HDFC Bank Limited (HDB) 6-K Current report (foreign)

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 July, 2020

Commission File Number 001-15216

HDFC BANK LIMITED

(Translation of registrant’s name into English)

HDFC Bank House, Senapati Bapat Marg,

Lower Parel, Mumbai. 400 013, India

(Address of principal executive office)

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

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

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

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

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

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

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

SIGNATURES

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

		HDFC BANK LIMITED
		(Registrant)
Date: July 21, 2020	By	/s/ Santosh Haldankar
		Name: Santosh Haldankar
		Title: Senior Vice President – Legal & Company Secretary

EXHIBIT INDEX

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

Exhibit I

Description

Communication dated July 20, 2020 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about Unaudited Financial Results of the Bank for the quarter ended June 30,2020.

Exhibit I

July 20, 2020

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Re: Unaudited Financial Results of the Bank for the quarter ended June 30, 2020

We enclose herewith the Unaudited Standalone and Consolidated Financial Results of the Bank for the first quarter ended June 30, 2020, segment reporting, Press Release and the report of the Statutory Auditors in this regard. The results were duly approved by the Board of Directors at its meeting held on July 18, 2020.

Kindly take the same on your records.

Thanking you,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Senior Vice President – Legal & Company Secretary

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020

											(₹ in lacs)
		Quarter ended									Year ended 31.03.2020
		30.06.2020			31.03.2020			30.06.2019
Particulars		Unaudited			Audited (Refer note 4)			Unaudited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		3037797			2988506			2739159			11481265
	a) Interest / discount on advances / bills		2403737			2404458			2180469			9178788
	b) Income on Investments		559764			509070			524779			2063332
	c) Interest on balances with Reserve Bank of India and other inter bank funds		62648			62902			17520			182893
	d) Others		11648			12076			16391			56252
2	Other Income		407531			603257			497025			2326082
3	Total Income (1)+(2)		3445328			3591763			3236184			13807347
4	Interest Expended		1471255			1468100			1409734			5862640
5	Operating Expenses (i)+(ii)		691146			827781			711726			3069752
	i) Employees cost		251344			249826			221738			952567
	ii) Other operating expenses		439802			577955			489988			2117185
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		2162401			2295881			2121460			8932392
7	Operating Profit before Provisions and Contingencies (3)-(6)		1282927			1295882			1114724			4874955
8	Provisions (other than tax) and Contingencies		389152			378449			261366			1214239
9	Exceptional Items		—			—			—			—
10	Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)		893775			917433			853358			3660716
11	Tax Expense		227913			224664			296542			1034984
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		665862			692769			556816			2625732
13	Extraordinary items (net of tax expense)		—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		665862			692769			556816			2625732
15	Paid up equity share capital (Face Value of ₹ 1/- each)		54903			54833			54656			54833
16	Reserves excluding revaluation reserves											17043769
17	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		18.9	%		18.5	%		16.9	%		18.5	%
	(iii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each)
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		12.1			12.6			10.2			48.0
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		12.1			12.6			10.1			47.7
	(iv) NPA Ratios
	(a) Gross NPAs		1377346			1264997			1176895			1264997
	(b) Net NPAs		327996			354236			356718			354236
	(c) % of Gross NPAs to Gross Advances		1.36	%		1.26	%		1.40	%		1.26	%
	(d) % of Net NPAs to Net Advances		0.33	%		0.36	%		0.43	%		0.36	%
	(v) Return on assets (average) - not annualized		0.44	%		0.49	%		0.46	%		2.01	%

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

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

											(₹ in lacs)
		Quarter ended									Year ended 31.03.2020
		30.06.2020			31.03.2020			30.06.2019
Particulars		Unaudited			Audited (Refer note 4)			Unaudited			Audited
1	Segment Revenue
a)	Treasury		800126			690738			629192			2655844
b)	Retail Banking		2710162			2821059			2492929			10799994
c)	Wholesale Banking		1418359			1527601			1505961			6113445
d)	Other Banking Operations		389683			504799			442965			1903341
e)	Unallocated		—			153			66			219
	Total		5318330			5544350			5071113			21472843
	Less: Inter Segment Revenue		1873002			1952587			1834929			7665496
	Income from Operations		3445328			3591763			3236184			13807347
2	Segment Results
a)	Treasury		250517			108230			78153			346277
b)	Retail Banking		222005			266747			306714			1294246
c)	Wholesale Banking		364445			381348			332143			1412109
d)	Other Banking Operations		97376			202533			179647			778463
e)	Unallocated		(40568	)		(41425	)		(43299	)		(170379	)
	Total Profit Before Tax		893775			917433			853358			3660716
3	Segment Assets
a)	Treasury		46153925			45724091			35599098			45724091
b)	Retail Banking		46899518			48427074			44127240			48427074
c)	Wholesale Banking		54979292			52056701			40735586			52056701
d)	Other Banking Operations		5664473			6050057			5405812			6050057
e)	Unallocated		813123			793204			657549			793204
	Total		154510331			153051127			126525285			153051127
4	Segment Liabilities
a)	Treasury		7798899			10201209			4383589			10201209
b)	Retail Banking		96820706			90725810			76191655			90725810
c)	Wholesale Banking		29166649			31762887			27439197			31762887
d)	Other Banking Operations		523185			503243			542429			503243
e)	Unallocated		2405425			2759376			2404606			2759376
	Total		136714864			135952525			110961476			135952525
5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		38355026			35522882			31215509			35522882
b)	Retail Banking		(49921188	)		(42298736	)		(32064415	)		(42298736	)
c)	Wholesale Banking		25812643			20293814			13296389			20293814
d)	Other Banking Operations		5141288			5546814			4863383			5546814
e)	Unallocated		(1592302	)		(1966172	)		(1747057	)		(1966172	)
	Total		17795467			17098602			15563809			17098602

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

Notes :

1 Statement of Assets and Liabilities as at June 30, 2020 is given below:

					(₹ in lacs)
Particulars	As at 30.06.2020		As at 30.06.2019		As at 31.03.2020
CAPITAL AND LIABILITIES	Unaudited		Unaudited		Audited
Capital		54903		54656		54833
Reserves and Surplus		17740564		15509153		17043769
Deposits		118938729		95455371		114750231
Borrowings		11638900		10089412		14462854
Other Liabilities and Provisions		6137235		5416693		6739440
Total		154510331		126525285		153051127
ASSETS
Cash and Balances with Reserve Bank of India		9662537		5771133		7220512
Balances with Banks and Money at Call and Short notice		1301793		2645660		1441360
Investments		37935041		30039690		39182666
Advances		100329886		82972981		99370288
Fixed Assets		446411		402627		443191
Other Assets		4834663		4693194		5393110
Total		154510331		126525285		153051127

2 The above financial results have been approved by the Board of Directors at its meeting held on July 18, 2020. The financial results for the quarter ended June 30, 2020 have been subjected to a “Limited Review” by the statutory auditors of the Bank. The report thereon is unmodified.

3 The Bank has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2020.

4 The figures for the quarter ended March 31, 2020 are the balancing figures between audited figures in respect of the financial year 2019-20 and the published year to date figures upto December 31, 2019.

5 During the quarter ended June 30, 2020, the Bank allotted 69,92,100 shares pursuant to the exercise of options under the approved employee stock option schemes.

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

7 The SARS-CoV-2 virus responsible for COVID-19 continues to spread across the globe and India. On March 11, 2020, the COVID-19 outbreak was declared a global pandemic by the World Health Organization. On March 24, 2020, the Indian government announced a strict 21-day lockdown which was further extended until May 31, 2020 across the country to contain the spread of the virus. On May 30, 2020 the Government announced a phased reopening of certain activities outside specified containment zones, while the lockdown was extended to June 30, 2020 in such containment zones. Some of the states further extended the lockdown to July 31, 2020.

The impact of COVID-19, including changes in customer behavior and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activity, which may persist even after the restrictions related to the COVID-19 outbreak are lifted. The continued slowdown in economic activity has led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers, the efficiency in collection efforts and waiver of certain fees. The continued slowdown may lead to a rise in the number of customer defaults and consequently an increase in provisions there against.

The extent to which the COVID-19 pandemic will continue to impact the Bank’s results will depend on future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.

In accordance with the RBI guidelines relating to COVID-19 Regulatory Package guidelines dated March 27, 2020 and April 17, 2020 the Bank has granted a moratorium of three months on the payment of all installments and / or interest, as applicable, due between March 1, 2020 and May 31, 2020 to all eligible borrowers classified as standard, even if overdue, as on February 29, 2020. In line with the additional Regulatory Package guidelines dated May 23, 2020, the Bank granted a second three-month moratorium on installments or interest, as applicable, due between June 1, 2020 and August 31, 2020. For all such accounts where the moratorium is granted, the asset classification shall remain stand still during the moratorium period (i.e. the number of days past-due shall exclude the moratorium period for the purposes of determining whether an asset is non-performing).

The Bank holds provisions as at June 30, 2020 against the potential impact of COVID-19 based on the information available at this point in time. The provisions held by the Bank are in excess of the RBI prescribed norms.

8 Other operating expenses include commission paid to sales agents of ₹ 376.48 crore (previous period: ₹ 719.83 crore) for the quarter ended June 30, 2020.

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

10 ₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore    

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

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020

		(₹ in lacs)
	Particulars	Quarter ended						Year ended 31.03.2020
		30.06.2020		31.03.2020		30.06.2019
		Unaudited		Audited (Refer note 4)		Unaudited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		3235161		3179505		2917645		12218930
	a) Interest / discount on advances / bills		2597800		2591924		2356050		9907963
	b) Income on Investments		559941		507557		525042		2057273
	c) Interest on balances with Reserve Bank of India and other inter bank funds		64158		64128		18319		186877
	d) Others		13262		15896		18234		66817
2	Other Income		434698		649212		514800		2487898
3	Total Income (1)+(2)		3669859		3828717		3432445		14706828
4	Interest Expended		1560849		1552857		1497715		6213743
5	Operating Expenses (i)+(ii)		740608		886024		759813		3303605
	i) Employees cost		330100		337684		301745		1292013
	ii) Other operating expenses		410508		548340		458068		2011592
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		2301457		2438881		2257528		9517348
7	Operating Profit before Provisions and Contingencies (3)-(6)		1368402		1389836		1174917		5189480
8	Provisions (Other than tax) and Contingencies		434451		421650		291434		1369994
9	Exceptional Items		—		—		—		—
10	Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)		933951		968186		883483		3819486
11	Tax Expense		239863		238515		314403		1089859
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		694088		729671		569080		2729627
13	Extraordinary items (net of tax expense)		—		—		—		—
14	Net Profit / (Loss) for the period (12)-(13)		694088		729671		569080		2729627
15	Less: Share of Profit / (Loss) of minority shareholders		1364		1649		1474		4231
16	Consolidated Net Profit / (Loss) for the period (14)-(15)		692724		728022		567606		2725396
17	Paid up equity share capital (Face Value of ₹ 1/- each)		54903		54833		54656		54833
18	Reserves excluding revaluation reserves								17581038
19	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil		Nil		Nil		Nil
	(ii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each)
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		12.6		13.3		10.4		49.8
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		12.6		13.2		10.3		49.5

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

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

											(₹ in lacs)
		Quarter ended									Year ended 31.03.2020
		30.06.2020			31.03.2020			30.06.2019
Particulars		Unaudited			Audited (Refer note 4)			Unaudited			Audited
1	Segment Revenue
a)	Treasury		800126			690738			629192			2655844
b)	Retail Banking		2710162			2821059			2492929			10799994
c)	Wholesale Banking		1418359			1527601			1505961			6113445
d)	Other Banking Operations		614214			741753			639226			2802822
e)	Unallocated		—			153			66			219
	Total		5542861			5781304			5267374			22372324
	Less: Inter Segment Revenue		1873002			1952587			1834929			7665496
	Income from Operations		3669859			3828717			3432445			14706828
2	Segment Results
a)	Treasury		250517			108230			78153			346277
b)	Retail Banking		222005			266747			306714			1294246
c)	Wholesale Banking		364445			381348			332143			1412109
d)	Other Banking Operations		137552			253286			209772			937233
e)	Unallocated		(40568	)		(41425	)		(43299	)		(170379	)
	Total Profit Before Tax and Minority Interest		933951			968186			883483			3819486
3	Segment Assets
a)	Treasury		46153925			45724091			35599098			45724091
b)	Retail Banking		46899518			48427074			44127240			48427074
c)	Wholesale Banking		54979292			52056701			40735586			52056701
d)	Other Banking Operations		10779377			11081971			10385483			11081971
e)	Unallocated		813123			793204			657548			793204
	Total		159625235			158083041			131504955			158083041
4	Segment Liabilities
a)	Treasury		7798899			10201209			4383589			10201209
b)	Retail Banking		96820706			90725810			76191655			90725810
c)	Wholesale Banking		29166649			31762887			27439197			31762887
d)	Other Banking Operations		5014782			4940224			5018454			4940224
e)	Unallocated		2405425			2759376			2404605			2759376
	Total		141206461			140389506			115437500			140389506
5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		38355026			35522882			31215509			35522882
b)	Retail Banking		(49921188	)		(42298736	)		(32064415	)		(42298736	)
c)	Wholesale Banking		25812643			20293814			13296389			20293814
d)	Other Banking Operations		5764595			6141747			5367029			6141747
e)	Unallocated		(1592302	)		(1966172	)		(1747057	)		(1966172	)
	Total		18418774			17693535			16067455			17693535

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

Notes :

1 Consolidated Statement of Assets and Liabilities as at June 30, 2020 is given below:

						(₹ in lacs)
Particulars	As at 30.06.2020			As at 30.06.2019		As at 31.03.2020
CAPITAL AND LIABILITIES	Unaudited			Unaudited		Audited
Capital		54903			54656		54833
Reserves and Surplus		18304694			15961900		17581038
Minority Interest		59177			50899		57664
Deposits		118727997			95377430		114620714
Borrowings		15968123			14367983		18683431
Other Liabilities and Provisions		6510341			5692087		7085361
Total		159625235			131504955		158083041
ASSETS			��
Cash and balances with Reserve Bank of India		9664986			5775699		7221100
Balances with Banks and Money at Call and Short notice		1380416			2751460		1572910
Investments		37725874			29651891		38930495
Advances		105368253			88093871		104367088
Fixed Assets		466205			421257		462685
Other Assets		5019501			4810777		5528763
Total		159625235			131504955		158083041

2 The above financial results represent the consolidated financial results for HDFC Bank Limited and its subsidiaries constituting the ‘Group’. These financial results have been approved by the Board of Directors of the Bank at its meeting held on July 18, 2020. The financial results for the quarter ended June 30, 2020 have been subjected to a “Limited Review” by the statutory auditors of the Bank. The report thereon is unmodified.

3 The Group has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2020.

4 The figures for the quarter ended March 31, 2020 are the balancing figures between audited figures in respect of the financial year 2019-20 and the published year to date figures upto December 31, 2019.

5 The SARS-CoV-2 virus responsible for COVID-19 continues to spread across the globe and India. On March 11, 2020, the COVID-19 outbreak was declared a global pandemic by the World Health Organization. On March 24, 2020, the Indian government announced a strict 21-day lockdown which was further extended until May 31, 2020 across the country to contain the spread of the virus. On May 30, 2020 the Government announced a phased reopening of certain activities outside specified containment zones, while the lockdown was extended to June 30, 2020 in such containment zones. Some of the states further extended the lockdown to July 31, 2020.

The impact of COVID-19, including changes in customer behavior and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activity, which may persist even after the restrictions related to the COVID-19 outbreak are lifted. The continued slowdown in economic activity has led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers, the efficiency in collection efforts and waiver of certain fees. The continued slowdown may lead to a rise in the number of customer defaults and consequently an increase in provisions there against.

The extent to which the COVID-19 pandemic will continue to impact the Bank’s results will depend on future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.

In accordance with the RBI guidelines relating to COVID-19 Regulatory Package guidelines dated March 27, 2020 and April 17, 2020 the Bank has granted a moratorium of three months on the payment of all installments and / or interest, as applicable, due between March 1, 2020 and May 31, 2020 to all eligible borrowers classified as standard, even if overdue, as on February 29, 2020. In line with the additional Regulatory Package guidelines dated May 23, 2020, the Bank granted a second three-month moratorium on installments or interest, as applicable, due between June 1, 2020 and August 31, 2020. For all such accounts where the moratorium is granted, the asset classification shall remain stand still during the moratorium period (i.e. the number of days past-due shall exclude the moratorium period for the purposes of determining whether an asset is non-performing).

The Bank holds provisions as at June 30, 2020 against the potential impact of COVID-19 based on the information available at this point in time. The provisions held by the Bank are in excess of the RBI prescribed norms.

6 In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III Framework. These disclosures are available on the Bank’s website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/ default.htm. The disclosures have not been subjected to audit or review by the statutory auditors.

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

8 ₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

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

NEWS RELEASE HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER ENDED JUNE 30, 2020

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2020, at their meeting held in Mumbai on Saturday, July 18, 2020. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended June 30, 2020

The Bank’s net revenues (net interest income plus other income) grew to ₹ 19,740.7 crore for the quarter ended June 30, 2020 from ₹ 18,264.5 for the quarter ended June 30, 2019.

Net interest income (interest earned less interest expended) for the quarter ended June 30, 2020 grew by 17.8% to ₹ 15,665.4 crore from ₹ 13,294.3 crore for the quarter ended June 30, 2019, driven by growth in advances of 20.9%, and a growth in deposits of 24.6%. The net interest margin for the quarter was at 4.3%.

Other income (non-interest revenue) at ₹ 4,075.3 crore was 20.6% of the net revenues for the quarter ended June 30, 2020 as against ₹ 4,970.3 crore in the corresponding quarter ended June 30, 2019. The four components of other income for the quarter ended June 30, 2020 were fees & commissions of ₹ 2,230.7 crore (₹ 3,551.6 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 436.6 crore (₹ 576.7 crore for the corresponding quarter of the previous year), gain on sale / revaluation of investments of ₹ 1,086.7 crore (gain of ₹ 212.0 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 321.3 crore (₹ 630.0 crore for the corresponding quarter of the previous year).

The continued slowdown in economic activity has led to a decrease in retail loan origination, sale of third party products, use of credit and debit cards by customers, efficiency in collection efforts and waivers of certain fees. As a result, fees/other income were lower by approximately ₹ 2,000 crore.

NEWS RELEASE HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618

Operating expenses for the quarter ended June 30, 2020 were ₹ 6,911.5 crore, a decrease of 2.9% over ₹ 7,117.3 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 35.0% as against 39.0% for the corresponding quarter ended June 30, 2019. Operating expenses were lower primarily due to lower loan origination and sales volumes.

Pre-provision Operating Profit (PPOP) at ₹ 12,829.3 crore grew by 15.1% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended June 30, 2020 were ₹ 3,891.5 crore (consisting of specific loan loss provisions of ₹ 2,739.8 crore and general provisions and other provisions of ₹ 1,151.7 crore) as against ₹ 2,613.7 crore (consisting of specific loan loss provisions of ₹ 2,248.0 crore and general provisions and other provisions of ₹ 365.7 crore) for the quarter ended June 30, 2019. Total provisions for the current quarter included contingent provisions of approximately ₹ 1,000 crore. The Core Credit Cost ratio was 1.08%, as compared to 0.77% in the quarter ending March 31, 2020 and 1.07% in the quarter ending June 30, 2019.

Profit before tax (PBT) for the quarter ended June 30, 2020 was at ₹ 8,937.8 crore. After providing ₹ 2,279.1 crore for taxation, the Bank earned a net profit of ₹ 6,658.6 crore, an increase of 19.6% over the quarter ended June 30, 2019.

Balance Sheet: As of June 30, 2020

Total balance sheet size as of June 30, 2020 was ₹ 1,545,103 crore as against ₹ 1,265,253 crore as of June 30, 2019, a growth of 22.1%.

Total deposits as of June 30, 2020 were ₹ 1,189,387 crore, an increase of 24.6% over June 30, 2019. CASA deposits grew by 26.0% with savings account deposits at ₹ 327,358 crore and current account deposits at ₹ 150,077 crore. Time deposits were at ₹ 711,952 crore, an increase of 23.7% over the previous year, resulting in CASA deposits comprising 40.1% of total deposits as of June 30, 2020. The Bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 140%, well above the regulatory requirement.

NEWS RELEASE HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618

Total advances as of June 30, 2020 were ₹ 1,003,299 crore, an increase of 20.9% over June 30, 2019. Domestic advances grew by 21.0% over June 30, 2019. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 7.2% and domestic wholesale loans grew by 37.6%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 48:52. Overseas advances constituted 3% of total advances.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.9% as on June 30, 2020 (16.9% as on June 30, 2019) as against a regulatory requirement of 11.075% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.20% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 17.5% as of June 30, 2020 compared to 15.6% as of June 30, 2019. Common Equity Tier 1 Capital ratio was at 16.7% as of June 30, 2020. Risk-weighted Assets were at ₹ 1,010,774 crore (as against ₹ 965,635 crore as at June 30, 2019).

NETWORK

As of June 30, 2020, the Bank’s distribution network was at 5,326 branches and 14,996 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,825 cities / towns as against 4,990 branches and 13,727 ATMs / CDMs across 2,764 cities / towns as of June 30, 2019. 50% of our branches are in semi-urban and rural areas. In addition, we have 6,546 business correspondents, of which 97% are manned by Common Service Centres (CSC) as against 140 outlets manned by non-CSC business correspondents as of June 30, 2019. Number of employees were at 115,822 as of June 30, 2020 (as against 104,154 as of June 30, 2019).

ASSET QUALITY

Gross non-performing assets were at 1.36% of gross advances as on June 30, 2020, (1.2% excluding NPAs in the agricultural segment) as against 1.26% as on March 31, 2020 (1.1% excluding NPAs in the agricultural segment) and 1.40% as on June 30, 2019 (1.2% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.33% of net advances as on June 30, 2020.

During the quarter, the Bank has used its analytical models to determine slippages, resulting in a more expedited recognition of NPAs, as well as accelerated corresponding specific provisions. The Bank also continues to hold provisions as on June 30, 2020 against the potential impact of COVID-19 based on the information available at this point in time and the same are in excess of the RBI prescribed norms.

NEWS RELEASE HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618

The Bank held floating provisions of ₹ 1,451 crore and contingent provisions of ₹ 4,002 crore as on June 30, 2020. Total provisions (comprising specific, floating, contingent and general provisions) were 149% of the gross non-performing loans as on June 30, 2020.

CONSOLIDATED FINANCIAL RESULTS

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

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on June 30, 2020, the Bank held 96.5% stake in HSL.

HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-banking finance company (‘NBFC’) offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on June 30, 2020, the Bank held 95.3% stake in HDBFSL.

The consolidated net profit for the quarter ended June 30, 2020 was ₹ 6,927 crore, up 22.0%, over the quarter ended June 30, 2019. Consolidated advances grew by 19.6% from ₹ 880,939 crore as on June 30, 2019 to ₹ 1,053,683 crore as on June 30, 2020.

Sd/-

Srinivasan Vaidynathan

Chief Financial Officer

Note:

₹ = Indian Rupees

1 crore = 10 million

NEWS RELEASE HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618

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

BSE: 500180

NSE: HDFCBANK

NYSE: HDB

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

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

For media queries please contact:

Neeraj Jha

Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

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

Fax: 91 - 22 - 2490 3168

Mobile: +91 93236 20828

neeraj.jha@hdfcbank.com

For investor queries please contact:

Ajit Shetty

HDFC Bank Ltd., Mumbai.

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

ajit.shetty@hdfcbank.com