Edgar Filing: HDFC BANK LTD

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of January, 2017

Commission File Number 001-15216

HDFC BANK LIMITED

(Translation of registrant’s name into English)

HDFC Bank House, Senapati Bapat Marg,

Lower Parel, Mumbai. 400 013, India

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ☐ No ☒

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ☐ No ☒

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-Not Applicable.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	HDFC BANK LIMITED
	(Registrant)

Date: 24^th January, 2017	By /s/ Sanjay Dongre
	Name:	Sanjay Dongre
	Title:	Executive Vice President (Legal) & Company Secretary

EXHIBIT INDEX

The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this Report pursuant to the General Instructions for Form 6-K.

Exhibit I

Description

Communication dated 24^th January, 2017 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Financial Results for the Quarter ended 31^st December, 2016.

Exhibit I

24^th January, 2017

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Financial Results for the Quarter ended 31^st December, 2016

We attach herewith a file containing the Financial Results for the third quarter (unaudited) ended 31^st December, 2016, segment reporting and press release in this regard.

The aforesaid financial results have been submitted to the stock exchanges in India as per the listing requirements of those Stock Exchanges.

This is for your information and record.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

N. E. Venkitakrishnan

Vice President- Legal & Secretarial

Encl. : a/a.

HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2016

(₹ in lacs)


		Quarter ended 31.12.2016			Quarter ended 30.09.2016			Quarter ended 31.12.2015			Nine Months ended 31.12.2016			Nine Months ended 31.12.2015			Year ended 31.03.2016
	Particulars	Unaudited			Unaudited			Unaudited			Unaudited			Unaudited			Audited

1	Interest Earned (a)+(b)+(c)+(d)		1760560			1706994			1541112			5119156			4422470			6022145
	a) Interest / discount on advances / bills		1317564			1290136			1148349			3854781			3287897			4482786
	b) Income on Investments		404934			381807			365142			1167665			1033043			1412003
	c) Interest on balances with Reserve Bank of India and other inter bank funds		18688			13967			5952			36676			31269			36161
	d) Others		19374			21084			21669			60034			70261			91195
2	Other Income		314267			290095			287219			885023			788586			1075172
3	Total Income (1)+(2)		2074827			1997089			1828331			6004179			5211056			7097317
4	Interest Expended		929651			907635			834261			2710744			2408652			3262993
5	Operating Expenses (i)+(ii)		484251			486999			420484			1448136			1239540			1697969
	i) Employees cost		168863			165721			143127			493101			420425			570220
	ii) Other operating expenses		315388			321278			277357			955035			819115			1127749
6	Total Expenditure (4)+(5) (excluding Provisions & Contingencies)		1413902			1394634			1254745			4158880			3648192			4960962
7	Operating Profit before Provisions and Contingencies (3)-(6)		660925			602455			573586			1845299			1562864			2136355
8	Provisions (other than tax) and Contingencies		71578			74899			65388			233150			206316			272561
9	Exceptional Items		—			—			—			—			—			—
10	Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)		589347			527556			508198			1612149			1356548			1863794
11	Tax Expense		202814			182023			172514			556192			464347			634171
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		386533			345533			335684			1055957			892201			1229623
13	Extraordinary items (net of tax expense)		—			—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		386533			345533			335684			1055957			892201			1229623
15	Paid up equity share capital (Face Value of ₹ 2/- each)		51107			50913			50502			51107			50502			50564
16	Reserves excluding revaluation reserves																	7217213
17	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		15.9	%		15.4	%		15.9	%		15.9	%		15.9	%		15.5	%
	(iii) Earnings per share (₹)
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		15.2			13.6			13.3			41.6			35.5			48.8
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		15.0			13.4			13.1			41.1			35.0			48.3
	(iv) NPA Ratios
	(a) Gross NPAs		523227			506904			425520			523227			425520			439283
	(b) Net NPAs		156432			148885			126060			156432			126060			132037
	(c) % of Gross NPAs to Gross Advances		1.05	%		1.02	%		0.97	%		1.05	%		0.97	%		0.94	%
	(d) % of Net NPAs to Net Advances		0.32	%		0.30	%		0.29	%		0.32	%		0.29	%		0.28	%
	(v) Return on assets (average) - not annualized		0.5	%		0.5	%		0.5	%		1.4	%		1.4	%		1.9	%

Segment information in accordance with the Accounting Standard on Segment Reporting (AS 17) of the operating segments of the Bank is as under:

(₹ in lacs)


Particulars		Quarter ended 31.12.2016			Quarter ended 30.09.2016			Quarter ended 31.12.2015			Nine Months ended 31.12.2016			Nine Months ended 31.12.2015			Year ended 31.03.2016
Particulars		Unaudited			Unaudited			Unaudited			Unaudited			Unaudited			Audited
1	Segment Revenue
a)	Treasury		561959			502595			480719			1566878			1328543			1826488
b)	Retail Banking		1695107			1651316			1514811			4931687			4381136			5925234
c)	Wholesale Banking		783356			790352			683570			2335235			2013686			2716239
d)	Other Banking Operations		233082			212645			200961			640694			537015			755442
e)	Unallocated		—			—			—			—			—			—
	Total		3273504			3156908			2880061			9474494			8260380			11223403
	Less: Inter Segment Revenue		1198677			1159819			1051730			3470315			3049324			4126086

	Income from Operations		2074827			1997089			1828331			6004179			5211056			7097317

2	Segment Results
a)	Treasury		25348			26834			51324			101355			111580			148921
b)	Retail Banking		230844			200731			207415			621044			551821			785503
c)	Wholesale Banking		282106			259949			204641			774771			592190			788720
d)	Other Banking Operations		94328			74350			80411			227199			207937			283227
e)	Unallocated		(43279	)		(34308	)		(35593	)		(112220	)		(106980	)		(142577	)

	Total Profit Before Tax		589347			527556			508198			1612149			1356548			1863794

3	Segment Assets
a)	Treasury		28656657			25186101			22473889			28656657			22473889			23533198
b)	Retail Banking		27721544			28268880			24264374			27721544			24264374			25269065
c)	Wholesale Banking		23137885			22697228			20710495			23137885			20710495			22624265
d)	Other Banking Operations		2747197			2214545			2050514			2747197			2050514			2163306
e)	Unallocated		538686			515941			480477			538686			480477			489774

	Total		82801969			78882695			69979749			82801969			69979749			74079608

4	Segment Liabilities
a)	Treasury		6591139			7305597			6088430			6591139			6088430			7734038
b)	Retail Banking		52831431			48817836			42799775			52831431			42799775			44831340
c)	Wholesale Banking		12854932			12682207			11822230			12854932			11822230			12042552
d)	Other Banking Operations		392147			287794			240198			392147			240198			247631
e)	Unallocated		1629851			1733535			1828460			1629851			1828460			1956270

	Total		74299500			70826969			62779093			74299500			62779093			66811831

5	Capital Employed
	(Segment Assets-Segment Liabilities)
a)	Treasury		22065518			17880504			16385459			22065518			16385459			15799160
b)	Retail Banking		(25109887	)		(20548956	)		(18535401	)		(25109887	)		(18535401	)		(19562275	)
c)	Wholesale Banking		10282953			10015021			8888265			10282953			8888265			10581713
d)	Other Banking Operations		2355050			1926751			1810316			2355050			1810316			1915675
e)	Unallocated		(1091165	)		(1217594	)		(1347983	)		(1091165	)		(1347983	)		(1466496	)

	Total		8502469			8055726			7200656			8502469			7200656			7267777

Business Segments have been identified and reported taking into account the target customer profile, the nature of products and services, the differing risks and returns, the organisation structure, the internal business reporting system and the guidelines prescribed by RBI.

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

Notes :

1	Statement of Assets and Liabilities as on December 31, 2016 is given below.


						(₹ in lacs)
Particulars	As at 31.12.2016		As at 31.12.2015		As at 31.03.2016
	Unaudited		Unaudited		Audited
CAPITAL AND LIABILITIES

Capital		51107		50502		50564
Reserves and Surplus		8451362		7150154		7217213
Deposits		63470456		52399679		54642419
Borrowings		7212115		7194070		8496899
Other Liabilities and Provisions		3616929		3185344		3672513

Total		82801969		69979749		74079608

ASSETS

Cash and Balances with Reserve Bank of India		4999976		2682253		3005831
Balances with Banks and Money at Call and Short notice		410256		578946		886053
Investments		23605550		19425070		19583629
Advances		49504333		43636444		46459396
Fixed Assets		349032		323946		334315
Other Assets		3932822		3333090		3810384

Total		82801969		69979749		74079608

The above results have been approved by the Board of Directors at its meeting held on January 24, 2017. The results for the quarter ended and nine months ended December 31, 2016 have been subjected to a “Limited Review” by the Statutory Auditors of the Bank. An unqualified report has been issued by them thereon.

3	The Bank has followed the same significant accounting policies in the preparation of these financial results as those followed in the annual financial statements for the year ended March 31, 2016.

4	During the quarter and nine months ended December 31, 2016, the Bank allotted 9740400 and 27187600 shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

Pursuant to RBI circular FMRD.DIRD.10/14.03.002/2015-16 dated May 19, 2016, the Bank has, effective quarter ended December 31, 2016, included its repo / reverse repo transactions under Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) with RBI under ‘Borrowings from RBI’ / ‘Balances with RBI’, as the case may be. Hitherto, these transactions were netted from / included under ‘Investments’. Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period’s classification. The above change in classification has no impact on the profit of the Bank for the quarter ended December 31, 2016 or the previous periods presented.

RBI circular DBOD.No.BP.BC.1/21.06.201/2015-16 dated July 1, 2015 on ‘Basel III Capital Regulations’ read together with the RBI circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 on ‘Prudential Guidelines on Capital Adequacy and Liquidity Standards - Amendments’ requires banks to make applicable Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III Framework. These disclosures are available on the Bank’s website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/default.htm. The disclosures have not been subjected to audit or limited review.

7	Other income relates to income from non-fund based banking activities including commission, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments and recoveries from accounts written off.

8	As at December 31, 2016, the total number of branches (including extension counters) and ATM network stood at 4555 branches and 12087 ATMs respectively.

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

10	₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore


Place : Mumbai		Aditya Puri
Date : January 24, 2017		Managing Director

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


		NEWS RELEASE		HDFC Bank Ltd.
				HDFC Bank House,
				Senapati Bapat Marg,
				Lower Parel,
				Mumbai - 400 013.

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE

QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2016

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2016 at their meeting held in Mumbai on Tuesday, January 24, 2017. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2016

The Bank’s total income for the quarter ended December 31, 2016 was ₹ 20,748.3 crore, up from ₹ 18,283.3 crore for the quarter ended December 31, 2015. Net revenues (net interest income plus other income) increased by 15.2% to ₹ 11,451.8 crore for the quarter ended December 31, 2016 as against ₹ 9,940.7 crore for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2016 grew by 17.6% to ₹ 8,309.1 crore, from ₹ 7,068.5 crore for the quarter ended December 31, 2015, driven by average assets growth of 18.6% and a net interest margin for the quarter of 4.1%.

Other income (non-interest revenue) at ₹ 3,142.7 crore was 27.4% of the net revenues for the quarter ended December 31, 2016 and grew by 9.4% over ₹ 2,872.2 crore in the corresponding quarter ended December 31, 2015. The four components of other income for the quarter ended December 31, 2016 were fees & commissions of ₹ 2,206.8 crore (₹ 2,004.8 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 297.2 crore (₹ 277.4 crore for the corresponding quarter of the previous year), gain on revaluation / sale of investments of ₹ 398.6 crore (₹ 327.9 crore in the corresponding quarter of the previous year) and miscellaneous income including recoveries of ₹ 240.0 crore (₹ 262.1 crore for the corresponding quarter of the previous year).


		NEWS RELEASE		HDFC Bank Ltd.
				HDFC Bank House,
				Senapati Bapat Marg,
				Lower Parel,
				Mumbai - 400 013.

Operating expenses for the quarter ended December 31, 2016 were ₹ 4,842.5 crore, an increase of 15.2% over ₹ 4,204.8 crore during the corresponding quarter of the previous year. The core cost-to-income ratio for the quarter was 43.8% as against 43.7% for the corresponding quarter ended December 31, 2015.

Provisions and contingencies for the quarter ended December 31, 2016 were ₹ 715.8 crore (consisting of specific loan loss provisions ₹ 694.4 crore, general provisions ₹ 9.3 crore, and other provisions ₹ 12.1 crore) as against ₹ 653.9 crore (consisting of specific loan loss provisions ₹ 601.5 crore, general provisions ₹ 49.9 crore and other provisions ₹ 2.5 crore) for the corresponding quarter ended December 31, 2015. Profit before tax was up 16.0% to ₹ 5893.5 crore. After providing ₹ 2,028.1 crore for taxation, the Bank earned a net profit of ₹ 3,865.3 crore, an increase of 15.1% over the quarter ended December 31, 2015.

Balance Sheet: As of December 31, 2016

Total balance sheet size as of December 31, 2016 was ₹ 828,020 crore as against ₹ 699,797 crore as of December 31, 2015. Total deposits as of December 31, 2016 were ₹ 634,705 crore, an increase of 21.1% over December 31, 2015. This was after considering maturities of about US$ 3 billion of Foreign Currency Non-Resident (FCNR) deposits raised (and swapped into rupees with RBI at a concessional rate) during the quarter ended December 31, 2013. CASA deposit growth saw a spurt largely attributable to the demonetisation exercise, with current account deposits growing by 36.7% over the previous year to reach ₹ 101,239 crore and savings account deposits growing by 37.8% over the previous year to reach ₹ 186,634 crore. Time deposits were at ₹ 346,832 crore, an increase of 10.3% over the previous year resulting in CASA proportion of 45% as on December 31, 2016.


		NEWS RELEASE		HDFC Bank Ltd.
				HDFC Bank House,
				Senapati Bapat Marg,
				Lower Parel,
				Mumbai - 400 013.

Total advances as of December 31, 2016 were ₹ 495,043 crore after considering repayments of about US$ 2 billion of overseas loans linked to FCNR deposits. The Bank’s domestic loan portfolio of ₹ 477,415 crore grew at 17.5% on a year on year basis. As per the Bank’s internal business classification, the domestic retail loans and wholesale loans grew by 17.8% and 16.8% respectively. As per regulatory (Basel 2) segment classification the growth rates were 21.5% for domestic retail loans and 13.0% for wholesale loans. The domestic loan mix as per Basel 2 classification between retail:wholesale was 55:45.

Nine Months ended December 31, 2016

For the nine months ended December 31, 2016, the Bank earned a total income of ₹ 60,041.8 crore as against ₹ 52,110.6 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2016 were ₹ 32,934.4 crore, as against ₹ 28,024.0 crore for the nine months ended December 31, 2015, an increase of 17.5%. Net profit for the nine months ended December 31, 2016 was ₹ 10,559.6 crore, up by 18.4% over the corresponding nine months ended December 31, 2015.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines, was at 15.9% as at December 31, 2016 (15.9% as at December 31, 2015) as against a regulatory requirement of 9%. Tier-I CAR was at 13.8% as on December 31, 2016 compared to 13.2% as at December 31, 2015.

NETWORK

As of December 31, 2016, the Bank’s distribution network was at 4,555 branches and 12,087 ATMs across 2,597 cities / towns as against 4,281 branches and 11,843 ATMs across 2,505 cities / towns as of December 31, 2015. Of the total branches, 52% are in semi-urban and rural areas. Number of employees increased from 84,619 as of December 31, 2015 to 90,421 as of December 31, 2016.


		NEWS RELEASE		HDFC Bank Ltd.
				HDFC Bank House,
				Senapati Bapat Marg,
				Lower Parel,
				Mumbai - 400 013.

ASSET QUALITY

Gross non-performing assets (NPAs) were at 1.05% of gross advances as on December 31, 2016, as against 1.02% as on September 30, 2016 and 0.97% as on December 31, 2015. Net non-performing assets were at 0.3% of net advances as on December 31, 2016.

Note:

₹ = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

BOM: 500180

NSE: HDFCBANK

NYSE: HDB

Certain statements are included in this release which contain words or phrases such as “will,” “aim,” “will likely result,” “believe,” “expect,” “will continue,” “anticipate,” “estimate,” “intend,” “plan,” “contemplate,” “seek to,” “future,” “objective,” “goal,” “project,” “should,” “will pursue” and similar expressions or variations of these expressions, that are “forward-looking statements.” Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for various banking services, future levels of our non-performing loans, our growth and expansion, the adequacy of our allowance for credit and investment losses, technological changes, volatility in investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to pay dividends, the impact of changes in banking regulations and other regulatory changes on us in India and other jurisdictions, our ability to roll over our short-term funding sources and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general economic and political conditions, instability or uncertainty in India and the other countries which have an impact on our business activities or investments caused by any factor, including terrorist attacks in India, the United States or elsewhere, anti-terrorist or other attacks by the United States, a United States-led coalition or any other country, tensions between India and Pakistan related to the Kashmir region or between India and China, military armament or social unrest in any part of India; the monetary and interest rate policies of the government of India, natural calamities, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices; the performance of the financial markets in India and globally, changes in Indian and foreign laws and regulations, including tax, accounting and banking regulations, changes in competition and the pricing environment in India, and regional or general changes in asset valuations.


		NEWS RELEASE		HDFC Bank Ltd.
				HDFC Bank House,
				Senapati Bapat Marg,
				Lower Parel,
				Mumbai - 400 013.

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

For media queries please contact:

Neeraj Jha

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

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

Fax: 91 - 22 - 2490 3168

Mobile: +91 93236 20828

neeraj.jha@hdfcbank.com

For investor queries please contact:

Bhavin Lakhpatwala

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1083 (D) / 6652 1000 (B)

Mobile: +91 74983 51730

bhavin.lakhpatwala@hdfcbank.com