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 April, 2021

Commission File Number 001-15216

HDFC BANK LIMITED

(Translation of registrant’s name into English)

HDFC Bank House, Senapati Bapat Marg,

Lower Parel, Mumbai. 400 013, India

(Address of principal executive office)

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

Form 20-F  ☒             Form 40-F  ☐

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

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

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

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

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

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

SIGNATURES

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

		HDFC BANK LIMITED
		(Registrant)
Date: April 19, 2021	By	/s/ Santosh Haldankar
		Name:	Santosh Haldankar
		Title:	Sr. Vice President (Legal) & Company Secretary

EXHIBIT INDEX

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

Exhibit I

Description

Communication dated April 17, 2021 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the Audited Financial Results of the Bank for the quarter & year ended March 31, 2021.

Exhibit I

April 17, 2021

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sirs,

Re: Audited Financial Results of the Bank for the quarter & year ended March 31, 2021

We submit herewith the Audited Financial Results for the last quarter and year ended March 31, 2021 along with the consolidated accounts for the year ended March 31, 2021, duly approved by the Board of Directors at its meeting held today. The press release in this regard is also enclosed.

The Statutory Auditors of the Bank, M/s MSKA & Associates, Chartered Accountants, have issued the Audit Report on the Standalone and Consolidated financial results for the quarter and year ended March 31, 2021 with unmodified opinion.

This is for your information and records.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Senior Vice President - Legal & Company Secretary

Encl: a/a.

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

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

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

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

			(₹ in lac)
		Quarter ended									Year ended
		31.03.2021			31.12.2020			31.03.2020			31.03.2021			31.03.2020
	Particulars	Audited (Refer note 5)			Unaudited			Audited (Refer note 5)			Audited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		3042359			3007970			2988506			12085823			11481265
	a) Interest / discount on advances / bills		2381163			2358069			2404458			9483454			9178788
	b) Income on investments		616633			583191			509070			2321427			2063332
	c) Interest on balances with Reserve Bank of India and other inter bank funds		31487			55834			62902			234125			182893
	d) Others		13076			10876			12076			46817			56252
2	Other Income		759391			744322			603257			2520489			2326082
3	Total Income (1)+(2)		3801750			3752292			3591763			14606312			13807347
4	Interest Expended		1330344			1376209			1468100			5597866			5862640
5	Operating Expenses (i)+(ii)		918129			857481			827781			3272262			3069752
	i) Employees cost		267885			263012			249826			1036479			952567
	ii) Other operating expenses		650244			594469			577955			2235783			2117185
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		2248473			2233690			2295881			8870128			8932392
7	Operating Profit before Provisions and Contingencies (3)-(6)		1553277			1518602			1295882			5736184			4874955
8	Provisions (other than tax) and Contingencies		469370			341413			378449			1570285			1214239
9	Exceptional Items		—			—			—			—			—
10	Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)		1083907			1177189			917433			4165899			3660716
11	Tax Expense		265256			301360			224664			1054246			1034984
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		818651			875829			692769			3111653			2625732
13	Extraordinary items (net of tax expense)		—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		818651			875829			692769			3111653			2625732
15	Paid up equity share capital (Face Value of ₹1/- each)		55128			55077			54833			55128			54833
16	Reserves excluding revaluation reserves											20316953			17043769
17	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		18.8	%		18.9	%		18.5	%		18.8	%		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		14.9			15.9			12.6			56.6			48.0
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		14.7			15.8			12.6			56.3			47.7
	(iv) NPA Ratios
	(a) Gross NPAs		1508600			882556			1264997			1508600			1264997
	(b) Net NPAs		455482			101599			354236			455482			354236
	(c) % of Gross NPAs to Gross Advances		1.32	%		0.81	%		1.26	%		1.32	%		1.26	%
	(d) % of Net NPAs to Net Advances		0.40	%		0.09	%		0.36	%		0.40	%		0.36	%
	(v) Return on assets (average) - not annualized		0.50	%		0.55	%		0.49	%		1.97	%		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 lac)

Particulars		Quarter ended									Year ended
		31.03.2021			31.12.2020			31.03.2020			31.03.2021			31.03.2020
		Audited (Refer note 5)			Unaudited			Audited (Refer note 5)			Audited			Audited
1	Segment Revenue
a)	Treasury		803574			820190			690738			3233767			2655844
b)	Retail Banking		2761274			2781220			2821059			11021021			10799994
c)	Wholesale Banking		1472812			1432996			1527601			5715430			6113445
d)	Other Banking Operations		554367			553301			504799			1993753			1903341
e)	Unallocated		3082			—			153			3082			219
	Total		5595109			5587707			5544350			21967053			21472843
	Less: Inter Segment Revenue		1793359			1835415			1952587			7360741			7665496
	Income from Operations		3801750			3752292			3591763			14606312			13807347
2	Segment Results
a)	Treasury		243236			216936			108230			903050			346277
b)	Retail Banking		419239			150718			266747			1057480			1294246
c)	Wholesale Banking		446455			587538			381348			1743754			1412109
d)	Other Banking Operations		11539			264281			202533			620714			778463
e)	Unallocated		(36562	)		(42284	)		(41425	)		(159099	)		(170379	)
	Total Profit Before Tax		1083907			1177189			917433			4165899			3660716
3	Segment Assets
a)	Treasury		51964174			48454139			45724091			51964174			45724091
b)	Retail Banking		52199722			49769712			48427074			52199722			48427074
c)	Wholesale Banking		62873157			59703781			52056701			62873157			52056701
d)	Other Banking Operations		6711608			6652394			6050057			6711608			6050057
e)	Unallocated		938391			842758			793204			938391			793204
	Total		174687052			165422784			153051127			174687052			153051127
4	Segment Liabilities
a)	Treasury		7627660			7682004			10201209			7627660			10201209
b)	Retail Banking		109621782			105202071			90725810			109621782			90725810
c)	Wholesale Banking		33811531			30117038			31762887			33811531			31762887
d)	Other Banking Operations		585765			568514			503243			585765			503243
e)	Unallocated		2668233			2338725			2759376			2668233			2759376
	Total		154314971			145908352			135952525			154314971			135952525
5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		44336514			40772135			35522882			44336514			35522882
b)	Retail Banking		(57422060	)		(55432359	)		(42298736	)		(57422060	)		(42298736	)
c)	Wholesale Banking		29061626			29586743			20293814			29061626			20293814
d)	Other Banking Operations		6125843			6083880			5546814			6125843			5546814
e)	Unallocated		(1729842	)		(1495967	)		(1966172	)		(1729842	)		(1966172	)
	Total		20372081			19514432			17098602			20372081			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 March 31, 2021 is given below:

		(₹ in lac)
Particulars	As at 31.03.2021		As at 31.03.2020
	Audited		Audited
CAPITAL AND LIABILITIES
Capital		55128		54833
Reserves and Surplus		20316953		17043769
Deposits		133506022		114750231
Borrowings		13548733		14462854
Other Liabilities and Provisions		7260216		6739440
Total		174687052		153051127
ASSETS
Cash and Balances with Reserve Bank of India		9734073		7220512
Balances with Banks and Money at Call and Short notice		2212966		1441360
Investments		44372829		39182666
Advances		113283663		99370288
Fixed Assets		490932		443191
Other Assets		4592589		5393110
Total		174687052		153051127

2 Statement of Cash flow as at March 31, 2021 is given below:

		(₹ in lac)
Particulars	Year ended
	31.03.2021			31.03.2020
	Audited			Audited
Cash flows from / (used in) operating activities:
Profit before income tax		4165899			3660716
Adjustments for:
Depreciation on fixed assets		130241			119585
(Profit) / Loss on revaluation of investments		148532			70211
Amortisation of premium on held to maturity investments		76547			50141
(Profit) / loss on sale of fixed assets		(154	)		832
Provision / charge for non performing assets		1164997			935236
Provision for standard assets and contingencies		426948			305158
Dividend from subsidiaries		(48304	)		(42372	)
		6064706			5099507
Adjustments for:
(Increase) / decrease in investments		(5254061	)		(9992161	)
(Increase) / decrease in advances		(15092464	)		(18364046	)
Increase / (decrease) in deposits		18755793			22436137
(Increase) / decrease in other assets		1001828			(718012	)
Increase / (decrease) in other liabilities and provisions		(67565	)		919400
		5408237			(619175	)
Direct taxes paid (net of refunds)		(1258757	)		(1049802	)
Net cash flow from / (used in) operating activities		4149480			(1668977	)
Cash flows used in investing activities:
Purchase of fixed assets		(161738	)		(154688	)
Proceeds from sale of fixed assets		1416			1824
Dividend from subsidiaries		48304			42372
Net cash flow used in investing activities		(112018	)		(110492	)

Cash flows from / (used in) financing activities:
Proceeds from issue of share capital, net of issue expenses	176010		184868
Redemption of Tier II capital bonds	(110500	)	—
Increase / (decrease) in other borrowings	(803621	)	2754341
Dividend paid during the period (including tax on dividend)	—		(654030	)
Net cash flow from / (used in) financing activities	(738111	)	2285179
Effect of exchange fluctuation on translation reserve	(14184	)	21399
Net increase / (decrease) in cash and cash equivalents	3285167		527109
Cash and cash equivalents as at April 1st	8661872		8134763
Cash and cash equivalents as at the period end	11947039		8661872

3 The above financial results have been approved by the Board of Directors at its meeting held on April 17, 2021. The financial results for the quarter and year ended March 31, 2021 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified. The information presented above is extracted from the audited financial statements.

4 The Bank has consistently applied its significant accounting policies in the preparation of its quarterly financial results and its annual financial statements during the years ended March 31, 2021 and March 31, 2020.

5 The figures of the last quarter in each of the financial years are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the respective financial year.

6 The Reserve Bank of India (RBI), vide notification dated December 4, 2020, stated that in view of the ongoing stress and heightened uncertainty on account of COVID-19, banks should continue to conserve capital to support the economy and absorb losses. The notification also stated that in order to further strengthen the banks’ balance sheets, while at the same time support lending to the real economy, banks shall not make any dividend payment on equity shares from the profits pertaining to the financial year ended March 31, 2020. The Bank did not declare final dividend for the financial year ended March 31, 2020.

Given that the current “second wave” has significantly increased the number of COVID-19 cases in India and uncertainty remains, the Board of Directors of the Bank, at its meeting held on April 17, 2021, has considered it prudent to currently not propose dividend for the financial year ended March 31, 2021. The Board shall reassess the position based on any further guidelines from the RBI in this regard.

7 During the quarter and year ended March 31, 2021, the Bank allotted 51,19,550 and 2,94,90,022 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

8 Consequent to the outbreak of the COVID-19 pandemic, the Indian government announced a lockdown in March 2020. Subsequently, the national lockdown was lifted by the government, but regional lockdowns continue to be implemented in areas with a significant number of COVID-19 cases.

The impact of COVID-19, including changes in customer behaviour 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 activities. The slowdown during the year led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. This may lead to a rise in the number of customer defaults and consequently an increase in provisions thereagainst. The extent to which the COVID-19 pandemic, including the current “second wave” that has significantly increased the number of cases in India, will continue to impact the Bank’s results will depend on ongoing as well as 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.

9 In accordance with the COVID-19 Regulatory Packages announced by the RBI on March 27, 2020, April 17, 2020 and May 23, 2020, the Bank, in accordance with its board approved policy, offered a moratorium on the repayment of all instalments and / or interest, as applicable, due between March 1, 2020 and August 31, 2020 to all eligible borrowers classified as standard, even if overdue, as on February 29, 2020. In respect of such accounts that were granted moratorium, the asset classification remained standstill during the moratorium period.

The disclosures as required by RBI circular dated April 17, 2020 are given below:

Particulars	₹ in crore
Respective amounts in SMA/overdue categories, where the moratorium/deferment was extended, in terms of paragraph 2 and 3 of the circular (as of February 29, 2020) Term Loan Instalments: ₹11,805.09 crore Cash Credit / Overdraft: ₹4,063.48 crore		15,868.57
Respective amount where asset classification benefit is extended * Term Loan Instalments: ₹3,918.08 crore Cash Credit / Overdraft: ₹1,527.22 crore		5,445.30
Provisions made in terms of para 5 of the circular		620.00
Provisions adjusted against slippages in terms of paragraph 6 of the circular		—
Residual provisions as of March 31, 2021 in terms of paragraph 6 of the circular		620.00

* as of March 31, 2021 in respect of such accounts.

10 Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circular dated August 6, 2020 are given below.

₹ in crore except number of accounts

Type of Borrower	(A) Number of accounts where resolution plan has been implemented under this window		(B) Exposure to accounts mentioned at (A) before implementation of the plan		(C) Of (B), aggregate amount of debt that was converted into other securities		(D) Additional funding sanctioned, if any, including between invocation of the plan and implementation		(E) Increase in provisions on account of the implementation of the resolution
Personal Loans		287,487		5,456.00		—		—		545.60
Corporate persons		1,453		444.74		—		—		44.47
Of which, MSMEs		64		27.08		—		—		2.71
Others		47,080		607.63		—		—		60.76
Total		336,020		6,508.37		—		—		650.83

11 The Honourable Supreme Court of India (Hon’ble SC), in a public interest litigation (Gajendra Sharma Vs. Union of India & Anr), vide an interim order dated September 03, 2020 (“Interim Order”), had directed banks that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders. Accordingly, the Bank did not classify any account which was not NPA as of August 31, 2020 as per the RBI IRAC norms, as NPA after August 31, 2020.

If the Bank had classified borrower accounts as NPA after August 31, 2020, the Bank’s proforma Gross NPA ratio and proforma Net NPA ratio at December 31, 2020 would have been 1.38% and 0.40% respectively. Pending disposal of the case, the Bank, as a matter of prudence, had made in respect of these accounts a contingent provision, which was included in ‘Provisions (other than tax) and Contingencies’.

The interim order granted to not declare accounts as NPA stood vacated on March 23, 2021 vide the judgement of the Hon’ble SC in the matter of Small Scale Industrial Manufacturers Association vs. UOI & Ors. and other connected matters. In accordance with the instructions in paragraph 5 of the RBI circular dated April 07, 2021 issued in this connection, the Bank has continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

12 In accordance with the instructions in the aforesaid circular dated April 07, 2021, the Bank shall refund / adjust ‘interest on interest’ to all borrowers including those who had availed of working capital facilities during the moratorium period, irrespective of whether moratorium had been fully or partially availed, or not availed. Pursuant to these instructions, the methodology for calculation of the amount of such ‘interest on interest’ would be finalised by the Indian Banks Association (IBA) in consultation with other industry participants / bodies and is awaited as on the date of approval of these results. The Bank has however estimated the said amount and recognised a charge in its Profit and Loss Account for the year ended March 31, 2021.

13 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.

14 Other operating expenses include commission paid to sales agents of ₹864.27 crore (previous period: ₹856.17 crore) and ₹2,611.72 crore (previous year: ₹3,154.21 crore) for the quarter and year ended March 31, 2021 respectively.

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

16 ₹10 lac = ₹1 million

₹10 million = ₹1 crore

Place : Mumbai	Sashidhar Jagdishan
Date : April 17, 2021	Managing Director

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

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

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

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

			(₹ in lac)
		Quarter ended							Year ended
		31.03.2021		31.12.2020			31.03.2020		31.03.2021		31.03.2020
	Particulars	Audited (Refer note 5)		Unaudited			Audited (Refer note 5)		Audited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		3260692		3185160			3179505		12855240		12218930
	a) Interest / discount on advances / bills		2589859		2530278			2591924		10229913		9907963
	b) Income on investments		618183		580793			507557		2321162		2057273
	c) Interest on balances with Reserve Bank of India and other inter bank funds		33169		58801			64128		241430		186877
	d) Others		19481		15288			15896		62735		66817
2	Other Income		830257		798713			649212		2733288		2487898
3	Total Income (1)+(2)		4090949		3983873			3828717		15588528		14706828
4	Interest Expended		1408324		1452268			1552857		5924759		6213743
5	Operating Expenses (i)+(ii)		980792		917980			886024		3500126		3303605
	i) Employees cost		357054		345628			337684		1367667		1292013
	ii) Other operating expenses		623738		572352			548340		2132459		2011592
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		2389116		2370248			2438881		9424885		9517348
7	Operating Profit before Provisions and Contingencies (3)-(6)		1701833		1613625			1389836		6163643		5189480
8	Provisions (Other than tax) and Contingencies		575260		432305			421650		1884029		1369994
9	Exceptional Items		—		—			—		—		—
10	Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)		1126573		1181320			968186		4279614		3819486
11	Tax Expense		282140		305301			238515		1093937		1089859
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		844433		876019			729671		3185677		2729627
13	Extraordinary items (net of tax expense)		—		—			—		—		—
14	Net Profit / (Loss) for the period (12)-(13)		844433		876019			729671		3185677		2729627
15	Less: Share of minority shareholders		1055		(914	)		1649		2356		4231
16	Consolidated Net Profit / (Loss) for the period (14)-(15)		843378		876933			728022		3183321		2725396
17	Paid up equity share capital (Face Value of ₹1/- each)		55128		55077			54833		55128		54833
18	Reserves excluding revaluation reserves									20925890		17581038
19	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil		Nil			Nil		Nil		Nil
	(ii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each)
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		15.3		15.9			13.3		57.9		49.8
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		15.2		15.8			13.2		57.6		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 lac)
Particulars		Quarter ended									Year ended
		31.03.2021			31.12.2020			31.03.2020			31.03.2021			31.03.2020
		Audited (Refer note 5)			Unaudited			Audited (Refer note 5)			Audited			Audited
1	Segment Revenue
a)	Treasury		803574			820190			690738			3233767			2655844
b)	Retail Banking		2761274			2781220			2821059			11021021			10799994
c)	Wholesale Banking		1472812			1432996			1527601			5715430			6113445
d)	Other Banking Operations		843566			784882			741753			2975969			2802822
e)	Unallocated		3082			—			153			3082			219
	Total		5884308			5819288			5781304			22949269			22372324
	Less: Inter Segment Revenue		1793359			1835415			1952587			7360741			7665496
	Income from Operations		4090949			3983873			3828717			15588528			14706828
2	Segment Results
a)	Treasury		243236			216936			108230			903050			346277
b)	Retail Banking		419239			150718			266747			1057480			1294246
c)	Wholesale Banking		446455			587538			381348			1743754			1412109
d)	Other Banking Operations		54205			268412			253286			734429			937233
e)	Unallocated		(36562	)		(42284	)		(41425	)		(159099	)		(170379	)
	Total Profit Before Tax and Minority Interest		1126573			1181320			968186			4279614			3819486
3	Segment Assets
a)	Treasury		51964174			48454139			45724091			51964174			45724091
b)	Retail Banking		52199722			49769712			48427074			52199722			48427074
c)	Wholesale Banking		62873157			59703781			52056701			62873157			52056701
d)	Other Banking Operations		11975219			11899147			11081971			11975219			11081971
e)	Unallocated		938391			842758			793204			938391			793204
	Total		179950663			170669537			158083041			179950663			158083041
4	Segment Liabilities
a)	Treasury		7627660			7682004			10201209			7627660			10201209
b)	Retail Banking		109621782			105202071			90725810			109621782			90725810
c)	Wholesale Banking		33811531			30117038			31762887			33811531			31762887
d)	Other Banking Operations		5177164			5169467			4940224			5177164			4940224
e)	Unallocated		2668232			2338725			2759376			2668232			2759376
	Total		158906369			150509305			140389506			158906369			140389506
5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		44336514			40772135			35522882			44336514			35522882
b)	Retail Banking		(57422060	)		(55432359	)		(42298736	)		(57422060	)		(42298736	)
c)	Wholesale Banking		29061626			29586743			20293814			29061626			20293814
d)	Other Banking Operations		6798055			6729680			6141747			6798055			6141747
e)	Unallocated		(1729841	)		(1495967	)		(1966172	)		(1729841	)		(1966172	)
	Total		21044294			20160232			17693535			21044294			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 March 31, 2021 is given below:

				(₹ in lac)
Particulars	As at 31.03.2021		As at 31.03.2020
	Audited		Audited
CAPITAL AND LIABILITIES
Capital		55128		54833
Reserves and Surplus		20925890		17581038
Minority Interest		63276		57664
Deposits		133372087		114620714
Borrowings		17769675		18683431
Other Liabilities and Provisions		7764607		7085361
Total		179950663		158083041
ASSETS
Cash and balances with Reserve Bank of India		9737035		7221100
Balances with Banks and Money at Call and Short notice		2390216		1572910
Investments		43882311		38930495
Advances		118528352		104367088
Fixed Assets		509956		462685
Other Assets		4902793		5528763
Total		179950663		158083041

2 Consolidated Statement of Cash flow as at March 31, 2021 is given below:

	��	(₹ in lac)
Particulars	Year ended
	31.03.2021			31.03.2020
	Audited			Audited
Cash flows from / (used in) operating activities:
Consolidated profit before income tax		4277258			3815255
Adjustment for:
Depreciation on fixed assets		138501			127677
(Profit) / Loss on revaluation of investments		148532			70211
Amortisation of premium on held to maturity investments		76547			50141
(Profit) / loss on sale of fixed assets		29			819
Provision / charge for non performing assets		1392701			1106571
Provision for standard assets and contingencies		528307			305743
		6561875			5476417
Adjustments for:
(Increase) / decrease in investments		(5015664	)		(10107010	)
(Increase) / decrease in advances		(15568107	)		(18550036	)
Increase / (decrease) in deposits		18751374			22370446
(Increase) / decrease in other assets		830768			(724976	)
Increase / (decrease) in other liabilities and provisions		(10455	)		935987
		5549791			(599172	)
Direct taxes paid (net of refunds)		(1302145	)		(1087737	)
Net cash flow from / (used in) operating activities		4247646			(1686909	)

Cash flows used in investing activities:
Purchase of fixed assets	(169615	)	(163587	)
Proceeds from sale of fixed assets	1528		1895
Net cash flow used in investing activities	(168087	)	(161692	)
Cash flows from / (used in) financing activities:
Increase in minority interest	5612		7485
Proceeds from issue of share capital, net of issue expenses	176010		184868
Proceeds from issue of Tier I and Tier II capital bonds	35650		74350
Redemption of Tier II capital bonds	(110500	)	—
Increase / (decrease) in other borrowings	(838907	)	2835804
Dividend paid during the period (including tax on dividend)	—		(663059	)
Net cash flow from / (used in) financing activities	(732135	)	2439448
Effect of exchange fluctuation on translation reserve	(14183	)	21399
Net increase / (decrease) in cash and cash equivalents	3333241		612246
Cash and cash equivalents as at April 1st	8794010		8181764
Cash and cash equivalents as at the period end	12127251		8794010

3 The above financial results represent the consolidated financial results for HDFC Bank Limited and its subsidiaries constituting the ‘Group’. These financial results have been approved by the Board of Directors of the Bank at its meeting held on April 17, 2021. The financial results for the quarter and year ended March 31, 2021 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified.

4 The Group has consistently applied its significant accounting policies in the preparation of its quarterly financial results and its annual financial statements during the years ended March 31, 2021 and March 31, 2020.

5 The figures of the last quarter in each of the financial years are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the respective financial year.

6 Consequent to the outbreak of the COVID-19 pandemic, the Indian government announced a lockdown in March 2020. Subsequently, the national lockdown was lifted by the government, but regional lockdowns continue to be implemented in areas with a significant number of COVID-19 cases.

The impact of COVID-19, including changes in customer behaviour 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 activities. The slowdown during the year led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. This may lead to a rise in the number of customer defaults and consequently an increase in provisions thereagainst. The extent to which the COVID-19 pandemic, including the current “second wave” that has significantly increased the number of cases in India, will continue to impact the Group’s results will depend on ongoing as well as 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.

7 In accordance with the COVID-19 Regulatory Packages announced by the RBI on March 27, 2020, April 17, 2020 and May 23, 2020, the Group, in accordance with its board approved policy, offered a moratorium on the repayment of all instalments and / or interest, as applicable, due between March 1, 2020 and August 31, 2020 to all eligible borrowers classified as standard, even if overdue, as on February 29, 2020. In respect of such accounts that were granted moratorium, the asset classification remained standstill during the moratorium period.

8 The Honourable Supreme Court of India (Hon’ble SC), in a public interest litigation (Gajendra Sharma Vs. Union of India & Anr), vide an interim order dated September 03, 2020 (“Interim Order”), had directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders. Accordingly, the Group did not classify any account which was not NPA as of August 31, 2020 as per the RBI IRAC norms, as NPA after August 31, 2020.

The interim order granted to not declare accounts as NPA stood vacated on March 23, 2021 vide the judgement of the Hon’ble SC in the matter of Small Scale Industrial Manufacturers Association vs. UOI & Ors. and other connected matters. In accordance with the instructions in paragraph 5 of the RBI circular dated April 07, 2021 issued in this connection, the Group has continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

9 In accordance with the instructions in the aforesaid circular dated April 07, 2021, the Group shall refund / adjust ‘interest on interest’ to all borrowers including those who had availed of working capital facilities during the moratorium period, irrespective of whether moratorium had been fully or partially availed, or not availed. Pursuant to these instructions, the methodology for calculation of the amount of such ‘interest on interest’ would be finalised by the Indian Banks Association (IBA) in consultation with other industry participants / bodies and is awaited as on the date of approval of these results. The Group has however estimated the said amount and recognised a charge in its Profit and Loss Account for the year ended March 31, 2021.

10 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.

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

12 ₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place : Mumbai	Sashidhar Jagdishan
Date : April 17, 2021	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 AND YEAR ENDED MARCH 31, 2021

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and full year ended March 31, 2021, at their meeting held in Mumbai on Saturday, April 17, 2021. The accounts have been subjected to an audit by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended March 31, 2021

The Bank’s net revenues (net interest income plus other income) increased by 16.4% to ₹ 24,714.1 crore for the quarter ended March 31, 2021 from ₹ 21,236.6 crore for the quarter ended March 31, 2020. Net interest income (interest earned less interest expended) for the quarter ended March 31, 2021 grew by 12.6% to ₹ 17,120.2 crore from ₹ 15,204.1 crore for the quarter ended March 31, 2020, driven by advances growth of 14.0%, and a core net interest margin of 4.2%. The Bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 138%, well above the regulatory requirement.

Other income (non-interest revenue) at ₹ 7,593.9 crore was 30.7% of net revenues for the quarter ended March 31, 2021 and grew by 25.9% over ₹ 6,032.6 crore in the corresponding quarter ended March 31, 2020. The four components of other income for the quarter ended March 31, 2021 were fees & commissions of ₹ 5,023.3 crore (₹ 4,200.8 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 879.3 crore (₹ 500.8 crore for the corresponding quarter of the previous year), gain on sale / revaluation of investments of ₹ 655.1 crore (gain of ₹ 565.3 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,036.2 crore (₹ 765.7 crore for the corresponding quarter of the previous year).

Operating expenses for the quarter ended March 31, 2021 were ₹ 9,181.3 crore, an increase of 10.9% over ₹ 8,277.8 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.2% as against 39.0% for the corresponding quarter ended March 31, 2020.

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

Pre-provision Operating Profit (PPOP) at ₹ 15,532.8 crore grew by 19.9% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended March 31, 2021 were ₹ 4,693.7 crore (including a build of approximately ₹ 1,300 crore in contingent provisions) as against ₹ 3,784.5 crore for the quarter ended March 31, 2020.

The total credit cost ratio was at 1.64%, as compared to 1.25% for the quarter ending December 31, 2020 and 1.51% for the quarter ending March 31, 2020.

Profit before tax (PBT) for the quarter ended March 31, 2021 at ₹ 10,839.1 crore grew by 18.1% over corresponding quarter of the previous year. After providing ₹ 2,652.6 crore for taxation, the Bank earned a net profit of ₹ 8,186.5 crore, an increase of 18.2% over the quarter ended March 31, 2020.

Balance Sheet: As of March 31, 2021

Total balance sheet size as of March 31, 2021 was ₹ 1,746,871 crore as against ₹ 1,530,511 crore as of March 31, 2020, a growth of 14.1%.

Total deposits as of March 31, 2021 were ₹ 1,335,060 crore, an increase of 16.3% over March 31, 2020. CASA deposits grew by 27.0% with savings account deposits at ₹ 403,500 crore and current account deposits at ₹ 212,182 crore. Time deposits were at ₹ 719,378 crore, an increase of 8.5% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 46.1% of total deposits as of March 31, 2021.

Total advances as of March 31, 2021 were ₹ 1,132,837 crore, an increase of 14.0% over March 31, 2020. Domestic advances grew by 14.1% over March 31, 2020. As per regulatory [Basel 2] segment classification, domestic retail loans grew by 6.7% and domestic wholesale loans grew by 21.7%. The domestic loan mix as per Basel 2 classification between retail:wholesale was 47:53. Overseas advances constituted 3% of total advances.

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

Profit & Loss Account: Year ended March 31, 2021

For the year ended March 31, 2021, the Bank earned a total income of ₹ 146,063.1 crore as against ₹ 138,073.5 crore for the year ended March 31, 2020. Net revenues (net interest income plus other income) for the year ended March 31, 2021 were ₹ 90,084.5 crore, as against ₹ 79,447.1 crore for the year ended March 31, 2020. The core net interest margin for the year ended March 31, 2021 was 4.2%. The cost to income ratio for the year ended March 31, 2021 was at 36.3%, as against 38.6% for the year ended March 31, 2020. Net profit for the year ended March 31, 2021 was ₹ 31,116.5 crore, up 18.5% over the year ended March 31, 2020.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.8% as on March 31, 2021 (18.5% as on March 31, 2020) 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 17.6% as of March 31, 2021 compared to 17.2% as of March 31, 2020. Common Equity Tier 1 Capital ratio was at 16.9% as of March 31, 2021. Risk-weighted Assets were at ₹ 1,131,144 crore (as against ₹ 994,716 crore as at March 31, 2020).

NETWORK

As of March 31, 2021, the Bank’s distribution network was at 5,608 branches and 16,087 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,902 cities / towns as against 5,254 branches and 14,901 ATMs / CDMs across 2,803 cities / towns as of March 31, 2020. 50% of our branches are in semi-urban and rural areas. In addition, we have 15,756 business correspondents, which are primarily manned by Common Service Centres (CSC) as against 5,541 business correspondents as of March 31, 2020. Number of employees were at 120,093 as of March 31, 2021 (as against 116,971 as of March 31, 2020).

ASSET QUALITY

The Honourable Supreme Court of India, in a public interest litigation (Gajendra Sharma Vs Union of India & Anr), vide an interim order dated September 3, 2020, directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as such until further orders. Pursuant to the said interim order, accounts that would have otherwise been classified as NPA had not been classified as NPA. However, the Bank as a matter of prudence made contingent provisions in respect of these accounts during the quarters ended September 30, 2020 and December 31, 2020 (proforma approach). The interim order granted to not declare accounts as NPA stood vacated on March 23, 2021 vide the judgement of the Honourable Supreme Court in the matter of Small Scale Industrial Manufacturers Association vs UOI & Ors. and other connected matters. In accordance with the instructions in paragraph 5 of the RBI circular dated April 7, 2021 issued in this connection, the Bank has continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

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

Gross non-performing assets were at 1.32% of gross advances as on March 31, 2021, as against 1.38% (proforma approach) as on December 31, 2020 and 1.26% as on March 31, 2020. Net non-performing assets were at 0.40% of net advances as on March 31, 2021.

The Bank also continues to hold provisions as on March 31, 2021 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. The Bank held floating provisions of ₹ 1,451 crore and contingent provisions of ₹ 5,861 crore as on March 31, 2021. Total provisions (comprising specific, floating, contingent and general provisions) were 153% of the gross non-performing loans as on March 31, 2021.

SUBSIDIARIES

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. The financial numbers of the Bank’s subsidiary companies mentioned herein below are in accordance with Indian GAAP.

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on March 31, 2021, the Bank held 96.3% stake in HSL.

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

For the quarter ended March 31, 2021, HSL’s total income was ₹ 439.1 crore as against ₹ 299.9 crore for the quarter ended March 31, 2020. Profit after tax for the quarter was ₹ 253.1 crore, as against ₹ 157.0 crore for the quarter ended March 31, 2020.

As on March 31, 2021, HSL had 216 branches across 159 cities / towns in the country.

HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-banking finance company (‘NBFC’) offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on March 31, 2021, the Bank held 95.1% stake in HDBFSL.

The total loan book was ₹ 58,947 crore as on March 31, 2021 as against ₹ 55,930 crore as on March 31, 2020. Liquidity coverage ratio was healthy at 265%, well above the regulatory requirement.

For the quarter ended March 31, 2021, HDBFSL’s net interest income grew by 15.4% to ₹ 1,252.0 crore as against ₹ 1,084.5 crore for the quarter ended March 31, 2020. Pre-provision Operating Profit (PPOP) at ₹ 989.4 crore grew by 20.2% over the corresponding quarter of the previous year and by 32.2% over quarter ended December 31, 2020.

Provisions and contingencies for the quarter were at ₹ 613.1 crore as against ₹ 392.5 for the quarter ended March 31, 2020. Profit after tax for the quarter ended March 31, 2021 was ₹ 284.6 crore compared to ₹ 341.7 crore for the quarter ended March 31, 2020.

Profit after tax for the year ended March 31, 2021 was ₹ 502.8 crore compared to ₹ 1,036.9 crore for the year ended March 31, 2020.

As on March 31, 2021, Gross NPA based on the approach used for NBFCs was 3.9% as against 3.5% on March 31, 2020 and 5.9% (proforma approach) as on December 31, 2020.

Total CAR was at 19.0% with Tier-I CAR at 14.3%. As on March 31, 2021, HDBFSL had 1,319 branches across 959 cities / towns.

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

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the quarter ended March 31, 2021 was ₹ 8,434 crore, up 15.8%, over the quarter ended March 31, 2020. Consolidated advances grew by 13.6% from ₹ 1,043,671 crore as on March 31, 2020 to ₹ 1,185,284 crore as on March 31, 2021.

The consolidated net profit for the year ended March 31, 2021 was ₹ 31,833 crore, up 16.8% over the year ended March 31, 2020.

Note:

₹ = Indian Rupees

1 crore = 10 million

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

BSE: 500180

NSE: HDFCBANK

NYSE: HDB

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

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

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

For media queries please contact:

Rajiv Banerjee

Vertical Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

Tel: 91-22-6652 1307 (D) / 6652 1000 (B)

Mobile: +91 9920454102

rajivshiv.banerjee@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