | ||||||||||||||||||
Fertilisers & Pesticides |
104,239.9 | 12.9 | — | 33,242.2 | 21.5 | 0.1 | ||||||||||||||||||
Telecom |
162,837.3 | 149.3 | 0.1 | 331,131.1 | 160.6 | — | ||||||||||||||||||
NBFC |
415,787.6 | 61.1 | — | 509,445.4 | 107.7 | — | ||||||||||||||||||
Financial Institutions |
443,257.3 | 18.7 | — | 618,494.1 | 24.3 | — | ||||||||||||||||||
Total |
213,782.4 |
197,269.5 |
• | the allowance for loan losses, which covers our loan portfolios and is presented separately on the balance sheet in loans; |
• | the allowance for lending-related commitments, which is recognized on the balance sheet in “ Accrued expenses and other liabilities |
• | the allowance for credit losses on investment securities, which covers our AFS debt securities and is recognized on the balance sheet in “ Investments available for sale debt securities |
• | the allowance for credit losses on other financial assets measured at amortized cost, and other off-balance sheet credit exposures, which are recognized on the balance sheet in “Accrued expenses and other liabilities . |
• | whether the asset or liability is transacted in an active market with a quoted market price that is readily available; |
• | the size of transactions occurring in an active market; |
• | the level of bid-ask spreads; |
• | whether only a few transactions are observed over a significant period of time; |
• | whether the inputs to the valuation techniques can be derived from or corroborated with market data; and |
• | whether significant adjustments are made to the observed pricing information or model output to determine the fair value. |
Years ended March 31, |
||||||||||||||||
2021 |
2022 |
Increase/ Decrease |
% Increase/ Decrease |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Interest on loans |
Rs. | 1,017,047.8 | Rs. | 1,057,925.6 | Rs. 40,877.8 | 4.0 | ||||||||||
Interest on securities, including dividends and interest on trading assets |
230,064.7 | 242,590.5 | 12,525.8 | 5.4 | ||||||||||||
Other interest revenue |
28,855.1 | 32,620.9 | 3,765.8 | 13.1 | ||||||||||||
Total interest and dividend revenue |
1,275,967.6 |
1,333,137.0 |
57,169.4 |
4.5 |
||||||||||||
Interest on deposits |
501,260.2 | 489,010.1 | (12,250.1 | ) | (2.4 | ) | ||||||||||
Interest on short term borrowings |
12,531.8 | 17,675.2 | 5,143.4 | 41.0 | ||||||||||||
Interest on long term debt |
78,361.5 | 77,456.3 | (905.2 | ) | (1.2 | ) | ||||||||||
Other interest expense |
127.6 | 155.9 | 28.3 | 22.2 | ||||||||||||
Total interest expense |
592,281.1 |
584,297.5 |
(7,983.6 |
) |
(1.3 |
) | ||||||||||
Net interest revenue |
Rs. |
683,686.5 |
Rs. |
748,839.5 |
Rs. |
65,153.0 |
9.5 |
|||||||||
Less: Provision for credit losses: |
||||||||||||||||
Retail |
145,821.9 | 122,622.6 | (23,199.3 | ) | (15.9 | ) | ||||||||||
Wholesale |
8,411.5 | 4,356.9 | (4,054.6 | ) | (48.2 | ) | ||||||||||
Total |
Rs. |
154,233.4 |
Rs. |
126,979.5 |
Rs. |
(27,253.9 |
) |
(17.7 |
) | |||||||
Net interest revenue after allowance for credit losses |
Rs. |
529,453.1 |
Rs. |
621,860.0 |
Rs. |
92,406.9 |
17.5 |
Years ended March 31, |
||||||||||||||||
2021 |
2022 |
Increase/ Decrease |
% Increase/ Decrease |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Fees and commissions |
Rs. | 165,410.4 | Rs. | 202,979.5 | Rs. | 37,569.1 | 22.7 | |||||||||
AFS securities gains, net |
53,010.1 | 19,660.9 | (33,349.2 | ) | (62.9 | ) | ||||||||||
Trading securities gains/(losses), net |
1,481.0 | 2,455.5 | 974.5 | 65.8 | ||||||||||||
Foreign exchange transactions |
27,762.6 | 34,851.4 | 7,088.8 | 25.5 | ||||||||||||
Derivatives gains/(losses) |
(3,253.0 | ) | 1,422.0 | 4,675.0 | (143.7 | ) | ||||||||||
Other |
8,564.6 | 9,204.9 | 640.3 | 7.5 | ||||||||||||
Total non-interest revenue |
Rs. |
252,975.7 |
Rs. |
270,574.2 |
Rs. |
17,598.5 |
7.0 |
Years ended March 31, |
||||||||||||||||||||||||
2021 |
2022 |
Increase/ Decrease |
% Increase/ Decrease |
2021 % of net revenues |
2022 % of net revenues |
|||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Salaries and staff benefits |
Rs. | 143,755.9 | Rs. | 165,287.7 | Rs. | 21,531.8 | 15.0 | 18.4 | 18.5 | |||||||||||||||
Premises and equipment |
35,763.2 | 36,236.0 | 472.8 | 1.3 | 4.6 | 4.1 | ||||||||||||||||||
Depreciation and amortization |
13,860.2 | 16,816.9 | 2,956.7 | 21.3 | 1.7 | 1.9 | ||||||||||||||||||
Administrative and other |
149,223.0 | 154,931.4 | 5,708.4 | 3.8 | 19.1 | 17.4 | ||||||||||||||||||
Total non-interest expense |
Rs. |
342,602.3 |
Rs. |
373,272.0 |
Rs. |
30,669.7 |
9.0 |
43.8 |
41.8 |
Year ended March 31, |
||||||||
2021 |
2022 |
|||||||
Effective statutory income tax rate |
25.17 | % | 25.17 | |||||
Adjustments to reconcile statutory income tax rate to effective income tax rate: |
||||||||
Stock-based compensation (net of forfeitures) |
0.61 | 0.67 | ||||||
Income exempt from taxes |
(0.01 | ) | — | |||||
Income subject to rates other than the statutory income tax rate |
— | (0.45 | ) | |||||
Other, net |
0.12 | 0.14 | ||||||
Annual effective income tax rate |
25.89 |
% |
25.53 |
% |
Years ended March 31, |
||||||||||||||||
2020 |
2021 |
Increase/ Decrease |
% Increase/ Decrease |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Interest on loans |
Rs.981,794.8 | Rs.1,017,047.8 | Rs.35,253.0 | 3.6 | ||||||||||||
Interest on securities, including dividends and interest on trading assets |
205,775.3 | 230,064.7 | 24,289.4 | 11.8 | ||||||||||||
Other interest revenue |
24,412.8 | 28,855.1 | 4,442.3 | 18.2 | ||||||||||||
Total interest and dividend revenue |
1,211,982.9 |
1,275,967.6 |
63,984.7 |
5.3 |
||||||||||||
Interest on deposits |
507,888.8 | 501,260.2 | (6,628.6 | ) | (1.3 | ) | ||||||||||
Interest on short term borrowings |
27,216.8 | 12,531.8 | (14,685.0 | ) | (54.0 | ) | ||||||||||
Interest on long term debt |
83,200.5 | 78,361.5 | (4,839.0 | ) | (5.8 | ) | ||||||||||
Other interest expense |
149.4 | 127.6 | (21.8 | ) | (14.6 | ) | ||||||||||
Total interest expense |
618,455.5 |
592,281.1 |
(26,174.4 |
) |
(4.2 |
) | ||||||||||
Net interest revenue |
Rs.593,527.4 |
Rs.683,686.5 |
Rs.90,159.1 |
15.2 |
||||||||||||
Less: Provision for credit losses: |
||||||||||||||||
Retail |
104,516.8 | 145,821.9 | 41,305.1 | 39.5 | ||||||||||||
Wholesale |
13,105.1 | 8,411.5 | (4,693.6 | ) | (35.8 | ) | ||||||||||
Total |
Rs.117,621.9 |
Rs.154,233.4 |
Rs.36,611.5 |
31.1 |
||||||||||||
Net interest revenue after allowance for credit losses |
Rs.475,905.5 |
Rs.529,453.1 |
Rs.53,547.6 |
11.3 |
Years ended March 31, |
||||||||||||||||
2020 |
2021 |
Increase/ Decrease |
% Increase/ Decrease |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Fees and commissions |
Rs.160,099.5 | Rs.165,410.4 | Rs.5,310.9 | 3.3 | ||||||||||||
AFS securities gains, net |
16,717.2 | 53,010.1 | 36,292.9 | 217.1 | ||||||||||||
Trading securities gains/(losses), net |
1,323.4 | 1,481.0 | 157.6 | 11.9 | ||||||||||||
Foreign exchange transactions |
15,265.6 | 27,762.6 | 12,497.0 | 81.9 | ||||||||||||
Derivatives gains/(losses) |
3,550.0 | (3,253.0 | ) | (6,803.0 | ) | (191.6 | ) | |||||||||
Other |
1,263.3 | 8,564.6 | 7,301.3 | 578.0 | ||||||||||||
Total non-interest revenue |
Rs.198,219.0 |
Rs.252,975.7 |
Rs.54,756.7 |
27.6 |
Years ended March 31, |
||||||||||||||||||||||||
2020 |
2021 |
Increase/ Decrease |
percent Increase/ Decrease |
2020 % of net revenues |
2021 % of net revenues |
|||||||||||||||||||
(in millions, except percentages) |
||||||||||||||||||||||||
Salaries and staff benefits |
Rs.130,506.9 | Rs.143,755.9 | Rs.13,249.0 | 10.2 | 19.4 | 18.4 | ||||||||||||||||||
Premises and equipment |
31,533.9 | 35,763.2 | 4,229.3 | 13.4 | 4.7 | 4.6 | ||||||||||||||||||
Depreciation and amortization |
12,800.3 | 13,860.2 | 1,059.9 | 8.3 | 1.9 | 1.7 | ||||||||||||||||||
Administrative and other |
133,439.4 | 149,223.0 | 15,783.6 | 11.8 | 19.8 | 19.1 | ||||||||||||||||||
Total non-interest expense |
Rs.308,280.5 |
Rs.342,602.3 |
Rs.34,321.8 |
11.1 |
45.7 |
43.8 |
Years ended March 31, |
||||||||
2020 |
2021 |
|||||||
Effective statutory income tax rate |
25.17 | % | 25.17 | % | ||||
Adjustments to reconcile statutory income tax rate to effective income tax rate: |
||||||||
Stock-based compensation |
0.51 | 0.61 | ||||||
Income exempt from taxes |
(0.20 | ) | (0.01 | ) | ||||
Effect of change in statutory tax rate |
3.07 | — | ||||||
Other, net |
0.29 | 0.12 | ||||||
Annual effective income tax rate |
28.84 |
% |
25.89 |
% |
Years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
(in millions) |
||||||||||||
Cash Flows from Operating Activities: |
||||||||||||
Net income before non-controlling interest |
Rs. | 260,364.0 | Rs. | 326,006.4 | Rs. | 386,603.0 | ||||||
Non-cash adjustments to net income |
141,478.0 | 123,423.8 | 135,507.9 | |||||||||
Net change in other assets and liabilities |
(230,662.3 | ) | 472,346.0 | 58,907.3 | ||||||||
Net cash provided by operating activities |
Rs. |
171,179.7 |
Rs. |
921,776.2 |
Rs. |
581,018.2 |
||||||
Cash Flows from Investing Activities: |
||||||||||||
Net change in term placements |
Rs.6,055.7 | Rs. | 4,168.0 | Rs. | (366,297.2 | ) | ||||||
Net change in investments |
(740,545.6 | ) | (823,663.2 | ) | (162,341.6 | ) | ||||||
Net change in repurchase and resell agreements |
160,195.5 | (171,982.8 | ) | (307,207.6 | ) | |||||||
Loans purchased net of repayments |
(129,916.5 | ) | (65,522.2 | ) | (125,978.2 | ) | ||||||
Increase in loans originated, net of principal collections |
(1,428,007.7 | ) | (1,446,355.1 | ) | (2,328,833.2 | ) | ||||||
Net additions to property and equipment |
(18,111.9 | ) | (17,653.7 | ) | (26,125.3 | ) | ||||||
Activity in equity securities, net |
(157.9 | ) | (140.7 | ) | 14,503.3 | |||||||
Net cash used in investing activities |
Rs. |
(2,150,488.4 |
) |
Rs. |
(2,521,149.7 |
) |
Rs. |
(3,302,279.8 |
) | |||
Cash Flows from Financing Activities: |
||||||||||||
Net increase in deposits |
Rs. | 2,213,972.5 | Rs. | 1,882,763.1 | Rs. | 2,237,238.5 | ||||||
Net increase (decrease) in short term borrowings |
(277,587.3 | ) | (138,024.7 | ) | 314,735.9 | |||||||
Proceeds from issuance of shares by subsidiaries to non-controlling interest |
466.8 | 492.4 | 691.8 | |||||||||
Net increase (decrease) in long term debt |
(43,104.9 | ) | 155,704.2 | 369,583.2 | ||||||||
Proceeds from issuance of equity shares for options exercised |
18,486.8 | 17,601.0 | 26,097.3 | |||||||||
Net proceeds from issuance of equity shares |
— | — | — | |||||||||
Payment of dividends and dividend tax |
(66,447.3 | ) | (166.6 | ) | (36,239.2 | ) | ||||||
Net cash provided by financing activities |
Rs. |
1,845,786.6 |
Rs. |
1,918,369.4 |
Rs. |
2,912,107.5 |
||||||
Effect of exchange rate changes on cash and due from banks, and restricted cash |
Rs. | 10,610.5 | Rs. | (262.2 | ) | Rs. | 490.5 | |||||
Net change in cash and due from banks, and restricted cash |
Rs. |
(122,911.6 |
) |
Rs. |
318,733.7 |
Rs. |
191,336.4 |
|||||
Cash and due from banks, and restricted cash, beginning of year |
Rs. | 734,872.6 | Rs. | 611,961.0 | Rs. | 930,694.7 | ||||||
Cash and due from banks, and restricted cash, end of year |
Rs. |
611,961.0 |
Rs. |
930,694.7 |
Rs. |
1,122,031.1 |
As of March 31, |
||||||||||||||||
2021 |
2022 |
Increase/ (decrease) |
% Increase/ (decrease) |
|||||||||||||
(in millions except percentages) |
||||||||||||||||
Cash and due from banks, and restricted cash |
Rs. | 930,694.7 | Rs. | 1,122,031.1 | Rs. | 191,336.4 | 20.6 | |||||||||
Investments held for trading |
99,620.2 | 53,199.5 | (46,420.7 | ) | (46.6 | ) | ||||||||||
Investments available for sale debt securities |
4,275,449.9 | 4,388,563.1 | 113,113.2 | 2.6 | ||||||||||||
Securities purchased under agreements to resell |
270,060.0 | 373,053.3 | 102,993.3 | 38.1 | ||||||||||||
Loans, net |
11,700,189.2 | 14,036,872.2 | 2,336,683.0 | 20.0 | ||||||||||||
Accrued interest receivable |
118,762.9 | 134,467.7 | 15,704.8 | 13.2 | ||||||||||||
Property and equipment |
53,094.4 | 65,826.4 | 12,732.0 | 24.0 | ||||||||||||
Goodwill |
74,937.9 | 74,937.9 | — | — | ||||||||||||
Other assets |
456,972.8 | 864,754.3 | 407,781.5 | 89.2 | ||||||||||||
Total assets |
Rs. |
17,979,782.0 |
Rs. |
21,113,705.5 |
Rs. |
3,133,923.5 |
17.4 |
As of March 31, |
||||||||||||||||
2021 |
2022 |
Increase/ (decrease) |
% Increase/ (decrease) |
|||||||||||||
(in millions, except percentages) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest-bearing deposits |
Rs. | 11,226,467.8 | Rs. | 13,197,979.7 | Rs. | 1,971,511.9 | 17.6 | |||||||||
Non-interest-bearing deposits |
2,110,762.4 | 2,382,052.2 | 271,289.8 | 12.9 | ||||||||||||
Total deposits |
13,337,230.2 |
15,580,031.9 |
2,242,801.7 |
16.8 |
||||||||||||
Securities sold under repurchase agreements |
356,059.2 | 151,844.9 | (204,214.3 | ) | (57.4 | ) | ||||||||||
Short term borrowings |
239,264.1 | 554,167.6 | 314,903.5 | 131.6 | ||||||||||||
Accrued interest payable |
77,969.1 | 82,412.8 | 4,443.7 | 5.7 | ||||||||||||
Long term debt |
1,174,758.2 | 1,554,333.4 | 379,575.2 | 32.3 | ||||||||||||
Accrued expenses and other liabilities |
631,096.4 | 681,461.5 | 50,365.1 | 8.0 | ||||||||||||
Total liabilities |
15,816,377.2 |
18,604,252.1 |
2,787,874.9 |
17.6 |
||||||||||||
Non-controlling interest in subsidiaries |
3,776.4 | 4,615.0 | 838.6 | 22.2 | ||||||||||||
HDFC Bank Limited shareholders’ equity |
2,159,628.4 | 2,504,838.4 | 345,210.0 | 16.0 | ||||||||||||
Total liabilities and shareholders’ equity |
Rs. |
17,979,782.0 |
Rs. |
21,113,705.5 |
Rs. |
3,133,923.5 |
17.4 |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(in millions, except percentages) |
||||||||||||
Tier I capital |
Rs. | 1,985,873.6 | Rs. | 2,418,067.5 | US$ | 31,871.2 | ||||||
Tier II capital |
139,589.4 | 139,277.5 | 1,835.7 | |||||||||
Total capital |
Rs. |
2,125,463.0 |
Rs. |
2,557,345.0 |
US$ |
33,706.9 |
||||||
Total risk weighted assets |
Rs. | 11,311,438.8 | Rs. | 13,535,108.5 | US$ | 178,398.7 | ||||||
Capital ratios of the Bank: |
||||||||||||
Common Equity Tier I |
16.85 | % | 16.67 | % | 16.67 | % | ||||||
Tier I |
17.56 | % | 17.87 | % | 17.87 | % | ||||||
Total capital |
18.79 | % | 18.90 | % | 18.90 | % | ||||||
Minimum capital ratios required by the RBI:* |
||||||||||||
Tier I |
9.075 | % | 9.700 | % | 9.700 | % | ||||||
Total capital |
11.075 | % | 11.700 | % | 11.700 | % |
* | The Tier I and Total capital ratio include a capital conservation buffer and additional capital applicable to us as a D-SIB. |
As of March 31, 2022 |
||||||||||||||||||||||||
Notional |
Gross Assets |
Gross Liabilities |
Net Fair Value |
Notional |
Net Fair Value |
|||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Interest rate derivatives |
Rs. | 5,142,612.3 | Rs. | 28,564.1 | Rs. | 27,644.4 | Rs. | 919.7 | US$ | 67,781.9 | US$ | 12.1 | ||||||||||||
Forward rate agreements |
50,610.7 | 1,574.1 | 14.8 | 1,559.3 | 667.1 | 20.6 | ||||||||||||||||||
Currency options |
434,371.3 | 1,845.1 | 2,439.5 | (594.4 | ) | 5,725.2 | (7.8 | ) | ||||||||||||||||
Currency swaps |
308,757.4 | 10,463.6 | 4,312.3 | 6,151.3 | 4,069.6 | 81.1 | ||||||||||||||||||
Forward exchange contracts |
6,551,871.8 | 37,755.4 | 40,408.2 | (2,652.8 | ) | 86,356.6 | (35.0 | ) | ||||||||||||||||
Total |
Rs. |
12,488,223.5 |
Rs. |
80,202.3 |
Rs. |
74,819.2 |
Rs. |
5,383.1 |
US$ |
164,600.4 |
US$ |
71.0 |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Nominal values: |
||||||||||||
Bank guarantees: |
||||||||||||
Financial guarantees |
Rs. | 334,040.8 | Rs. | 422,406.2 | US$ | 5,567.5 | ||||||
Performance guarantees |
421,162.2 | 417,227.2 | 5,499.2 | |||||||||
Documentary credits |
376,536.2 | 615,639.6 | 8,114.4 | |||||||||
Total |
Rs. |
1,131,739.2 |
Rs. |
1,455,273.0 |
US$ |
19,181.1 |
Amount of commitment expiration per period, as of March 31, 2022 |
||||||||||||||||||||
Total amounts Committed (1) |
Up to 1 year |
1-3 years |
3-5 years |
Over 5 years |
||||||||||||||||
(in millions) |
||||||||||||||||||||
Documentary credits |
Rs. | 615,639.6 | Rs. | 602,719.3 | Rs. | 10,822.9 | Rs. | 1,774.3 | Rs. | 323.1 | ||||||||||
Guarantees |
839,633.4 | 609,042.1 | 171,867.9 | 41,936.6 | 16,786.8 | |||||||||||||||
Forward exchange and derivative contracts |
12,488,223.4 | 8,611,223.1 | 2,141,771.7 | 1,563,041.2 | 172,187.4 | |||||||||||||||
Total |
Rs. |
13,943,496.4 |
Rs. |
9,822,984.5 |
Rs. |
2,324,462.5 |
Rs. |
1,606,752.1 |
Rs. |
189,297.3 |
(1) | Denotes nominal values of documentary credits and guarantees and notional principal amounts of forward exchange and derivative contracts. |
March 31, 2022 |
||||||||||||||||||
Borrower Industry |
Funded Exposure |
Non-Funded Exposure |
Total Exposure |
Total Exposure |
||||||||||||||
(in millions) |
||||||||||||||||||
Borrower 1 |
Power | Rs. | 265,661.9 | Rs. | 500.0 | Rs. | 266,161.9 | US$ | 3,508.1 | |||||||||
Borrower 2 |
Financial Institution | 245,435.0 | — | 245,435.0 | 3,234.9 | |||||||||||||
Borrower 3 |
Coal & Petroleum Products | 119,950.5 | 116,547.4 | 236,497.9 | 3,117.1 | |||||||||||||
Borrower 4 |
Housing Finance Companies | 150,283.8 | — | 150,283.8 | 1,980.8 | |||||||||||||
Borrower 5 |
Coal & Petroleum Products | 126,639.8 | 19,268.4 | 145,908.2 | 1,923.1 | |||||||||||||
Borrower 6 |
Financial Institution | 142,600.0 | — | 142,600.0 | 1,879.5 | |||||||||||||
Borrower 7 |
Financial Intermediaries | 140,000.0 | 232.0 | 140,232.0 | 1,848.3 | |||||||||||||
Borrower 8 |
Telecom | 137,700.0 | 199.2 | 137,899.2 | 1,817.6 | |||||||||||||
Borrower 9 |
Power | 133,670.0 | — | 133,670.0 | 1,761.8 | |||||||||||||
Borrower 10 |
Telecom | 108,591.5 | 17,855.7 | 126,447.2 | 1,666.6 |
• | Security Operations Center (“SOC”): We have founded a next-generation SOC featuring advanced technologies for predictive security and incident management. To this effect, we have provisioned the Securonix platform on AWS and configured more than 10,000 logging sources and devices to allow for comprehensive monitoring. |
• | Security Orchestration, Automation & Response (“SOAR”): SOAR has been introduced to reduce the incident response time by connecting security solutions with each other and increasing automation throughout the life cycle of an incident. |
• | Micro-segmentation: In our data center network micro-segmentation enables higher visibility across network flows as well as stronger preparedness against and management of ransomware-related incidents. |
• | Industry-leading service providers: We have engaged industry-leading service providers to facilitate continual discovery and attack surface assessment for our critical public facing properties, which assures good defensive posture against cybersecurity threats. |
• | Phishing: We identify phishing sites and trojans targeting our customers and, once identified, those sites are shut down by us. Forensic information such as customers details, which may have been compromised, are retrieved from such sites and dealt with accordingly. We have implemented a “Secure Access” system which provides an additional layer of security in addition to the customer identification (ID) and password requirement for internet banking transactions. This system evaluates every critical financial transaction based on our risk model and helps us determine whether the incumbent transaction is genuine or suspicious. Should the transaction be deemed suspicious, the system will either decline the transaction or ask for additional authentication. Our practice is to send awareness emails to our customers, to educate them about phishing and the measures they should take to protect themselves from falling victim to it. Our cybersecurity awareness has been fortified in view of the reports that fraudulent vishing calls have been on the rise due to the pandemic and lack of staff in our offices. We launched the “Mooh Band Rakho” (keep your mouth shut) campaign to improve customers’ awareness of the increase in fraudulent calls. The campaign runs on a regular basis. In addition, customer ecommerce transactions and card transactions are continuously monitored. |
• | Hacking and Data Theft: We have implemented a network firewall, web application firewalls and an intrusion prevention system at the perimeter of our network, in order to block any attempts made to hack or breach our network. Our cybersecurity operations center (“CSOC”), which operates 24 hours a day, seven days a week, analyzes logs of its perimeter defenses to identify any attempts made to breach our network. We have developed an Incident Management Procedure, a Cybersecurity Policy and a Cyber Crisis Management Plan for the incident management process to ensure that in the event of any incident, relevant stakeholders are aware of their role in resolving the incident. We also test our internet-facing infrastructure and applications for vulnerability including periodic red team assessments. Any vulnerability identified is remediated in a timely manner to ensure the online banking services stay protected against the evolving threat. In addition, we have deployed a host intrusion prevention solution on the internet banking setup to protect against unpatched vulnerabilities. We have defined baseline security standards for the technologies in use. These standards were created taking into consideration industry best practices and are reviewed on a regular basis to counter new threat vectors and avoid obsolescence. We perform daily malware scanning of the default landing pages of internet websites so that our customers are not compromised by malware that has been injected on non-logged web pages. We have also subscribed to anti-DDOS services (Distributed Denial Of Services) to strengthen our protection against DDOS attacks. |
• | Data Loss Prevention (“DLP”): Information is an important asset of any organization that supports business processes and management decisions. Usage and protection of business information can be heavily influenced by individuals in the end-user environment, where most of the corporate data is processed, shared and stored. We have implemented enterprise solutions such as DLP to monitor sensitive data stored, transmitted and shared by users, and to prevent and detect data breaches. Individual business functions are also involved in incident reviews which helps create a sense of ownership and awareness amongst our employees. |
• | Laptop Encryption: Data encryption ensures that business-critical and sensitive data is not misplaced, thereby preventing any reputational damage and curtailing monetary losses. We recognize that the cost which arises out of loss of data in a laptop is far higher than the cost of replacing the actual device. We have therefore implemented a laptop encryption tool on our laptops. |
• | Domain-based Message Authentication, Reporting and Conformance (“DMARC”): We have implemented a DMARC system which gives us the ability to protect the domain from unauthorized use, commonly known as “email spoofing”. The purpose and primary outcome of implementing DMARC is to protect a domain from being used in business email compromise attacks, phishing emails, email scams and other cyber threat activities. |
• | Anti-Advanced Persistence Threat: An Anti-Advanced Persistence Threat (“APT”) is a prolonged and targeted cyber-attack in which an intruder gains access to a network and remains undetected for an extended period of time. We have implemented an anti-APT system to prevent these attacks. All network elements such as email and web are protected by the anti-APT system, which is also installed on endpoint computers. |
• | a new strategy of “Work from Home” was incorporated; |
• | an information security awareness campaign series for all employees was rolled out; |
• | we ensured continuity of information technology services by increasing hardware capacity and enabling secure access from home; |
• | we applied a continuous high alert watch, to ensure IT security; |
• | we arranged for an external recertification audit by BSI for ISMS and BCMS (ISO27001 and ISO 22301); |
• | cybersecurity threats were thwarted by our own implementation of two-factor authentication, strengthening anti-virus features in the devices at home and prohibiting any download on local storage drives; and |
• | our endpoint security posture during COVID-19 improved incrementally by our undertaking of several technology security initiatives. |
• | provided face masks to security guards, pantry staff and other support staff and made hand sanitizers available across locations; |
• | introduced a free of charge service of a doctor “on call”. We also ensured they had access to COVID-19 care packages; |
• | allowed employees to claim medical expenses incurred for COVID-19 treatment; |
• | facilitated the inoculation of employees and their immediate family members against COVID-19; and |
• | published “Back to Work” guidelines for ensuring employee safety, once the number of daily cases declined. |
• | introduced multiple shifts to ensure adherence to government guidelines and social distancing requirements; |
• | ensured efficient execution of moratorium extensions to customers; |
• | used the disaster recovery site at Kanjurmarg as a contingency site to ensure the continuity of our treasury department; |
• | set up a crisis group on our mobile platform for faster communication, action and response; and |
• | enhanced the BCP strategy based on our forward-looking initiatives. |
Sr. No. |
Name |
Designation |
Expertise/ Competence | |||
1 |
Mr. Atanu Chakraborty | Part-time Non-Executive Chairman and Independent Director |
Finance, Economy, Public Policy, Administration and Infrastructure, Banking, Risk Management, Payment & Settlement System, Business Management | |||
2 |
Mr. Kaizad Bharucha | Executive Director | Banking Business, Credit & Risk Management, Business Management | |||
3 |
Mrs. Lily Vadera | Independent Director | Banking, Finance, International Relations | |||
4 |
Mr. Malay Patel | Independent Director | Small Scale Industries, Business Management | |||
5 |
Mr. M. D. Ranganath | Independent Director | Finance, Accountancy, Information Technology, Risk Management, Business Management | |||
6 |
Mrs. Renu Karnad | Non-Executive Director |
Risk Management, Housing & Real Estate, Financial, Accounting & Audit, Consumer Behavior, Sales & Marketing, Legal and Strategy Management, Economics, Business Management | |||
7 |
Mr. Sandeep Parekh | Independent Director | Law (with focus on securities market and financial regulations), Payment & Settlement System, Business Management | |||
8 |
Mr. Sanjiv Sachar | Independent Director | Human Resource Management, Economics, Finance, Accountancy, Business Management | |||
9 |
Mr. Sashidhar Jagdishan | Managing Director & Chief Executive Officer |
Economics of Money, Banking and Finance, Accountancy, Business Management | |||
10 |
Dr. (Mrs.) Sunita Maheshwari | Independent Director | Medicine, Healthcare, Entrepreneurship, General Administration, Small Scale Industries, Business Management | |||
11 |
Mr. Umesh Chandra Sarangi | Independent Director | Agriculture and Rural Economy, Cooperation, Business Management |
Name of Director |
Designation |
Age |
||||
Mr. Atanu Chakraborty (1) |
Part time Non-Executive Chairman and Independent Director |
62 | ||||
Mr. Sashidhar Jagdishan | Managing Director & CEO | 57 | ||||
Mr. Kaizad Bharucha | Executive Director | 57 | ||||
Mrs. Lily Vadera (2) |
Independent Director | 61 | ||||
Mr. Malay Patel | Independent Director | 45 | ||||
Mr. M. D. Ranganath | Independent Director | 60 | ||||
Mrs. Renu Karnad (3) |
Non-Executive Director (Nominee of HDFC Limited) | 69 | ||||
Mr. Sandeep Parekh | Independent Director | 50 | ||||
Mr. Sanjiv Sachar | Independent Director | 64 | ||||
Dr. (Mrs.) Sunita Maheshwari | Independent Director | 56 | ||||
Mr. Umesh Chandra Sarangi | Independent Director | 70 |
(1) | Mr. Atanu Chakraborty was appointed as the part-time Non-Executive Chairman and Independent Director of the Bank with effect from May 5, 2021, pursuant to the approval by the RBI and by the shareholders of the Bank at its 27th Annual General Meeting held on July 17, 2021. |
(2) | Mrs. Lily Vadera was appointed as an Independent Director of the Bank for a period of five (5) years with effect from November 26, 2021, pursuant to the approval by the shareholders of the Bank through postal ballot on March 27, 2022. |
(3) | At the meeting of the Board of Directors held on April 16, 2022, Mrs. Renu Karnad was reappointed as the NED (Nominee of Housing Development Finance Corporation Limited, promoter of the Bank) on the Board of Directors, for a period of five (5) years with effect from September 3, 2022, subject to the approval by the Bank’s shareholders. |
(4) | Mr. Srikanth Nadhamuni tendered his resignation as Non-Executive (Non-Independent) Director of the Bank with effect from February 18, 2022. |
Name |
Position |
Age | ||
Mr. Sashidhar Jagdishan | Managing Director and CEO | 57 | ||
Mr. Kaizad Bharucha | Executive Director | 57 | ||
Mr. Ashish Parthasarthy | Head – Treasury, GIB, NRI, Overseas and Teleservice Channels | 54 | ||
Ms. Ashima Bhat | Head – Business Finance & Strategy, Administration, Infrastructure, ESG & CSR | 51 | ||
Mr. Arvind Kapil | Head – Retail Assets and SLI | 50 | ||
Mr. Arvind Vohra | Head – Retail Branch Banking | 50 | ||
Mr. Anjani Rathor | Chief Digital Officer | 49 | ||
Mr. Arup Rakshit | Head – Treasury-Sales, Analytics and Overseas | 53 | ||
Mr. Bhavesh Zaveri | Head – Operations, ATM and Cash Management Product | 56 | ||
Mr. Benjamin Frank | Head – Wholesale Credit | 57 | ||
Mr. Chakrapani Venkatachari | Head – Internal Audit and Quality Initiatives Group | 58 | ||
Mr. Jimmy Tata | Chief Credit Officer | 55 | ||
Mr. Nirav Shah | Head – Corporate Banking and PSUs | 50 | ||
Mr. Parag Rao | Head – Payments Business, Digital & IT | 56 | ||
Mr. Rakesh Singh | Head – Investment Banking, Private Banking, Marketing and Products | 53 | ||
Mr. Rahul Shukla | Head – Commercial Banking and Rural Business | 53 | ||
Mr. Ramesh Lakshminarayanan | Chief Information Officer | 51 | ||
Mr. Raveesh Bhatia | Head – Emerging Corporates Group | 56 | ||
Ms. Smita Bhagat | Head – Government, Institutional Business, Partnerships, Inclusive Banking and Start-ups |
56 | ||
Mr. Srinivasan Vaidyanathan | Chief Financial Officer | 58 | ||
Mr. S. Sampathkumar | Head – NRI Domestic & Overseas Business, Third Party Products and Telesales & Service Relationships | 49 | ||
Mr. Sanmoy Chakrabarti | Chief Risk Officer | 46 | ||
Mr. Vinay Razdan | Chief Human Resources Officer | 55 |
a. | overseeing the Bank’s financial reporting process and disclosure of financial information to ensure that the financial statement is correct, sufficient and credible; |
b. | recommending the appointment and removal of external auditors and the fixing of their fees; |
c. | reviewing with management the annual financial statements and auditors report before their submission to the Board, with special emphasis on accounting policies and practices, compliance with accounting standards, disclosure of related party transactions and other legal requirements relating to financial statements; |
d. | reviewing the adequacy of the audit and compliance functions, including their policies, procedures, techniques and other regulatory requirements; and |
e. | any other terms of reference as may be included from time to time in the Companies Act 2013, SEBI Listing Regulations, 2015, including any amendments or reenactments thereof from time to time. |
a. | academic qualifications; |
b. | previous experience; |
c. | track record; and |
d. | integrity of the candidate. |
a. | identify the systemic lacunae, if any, that facilitated perpetration of the fraud and put in place measures to plug the same; |
b. | identify the reasons for delay in detection, if any, and report to the top management of the Bank and the RBI; |
c. | monitor the progress of any Central Bureau of Investigation and any police investigation and any appropriate recovery position; |
d. | ensure that staff accountability is examined at all levels in all cases of fraud and that staff side action, if required, is completed quickly without loss of time; |
e. | review the efficacy of the remedial action taken to prevent any recurrence of fraud, such as the strengthening of internal controls; and |
f. | put in place other measures as may be considered relevant to strengthen preventive measures against frauds. |
a. | formulating the Bank’s CSR strategy, policy and goals; |
b. | monitoring the Bank’s CSR policy and performance; |
c. | reviewing the CSR projects and initiatives from time to time; |
d. | ensuring legal and regulatory compliance from a CSR viewpoint; |
e. | ensuring reporting and communication to the Bank’s stakeholders on the Bank’s CSR; and |
f. | monitoring the Bank’s ESG framework, strategy, goals and disclosures. |
a. | framing of the Bank-level strategy and action plans for achieving the target of digital transactions in an organized manner, as may be set by the Government, regulatory authorities and Indian Banks’ Association, etc., from time to time; |
b. | monitoring the progress of achievement in digital transactions in line with the Bank’s strategy and action plans; |
c. | reviewing and exploring new opportunities for increasing the digital transactions of the Bank from time to time and giving the necessary directions in implementing and improving a high level of digitalization in the Bank; |
d. | reviewing the Digital Banking strategy of the Bank as and when required, thereby providing direction on focus areas; |
e. | reviewing the progress made on the initiatives relating to Digital Banking covering performance initiatives as determined by the Board of Directors and Government of India from time to time; |
f. | reviewing customer services rendered on digital platforms from time to time; and |
g. | any other terms of reference as may be specified by the Government, regulatory authorities and Indian Banks’ Association, etc., from time to time. |
a. | approving IT strategy and related policy documents and reviewing the same from time to time; |
b. | ensuring that the management has put an effective strategic planning process in place; |
c. | approving the Bank’s IT budget to ensure it aligns with the business needs; |
d. | approving reallocation of resources within IT to facilitate meeting priorities and business needs; and |
e. | reviewing and approving IT implementation plans. |
Particulars |
Sashidhar Jagdishan |
Kaizad Bharucha* |
||||||
(Rs. in million, except stock options) |
||||||||
Basic |
25.2 | 26.4 | ||||||
Allowances and perquisites |
33.1 | 28.3 | ||||||
Provident fund |
3.0 | 3.2 | ||||||
Superannuation |
3.8 | 4.0 | ||||||
Performance bonus |
— | 44.6 | ||||||
Number of stock options granted during the year |
— | ** |
* | The Annual remuneration paid to Mr. Kaizad Bharucha, Executive Director, includes the payment of arrears for fiscal year 2021 which was approved by the RBI on March 23, 2022. For fiscal year 2021, cash variable pay of Rs. 35.2 million was approved by the RBI on March 23, 2022. Of the said approved amount of Rs. 35.2 million, Rs. 17.6 million (50 percent) was paid in fiscal year 2022 and the balance 50 percent will be deferred over a period of three years. Mr. Kaizad Bharucha was also paid cash variable pay of Rs. 20.8 million fiscal year 2020 as approved by the RBI on April 29, 2021. Mr. Kaizad Bharucha was paid Rs. 3.3 million being Tranche 2 of the deferred cash variable pay for fiscal year 2019 and Rs. 2.9 million being Tranche 3 of the deferred cash variable pay for fiscal year 2018. Thus, the total payout to Mr. Kaizad Bharuza in fiscal year 2022 was Rs. 44.6 million. |
** | Mr. Kaizad Bharucha was granted a total quantum of 120,730 |
Director |
Sitting Fees (in Rs.) |
Remuneration to NEDs (in Rs.) |
||||||
Mr. Atanu Chakraborty (1) |
3,650,000 | 3,170,699 | ||||||
Mr. Malay Patel |
5,550,000 | 2,000,000 | ||||||
Mr. Umesh Chandra Sarangi |
5,100,000 | 2,000,000 | ||||||
Mr. Renu Karnad |
5,650,000 | 2,000,000 | ||||||
Mr. Sanjiv Sachar |
5,800,000 | 2,000,000 | ||||||
Mr. Sandeep Parekh |
4,350,000 | 2,000,000 | ||||||
Mr. M.D. Ranganath |
6,450,000 | 2,000,000 | ||||||
Dr. (Mrs.) Sunita Maheshwari |
2,100,000 | 2,000,000 | ||||||
Mr. Lily Vadera (2) |
600,000 | 690,217 | ||||||
Mr. Srikanth Nadhamuni (3) |
5,500,000 | 1,772,222 | ||||||
Total |
44,750,000 |
19,633,138 |
(1) | During the year, Mr. Atanu Chakraborty was paid remuneration of Rs. 3,170,699, ( i.e. |
(2) | Mrs. Lily Vadera was appointed as an Independent Director of the Bank with effect from November 26, 2021. |
(3) | Mr. Srikanth Nadhamuni tendered his resignation as NED (Non-Independent) of the Bank with effect from February 18, 2022. |
Name |
Largest amount outstanding since March 31, 2021 |
Amount outstanding as of March 31, 2022 |
Interest rate as of March 31, 2022 % |
Nature of Loan |
||||||||||||
(Rs. in millions, except percentages) |
||||||||||||||||
Mr. Sashidhar Jagdishan |
5.33 | 5.19 | 2.50 | Housing Loan | ||||||||||||
Ms. Ashima Bhat |
3.91 | 3.82 | 2.50 | Housing Loan | ||||||||||||
Mr. Ashish Parthasarthy |
4.81 | 4.71 | 2.50 | Housing Loan | ||||||||||||
Mr. Arvind Kapil |
7.50 | 7.40 | 2.50 | Housing Loan | ||||||||||||
Mr. Arvind Kapil |
7.50 | 7.41 | 5.00 | Additional Housing Loan | ||||||||||||
Mr. Arvind Vohra |
2.44 | 2.38 | 2.50 | Housing Loan | ||||||||||||
Mr. Bhavesh Zaveri |
6.68 | 6.39 | 2.50 | Housing Loan | ||||||||||||
Mr. Bhavesh Zaveri |
6.73 | 6.44 | 5.00 | Additional Housing Loan | ||||||||||||
Mr. Bhavesh Zaveri |
0.25 | 0.16 | 5.00 | Personal Loan | ||||||||||||
Mr. Benjamin Frank |
0.36 | 0.24 | 2.50 | Housing Loan | ||||||||||||
Mr. Benjamin Frank |
0.60 | 0.49 | 5.00 | Personal Loan | ||||||||||||
Mr. Chakrapani Venkatachari |
4.07 | 3.40 | 2.50 | Housing Loan | ||||||||||||
Mr. Chakrapani Venkatachari |
4.38 | 3.61 | 5.00 | Additional Housing Loan | ||||||||||||
Mr. Nirav Shah |
6.71 | 6.59 | 2.50 | Housing Loan | ||||||||||||
Mr. Nirav Shah |
6.99 | 6.87 | 5.00 | Additional Housing Loan | ||||||||||||
Mr. Raveesh Bhatia |
0.56 | 0.55 | 5.00 | Personal Loan | ||||||||||||
Mr. Rakesh Singh |
6.71 | 6.54 | 2.50 | Housing Loan | ||||||||||||
Mr. Rakesh Singh |
6.83 | 6.66 | 5.00 | Additional Housing Loan | ||||||||||||
Ms. Smita Bhagat |
6.69 | 6.37 | 2.50 | Housing Loan | ||||||||||||
Ms. Smita Bhagat |
6.73 | 6.42 | 5.00 | Additional Housing Loan | ||||||||||||
Mr. S. Sampathkumar |
1.76 | 1.72 | 2.50 | Housing Loan | ||||||||||||
Mr. S. Sampathkumar |
0.6 | 0.49 | 5.00 | Personal Loan |
• | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of our assets; |
• | provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and |
• | provide reasonable assurance regarding the prevention or timely detection of unauthorized acquisitions, use or dispositions of our assets that could have a material effect on the financial statements. |
Fiscal Year Ended |
||||||||||||
Type of Services |
March 31, 2021 |
March 31, 2022 |
Description of Services |
|||||||||
(in millions) |
||||||||||||
Audit services |
Rs. | 61.7 | Rs. | 63.7 | Audit of financial statements | |||||||
Audit-related services |
6.7 | 19.2 | Limited review | |||||||||
Tax services |
— | — | Tax services | |||||||||
Other services |
2.5 | 13.9 | Certification & other services | |||||||||
Total |
Rs. | 70.9 | Rs. | 96.8 |
1. | Establish an independent audit committee that has specified responsibilities and authority. [NYSE Listed Company Manual Section 303A.06]; |
2. | Provide prompt written notice by its CEO if any executive officer becomes aware of any non-compliance with any applicable corporate governance rules. [NYSE Listed Company Manual Section 303A.12(b)]; |
3. | Provide to the NYSE annual written affirmations with respect to its corporate governance practices, and interim written affirmations in the event of a change to the board or a board committee. [NYSE Listed Company Manual Section 303A.12(c)]; and |
4. | Include a statement of significant differences between its corporate governance practices and those followed by United States companies in the annual report of the foreign private issuer. [NYSE Listed Company Manual Section 303A.11]. |
NYSE Corporate Governance Standards applicable to NYSE Listed Companies |
Corporate Governance Rules as per SEBI Listing Regulations | |
An NYSE listed company needs to have a majority of independent directors. [NYSE Listed Company Manual Section 303A.01] | The board of a listed company must have a combination of executive and non-executive directors, including at least one female director, and not less than 50 percent of the directors may be non-executive directors. The board of directors of the 500 largest listed entities, as determined by market capitalization at the end of the most recent financial year, shall have at least one independent female director by April 1, 2019 and the board of directors of the 1,000 largest listed entities, as determined by market capitalization at the end of the most recent financial year, shall have at least one independent female director by April 1, 2020.No listed entity shall appoint a person or continue the directorship of any person as a non-executive director who has attained the age of 75 years unless a special resolution is passed to that effect, in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such a person if: (i) the chairperson of the board of directors is a non-executive director, at least one-third of the board of directors must be comprised of independent directors; (ii) the company does not have a regular non-executive chairperson, at least half of the board of directors must be comprised of independent directors; and (iii) the regular non-executive chairperson is a promoter of the listed company or is related to any promoter or person occupying management positions at the level of board of director or at one level below the board of directors, at least half of the board of directors of the listed company must consist of independent directors. |
The requirements under the SEBI Listing Regulations which become applicable to a listed entity on the basis of market capitalization criteria continue to apply to such entity even if when it falls below the specified threshold. | ||
A director must meet certain criteria in order to qualify as “independent”. An NYSE listed company must disclose the identity of its independent directors and the basis upon which it is determined that they are independent. [NYSE Listed Company Manual Section 303A.02 ] | A director must meet certain criteria in order to qualify as “independent”. The appointment, reappointment or removal of an independent director of a listed entity, shall be subject to the approval of shareholders by way of a special resolution. No independent director, who resigns from a listed entity, shall be appointed as an executive or full-time director on the board of the listed entity, its holding, subsidiary or associate company or on the board of a company belonging to its promoter group, unless a period of one year has elapsed from the date of resignation as an independent director. | |
Executive Sessions |
||
Non-management directors need to meet at regularly scheduled executive sessions without management. [NYSE Listed Company Manual Section 303A.03] |
The board of directors of a listed company must meet at least four times a year, with a maximum time gap of 120 days between any two meetings. The independent directors of the listed company must hold at least one meeting each year without the presence of the non-independent directors and the members of management, and all the independent directors have to endeavor to be present at such meeting. | |
Nominating/Corporate Governance Committee |
||
An NYSE listed company needs to have a nominating/corporate governance committee composed entirely of independent directors. [NYSE Listed Company Manual Section 303A.04] | A listed company needs to have a nomination and remuneration committee. All members of the nomination and remuneration committee must be non-executive directors and at least two-thirds must be independent directors. | |
Listed companies in India are not required to constitute a separate corporate governance committee. The Companies Act 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (the “SEBI Listing Regulations”) prescribe the corporate governance requirements which include, inter alia | ||
The nominating/corporate governance committee needs to have a written charter that addresses certain specific committee purposes and responsibilities and provides for an annual performance evaluation of the committee. [NYSE Listed Company Manual Section 303A.04] | The nomination and remuneration committee must have the terms of reference specified in the SEBI Listing Regulations and the Companies Act 2013 such as formulating criteria to determine the qualifications, positive attributes and independence of directors, formulating criteria to evaluate the performance of directors, recommending a remuneration policy for directors and devising a board diversity policy. | |
Compensation Committee |
||
An NYSE listed company needs to have a compensation committee composed entirely of independent directors. Compensation committee members must satisfy certain additional independence requirements set forth in Section 303A.02 of the NYSE Listed Company Manual by the deadline specified therein. [NYSE Listed Company Manual Section 303A.05] | A listed company is permitted to have a combined nomination and remuneration committee. All members of the nomination and remuneration committee must be non-executive directors and at least two-thirds must be independent directors. The chairperson of the nomination and remuneration committee must be an independent director. |
The compensation committee needs to have a written charter that addresses certain specific rights, purposes and responsibilities of the committee, and provides for an annual performance evaluation of the committee. [NYSE Listed Company Manual Section 303A.05] | The terms of reference and the role of the nomination and remuneration committee have been specified under the Companies Act 2013 and SEBI Listing Regulations and must include, inter alia | |
Audit Committee |
||
An NYSE listed company needs to have an audit committee with at least three members. All the members of the audit committee must satisfy the independence requirements of Rule 10A-3 under the Exchange Act and the requirements of NYSE Corporate Governance Standard 303A.02. [NYSE Listed Company Manual Sections 303A.06 and 303A.07] |
A listed company must have a qualified audit committee with a minimum of three directors as members and at least two-thirds of such members must be independent directors. In case of a listed entity having outstanding equity shares with superior voting rights, the audit committee must consist of only independent directors. All members of the audit committee should be financially literate and at least one member must have accounting or related financial management expertise. | |
The audit committee needs to have a written charter that addresses certain specific purposes of the committee, provides for an annual performance evaluation of the committee and sets forth certain specific minimum duties and responsibilities. [NYSE Listed Company Manual Section 303A.07] | The terms of reference and the role of the audit committee of a listed company have been specified in the SEBI Listing Regulations and the Companies Act 2013 and include, inter alia | |
Internal Audit Function |
||
An NYSE listed company needs to have an internal audit function to provide management and the audit committee with ongoing assessments of the company’s risk management processes and system of internal control. A company may choose to outsource this function to a third-party service provider other than its independent auditor. [NYSE Listed Company Manual Section 303A.07] | A listed company must appoint an internal auditor to conduct an internal audit. The auditor must review the accounts of the company and submit a report along with financial statements of the company placed before the company in a general meeting. It is the role of the audit committee to review the adequacy of the company’s internal audit function and all internal audit reports relating to internal control weaknesses of the company. The audit committee should also evaluate the internal financial controls and risk management systems of the company. | |
In addition, a listed company must put in place procedures to inform board members about risk assessment and minimization procedures. The board of directors is responsible for framing, implementing and monitoring the company’s risk assessment plan. Further, the top 1000 listed companies (determined on the basis of market capitalization as at the end of the immediately previous financial year) and companies qualifying as a ‘high value debt listed entity’ must establish a risk management committee, consisting of at least three members with a majority of them being board members including at least one independent director, and, in case of a listed entity having outstanding equity shares with superior voting rights, at least two-thirds of the Risk Management Committee shall comprise independent directors. The board of directors shall define the roles and responsibilities of the risk management committee. Where a listed company has equity shares with superior voting rights issued and outstanding, two-thirds of the committee members are required to be independent directors.The board may delegate the monitoring and review of the risk management plan to the risk management committee. |
Shareholder Approval of Equity Compensation Plans |
||
Shareholders must be given the opportunity to vote on all equity-compensation plans and material revisions thereto, with limited exemptions. [NYSE Listed Company Manual Section 303A.08] | Under the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, shareholders’ approval is required for all equity compensation plans and material revisions thereto. | |
Corporate Governance Guidelines/Code of Ethics |
||
An NYSE listed company needs to adopt and disclose corporate governance guidelines. [NYSE Listed Company Manual Section 303A.09] | A listed company is required to comply with all mandatory corporate governance requirements as prescribed under the Companies Act 2013 and the SEBI Listing Regulations, and disclose such compliance to stock exchanges in the corporate governance report contained in the listed company’s annual report. The listed company should also state in its annual report the extent to which it has complied with the non-mandatory corporate governance requirements. The listed entity is also required to submit a compliance report on corporate governance on a quarterly basis. | |
An NYSE listed company needs to adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. [NYSE Listed Company Manual Section 303A.10] | A listed company needs to adopt a code of conduct (or code of ethics), which is applicable to all members of the board of directors and senior management. The company’s annual report and the yearly compliance report on corporate governance must both disclose any non-compliance with any requirement of the compliance report on corporate governance and contain a declaration signed by the CEO stating that all board members and senior management personnel have complied with the code of conduct. | |
Certifications as to Compliance |
||
The CEO of each NYSE listed company has to certify on an annual basis that he or she is not aware of any violation by the company of the NYSE corporate governance listing standards. This certification, as well as the CEO/CFO certification required under Section 302 of the Sarbanes-Oxley Act of 2002, must be disclosed in the company’s annual report to shareholders. [NYSE Listed Company Manual Section 303A.12] | The CEO and the CFO are required to provide an annual certification on the true and fair view of the company’s financial statements and compliance with existing accounting standards, applicable laws and regulations. In addition, a listed company is required to submit a quarterly compliance report and an annual corporate governance report to stock exchanges which must include a certificate from either the auditors or the practicing company secretary regarding the company’s compliance with the conditions of corporate governance. A listed company is also required to submit a secretarial compliance report to stock exchanges annually. | |
Posting of Charters and Guidelines on Website |
||
An NYSE listed company is required to post the charters of its audit, compensation, and nominating/corporate governance committees, its corporate governance guidelines, and its code of business conduct and ethics on the company’s website, and to state in its proxy statement or annual report that these documents are so posted. The listed company’s website address must be included in such postings. [NYSE Listed Company Manual Sections 303A.04, 303A.05, 303A.07, 303A.09 and 303A.10] | A listed company must maintain a functional website containing information about the company including, inter alia |
• | each person or group of affiliated persons known by us to beneficially own 5 percent or more of our equity shares; and |
• | our individual directors and their relatives as a group. |
Number of Shares |
Percentage of Total Equity Shares Outstanding |
|||||||
HDFC Group |
1,164,625,834 | 21.00 | % | |||||
Directors and relatives |
48,77,958 | 0.09 | % |
• | insurance companies; |
• | regulated investment companies and real estate investment trusts; |
• | tax-exempt organizations; |
• | broker-dealers; |
• | traders in securities that elect to mark-to-market; |
• | banks or certain other financial institutions; |
• | United States investors whose functional currency is not the United States dollar; |
• | certain former citizens or residents of the United States subject to Section 877 of the Internal Revenue Code; |
• | investors that hold our ADSs or equity shares as part of a hedge, straddle or conversion transaction; or |
• | holders that own, directly, indirectly or constructively, 10.0 percent or more of our total combined voting stock. |
• | an individual who is a citizen or resident of the United States; |
• | a corporation (or other entity taxable as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; |
• | an estate, the income of which is subject to United States federal income tax regardless of its source; or |
• | a trust, if a court within the United States is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all substantial decisions of the trust, or if the trust has made a valid election to be treated as a United States person. |
• | such gain is considered effectively connected with the Non-U.S. Holder’s conduct of a United States trade or business (and, if required by an applicable income tax treaty, the income is attributable to a permanent establishment maintained in the United States); or |
• | such Non-U.S. Holder is an individual that is present in the United States for 183 days or more during the taxable year of the disposition, and certain other conditions are met. |
• | is a corporation or other exempt recipient; or |
• | provides an accurate taxpayer identification number and certifies that no loss of exemption from backup withholding applies to such U.S. Holder. |
(i) | In the case of individuals and non-financial entities (other than promoters/promoter group), 10.0 percent of the paid-up capital. However, in the case of promoters being individuals and non-financial entities in existing banks, the permitted promoter/promoter group shareholding shall be as prescribed under the February 2013 guidelines, i.e. |
(ii) | In the case of entities from the financial sector, other than regulated or diversified or listed, 15.0 percent of the paid-up capital. |
(iii) | In the case of “regulated, well diversified, listed entities from the financial sector” shareholding by supranational institutions, public sector undertaking or government, up to 40.0 percent of the paid-up capital is permitted for both promoters/promoter group and non-promoters. |
• | Tier 1—100,000 and above; |
• | Tier 2—50,000 to 99,999; |
• | Tier 3—20,000 to 49,999; |
• | Tier 4—10,000 to 19,999; |
• | Tier 5—5,000 to 9,999; and |
• | Tier 6—Less than 5,000. |
• | A concept of “banking outlets” has been introduced. A banking outlet for a domestic scheduled commercial bank has been defined as a fixed point service delivery unit, manned by either bank’s staff or its business correspondent where services of acceptance of deposits, encashment of checks/cash withdrawal or lending of money are provided for a minimum of four hours per day for at least five days a week. |
• | At least 25.0 percent of the total number of “banking outlets” opened during a fiscal year must be opened in unbanked rural centers (Tier 5 and Tier 6). The definition of unbanked rural centers has been modified to mean a rural (Tier 5 and Tier 6) center that does not have a CBS-enabled banking outlet of a scheduled commercial bank. |
• | The restriction on the number of banking outlets that may be opened in Tier 1 centers has been removed. |
• | interest and/or an installment of principal remain overdue (as defined below) for a period of more than 90 days in respect of a term loan; |
• | the account remains “out-of-order”(as defined below) in respect of an overdraft (“OD”) or cash credit (“CC”) for more than 90 days; |
• | the bill remains overdue for a period of more than 90 days in the case of bills purchased and discounted; |
• | the installment of principal or interest thereon remains overdue for two crop seasons for short-duration crops; |
• | the installment of principal or interest thereon remains overdue for one crop season for long-duration crops; |
• | the amount of a liquidity facility remains outstanding for more than 90 days, in respect of securitisation transactions undertaken in accordance with the RBI (Securitisation of Standard Assets) Directions, 2021; or |
• | in respect of derivative transactions, the overdue receivables representing the positive mark-to-market |
• | Up to one year: 25.0 percent provision. |
• | One to three years: 40.0 percent provision. |
• | More than three years: 100.0 percent provision. |
(i) | Rescheduling of payments: |
• | In respect of all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including RRBs, SFBs and local area banks), co-operative banks, all-India financial institutions, and NBFCs (including housing finance companies) were permitted to grant a moratorium on the payment of all installments falling due between March 1, 2020 and August 31, 2020. |
• | In respect of working capital facilities sanctioned in the form of cash credit/overdraft (“CC/OD”), lending institutions were permitted to defer the recovery of interest applied in respect of all such facilities during the period from March 1, 2020 up to August 31, 2020. Lending institutions were permitted, at their discretion, to convert the accumulated interest for the deferment period up to August 31, 2020, into a funded interest term loan (“FITL”), such being required to be repayable not later than March 31, 2021. |
• | In respect of working capital facilities sanctioned in the form of CC/OD to borrowers facing financial difficulties as a result of the economic fallout of the pandemic, lending institutions were permitted to, as a one-time measure: |
a) | recalculate the “drawing power” by reducing the margins until August 31, 2020. However, in all cases where such a temporary improvement in drawing power was considered, the margins were required to be restored to the original levels by March 31, 2021; or |
b) | review the working capital sanctioned limits by March 31, 2021, based on a reassessment of the working capital cycle. |
(ii) | Asset classification and provisioning: |
• | For the purpose of asset classification, all accounts classified as “standard” as on February 29, 2020 even if overdue, the moratorium period, wherever granted, was to be excluded by the lending institutions from the number of days past due. |
• | In respect of working capital facilities sanctioned in the form of CC/OD, the deferment period, wherever granted in respect of all facilities classified as “standard”, including special mention accounts (“SMAs”), which are accounts that have the potential to become NPAs or stressed assets, as on February 29, 2020, were to be excluded for the determination of the out-of-order |
• | The conversion of accumulated interest into a FITL and the changes in the credit terms permitted to borrowers outlined under “ Rescheduling of payments |
• | The rescheduling of payments, including interest, would not qualify as a default for the purposes of supervisory reporting and reporting to credit information companies (“CICs”) by the lending institutions. CICs must ensure that permitted actions taken by lending institutions as a consequence of the COVID-19 pandemic would not adversely impact the credit history of the borrowers. |
• | In accordance with the provisions described above, with respect to accounts classified as “standard”, but which have become overdue, and where the asset classification benefit has been extended, lending institutions were required to make general provisions equaling not less than 10.0 percent of the total outstanding value of such accounts. Such provisions were to be phased in over the course of two financial quarters as described below: |
a) | Financial quarter ended March 31, 2020– not less than 5.0 percent; and |
b) | Financial quarter ending June 30, 2020– not less than 5.0 percent. |
• | These provisioning requirements were not to be used to arrive at net NPAs until they are adjusted against the actual provisioning requirements. |
(iii) | Resolution of stressed assets |
• | In respect of accounts which were within the review period as on March 1, 2020, the period from March 1, 2020 to August 31, 2020 would be excluded from the calculation of the 30-day timeline for the review period under the RBI’s guidelines. In respect of all such accounts, the residual review period would resume from September 1, 2020, upon expiry of which the lenders would have the usual 180 days for resolution. |
• | In respect of accounts where the review period had been completed, but the 180-day resolution period had not expired as on March 1, 2020, the timeline for resolution was extended by 180 days from the date on which the 180-day period was originally set to expire. |
• | transfer of loan accounts of borrowers by a bank to other banks, financial institutions or NBFCs, at the request of the borrower; |
• | inter-bank participations; |
• | trading in bonds; |
• | sale of the entire portfolio of assets consequent upon a decision to exit the line of business completely (which should have the approval of the board of directors of the bank); |
• | consortium and syndication arrangements and arrangement under a corporate debt restructuring mechanism; and |
• | any other arrangements/transactions specifically exempted by the RBI. |
(i) | PSLC Agriculture: counting for achievement towards the total agriculture lending target; |
(ii) | PSLC SF/MF: counting for achievement towards the sub-target for lending to small and marginal farmers; |
(iii) | PSLC Micro Enterprises: counting for achievement towards the sub-target for lending to micro enterprises; and |
(iv) | PSLC General: counting for achievement towards the overall priority sector target. |
• | all types of funded and non-funded credit limits; and |
• | facilities extended by way of equipment leasing, hire purchase finance and factoring services. |
• | direct investment in equity shares, convertible bonds, convertible debentures and units of equity-oriented mutual funds, the fund assets of which are not exclusively invested in corporate debt; |
• | advances against shares, bonds, debentures or other securities or advances without security to individuals for investment in shares (including in primary offerings and employee stock option plans), convertible bonds, convertible debentures and units of equity-oriented mutual funds; |
• | advances for any other purposes where shares or convertible bonds or convertible debentures or units of equity-oriented mutual funds are taken as primary security; |
• | advances for any other purposes to the extent secured by collateral of shares, convertible bonds, convertible debentures or units of equity-oriented mutual funds ( i.e. |
• | secured and unsecured advances to stockbrokers and guarantees issued on behalf of stockbrokers and market makers; |
• | loans sanctioned to companies against the security of shares/bonds/debentures or other securities or on a clean basis for meeting a promoter’s contribution to the equity of new companies; |
• | bridge loans to companies against expected equity flows/issues; |
• | underwriting commitments taken up by banks in respect of primary issues of shares or convertible bonds or convertible debentures or units of equity-oriented mutual funds; |
• | financing to stockbrokers for margin trading; |
• | all exposure to venture capital funds (both registered and unregistered); and |
• | irrevocable payment commitments issued by custodian banks in favor of stock exchanges. |
• | Banks are required to classify their entire portfolio of approved securities under three categories: “held for trading”, “available for sale” and “held to maturity”; banks must decide the category of investment at the time of acquisition. |
• | Held to maturity (“HTM”) investments compulsorily include: (i) recapitalization bonds received from the Government; (ii) investments in subsidiaries and joint ventures; and (iii) investment in the long-term bonds (with a minimum residual maturity of seven years) issued by companies engaged in infrastructure activities. The minimum residual maturity of these bonds must be of seven years at the time of investment in these bonds. Once invested, banks may continue to classify these investments under the HTM category even if the residual maturity falls below seven years subsequently. Held to maturity investments also include any other investments identified for inclusion in this category subject to the condition that such investments cannot exceed 25 percent of total investments. Banks are permitted to exceed the limit of 25 percent of investments for the held to maturity category provided the excess is comprised only of investments eligible for the SLR and the aggregate of such investments in the held to maturity category does not exceed a specified percentage of the prescribed demand and time liabilities. |
• | Profit on the sale of investments in the HTM category is appropriated to the capital reserve account after being recognized in the profit and loss account. Loss on any sale is recognized in the profit and loss account. |
• | Investments under the held for trading category must be sold within 90 days. |
• | Available for sale and held for trading securities are required to be valued at market or fair value at prescribed intervals. The market price of the security available from the stock exchange, the price of securities in subsidiary general ledger transactions, the RBI price list or prices declared by the Primary Dealers Association of India jointly with the Fixed Income Money Market and Derivatives Association of India serves as the “market value” for investments in available for sale and held for trading securities. |
• | Profit or loss on the sale of investments in both the held for trading and available for sale categories is recorded in the profit and loss account. |
• | Shifting of investments from or to the HTM category is permitted only under exceptional circumstances with the approval of the board of directors once a year, normally at the beginning of the accounting year; shifting of investments from available for sale to held for trading may be done, subject to depreciation, if any, applicable on the date of transfer, with the approval of the board of directors, the asset liability management committee or the investment committee; shifting from held for trading to available for sale is generally not permitted, save for under exceptional circumstances where banks are not able to sell the security within 90 days due to tight liquidity conditions, or extreme volatility, or the market becoming unidirectional, in which case transfer is permitted only with the approval of the board of directors, the asset liability management committee or the investment committee. |
• | each bank will have to offer a uniform interest rate on savings bank deposits up to Rs. 0.1 million, irrespective of the amount in the account within this limit. While calculating interest on such deposits, banks are required to apply the uniform rate set by them on end-of-day |
• | for any end-of-day |
• | a single term deposit is of Rs. 20.0 million and above; and |
• | interest on deposits is paid in accordance with the schedule of interest rates disclosed in advance by the bank and not pursuant to negotiation between the depositor and the bank. |
(a) | all cash transactions with a value of more than Rs. 1.0 million or an equivalent in foreign currency; |
(b) | all series of cash transactions integrally connected to each other which have been valued below Rs. 1.0 million or an equivalent in foreign currency where such series of transactions has taken place within a month and the aggregate value of such transactions exceeds Rs. 1.0 million; |
(c) | all transactions involving receipts by non-profit organizations with a value of more than Rs. 1.0 million or an equivalent in foreign currency; |
(d) | all cash transactions in which forged or counterfeit currency notes or bank notes have been used and where any forgery of a valuable security or a document has taken place facilitating the transaction; and |
(e) | all other suspicious transactions whether or not made in cash and by such other ways as mentioned in the Rules. |
(a) | liabilities to the banking system in India as computed under clause (d) of the explanation to section 42(1) of the Reserve Bank of India Act 1934; |
(b) | credit balances in Asian Clearing Union (US$) Accounts; and |
(c) | demand and time liabilities in respect of the banks’ offshore banking units. |
i. | Cash including cash reserves in excess of required CRR. |
ii. | For banks incorporated in India, |
• | Reserves held with foreign central banks in excess of the reserve requirement, where a foreign sovereign has been assigned a 0 percent risk weight as per the rating by an international rating agency. |
• | Reserves held with foreign central banks in excess of the reserve requirement, to the extent these balances cover the Bank’s stressed net cash outflows in that specific currency, in cases where a foreign sovereign has been assigned a non-0 percent risk weight as per the rating by an international rating agency, but a 0 percent risk weight has been assigned at national discretion under the Basel II framework. |
iii. | Government securities in excess of the minimum SLR requirement. |
iv. | Within the mandatory SLR requirement, Government securities to the extent allowed by the RBI, under Marginal Standing Facility (MSF). |
v. | Marketable securities issued or guaranteed by foreign sovereigns satisfying all the following conditions: |
(a) | assigned a 0 percent risk weight under the Basel II standardized approach for credit risk; |
(b) | traded in large, deep and active repo or cash markets characterized by a low level of concentration and proven record as a reliable source of liquidity in the markets (repo or sale), even during stressed market conditions; and |
(c) | not issued by a bank, financial institution, NBFC or any of its affiliated entities. |
• | requiring certain foreign banks, including banks with complex structures and banks belonging to jurisdictions which: (i) do not have adequate disclosure requirements; or (ii) have legislation which give preferential treatment to deposits of the home country in a winding-up proceeding, to set up a wholly owned subsidiary in order to enter the Indian market; |
• | permitting foreign banks that do not fall under the above categories to either set up a branch office or a wholly owned subsidiary; |
• | offering near-national treatment to wholly owned subsidiaries of foreign banks, subject to certain conditions; |
• | requiring newly incorporated wholly owned subsidiaries to have an initial minimum paid-up voting equity capital of Rs. 5.0 billion. In the case of existing banking outlets of foreign banks that wish to convert into a wholly owned subsidiary, they must have a minimum net worth of Rs. 5.0 billion; |
• | requiring at least 50.0 percent of the board of directors of wholly owned subsidiaries to be Indian nationals, non-resident Indians or persons of Indian origin; and |
• | mandating that wholly owned subsidiaries comply with the priority sector lending requirements applicable to domestic commercial banks. |
1. | overseas borrowing by banks for the purpose of financing export credit subject to certain conditions prescribed by the RBI; |
2. | capital funds raised or augmented by the issue of Innovative Perpetual Debt Instruments and Debt Capital Instruments in foreign currency; |
3. | subordinated debt placed by head offices of foreign banks with their banking outlets in India as Tier II capital; and |
4. | any other overseas borrowing with the specific approval of the RBI. |
• | the capital adequacy ratio must be at least 9.0 percent for the preceding two completed years and the accounting year for which the Bank proposes to declare a dividend; |
• | Net non-performing assets must be less than 7.0 percent of advances. In the event a bank does not meet the above capital adequacy norm, but has capital adequacy of at least 9.0 percent for the fiscal year for which it proposes to declare a dividend it would be eligible to declare a dividend if its net non-performing asset ratio is less than 5.0 percent; |
• | the bank has complied with the provisions of Sections 15 and 17 of the Banking Regulation Act; |
• | the bank has complied with the prevailing regulations/guidelines issued by the RBI, including creating adequate provisions for the impairment of assets and staff retirement benefits and the transfer of profits to statutory reserves; |
• | dividends should be payable out of the current year’s profits; and |
• | the RBI has not placed any explicit restrictions on the Bank for declarations of dividends. |
• | the dividend payout ratio (calculated as a percentage of “dividends payable in a year” (excluding dividend tax) to “net profit during the year”) should not exceed 40.0 percent. The RBI has prescribed a matrix of criteria linked to the capital adequacy ratio and the net non-performing assets ratio in order to ascertain the maximum permissible range of the dividend payout ratio; and |
• | if the financial statements for which the dividend is declared have any audit qualifications which have an adverse bearing on the profits, the same should be adjusted while calculating the dividend payout ratio. |
• | assets, liabilities and off-balance sheet exposures; |
• | the risk weighting of these exposures, the capital base and the capital adequacy ratio; |
• | asset quality; |
• | concentration of exposures; |
• | connected and related lending and the profile of ownership, control and management; and |
• | other prudential parameters. |
• | The chair of the board shall be an independent director. |
• | The posts of managing director (“MD”) and chief executive officer (“CEO”) or WTD cannot be held by the same person for more than 15 years. The individual will be eligible for reappointment as MD and CEO or WTD in the same bank, if considered necessary and desirable by the board of directors, after a minimum gap of three years, subject to meeting other conditions. During this three-year cooling period, the individual may not be appointed or associated with the bank or its group entities in any capacity, either directly or indirectly. |
• | The upper age limit for a person serving as MD and CEO or WTDs in a private bank would continue to be 70 years. |
• | An MD and CEO or WTD who is also a promoter or major shareholder, cannot hold these posts for more than 12 years. |
(i) | Foreign portfolio investors (“FPIs”) are permitted to invest in government securities with 7- and 14-year-maturities. |
(ii) | During the period between July 8, 2022 and October 31, 2022, short-term investments by FPIs in government securities and corporate bonds are exempt from the limit on short-term investments until maturity or sale of such investments; the regulations required that such short-term investments shall not exceed 30 percent of the total investment of that FPI in any category. |
(iii) | During the period between July 8, 2022 and October 31, 2022, investments by FPIs in commercial paper and non-convertible debentures with an original maturity of up to one year are exempt from the limit on short-term investments until maturity or sale of such investments. |
(iv) | Until December 31, 2022, the maximum borrowing limit under the ECB framework has been increased temporarily from US$ 750 million or its equivalent per financial year to US$ 1.5 billion. In addition, the all-in cost ceiling under the ECB framework has been raised by 100 basis points for the same period, provided that the borrower has an investment grade rating. |
a) | Invoicing—all exports and imports may be denominated and invoiced in rupees; |
b) | Exchange rate—the exchange rate between the currencies of the trading partner countries may be market-determined; and |
c) | Settlement—the settlement of trade transactions shall occur in rupees in accordance with the procedure laid down in the circular. |
a) | Indian importers shall make payment in rupees which shall be credited into the special “vostro” account of the correspondent bank of the partner country against the invoices for the supply of goods or services from the overseas seller/supplier; and |
b) | Indian exporters shall be paid the export proceeds in rupees from the balance in the designated special “vostro” account of the correspondent bank of the partner country. |
i) | Payments for projects and investments; |
ii) | Export/import advance flow management; and |
iii) | Investments in government treasury bills, government securities etc. within existing guidelines and prescribed limits as well as subject to FEMA and similar statutory provisions. |
• |
the Indian company has issued ADSs; |
• |
the shares of the Indian company are purchased by a registered stockbroker in India in the name of the depository, on behalf of the non-resident investor who wishes to convert such shares into ADSs; |
• |
shares are purchased on a recognized stock exchange; |
• |
the shares are purchased with the permission of the custodian of the ADSs of the Indian company and are deposited with the custodian; |
• |
the number of shares so purchased does not exceed the ADSs converted into underlying shares, and is in compliance with the sectoral caps applicable under the Foreign Direct Investment regime; and |
• |
the non-resident investor, broker, custodian and the overseas depository comply with the provisions of the Depository Receipt Mechanism and the guidelines issued in relation thereto from time to time. |
• |
provide a certificate to the RBI and the SEBI stating that the sectoral caps for foreign investment in the relevant company have not been breached; |
• |
monitor the total number of ADSs that have been converted into underlying shares by non-resident investors; |
• |
liaise with the issuer company to verify that the sectoral caps for foreign direct investment, if any, are not being breached; and |
• |
file a monthly report about the ADS transactions under the two-way fungibility arrangement with the SEBI. |
• |
foreign investments, including a transfer of shares, in excess of specified sectoral caps; |
• |
transfer of control and/or ownership (as a result of a share transfer and/or new share issuance) pursuant to an amalgamation, merger or acquisition of an Indian company engaged in an activity having limitations on foreign ownership, currently owned or controlled by resident Indian citizens and Indian companies, which are owned or controlled by resident Indian citizens to a non-resident entity; |
• |
foreign investments in a non-operating company that does not have any downstream investments for undertaking activities which are under Government route. Further, as and when such a company commences business or makes downstream investment, it will have to comply with the relevant sectoral conditions on entry route, conditionalities and caps; |
• |
foreign investments by an unincorporated entity in certain cases; and |
• |
foreign investment by swap of shares for sectors under the Government approval route. |
• |
Foreign investors may own up to 74 percent of the equity shares of a private sector Indian banking company subject to compliance with guidelines issued by the RBI from time to time. FDI up to 49 percent is permitted under the automatic route and FDI above 49 percent and up to 74 percent requires prior approval of the competent authorities. This 74 percent limit will include investment under the portfolio investment scheme by FPIs, NRIs and shares acquired prior to September 16, 2003 by erstwhile OCBs, and continue to include IPOs, private placements, GDR/ADRs and acquisition of shares from existing shareholders. Aggregate foreign investment in the Bank from all sources is allowed up to a maximum of 74 percent of the paid-up capital of the Bank. At least 26 percent of the paid-up capital would have to be held by Indian residents, except in the case of a wholly-owned subsidiary of a foreign bank. |
• |
An FPI may invest in the capital of an Indian banking company in the private sector under the portfolio investment scheme which limits the individual holding of an FPI to below 10 percent of the capital of the Indian banking company. With effect from April 1, 2020, the aggregate limit for FPI investment is prescribed by sectoral caps applicable to Indian companies in relation to FDI, in accordance with the NDI Rules. Subject to a resolution of the board of directors and a special resolution of the shareholders of the Indian banking company, the 74 percent limit ordinarily applicable to Indian banking companies could be decreased to 24 percent, or 49 percent of the total paid-up capital of a private sector banking company before March 31, 2020. An Indian banking company which has decreased its aggregate limit of FDI investment can increase it again, to the aggregate limit of 74 percent. However, once the aggregate limit of FPI investment is increased, the same cannot be reduced to a lower threshold by the Indian banking company. The total holding by each FPI or an investor group shall be less than 10 percent of the total paid-up capital on a fully diluted basis or less than 10 percent of the paid-up value of each series of debentures or preference shares or share warrants issued by an Indian company, and the total holdings of all FPIs put together, including any other direct and indirect foreign investments in the Indian company permitted under these rules, shall not exceed 24 percent of paid-up equity capital on a fully diluted basis or paid-up value of each series of debentures or preference shares or share warrants. The aggregate limit of 24 percent may be increased by the Indian company concerned up to the sectoral cap/statutory ceiling, as applicable, with the approval of its board of directors and its general body through a resolution and a special resolution, respectively. |
• |
No single non-resident Indian may own more than 5 percent of the total paid-up capital of a private sector banking company, and the aggregate holdings of all NRIs and OCIs cannot exceed 10 percent of the total paid-up capital. However, non-resident Indians’ holdings can be allowed up to 24 percent of the total paid-up capital, provided the banking company passes a special resolution of the shareholders to that effect. In addition, while OCBs have been derecognized as a class of investors in India with effect from September 16, 2003, erstwhile OCBs which are incorporated outside India and are not under the adverse notice of RBI can make fresh investments as incorporated non-resident entities in accordance with the FDI Policy and Foreign Exchange Management (Non-Debt Instrument) Rules 2019. |
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Consolidated Financial Statements of HDFC Bank Limited and its Subsidiaries: |
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F-2 |
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F-5 |
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F-6 |
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F-7 |
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F-8 |
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F-10 |
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F-12 |
• |
development and review of the Company’s collective ACL methodology |
• |
development and validation of the PD, LGD and credit rating models |
• |
identification and determination of the significant assumptions used in the PD and LGD models and the qualitative adjustments and |
• |
analysis of the collective ACL results and trends. |
• |
evaluating the Company’s collective ACL methodology and key assumptions for compliance with U.S. generally accepted accounting principles |
• |
evaluating judgments made by the Company relative to the development and performance testing of PD, LGD and credit rating models by comparing them to relevant applicable industry and regulatory practices |
• |
assessing the conceptual soundness and performance review of the PD, LGD and credit rating models by inspecting the model documentation to determine whether the models are suitable for their intended use |
• |
evaluating the methodology used for the macroeconomic conditions assumption by comparing it to the Company’s business environment and relevant industry practices |
• |
assessing the appropriateness of the source for macroeconomic conditions through comparison to publicly available forecasts |
• |
evaluating the remaining expected life structure and length of the historical look-back period by comparing them to specific portfolio risk characteristics and trends |
• |
determining whether the loan portfolio is pooled by similar risk characteristics by comparing to the Company’s business environment and relevant industry practices and |
• |
evaluating the appropriateness of the qualitative adjustments and the effect of those adjustments on the collective ACL by reviewing relevant credit risk factors and consistency with credit trends and identified limitations of the underlying quantitative models. |
• |
Cumulative results of the audit procedures |
• |
Qualitative aspects of the Company’s accounting and |
• |
Potential bias in the accounting estimates. |
As of |
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March 31, 2021 |
March 31, 2022 |
March 31, 2022 |
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(In millions, except number of shares) |
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ASSETS: |
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Cash and due from banks, and restricted cash |
Rs. | |
Rs. | |
US$ | |||||||
Investments held for trading, at fair value |
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Investments available for sale debt securities, at fair value [includes restricted investments of Rs. |
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Securities purchased under agreements to resell |
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Loans [net of allowance of Rs. respectively] |
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Accrued interest receivable |
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Property and equipment, net |
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Goodwill |
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Other assets |
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Total assets |
Rs. | |
Rs. | |
US$ | |||||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY: |
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Liabilities: |
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Interest-bearing deposits |
Rs. | |
Rs. | |
US$ | |||||||
Non-interest-bearing deposits |
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Total deposits |
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Securities sold under repurchase agreements |
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Short-term borrowings |
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Accrued interest payable |
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Long-term debt |
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Accrued expenses and other liabilities |
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Total liabilities |
Rs. | |
Rs. | |
US$ | |||||||
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Commitments and contingencies (see note 26) |
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Shareholders’ equity: |
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Equity shares: par value—Rs. |
Rs. | |
Rs. | |
US$ | |||||||
Additional paid-in capital |
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Retained earnings |
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Statutory reserve |
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Accumulated other comprehensive income (loss) |
( |
) | ( |
) | ||||||||
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Total HDFC Bank Limited shareholders’ equity |
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Noncontrolling interest in subsidiaries |
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Total shareholders’ equity |
||||||||||||
|
|
|
|
|
|
|||||||
Total liabilities and shareholders’ equity |
Rs. | |
Rs. | |
US$ | |
||||||
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions, except share and per share amounts) |
||||||||||||||||
Interest and dividend revenue: |
||||||||||||||||
Loans |
Rs. | Rs. | |
Rs. | US$ | |
||||||||||
Trading securities |
||||||||||||||||
Available for sale debt securities |
||||||||||||||||
Other |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest and dividend revenue |
||||||||||||||||
Interest expense: |
||||||||||||||||
Deposits |
||||||||||||||||
Short-term borrowings |
||||||||||||||||
Long-term debt |
||||||||||||||||
Other |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest revenue |
||||||||||||||||
Provision for credit losses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest revenue after provision for credit losses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-interest revenue, net: |
||||||||||||||||
Fees and commissions |
||||||||||||||||
Trading securities gain/(loss), net |
||||||||||||||||
Realized gain/(loss) on sales of available for sale debt securities, net |
||||||||||||||||
Allowance on available for sale debt securities (1) |
( |
) | ( |
) | ||||||||||||
Foreign exchange transactions |
||||||||||||||||
Derivatives gain/(loss), net |
( |
) | ||||||||||||||
Other, net |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-interest revenue, net |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue, net |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-interest expense: |
||||||||||||||||
Salaries and staff benefits |
||||||||||||||||
Premises and equipment |
||||||||||||||||
Depreciation and amortization |
||||||||||||||||
Administrative and other |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-interest expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income tax expense |
||||||||||||||||
Income tax expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income before noncontrolling interest |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Less: Net income attributable to shareholders of noncontrolling interest |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income attributable to HDFC Bank Limited |
Rs. | |
Rs. | Rs. | US$ | |
||||||||||
|
|
|
|
|
|
|
|
|||||||||
Per share information: (see note: 28) |
||||||||||||||||
Earnings per equity share—basic |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Earnings per equity share—diluted |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Per ADS information (where 1 ADS represents 3 shares): (see note: 28) |
||||||||||||||||
Earnings per ADS—basic |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Earnings per ADS—diluted |
Rs. | Rs. | Rs. | |
US$ | |||||||||||
Dividends declared per equity share |
Rs. | Rs | Rs | US$ |
(1) |
For fiscal year 2020 the amount represents Other than temporary impairment. The Bank adopted the CECL accounting guidance on April 1, 2020. |
Fiscal years ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Net income before noncontrolling interest |
Rs. | Rs. | |
Rs. | |
US$ | |
|||||||||
Other comprehensive income, net of tax: |
||||||||||||||||
Foreign currency translation adjustment: |
||||||||||||||||
Net unrealized gain (loss) arising during the period [net of tax Rs. ( |
( |
) | ||||||||||||||
Available for sale debt securities: |
||||||||||||||||
Net unrealized gain (loss) arising during the period [net of tax Rs. ( |
( |
) | ( |
) | ( |
) | ||||||||||
Reclassification adjustment for net (gain) loss included in net income [net of tax Rs. |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income, net of tax |
( |
( |
) | ( |
) | |||||||||||
Total comprehensive income |
||||||||||||||||
Less: Comprehensive income attributable to shareholders of noncontrolling interest |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive income attributable to HDFC Bank Limited |
Rs. | |
Rs . |
Rs. | |
US$ | |
|||||||||
|
|
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Cash flows from operating activities: |
||||||||||||||||
Net income before noncontrolling interest |
Rs. |
Rs. |
Rs. |
US$ | ||||||||||||
Adjustment to reconcile net income to net cash provided by operating activities |
||||||||||||||||
Provision for credit losses |
||||||||||||||||
Depreciation and amortization |
||||||||||||||||
Amortization of deferred customer acquisition costs and fees |
||||||||||||||||
Amortization of premium (discount) on investments |
||||||||||||||||
Allowance on available for sale debt securities |
( |
) | ( |
) | ||||||||||||
Deferred tax expense/ (benefit) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other gains, net |
( |
) | ( |
) | ( |
) | ||||||||||
Share-based compensation expense |
||||||||||||||||
Net realized (gain) loss on sale of available for sale debt securities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
(Gain) loss on disposal of property and equipment, net |
( |
) | ( |
) | ||||||||||||
Unrealized exchange (gain) loss |
( |
) | ( |
) | ( |
) | ||||||||||
Net change in: |
||||||||||||||||
Investments held for trading |
( |
) | ||||||||||||||
Accrued interest receivable |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other assets |
( |
) | ( |
) | ( |
) | ||||||||||
Accrued interest payable |
( |
) | ||||||||||||||
Accrued expense and other liabilities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by operating activities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash flows from investing activities: |
||||||||||||||||
Term placements, net |
( |
) | ( |
) | ||||||||||||
Activity in available for sale debt securities: |
||||||||||||||||
Purchases |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from sales |
||||||||||||||||
Maturities, prepayments and calls |
||||||||||||||||
Net change in repurchase agreements and reverse repurchase agreements |
( |
) | ( |
) | ( |
) | ||||||||||
Loans purchased |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Repayments on loans purchased |
||||||||||||||||
Increase in loans originated, net of principal collections |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Additions to property and equipment |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from sale or disposal of property and equipment |
||||||||||||||||
Activity in equity securities, net |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Cash flows from financing activities: |
||||||||||||||||
Net increase in deposits |
||||||||||||||||
Net increase (decrease) in short-term borrowings |
( |
) | ( |
) | ||||||||||||
Proceeds from issue of shares by a subsidiary to noncontrolling interests |
||||||||||||||||
Proceeds from issuance of long-term debt |
||||||||||||||||
Repayment of long-term debt |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Proceeds from issuance of equity shares for options exercised |
||||||||||||||||
Payment of dividends and dividend tax |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash provided by financing activities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Effect of exchange rate changes on cash and due from banks, and restricted cash |
( |
) | ||||||||||||||
Net change in cash and due from banks, and restricted cash |
( |
) | ||||||||||||||
Cash and due from banks, and restricted cash, beginning of year |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and due from banks, and restricted cash, end of year |
Rs. | Rs. | Rs. | US$ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplementary cash flow information: |
||||||||||||||||
Interest paid |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Income taxes paid, net of refunds |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Non-cash investment activities |
||||||||||||||||
i) Payable for purchase of property and equipment |
Rs. | Rs. | Rs. | US$ | ||||||||||||
ii) Trade date sale receivable of available for sale debt securities |
Rs. | Rs. | Rs. | |
US$ | |
Number of Equity Shares |
Equity Share Capital |
Additional Paid In Capital |
Retained Earnings |
Statutory Reserve* |
Accumulated Other Comprehensive Income (loss) |
Total HDFC Bank Limited Shareholders’ Equity |
Noncontrolling interest |
Total Shareholders’ Equity |
||||||||||||||||||||||||||||
(In millions, except for number of equity shares) |
||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||||||
Shares issued upon exercise of options |
||||||||||||||||||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||||||
Dividends, including dividend tax |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Change in ownership interest in subsidiary |
( |
) | ||||||||||||||||||||||||||||||||||
Shares issued to noncontrolling interest |
||||||||||||||||||||||||||||||||||||
Transfer to statutory reserve |
( |
) | ||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive income |
||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Equity Shares |
Equity Share Capital |
Additional Paid In Capital |
Retained Earnings |
Statutory Reserve* |
Accumulated Other Comprehensive Income (loss) |
Total HDFC Bank Limited Shareholders’ Equity |
Noncontrolling interest |
Total Shareholders’ Equity |
||||||||||||||||||||||||||||
(In millions, except for number of equity shares) |
||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||||||
Adoption of accounting standard (1) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Shares issued upon exercise of options |
||||||||||||||||||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||||||
Dividends |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Change in ownership interest in subsidiary |
( |
) | ||||||||||||||||||||||||||||||||||
Shares issued to noncontrolling interest |
||||||||||||||||||||||||||||||||||||
Transfer to statutory reserve |
( |
) | ||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive income |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at March 31, 2021 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Effective April 1, 2020, the Bank adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (see notes 2g, 2i, 5, 9, 20 and 23). |
Number of Equity Shares |
Equity Share Capital |
Additional Paid In Capital |
Retained Earnings |
Statutory Reserve* |
Accumulated Other Comprehensive Income (loss) |
Total HDFC Bank Limited Shareholders’ Equity |
Noncontrolling interest |
Total Shareholders’ Equity |
||||||||||||||||||||||||||||
(In millions, except for number of equity shares) |
||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||||||
Shares issued upon exercise of options |
||||||||||||||||||||||||||||||||||||
Share-based compensation |
||||||||||||||||||||||||||||||||||||
Dividends |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Change in ownership interest in subsidiary |
( |
) | ||||||||||||||||||||||||||||||||||
Shares issued to noncontrolling interest |
||||||||||||||||||||||||||||||||||||
Transfer to statutory reserve |
( |
) | ||||||||||||||||||||||||||||||||||
Net income |
||||||||||||||||||||||||||||||||||||
Net change in accumulated other comprehensive income |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Balance at March 31, 2022 |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
( |
) |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||||
Balance at March 31, 2022 |
US$ |
US$ |
US$ |
US$ |
US$ |
( |
) |
US$ |
US$ |
US$ |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Under local regulations, the Bank is required to transfer 25% of its profit after tax (per Indian GAAP) to anon-distributable statutory reserve and to meet certain other conditions in order to pay dividends without prior RBI approval. |
• | the allowance for loan losses, which covers the Bank’s loan portfolios and is presented separately on the balance sheet in Loans, |
• | the allowance for lending-related commitments, which is recognized on the balance sheet in Accrued expenses and other liabilities, |
• | the allowance for credit losses on investment securities, which covers the Bank’s AFS debt securities and is recognized on the balance sheet in Investments available for sale debt securities on the balance sheet and, |
• | the allowance for credit losses on other financial assets measured at amortized cost, and other off-balance sheet credit exposures, which is recognized on the balance sheet in Accrued expenses and other liabilities. |
Type of Asset |
Rate of depreciation | |
Premises |
||
Software and systems |
||
Equipment and furniture |
As of March 31, 2021 |
||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
|
|
|
|
|||||||||||||
(In millions) |
||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Other corporate/financial institution securities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total debt securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Other securities (including mutual fund units) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
|
|
|
|
|
|
|
|
As of March 31, 2022 |
||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
|
|
|
|
|||||||||||||
(In millions) |
||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Other corporate/financial institution securities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total debt securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Other securities (including mutual fund units) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
US$ | |
US$ | |
US$ | |
US$ | |
||||||||
|
|
|
|
|
|
|
|
As of March 31, 2021 |
||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
|
|
|
|
|||||||||||||
(In millions) |
||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
State government securities |
||||||||||||||||
Government securities outside India |
||||||||||||||||
Credit substitutes (see note 7) |
||||||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Debt securities, other than asset and mortgage-backed securities |
||||||||||||||||
Mortgage-backed securities |
||||||||||||||||
Asset-backed securities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Securities with gross unrealized losses |
Rs. | |||||||||||||||
Securities with gross unrealized gains |
||||||||||||||||
|
|
|||||||||||||||
Rs. | ||||||||||||||||
|
|
As of March 31, 2022 |
||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
|
|
|
|
|||||||||||||
(In millions) |
||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
State government securities |
||||||||||||||||
Government securities outside India |
||||||||||||||||
Credit substitutes (see note 7) |
||||||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Debt securities, other than asset and mortgage-backed securities |
||||||||||||||||
Mortgage-backed securities |
||||||||||||||||
Asset-backed securities |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
US$ | US$ | US$ | US$ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Securities with gross unrealized losses |
Rs. | |||||||||||||||
Securities with gross unrealized gains |
||||||||||||||||
|
|
|||||||||||||||
Rs. | ||||||||||||||||
|
|
|||||||||||||||
US$ | ||||||||||||||||
|
|
As of March 31, 2021 |
||||||||||||||||||||||||
Less Than 12 Months |
12 Months or Greater |
Total |
||||||||||||||||||||||
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(In millions) |
||||||||||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||
State government securities |
||||||||||||||||||||||||
Government securities outside India |
||||||||||||||||||||||||
Credit substitutes (see note 7) |
||||||||||||||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Debt securities, other than asset and mortgage-backed securities |
||||||||||||||||||||||||
Mortgage-backed securities |
||||||||||||||||||||||||
Asset-backed securities |
||||||||||||||||||||||||
Other securities (including mutual fund units) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2022 |
||||||||||||||||||||||||
Less Than 12 Months |
12 Months or Greater |
Total |
||||||||||||||||||||||
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(In millions) |
||||||||||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. |
Rs. | Rs. | ||||||||||||||||||
State government securities |
||||||||||||||||||||||||
Government securities outside India |
||||||||||||||||||||||||
Credit substitutes (see note 7) |
||||||||||||||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Debt securities, other than asset- and mortgage-backed securities |
||||||||||||||||||||||||
Mortgage-backed securities |
||||||||||||||||||||||||
Asset-backed securities |
||||||||||||||||||||||||
Other securities (including mutual fund units) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
US$ | US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
||||||||||||||||
Allowance for credit losses, beginning of the period |
Write-offs |
Addition to allowance for credit losses |
Allowance for credit losses, end of the period |
|||||||||||||
(In millions) |
||||||||||||||||
Credit substitutes |
Rs. |
Rs. | Rs. | Rs. | ||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
As of March 31, 2022 |
||||||||||||||||
Allowance for credit losses, beginning of the period |
Write-offs |
Addition/(Deletion) to allowance for credit losses |
Allowance for credit losses, end of the period |
|||||||||||||
(In millions) |
||||||||||||||||
Government of India securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
State government securities |
||||||||||||||||
Government securities outside India |
||||||||||||||||
Credit substitutes |
( |
) | ||||||||||||||
Other corporate/financial institution bonds |
||||||||||||||||
Debt securities, other than asset- and mortgage-backed securities |
||||||||||||||||
Mortgage-backed securities |
||||||||||||||||
Asset-backed securities |
||||||||||||||||
Other securities (including mutual fund units) |
||||||||||||||||
Total |
Rs. | Rs. | Rs. | ( |
) | Rs. | ||||||||||
Total |
US$ | US$ | US$ | ( |
) | US$ | ||||||||||
As of March 31, 2022 |
||||||||||||
Amortized Cost |
Fair Value |
Fair Value |
||||||||||
(In millions) |
||||||||||||
Within one year |
Rs. | Rs. | US$ | |||||||||
Over one year through five years |
||||||||||||
Over five years through ten years |
||||||||||||
Over ten years |
||||||||||||
Total |
Rs. | Rs. | US$ | |||||||||
As of March 31, 2022 |
||||||||||||
Amortized Cost |
Fair Value |
Fair Value |
||||||||||
(In millions) |
||||||||||||
Within one year |
Rs. | Rs. | US$ | |||||||||
Over one year through five years |
||||||||||||
Over five years through ten years |
||||||||||||
Over ten years |
||||||||||||
Total |
Rs. | Rs. | US$ | |||||||||
Fiscal year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
|
|
|
|
|||||||||||||
(In millions) |
||||||||||||||||
Gross realized gains on sale |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Gross realized losses on sale |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized gains (losses), net |
||||||||||||||||
Dividends and interest |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | US$ | ||||||||||||
|
|
|
|
|
|
|
|
As of March 31, |
||||||||||||||||
2021 |
2022 |
|||||||||||||||
Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value |
|||||||||||||
|
|
|
|
|||||||||||||
(In millions) |
||||||||||||||||
Available for sale credit substitute debt securities: |
||||||||||||||||
Debentures |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Preference shares |
— |
— |
||||||||||||||
Commercial paper |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
US$ | US$ | |||||||||||||||
|
|
|
|
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
|
|
|
||||||||||
(In millions) |
||||||||||||
Pass |
Rs. | Rs. | US$ | |||||||||
Non-performing —gross balance |
||||||||||||
Less: Non-performing losses |
||||||||||||
|
|
|
|
|
|
|||||||
Non-performing credit substitutes, net |
||||||||||||
|
|
|
|
|
|
|||||||
Total credit substitutes, net |
Rs. | Rs. | US$ | |||||||||
|
|
|
|
|
|
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
|
|
|
||||||||||
(In millions) |
||||||||||||
Gross non-performing credit substitutes |
Rs | |
Rs | |
US$ | |
||||||
Gross non-performing credit substitutes by industry |
Rs. | Rs. | US$ | |||||||||
Average non-performing credit substitutes |
Rs. | Rs. | US$ | |||||||||
Interest income recognized on non-performing credit substitutes |
Rs. | Rs. | US$ |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
|
|
|
||||||||||
(In millions) |
||||||||||||
Retail loans: |
||||||||||||
Auto loans |
Rs. | Rs. | US$ | |||||||||
Personal loans/Credit cards |
||||||||||||
Retail business banking |
||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||
Housing loans |
||||||||||||
Other retail loans |
||||||||||||
|
|
|
|
|
|
|||||||
Subtotal |
Rs. | Rs. | US$ | |||||||||
Wholesale loans |
Rs. | Rs. | US$ | |||||||||
|
|
|
|
|
|
|||||||
Gross loans |
||||||||||||
Less: Allowance for credit losses |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
Rs. | Rs. | US$ | |||||||||
|
|
|
|
|
|
As of March 31, 2022 |
||||||||||||
Wholesale loans |
Retail loans |
Total |
||||||||||
|
|
|
||||||||||
(In millions) |
||||||||||||
Maturity profile of loans: |
||||||||||||
Within one year |
Rs. | Rs. | Rs. | |||||||||
Over one year through five years |
||||||||||||
Over five years |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
Rs. | Rs. | Rs. | |||||||||
|
|
|
|
|
|
|||||||
Total |
US$ | US$ | US$ | |||||||||
|
|
|
|
|
|
As of March 31, 2021 |
||||||||||||||||||||
31-90 days past due |
Non-accrual/ 91 days or more past due |
Current 1,2 |
Total |
Finance receivable on non-accrual status |
||||||||||||||||
(In millions) |
||||||||||||||||||||
Retail Loans |
||||||||||||||||||||
Auto loans |
Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||
Personal loans/Credit card |
||||||||||||||||||||
Retail business banking |
||||||||||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||||||||||
Housing loans |
||||||||||||||||||||
Other retail |
||||||||||||||||||||
Wholesale loans |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1. Loans up to . 2. Includes crop-related agricultural loans with days past due less than non-performing of Rs. |
As of March 31, 2022 |
||||||||||||||||||||
31-90 days past due |
Non-accrual/ 91 days or more past due |
Current 1,2 |
Total |
Finance receivable on non-accrual status |
||||||||||||||||
(In millions) |
||||||||||||||||||||
Retail Loans |
||||||||||||||||||||
Auto loans |
Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||
Personal loans/Credit card |
||||||||||||||||||||
Retail business banking |
||||||||||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||||||||||
Housing loans |
||||||||||||||||||||
Other retail |
||||||||||||||||||||
Wholesale loans |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
US$ | US$ | US$ | US$ | US$ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
1. | Loans up to . |
2. | Includes crop-related agricultural loans with days past due less than non-performing of Rs. |
Credit quality indicators-Internally assigned grade |
Prior |
2017 |
2018 |
2019 |
2020 |
2021 |
Revolving Loans |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||
Auto loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Personal loans/Credit card |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Retail business banking |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Housing loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Other retail loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit quality indicators-Internally assigned grade |
Prior |
2018 |
2019 |
2020 |
2021 |
2022 |
Revolving loans |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||
Auto loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Personal loans/Credit card |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Retail business banking |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Housing loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Other retail loans |
||||||||||||||||||||||||||||||||||||
Performing |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Subtotal |
Rs. | Rs | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit quality indicators-Internally assigned grade |
Prior |
2017 |
2018 |
2019 |
2020 |
2021 |
Revolving Loans |
Total |
||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Wholesale loans |
||||||||||||||||||||||||||||||||
Pass |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
Labeled |
||||||||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit quality indicators-Internally assigned grade |
Prior |
2018 |
2019 |
2020 |
2021 |
2022 |
Revolving Loans |
Total |
||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Wholesale loans |
||||||||||||||||||||||||||||||||
Pass |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
Labeled |
||||||||||||||||||||||||||||||||
Non-performing |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
US$ | US$ | US$ | US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
||||
(In millions) |
||||
Gross non-performing loans by industry: |
||||
—Consumer Loans |
Rs. | |||
—Agri Production—Food |
||||
—Road Transportation |
||||
—Retail Trade |
||||
—Agri Allied |
||||
—Others (none greater than 5% of non-performing loans) |
||||
|
|
|||
Total |
Rs. | |||
|
|
As of March 31, 2022 |
||||||||
(In millions) |
||||||||
Gross non-performing loans by industry: |
||||||||
—Consumer Loans |
Rs. | US$ | ||||||
—Agri Production—Food |
||||||||
—Retail Trade |
||||||||
—Agri Allied |
||||||||
—Road Transportation |
||||||||
—Consumer services |
||||||||
—Others (none greater than 5% of non-performing loans) |
||||||||
|
|
|
|
|||||
Total |
Rs. | US$ | ||||||
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Average impaired loans |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Interest income recognized on non-performing loans |
Rs. | Rs. | Rs. | US$ |
As of April 1, 2020 |
||||||||||||
As reported under ASC 326 |
Pre-ASC adoption |
Impact of ASC 326 adoption |
||||||||||
(In millions) |
||||||||||||
Loans: |
||||||||||||
Auto loans |
Rs. |
Rs. |
Rs. |
|||||||||
Personal loans/Credit cards |
||||||||||||
Retail business banking |
||||||||||||
Commercial vehicle and construction equipment finance |
||||||||||||
Housing loans |
||||||||||||
Other retail loans |
||||||||||||
Wholesale loans |
||||||||||||
|
|
|
|
|
|
|||||||
Allowance for Credit Losses on Loans |
Rs. |
Rs. |
Rs. |
|||||||||
Allowance for Credit Losses on AFS debt securities |
||||||||||||
Accrued expenses and other liabilities: |
||||||||||||
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures and undrawn commitments |
Rs. |
Rs. |
Rs. |
|||||||||
Allowance for Credit Losses Other |
||||||||||||
Total |
Rs. |
Rs. |
Rs. |
Auto loans |
Personal loans/ Credit card |
Retail business banking |
Commercial vehicle and Construction equipment finance |
Housing loans |
Other retail |
Wholesale |
Retail |
Wholesale |
Total |
|||||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses, beginning of the period |
Rs. | Rs. | Rs. | Rs. | Rs. | |
Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||||
Write-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Net allowance for credit losses* |
||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses, end of the period |
Rs. | Rs. | Rs. | |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Allowance for credit losses: |
||||||||||||||||||||||||||||||||||||||||
Allowance individually evaluated for impairment |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||||||||
Allowance collectively evaluated for impairment |
||||||||||||||||||||||||||||||||||||||||
Loans: |
||||||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment |
||||||||||||||||||||||||||||||||||||||||
Loans collectively evaluated for impairment |
* | Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs. are Rs. are Rs. |
Auto loans |
Personal loans/ Credit card |
Retail business banking |
Commercial vehicle and Construction equipment finance |
Housing loans |
Other retail |
Wholesale |
Total |
|||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Allowance for credit losses, beginning of the period |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
Impact of Adopting ASC 326 |
||||||||||||||||||||||||||||||||
Write-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Net allowance for credit losses* |
||||||||||||||||||||||||||||||||
Allowance for credit losses, end of the period |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Allowance for credit losses: |
||||||||||||||||||||||||||||||||
Individually evaluated Allowance |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||||||||
Collectively evaluated Allowance |
||||||||||||||||||||||||||||||||
Loans: |
— | — | — | — | — | — | — | |||||||||||||||||||||||||
Individually evaluated Loans |
||||||||||||||||||||||||||||||||
Collectively evaluated Loans |
* | Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs. |
Auto loans |
Personal loans/ Credit card |
Retail business banking |
Commercial vehicle and Construction equipment finance |
Housing loans |
Other retail |
Wholesale |
Total |
Total |
||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||
Allowance for credit losses, beginning of the period |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||||||||
Write-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Net allowance for credit losses* |
( |
) | ||||||||||||||||||||||||||||||||||
Allowance for credit losses, end of the period |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Allowance for credit losses: |
||||||||||||||||||||||||||||||||||||
Individually evaluated Allowance |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||||||||
Collectively evaluated Allowance |
||||||||||||||||||||||||||||||||||||
Loans: |
||||||||||||||||||||||||||||||||||||
Individually evaluated Loans |
||||||||||||||||||||||||||||||||||||
Collectively evaluated Loans |
* | Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs. |
Fiscal year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Wholesale loans |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Retail loans |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | US$ | ||||||||||||
|
|
|
|
|
|
|
|
As of March 31, 2021 |
||||||||||||||||||||
Category |
Gross loans |
Fair value of credit substitutes |
Non-funded exposure |
Total |
% |
|||||||||||||||
(In millions, except percentages) |
||||||||||||||||||||
Consumer Loans |
Rs. | Rs. | Rs. | Rs. | ||||||||||||||||
Power |
||||||||||||||||||||
Retail Trade |
||||||||||||||||||||
NBFC |
||||||||||||||||||||
Financial Institutions |
||||||||||||||||||||
Consumer Services |
||||||||||||||||||||
Automobile & Auto Ancillary |
||||||||||||||||||||
Coal & Petroleum Products |
||||||||||||||||||||
Road Transportation |
||||||||||||||||||||
Infrastructure Development |
||||||||||||||||||||
Food and Beverage |
||||||||||||||||||||
Real Estate & Property Services |
||||||||||||||||||||
Agri Production — Food |
||||||||||||||||||||
Wholesale Trade — Non Industrial |
||||||||||||||||||||
Iron and Steel |
||||||||||||||||||||
Wholesale Trade — Industrial |
||||||||||||||||||||
Textiles & Garments |
||||||||||||||||||||
Engineering |
||||||||||||||||||||
Others (none greater than 2%) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
As of March 31, 2022 |
||||||||||||||||||||||||
Category |
Gross loans |
Fair value of credit substitutes |
Non-funded exposure |
Total |
Total |
% |
||||||||||||||||||
(In millions, except percentages) |
||||||||||||||||||||||||
Consumer Loans |
Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||
Power |
||||||||||||||||||||||||
Financial Institutions |
||||||||||||||||||||||||
NBFC |
||||||||||||||||||||||||
Retail Trade |
||||||||||||||||||||||||
Coal & Petroleum Products |
||||||||||||||||||||||||
Infrastructure Development |
||||||||||||||||||||||||
Automobile & Auto Ancillary |
||||||||||||||||||||||||
Consumer Services |
||||||||||||||||||||||||
Food and Beverage |
||||||||||||||||||||||||
Wholesale Trade—Non Industrial |
||||||||||||||||||||||||
Real Estate & Property Services |
||||||||||||||||||||||||
Wholesale Trade—Industrial |
||||||||||||||||||||||||
Road Transportation |
||||||||||||||||||||||||
Iron and Steel |
||||||||||||||||||||||||
Telecom |
||||||||||||||||||||||||
Textiles & Garments |
||||||||||||||||||||||||
Engineering |
||||||||||||||||||||||||
Agri Production—Food |
||||||||||||||||||||||||
Others (none greater than 2%) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021 |
||||||||||||
Funded Exposure |
Non-Funded Exposure |
Total Exposure |
||||||||||
(In millions) |
||||||||||||
Borrower 1 |
Rs. | |
Rs. | |
Rs. | |
||||||
Borrower 2 |
||||||||||||
Borrower 3 |
||||||||||||
Borrower 4 |
||||||||||||
Borrower 5 |
||||||||||||
Borrower 6 |
||||||||||||
Borrower 7 |
||||||||||||
Borrower 8 |
||||||||||||
Borrower 9 |
||||||||||||
Borrower 10 |
As of March 31, 2022 |
||||||||||||||||
Funded Exposure |
Non-Funded Exposure |
Total Exposure |
Total Exposure |
|||||||||||||
(In millions) |
||||||||||||||||
Borrower 1 |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Borrower 2 |
||||||||||||||||
Borrower 3 |
||||||||||||||||
Borrower 4 |
||||||||||||||||
Borrower 5 |
||||||||||||||||
Borrower 6 |
||||||||||||||||
Borrower 7 |
||||||||||||||||
Borrower 8 |
||||||||||||||||
Borrower 9 |
||||||||||||||||
Borrower 10 |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Land and premises |
Rs. | Rs. | US$ | |||||||||
Software and systems |
||||||||||||
Equipment and furniture |
||||||||||||
Property and equipment, at cost |
||||||||||||
Less: Accumulated depreciation |
||||||||||||
Property and equipment, net |
Rs. | Rs. | US$ | |||||||||
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Security deposits for leased property |
Rs. | |
Rs. | US$ | ||||||||
Sundry accounts receivable |
||||||||||||
Advance income tax (in excess of current tax expense) |
||||||||||||
Advances |
||||||||||||
Prepaid expenses |
||||||||||||
Deposits/Margins paid |
||||||||||||
Derivatives (see note 23) |
||||||||||||
Term placements |
||||||||||||
Receivable on account of trade date |
||||||||||||
-of- |
||||||||||||
Others* |
||||||||||||
Total |
Rs. | |
Rs. | US$ | ||||||||
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Interest-bearing: |
||||||||||||
Savings deposits |
Rs. | Rs. |
US$ | |||||||||
Time deposits |
||||||||||||
Total interest-bearing deposits |
||||||||||||
Non-interest-bearing deposits |
||||||||||||
Total |
Rs. | Rs. |
US$ | |||||||||
As of March 31, 2022 |
||||||||
(In millions) |
||||||||
Due to mature in the fiscal year ending March 31: |
||||||||
2023 |
Rs. | US$ | ||||||
2024 |
||||||||
2025 |
||||||||
2026 |
||||||||
2027 |
||||||||
Thereafter |
||||||||
|
|
|
|
|||||
Total |
Rs. | US$ | ||||||
|
|
|
|
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Borrowed in the call market |
Rs. | Rs. | US$ | |||||||||
Term borrowings from institutions/banks |
||||||||||||
Foreign currency borrowings |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
Rs. | Rs. | US$ | |||||||||
|
|
|
|
|
|
|||||||
Total borrowings outstanding: |
||||||||||||
Maximum amount outstanding |
Rs. | Rs. | US$ | |||||||||
Average amount outstanding |
Rs. | Rs. | US$ | |||||||||
Weighted average interest rate |
% | % | % |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Subordinated debt |
Rs. | Rs. | US$ | |||||||||
Others* |
||||||||||||
Less: Debt issuance cost |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total |
Rs. | Rs. | US$ | |||||||||
|
|
|
|
|
|
* | Includes securities sold under repurchase agreements amounting to Rs. m illion s ended March 31, 2021 and March 31, 2022, respectively, under RBI long-term repo operation with a three- year maturity period. |
As of |
||||||||||||||||||||||||
March 31, 2021 |
March 31, 2022 |
|||||||||||||||||||||||
Maturity / Call dates |
Stated interest rates |
Total |
Maturity / Call dates |
Stated interest rates |
Total |
Total |
||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Subordinated debt |
||||||||||||||||||||||||
Subordinated debt (other than perpetual debt) |
Rs. | |
Rs. | US$ | ||||||||||||||||||||
Perpetual debt—(1) |
|
|||||||||||||||||||||||
Perpetual debt—(2) |
— | — | — | |||||||||||||||||||||
Others* |
||||||||||||||||||||||||
Variable rate—(1) |
|
|||||||||||||||||||||||
Variable rate—(2) |
|
|||||||||||||||||||||||
Fixed rate |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Total |
Rs. | Rs. | US$ | |||||||||||||||||||||
|
|
|
|
|
|
* | Variable rate—( 1) and Perpetual debt—(2) represent foreign currency debt. Variable rate debt is typically indexed to LIBOR, T-bill rates, Marginal cost of funds based lending rates (“MCLR”), among others. |
As of March 31, 2022 |
||||||||
(In millions) |
||||||||
Due in the fiscal year ending March 31: |
||||||||
2023 |
Rs. | US$ | ||||||
2024 |
||||||||
2025 |
||||||||
2026 |
||||||||
2027 |
||||||||
Thereafter |
||||||||
|
|
|
|
|||||
Total (1) |
Rs. | US$ | ||||||
|
|
|
|
(1) | The scheduled maturities of long-term debt do not include perpetual bonds of Rs. |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Bills payable |
Rs. | Rs. | US$ | |
||||||||
Remittances in transit |
||||||||||||
Accrued expenses |
||||||||||||
Accounts payable |
||||||||||||
Derivatives ( see note 23) |
||||||||||||
Others |
||||||||||||
Total |
Rs. | |
Rs. | |
US$ | |||||||
Available for sale securities |
Foreign currency translation reserve |
Total |
||||||||||
(In millions) |
||||||||||||
Balance, March 31, 2020 |
Rs. | Rs. | Rs. | |||||||||
Net unrealized gain/(loss) arising during the period |
( |
) | ( |
) | ( |
) | ||||||
Amounts reclassified to income |
( |
) | ( |
) | ||||||||
Balance, March 31, 2021 |
Rs. | Rs. | |
Rs. | ||||||||
Balance, March 31, 2021 |
Rs. | |
Rs. | Rs. | ||||||||
Net unrealized gain/(loss) arising during the period |
( |
) | ( |
) | ||||||||
Amounts reclassified to income |
( |
) | ( |
) | ||||||||
Balance, March 31, 2022 |
Rs. | ( |
) | Rs. | Rs. | ( |
) | |||||
Balance, March 31, 2022 |
US$ | ( |
) | US$ | US$ | ( |
) | |||||
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Available for sale debt securities: |
||||||||||||
Realized (gain)/loss on sales of available for sale debt securities, net |
Rs. | ( |
) | Rs. | ( |
) | US$ | ( |
) | |||
Allowance on available for sale debt securities |
( |
) | ( |
) | ||||||||
Total before income tax |
Rs. | ( |
) | Rs. | ( |
) | US$ | ( |
) | |||
Income tax |
||||||||||||
Net of income tax |
Rs. | ( |
) | Rs. | ( |
) | US$ | ( |
) | |||
Fiscal years ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Deposit related fees |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Lending related fees |
||||||||||||||||
Third-party products related fees |
||||||||||||||||
Payments and cards business fees |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees and commissions |
Rs. | Rs. | Rs. | |
US$ | |
||||||||||
|
|
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Retail Banking |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Wholesale Banking |
||||||||||||||||
Treasury Services |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fees and commissions |
Rs. | Rs. | Rs. | |
US$ | |
||||||||||
|
|
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Current tax expense |
Rs. | Rs. | |
Rs. | US$ | |||||||||||
Deferred tax (benefit) expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Interest on income tax refund |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
Rs. | |
Rs. | Rs. | |
US$ | |
|||||||||
|
|
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Income before income tax expense |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Statutory income tax rate |
% | % | % | % | ||||||||||||
Expected income tax expense |
||||||||||||||||
Adjustments to reconcile expected income tax to actual income tax expense |
||||||||||||||||
Interest on income tax refund |
( |
) | ||||||||||||||
Stock-based compensation |
||||||||||||||||
Income subject to rates other than the statutory income tax rate |
— |
— |
( |
) | ( |
) | ||||||||||
Income exempt from taxes |
( |
) | ( |
) | ||||||||||||
Effect of change in statutory income tax rate |
||||||||||||||||
Others, net |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax expense |
Rs. | Rs. | Rs. | |
US$ | |
||||||||||
|
|
|
|
|
|
|
|
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Tax effect of: |
||||||||||||
Deductible temporary differences: |
||||||||||||
Allowance for loan losses |
Rs. | Rs. | US$ | |||||||||
Investments available for sale debt securities |
— |
|||||||||||
Lease liabilities |
||||||||||||
Employee benefits |
||||||||||||
Accrued expenses and other liabilities |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Deferred tax asset |
||||||||||||
|
|
|
|
|
|
|||||||
Taxable temporary differences: |
||||||||||||
Right-of-use |
||||||||||||
Investments available for sale debt securities |
||||||||||||
Loan origination cost and fees |
||||||||||||
Investments, others |
||||||||||||
|
|
|
|
|
|
|||||||
Deferred tax liability |
||||||||||||
|
|
|
|
|
|
|||||||
Net deferred tax asset (liability) |
Rs. | Rs. | |
US$ | |
|||||||
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||
2021 |
2022 |
202 2 |
||||||||||
(In millions) |
||||||||||||
Opening balance |
Rs. | Rs. | US$ | |||||||||
Settlements related to prior year tax positions |
( |
) | ( |
) | ( |
) | ||||||
Increase related to prior year tax positions |
||||||||||||
Increase related to current year tax positions |
Rs. | Rs. | US$ | |||||||||
|
|
|
|
|
|
|||||||
Closing balance |
Rs. | |
Rs. | |
US$ | |
||||||
|
|
|
|
|
|
Years ended March 31, | ||||||
2020 |
2021 |
2022 | ||||
Dividend yield |
||||||
Expected volatility |
||||||
Risk-free interest rate |
||||||
Expected term (in years) |
Number of options available to be granted year ending March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Options available to be granted, beginning of period |
||||||||||||
Equity shares allocated for grant under the plan |
||||||||||||
Options granted |
( |
) | ( |
) | ( |
) | ||||||
Forfeited/lapsed |
||||||||||||
|
|
|
|
|
|
|||||||
Options available to be granted, end of period |
||||||||||||
|
|
|
|
|
|
Years ended March 31, |
||||||||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||||||||||||||
Options |
Weighted average exercise price |
Options |
Weighted average exercise price |
Options |
Weighted average exercise price |
|||||||||||||||||||
Options outstanding, beginning of period |
Rs. | Rs. | Rs. | |||||||||||||||||||||
Granted |
||||||||||||||||||||||||
Exercised |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Forfeited |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Lapsed |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Options outstanding, end of period |
Rs. | Rs. | Rs. | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Options exercisable, end of period |
Rs. | Rs. | Rs. | |||||||||||||||||||||
Weighted average fair value of options granted during the year |
Rs. | Rs. | Rs. |
As of March 31, 2022 |
||||||||||||||
Plan |
Range of exercise price |
Number of shares arising out of options |
Weighted average remaining life (years) |
Weighted average exercise price |
||||||||||
Plan F |
Rs. |
|||||||||||||
Plan G |
Rs. |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Change in benefit obligations: |
||||||||||||
Projected benefit obligation (“PBO”), beginning of the period |
Rs. | Rs. | US$ | |||||||||
Service cost |
||||||||||||
Interest cost |
||||||||||||
Actuarial(gains)/ losses |
( |
) | ( |
) | ||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Projected benefit obligation, end of the period |
||||||||||||
|
|
|
|
|
|
|||||||
Change in plan assets: |
||||||||||||
Fair value of plan assets, beginning of the period |
||||||||||||
Expected return on plan assets |
||||||||||||
Actuarial gains/(losses) |
||||||||||||
|
|
|
|
|
|
|||||||
Actual return on plan assets |
||||||||||||
Employer contributions |
||||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Fair value of plan assets, end of the period |
||||||||||||
|
|
|
|
|
|
|||||||
Funded Status |
Rs. | ( |
) | Rs. | ( |
) | US$ | ( |
) | |||
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Service cost |
Rs. | Rs. | Rs. | US$ | |
|||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Actuarial (gains)/losses |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net gratuity cost |
Rs. | Rs. | Rs. | US$ | ||||||||||||
|
|
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
(% per annum) |
||||||||||||
Discount rate* |
||||||||||||
Rate of increase in compensation levels of covered employees |
||||||||||||
Rate of return on plan assets |
||||||||||||
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) Ultimate” table |
* | Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost. |
Year ending March 31, |
Benefit payments |
|||
(In millions) |
||||
2023 |
Rs. | |||
2024 |
||||
2025 |
||||
2026 |
||||
2027 |
||||
2028 - 2032 |
As of March 31, 2022 |
||||||||||||
Funds managed by insurance company (1)* |
Funds managed by insurance company (2)* |
Funds managed by trust |
||||||||||
Government securities |
% | % | % | |||||||||
Debenture and bonds |
% | % | % | |||||||||
Equity securities |
% | % | ||||||||||
Other |
% | % | % | |||||||||
|
|
|
|
|
|
|||||||
Total |
% | % | % | |||||||||
|
|
|
|
|
|
* |
The data pertaining to plan investment assets measured at fair value by level and total at March 31, 2022 are provided separately. |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Change in benefit obligations: |
||||||||||||
Projected benefit obligation (“PBO”), beginning of the period |
Rs. | Rs. | US$ | |||||||||
Plan amendment (prior service cost) |
||||||||||||
Service cost |
||||||||||||
Interest cost |
||||||||||||
Actuarial (gains)/losses |
||||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Projected benefit obligation, end of the period |
||||||||||||
|
|
|
|
|
|
|||||||
Change in plan assets: |
||||||||||||
Fair value of plan assets, beginning of the period |
||||||||||||
Expected return on plan assets |
||||||||||||
Actuarial gains/(losses) |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Actual return on plan assets |
||||||||||||
Employer contributions |
||||||||||||
Benefits paid |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Fair value of plan assets, end of the period |
||||||||||||
|
|
|
|
|
|
|||||||
Funded Status |
Rs. | ( |
) | Rs. | ( |
) | US$ | ( |
) | |||
|
|
|
|
|
|
As of March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Service cost |
Rs. | Rs. | Rs. | US$ | |
|||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ||||||||||
Actuarial (gains)/losses |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net pension cost |
Rs. | Rs. | Rs. | US$ | ||||||||||||
|
|
|
|
|
|
|
|
Fiscal years ended March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
(% per annum) |
||||||||||||
Discount rate* |
||||||||||||
Rate of increase in compensation levels of covered employees |
||||||||||||
Rate of return on plan assets |
||||||||||||
Mortality rates used are based on the published “Indian Assured Lives Mortality (2012-2014) Ultimate” table. |
|
* | Weighted average assumptions used to determine both benefit obligations and net periodic benefit cost. |
Year ending March 31, |
Benefit payments |
|||
(In millions) |
||||
2023 |
Rs. | |||
2024 |
||||
2025 |
||||
2026 |
||||
2027 |
||||
2028-2032 |
Asset category |
Funds managed by trust |
|||
Government securities |
% | |||
Debenture and bonds |
% | |||
Other |
% | |||
|
|
|||
Total |
% | |||
|
|
As of March 31, 2021 |
As of March 31, 2022 |
|||||||||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Funds managed by insurance company (1) |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||
Funds managed by insurance company (2) |
||||||||||||||||||||||||
Funds managed by trust |
||||||||||||||||||||||||
— Government securities |
||||||||||||||||||||||||
— Debenture and bonds |
||||||||||||||||||||||||
— Others |
||||||||||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | |
Rs. | Rs. | |||||||||||||||||
US$ | US$ | US$ | ||||||||||||||||||||||
Funds managed by Insurance companies as of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Particulars |
||||||||||||
Opening balance |
Rs. | Rs. | US$ | |||||||||
Realized interest credited to fund |
||||||||||||
Contribution during the period |
||||||||||||
Amount paid towards claim |
( |
) | ( |
) | ( |
) | ||||||
Closing balance |
Rs. | Rs. | US$ | |
||||||||
As of March 31, 2021 |
||||||||||||||||
Notional |
Gross Assets |
Gross Liabilities |
Net Fair Value |
|||||||||||||
(In millions) |
||||||||||||||||
Interest rate derivatives |
Rs. | Rs. | Rs. | |
Rs. | ( |
) | |||||||||
Forward rate agreements |
||||||||||||||||
Currency options |
( |
) | ||||||||||||||
Currency swaps |
||||||||||||||||
Forward exchange contracts |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
||||||||
|
|
|
|
|
|
|
|
As of March 31, 2022 |
||||||||||||||||||||||||
Notional |
Gross Assets |
Gross Liabilities |
Net Fair Value |
Notional |
Net Fair Value |
|||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Interest rate derivatives |
Rs. | Rs. | Rs. | Rs. | US$ | US$ | ||||||||||||||||||
Forward rate agreements |
||||||||||||||||||||||||
Currency options |
( |
) | ( |
) | ||||||||||||||||||||
Currency swaps |
||||||||||||||||||||||||
Forward exchange contracts |
( |
) | ( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | US$ | US$ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest revenue, net– Derivatives for the years ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
Interest rate derivatives |
Rs. | ( |
) | Rs. | Rs. | US$ | ||||||||||
Forward rate agreements |
||||||||||||||||
Currency options |
||||||||||||||||
Currency swaps |
( |
) | ( |
) | ( |
) | ||||||||||
Forward exchange contracts |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total gains/(losses) |
Rs. | Rs. | ( |
) | Rs. | US$ | |
|||||||||
|
|
|
|
|
|
|
|
As of March 31, 2021 |
||||||||||||||||||||||||
Amounts subject to enforceable netting arrangements |
||||||||||||||||||||||||
Effects of offsetting on balance sheet |
Related amounts not offset |
|||||||||||||||||||||||
Gross Amounts |
Amounts offset |
Net amounts reported in the balance sheet |
Financial instruments |
Financial collateral (1) |
Net amount |
|||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Financial assets |
||||||||||||||||||||||||
Derivative assets |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | ||||||||||||||||||
Securities purchased under agreements to resell |
||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||
Derivative liabilities |
Rs. | Rs. | Rs. | |
Rs. | Rs. | Rs. | |||||||||||||||||
Securities sold under repurchase agreements |
||||||||||||||||||||||||
Long-term debt |
(1) |
Comprised of securities and cash collaterals. These amounts are limited to the asset/liability balance, and accordingly, do not include excess collateral received/pledged. |
As of March 31, 2022 |
||||||||||||||||||||||||||||
Amounts subject to enforceable netting arrangements |
||||||||||||||||||||||||||||
Effects of offsetting on balance sheet |
Related amounts not offset |
|||||||||||||||||||||||||||
Gross Amounts |
Amounts offset |
Net amounts reported in the balance sheet |
Financial instruments |
Financial collateral (1) |
Net amount |
|||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Financial assets |
||||||||||||||||||||||||||||
Derivative assets |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |
||||||||||||||||||||
Securities purchased under agreements to resell |
||||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||
Derivative liabilities |
Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | US$ | |||||||||||||||||||||
Securities sold under repurchase agreements |
||||||||||||||||||||||||||||
Long Term debt |
(1) |
Comprised of securities and cash collaterals. These amounts are limited to the asset/liability balance, and accordingly, do not include excess collateral received/pledged. |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Nominal values: |
||||||||||||
Bank guarantees: |
||||||||||||
Financial guarantees |
Rs. | |
Rs. | |
US$ | |
||||||
Performance guarantees |
||||||||||||
Documentary credits |
||||||||||||
Total |
Rs. | |
Rs. | |
US$ | |
||||||
Estimated fair value: |
||||||||||||
Guarantees |
Rs. | ( |
) | Rs. | ( |
) | US$ | ( |
) | |||
Documentary credits |
( |
) | ( |
) | ( |
) | ||||||
Total |
Rs. | ( |
) | Rs. | ( |
) | US$ | ( |
) | |||
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Allowance for credit losses, beginning of the period |
Rs. | |
Rs. | |
US$ | |
||||||
Impact of Adoption of ASC 326 |
||||||||||||
Provision for credit exposures |
||||||||||||
Allowance for credit losses, end of the period |
Rs. | |
Rs. | |
US$ | |
||||||
As of |
||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 |
March 31, 2022 |
|||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair value |
Estimated fair value |
|||||||||||||||||||||||||||||||||||||||||||||||
Carrying value |
Level 1 |
Level 2 |
Level 3 |
Total |
Carrying value |
Level 1 |
Level 2 |
Level 3 |
Total |
Carrying value |
Estimated fair value |
|||||||||||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets: |
||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks, and restricted cash |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
US$ | |
US$ | |
||||||||||||||||||||||||
Investments held for trading |
||||||||||||||||||||||||||||||||||||||||||||||||
Investments available for sale debt securities |
||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell |
||||||||||||||||||||||||||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable |
||||||||||||||||||||||||||||||||||||||||||||||||
Other assets |
||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities |
||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits |
||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits |
||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements |
||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings |
||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable |
||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt |
||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities |
Fiscal year ended March 31, |
||||||||||||||||||||||||||||||||
2020 |
2021 |
|||||||||||||||||||||||||||||||
Retail Banking |
Wholesale Banking |
Treasury Services |
Total |
Retail Banking |
Wholesale Banking |
Treasury Services |
Total |
|||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||
Net interest income/ (expense) (external) |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||
Net interest income/ (expense) (internal) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Net interest revenue |
||||||||||||||||||||||||||||||||
Less: Provision for credit losses |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net interest revenue, after provision for credit losses |
||||||||||||||||||||||||||||||||
Non-interest revenue |
||||||||||||||||||||||||||||||||
Non-interest expense |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income before income tax |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
Rs. |
Rs. |
||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Segment assets: |
||||||||||||||||||||||||||||||||
Segment total assets |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Fiscal year ended March 31, |
||||||||||||||||||||
2022 |
||||||||||||||||||||
Retail Banking |
Wholesale Banking |
Treasury Services |
Total |
Total |
||||||||||||||||
(In millions) |
||||||||||||||||||||
Net interest income/(expense) (external) |
Rs. | Rs. | |
Rs. | |
Rs. | |
US$ | ||||||||||||
Net interest income/(expense) (internal) |
( |
) | ( |
) | ||||||||||||||||
Net interest revenue |
||||||||||||||||||||
Less: Provision for credit losses |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net credit losses |
||||||||||||||||||||
Non-interest revenue |
||||||||||||||||||||
Non-interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income before income tax |
Rs. | Rs. | |
Rs. | |
Rs. | |
US$ | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income tax expense |
Rs. | |
US$ | |||||||||||||||||
|
|
|
|
|||||||||||||||||
Segment assets: |
||||||||||||||||||||
Segment total assets |
Rs. | |
Rs. | |
Rs. | |
Rs. |
|
US$ | |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Right-of-use |
Rs. |
Rs. |
US$ | |||||||||
Lease liabilities |
As of March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
(In millions) |
||||||||||||||||
The total minimum lease expense during the year recognized in the consolidated statement of income |
Rs. |
Rs. |
Rs. |
US$ | |
Due in fiscal year ending March 31: |
Operating leases |
|||||||
(In millions, except for weighted averages) |
||||||||
2023 |
Rs. | |
US$ | |||||
2024 |
||||||||
2025 |
||||||||
2026 |
||||||||
2027 |
||||||||
Thereafter |
||||||||
|
|
|
|
|||||
Total lease payments |
Rs. | US$ | |
|||||
Less: imputed interest |
||||||||
|
|
|
|
|||||
Total operating lease liabilities |
Rs. | US$ | |
|||||
|
|
|
|
|||||
Weighted average remaining lease term (in years) |
||||||||
Weighted average discount rate |
% | % |
As of March 31, |
||||||||||||
2021 |
2022 |
2022 |
||||||||||
(In millions) |
||||||||||||
Opening provision of reward points |
Rs. |
Rs. | |
US$ | |
|||||||
Provision made during the year |
||||||||||||
Utilization/write back of provision |
( |
) | ( |
) | ( |
) | ||||||
Effect of change in rate of accrual of reward points |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Closing provision of reward points |
Rs. |
Rs. | |
US$ | |
|||||||
|
|
|
|
|
|
As of March 31, |
||||||||||||||||||||||||||||
2021 |
2022 |
|||||||||||||||||||||||||||
Principal owner |
Others |
Total |
Principal owner |
Others |
Total |
Total |
||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Balances in non-interest-bearing deposits |
Rs. |
Rs. |
Rs. |
Rs. | Rs. | |
Rs. | |
US$ | |
||||||||||||||||||
Balances in interest-bearing deposits |
||||||||||||||||||||||||||||
Accrued expenses and other liabilities |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
Rs. |
Rs. |
Rs. |
Rs. | |
Rs. | |
Rs. | |
US$ | |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, |
||||||||||||||||||||||||||||
2021 |
2022 |
|||||||||||||||||||||||||||
Principal owner |
Others |
Total |
Principal owner |
Others |
Total |
Total |
||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Loans |
Rs. | |
Rs. | |
Rs. | |
Rs. |
Rs. | |
Rs. | |
US$ | |
|||||||||||||||
Other assets |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
Rs. | |
US$ | |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal year ended March 31, |
||||||||||||||||||||||||||||||||||||||||
2020 |
2021 |
2022 |
||||||||||||||||||||||||||||||||||||||
Principal owner |
Others |
Total |
Principal owner |
Others |
Total |
Principal owner |
Others |
Total |
Total |
|||||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||||||
Non-interest revenue-Fees and commissions |
|
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
US$ | |
||||||||||||||||||||||||||||
Interest and Dividend revenue |
|
|||||||||||||||||||||||||||||||||||||||
Interest expense-Deposits |
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||
Non-interest expense-Administrative and other |
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||
Non-interest expense-Premises and equipment |
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
As of March 31, |
||||||||||||
2020 |
2021 |
2022 |
||||||||||
Weighted average number of equity shares used in computing basic earnings per equity share |
||||||||||||
Effect of potential equity shares for stock options outstanding |
||||||||||||
Weighted average number of equity shares used in computing diluted earnings per equity share |
||||||||||||
Fiscal years ended March 31, |
||||||||||||||||
2020 |
2021 |
2022 |
2022 |
|||||||||||||
Basic earnings per share |
Rs. | Rs. | Rs. | US$ | |
|||||||||||
Effect of potential equity shares for stock options outstanding |
||||||||||||||||
Diluted earnings per share |
Rs. | Rs. | Rs. | |
US$ | |||||||||||
Basic earnings per ADS |
Rs. | |
Rs. | |
Rs. | US$ | ||||||||||
Effect of potential equity shares for stock options outstanding |
||||||||||||||||
Diluted earnings per ADS |
Rs. | Rs. | Rs. | US$ | ||||||||||||
Level of input |
||
Level 1 | Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. | |
Level 2 | Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
Level 3 | Inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). |
Fair Value Measurements Using |
||||||||||||||||
Particulars |
Total |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
||||||||||||
(In millions) |
||||||||||||||||
Trading account securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Securities available-for-sale |
||||||||||||||||
Equity securities * |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
Rs. | Rs. | Rs. | |
Rs. | |
||||||||||
|
|
|
|
|
|
|
|
* | Equity securities classified within other assets. |
Fair Value Measurements Using |
||||||||||||||||
Particulars |
Total |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
||||||||||||
(In millions) |
||||||||||||||||
Trading account securities |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Securities available-for-sale |
||||||||||||||||
Equity securities * |
||||||||||||||||
Total |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
US$ | US$ | US$ | US$ | ||||||||||||
|
|
|
|
|
|
|
|
* | Equity securities classified within other assets. |
Particulars |
As of March 31, 2021 |
|||
(In millions) |
||||
Beginning balance at April 1, 2020 |
Rs. | |
||
Total gains or losses (realized/unrealized) |
||||
-Included in net income |
||||
-Included in other comprehensive income |
||||
Purchases/additions |
||||
Sales |
||||
Issuances |
||||
Settlements |
( |
) | ||
Transfers into Level 3 |
||||
Transfers out of Level 3 |
||||
Foreign currency translation adjustment |
||||
|
|
|||
Ending balance at March 31, 2021 |
Rs. | |||
|
|
|||
Total amount of gains or (losses) included in net income attributable to change in unrealized gains or (losses) relating to assets still held at reporting date |
Rs | |||
|
|
|||
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period |
Rs | |||
|
|
Particulars |
As of March 31, 2022 |
|||
(In millions) |
||||
Beginning balance at April 1, 2021 |
Rs. | |||
Total gains or losses (realized/unrealized) |
||||
-Included in net income |
||||
-Included in other comprehensive income |
( |
) | ||
Purchases/additions |
||||
Sales |
||||
Issuances |
||||
Settlements |
( |
) | ||
Transfers into Level 3 |
||||
Transfers out of Level 3 |
||||
Foreign currency translation adjustment |
||||
|
|
|||
Ending balance at March 31, 2022 |
Rs. | |||
|
|
|||
Total amount of gains or (losses) included in net income attributable to change in unrealized gains or (losses) relating to assets still held at reporting date |
Rs | |||
|
|
|||
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period |
Rs | ( |
||
|
|
Fair Value Measurements Using |
||||||||||||||||
Particulars |
Total |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
||||||||||||
(In millions) |
||||||||||||||||
Derivative assets |
Rs. | Rs. | Rs. | |
Rs. | |||||||||||
Derivative liabilities |
Rs. | |
Rs. | Rs. | Rs. |
Fair Value Measurements Using |
||||||||||||||||
Particulars |
Total |
Quoted prices in active markets for identical assets (Level 1) |
Significant other observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
||||||||||||
(In millions) |
||||||||||||||||
Derivative assets |
Rs. | Rs. | Rs. | Rs. | ||||||||||||
Derivative liabilities |
Rs. | Rs. | Rs. | Rs. |
Exhibit No. |
Description of Document | |
1.1 |
HDFC Bank Memorandum of Association, as amended (incorporated by reference to HDFC Bank Limited’s Registration Statement on Form F-1 filed on July 12, 2001 (Registration No. 333-13718))* | |
1.2 |
HDFC Bank Articles of Association, as amended (incorporated by reference to HDFC Bank Limited’s Registration Statement on Form F-1 filed on July 12, 2001 (Registration No. 333-13718))* | |
1.3 |
||
1.4 |
||
1.5 |
||
1.6 |
||
2.1 |
HDFC Bank’s Specimen Certificate for Equity Shares (incorporated herein by reference to HDFC Bank Limited’s Registration Statement on Form F-1 filed on July 12, 2001 (Registration No. 333-13718))* | |
2.2 |
||
4 |
||
12.1 |
||
12.2 |
||
13 |
||
101 |
The following financial information from HDFC Bank Ltd. Annual Report on Form 20-F for the year ended March 31, 2022 is formatted in Inline XBRL: (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Shareholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements. | |
104 |
The cover page for HDFC Bank Ltd.’s Annual Report on Form 20-F for the year ended March 31, 2022 has been formatted in Inline XBRL. |
* |
Paper filing |
HDFC Bank Limited |
/s/ Srinivasan Vaidyanathan |
Name: Srinivasan Vaidyanathan |
Title: Chief Financial Officer |
Date: July 29, 2022 |