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 January, 2022

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: January 17, 2022	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 January 15, 2022 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the unaudited Financial Results of the HDFC Bank Limited for the quarter and nine months ended December 31, 2021.

January 15, 2022

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Re: Unaudited Financial Results of the Bank for the quarter and nine months ended December 31, 2021

We enclose herewith the standalone and consolidated financial results of the Bank for the third quarter (unaudited) and nine months (unaudited) ended December 31, 2021, 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 today.

Kindly take the same on your records.

Yours truly,

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

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

		(₹ in lac)
	Particulars	Quarter ended									Nine months ended						Year ended 31.03.2021
		31.12.2021			30.09.2021			31.12.2020			31.12.2021			31.12.2020
		Unaudited			Audited (Refer note 4)			Unaudited			Unaudited			Unaudited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		3246805			3135337			3007970			9430439			9043464			12085823
	a) Interest / discount on advances / bills		2489549			2411494			2358069			7260316			7102291			9483454
	b) Income on investments		652582			645064			583191			1946960			1704794			2321427
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		86319			69090			55834			185692			202638			234125
	d) Others		18355			9689			10876			37471			33741			46817
2	Other Income		818355			740079			744322			2187284			1761098			2520489
3	Total Income (1)+(2)		4065160			3875416			3752292			11617723			10804562			14606312
4	Interest Expended		1402457			1366898			1376209			4116756			4267522			5597866
5	Operating Expenses (i)+(ii)		985108			927789			857481			2728940			2354133			3272262
	i) Employees cost		315442			296705			263012			888705			768594			1036479
	ii) Other operating expenses		669666			631084			594469			1840235			1585539			2235783
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		2387565			2294687			2233690			6845696			6621655			8870128
7	Operating Profit before Provisions and Contingencies (3)-(6)		1677595			1580729			1518602			4772027			4182907			5736184
8	Provisions (other than tax) and Contingencies		299398			392466			341413			1174948			1100915			1570285
9	Exceptional Items		—			—			—			—			—			—
10	Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)		1378197			1188263			1177189			3597079			3081992			4165899
11	Tax Expense		343977			304832			301360			906464			788990			1054246
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		1034220			883431			875829			2690615			2293002			3111653
13	Extraordinary items (net of tax expense)		—			—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		1034220			883431			875829			2690615			2293002			3111653
15	Paid up equity share capital (Face Value of ₹ 1/- each)		55424			55375			55077			55424			55077			55128
16	Reserves excluding revaluation reserves																	20316953
17	Analytical Ratios and other disclosures:
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		19.5	%		20.0	%		18.9	%		19.5	%		18.9	%		18.8	%
	(iii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each):
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		18.7			16.0			15.9			48.7			41.7			56.6
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		18.5			15.9			15.8			48.3			41.5			56.3
	(iv) NPA Ratios:
	(a) Gross NPAs		1601355			1634607			882556			1601355			882556			1508600
	(b) Net NPAs		467677			475509			101599			467677			101599			455482
	(c) % of Gross NPAs to Gross Advances		1.26	%		1.35	%		0.81	%		1.26	%		0.81	%		1.32	%
	(d) % of Net NPAs to Net Advances		0.37	%		0.40	%		0.09	%		0.37	%		0.09	%		0.40	%
	(v) Return on assets (average) - not annualized		0.56	%		0.50	%		0.55	%		1.52	%		1.47	%		1.97	%
	(vi) Net worth		22339400			21283028			18986579			22339400			18986579			19860103
	(vii) Outstanding redeemable preference shares		—			—			—			—			—			—
	(viii) Capital redemption reserve		—			—			—			—			—			—
	(ix) Debt-equity ratio		0.25			0.24			0.30			0.25			0.30			0.30
	(x) Total debts to total assets		9.82	%		8.12	%		7.26	%		9.82	%		7.26	%		7.76	%

- Debt represents borrowings with residual maturity of more than one year. Total debts represents total borrowings of the Bank.

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									Nine months ended						Year ended
		31.12.2021			30.09.2021			31.12.2020			31.12.2021			31.12.2020			31.03.2021
		Unaudited			Audited (Refer note 4)			Unaudited			Unaudited			Unaudited			Audited
1	Segment Revenue
a)	Treasury		919160			865042			820190			2648635			2430193			3233767
b)	Retail Banking		2925294			2821405			2781220			8444166			8259747			11021021
c)	Wholesale Banking		1872577			1566263			1432996			4879539			4242618			5715430
d)	Other Banking Operations		567252			542430			553301			1596026			1439386			1993753
e)	Unallocated		—			—			—			—			—			3082
	Total		6284283			5795140			5587707			17568366			16371944			21967053
	Less: Inter Segment Revenue		2219123			1919724			1835415			5950643			5567382			7360741
	Income from Operations		4065160			3875416			3752292			11617723			10804562			14606312
2	Segment Results
a)	Treasury		253105			231727			216936			755575			659814			903050
b)	Retail Banking		195926			207718			150718			512680			638241			1057480
c)	Wholesale Banking		772611			581321			587538			1889604			1297299			1743754
d)	Other Banking Operations		204935			212010			264281			569803			609175			620714
e)	Unallocated		(48380	)		(44513	)		(42284	)		(130583	)		(122537	)		(159099	)
	Total Profit Before Tax		1378197			1188263			1177189			3597079			3081992			4165899
3	Segment Assets
a)	Treasury		53754643			53320390			48454139			53754643			48454139			51964174
b)	Retail Banking		58577297			55066808			49769712			58577297			49769712			52199722
c)	Wholesale Banking		72959133			68279622			59703781			72959133			59703781			62873157
d)	Other Banking Operations		7356677			6709298			6652394			7356677			6652394			6711608
e)	Unallocated		1180845			1108355			842758			1180845			842758			938391
	Total		193828595			184484473			165422784			193828595			165422784			174687052
4	Segment Liabilities
a)	Treasury		13237969			10540440			7682004			13237969			7682004			7627660
b)	Retail Banking		122096409			117708079			105202071			122096409			105202071			109621782
c)	Wholesale Banking		31759407			30520473			30117038			31759407			30117038			33811531
d)	Other Banking Operations		631229			529363			568514			631229			568514			585765
e)	Unallocated		3139624			3315106			2338725			3139624			2338725			2668233
	Total		170864638			162613461			145908352			170864638			145908352			154314971
5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		40516674			42779950			40772135			40516674			40772135			44336514
b)	Retail Banking		(63519112	)		(62641271	)		(55432359	)		(63519112	)		(55432359	)		(57422060	)
c)	Wholesale Banking		41199726			37759149			29586743			41199726			29586743			29061626
d)	Other Banking Operations		6725448			6179935			6083880			6725448			6083880			6125843
e)	Unallocated		(1958779	)		(2206751	)		(1495967	)		(1958779	)		(1495967	)		(1729842	)
	Total		22963957			21871012			19514432			22963957			19514432			20372081

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 is given below:

	(₹ in lac)
Particulars	As at 31.12.2021		As at 31.12.2020		As at 31.03.2021
	Unaudited		Unaudited		Audited
CAPITAL AND LIABILITIES
Capital		55424		55077		55128
Reserves and Surplus		22908533		19459355		20316953
Deposits		144591811		127112386		133506022
Borrowings		19042526		12013015		13548733
Other Liabilities and Provisions		7230301		6782951		7260216
Total		193828595		165422784		174687052
ASSETS
Cash and Balances with Reserve Bank of India		15737985		8772856		9734073
Balances with Banks and Money at Call and Short notice		1104653		1768952		2212966
Investments		42258533		41437619		44372829
Advances		126086284		108232416		113283663
Fixed Assets		547940		476711		490932
Other Assets		8093200		4734230		4592589
Total		193828595		165422784		174687052

2 The above financial results have been approved by the Board of Directors at its meeting held on January 15, 2022. The financial results for the quarter and nine months ended December 31, 2021 have been subjected to a limited review by the statutory auditors (M S K A & Associates, Chartered Accountants and M M Nissim & Co LLP, Chartered Accountants) of the Bank. The report thereon is unmodified. The financial results for the quarter and nine months ended December 31, 2020 and for the year ended March 31, 2021 were reviewed / audited by M S K A & Associates, Chartered Accountants.

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, 2021 except for its stock based employee compensation plans. RBI, vide its clarification dated August 30, 2021 on Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Material Risk Takers and Control Function Staff, advised Banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense for all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Bank has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked instruments granted after March 31, 2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-Scholes model and is recognised as compensation expense over the vesting period. As a result, ‘Employees cost’ for the quarter and nine months ended December 31, 2021 is higher by ₹ 125.00 crore and ₹ 207.99 crore respectively with a consequent reduction in profit after tax by the said amount.

4 The figures for the second quarter of the financial year are the balancing figures between audited figures in respect of the half year end and the published year to date figures upto the end of the first quarter of the financial year.

5 During the quarter and nine months ended December 31, 2021, the Bank allotted 49,47,586 and 2,96,22,994 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

6 During the nine months ended December 31, 2021, the Bank raised Basel III compliant Additional Tier 1 (AT1) Notes of U.S.$ 1 billion (equivalent ₹ 7,423.75 crore) and Basel III compliant AT1 Bonds of ₹ 739.00 crore.

7 The outbreak of the COVID-19 pandemic had led to a nation-wide lockdown in April-May 2020. This was followed by localised lockdowns in areas with a significant number of COVID-19 cases. Following the easing of lockdown measures, there was an improvement in economic activity in the second half of fiscal 2021. India experienced a “second wave” of the COVID-19 pandemic in April-May 2021 following the discovery of mutant coronavirus variants, leading to the re-imposition of regional lockdowns. These were gradually lifted as the second wave subsided. The world is now experiencing another outbreak on account of new coronavirus variant and as a precautionary measure India has started to re-impose localised / regional restrictions.

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 disruptions following the outbreak, have impacted loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts resulting in increase in customer defaults and consequent increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Bank’s results will depend on ongoing as well as future developments, which are 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.

8 Details of resolution plan implemented under the RBI Resolution Framework - 2.0: Resolution of COVID-19 related stress of Individuals and Small Businesses dated May 5, 2021 are given below:

	₹ in crore except number of accounts
Particulars	Individual Borrowers				Small Businesses
	Personal Loans		Business Loans
A) Number of requests received for invoking resolution process		651656		687652		12328
B) Number of accounts where resolution plan has been implemented under this window		555978		553382		7284
C) Exposure to accounts mentioned at (B) before implementation of the plan		14564.32		1566.32		1889.21
D) Of (C), aggregate amount of debt that was converted into other securities		—		—		—
E) Additional funding sanctioned, if any, including between invocation of the plan and implementation		—		—		—
F) Increase in provisions on account of the implementation of the resolution plan		1665.40		204.77		195.02

Exposure to accounts is at borrower level.

Number of requests under (A) includes requests received as of September 30, 2021 processed subsequently. Number of accounts under (B) is in respect of requests received for invoking resolution process.

There were 106513 borrower accounts having an aggregate exposure of ₹ 2,664.60 crore to the Bank, where resolution plans had been implemented under RBI’s Resolution Framework 1.0 dated August 6, 2020 and modified under RBI’s Resolution Framework 2.0 dated May 5, 2021.

9 Details of loans transferred / acquired during the quarter ended December 31, 2021 under the RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 are given below:

(i) Details of non-performing assets (NPAs) transferred:

	₹ in crore except number of accounts
Particulars	To Asset Reconstruction Companies (ARCs)		To permitted transferees		To other transferees
Number of accounts		9881		—		—
Aggregate principal outstanding of loans transferred		262.45		—		—
Weighted average residual tenor of the loans transferred (in years)		3.21		—		—
Net book value of loans transferred (at the time of transfer)		104.55		—		—
Aggregate consideration		141.10		—		—
Additional consideration realised in respect of accounts transferred in earlier years		—		—		—

No excess provisions were reversed to the Profit and Loss Account on account of sale of NPAs.

Investment made in Security Receipts (SRs) was ₹ 119.94 crore. Pursuant to regulatory norms, the ARC shall obtain initial rating of SRs from an approved credit rating agency within a period of six months from the date of acquisition of assets by it.

(ii) The Bank has not transferred any Special Mention Account (SMA) and loan not in default.

(iii) Details of loans not in default acquired through assignment are given below:

Aggregate amount of loans acquired (₹ in crore)	7,488.75
Weighted average residual maturity (in years)	15.33
Weighted average holding period by originator (in years)	1.34
Retention of beneficial economic interest by the originator	10	%
Tangible security coverage	100	%

The loans acquired are not rated as these are to non-corporate borrowers.

(iv) The Bank has not acquired any stressed loan.

10 The Honourable Supreme Court of India (Hon’ble SC), vide an interim order dated September 3, 2020, had directed banks that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders, which the Bank complied with. 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 as 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, made in respect of these accounts a contingent provision, which was included in ‘Provisions (other than tax) and Contingencies’. The said interim order stood vacated on March 23, 2021 and the Bank continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

11 Other income includes commission income 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.

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

13 ₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place : Mumbai	Sashidhar Jagdishan
Date : January 15, 2022	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 AND NINE MONTHS ENDED DECEMBER 31, 2021

		(₹ in lacs)
		Quarter ended							Nine months ended				Year ended
	Particulars	31.12.2021		30.09.2021		31.12.2020			31.12.2021		31.12.2020		31.03.2021
		Unaudited		Audited (Refer note 4)		Unaudited			Unaudited		Unaudited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		3458802		3352044		3185160			10036222		9594548		12855240
	a) Interest / discount on advances / bills		2690770		2616373		2530278			7835239		7640054		10229913
	b) Income on investments		647468		644370		580793			1939483		1702979		2321162
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		88446		70841		58801			191353		208261		241430
	d) Others		32118		20460		15288			70147		43254		62735
2	Other Income		877694		791592		798713			2337273		1903031		2733288
3	Total Income (1)+(2)		4336496		4143636		3983873			12373495		11497579		15588528
4	Interest Expended		1472402		1441528		1452268			4335780		4516435		5924759
5	Operating Expenses (i)+(ii)		1060711		998491		917980			2929891		2519334		3500126
	i) Employees cost		412123		393143		345628			1169640		1010613		1367667
	ii) Other operating expenses		648588		605348		572352			1760251		1508721		2132459
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		2533113		2440019		2370248			7265671		7035769		9424885
7	Operating Profit before Provisions and Contingencies (3)-(6)		1803383		1703617		1613625			5107824		4461810		6163643
8	Provisions (Other than tax) and Contingencies		381570		471267		432305			1389470		1308769		1884029
9	Exceptional Items		—		—		—			—		—		—
10	Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)		1421813		1232350		1181320			3718354		3153041		4279614
11	Tax Expense		360236		320354		305301			950753		811797		1093937
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		1061577		911996		876019			2767601		2341244		3185677
13	Extraordinary items (net of tax expense)		—		—		—			—		—		—
14	Consolidated Net Profit / (Loss) for the period before minorities’ interest (12)-(13)		1061577		911996		876019			2767601		2341244		3185677
15	Less: Minorities’ Interest		2431		2377		(914	)		6627		1301		2356
16	Consolidated Net Profit / (Loss) for the period attributable to the group (14)-(15)		1059146		909619		876933			2760974		2339943		3183321
17	Paid up equity share capital (Face Value of ₹ 1/- each)		55424		55375		55077			55424		55077		55128
18	Reserves excluding revaluation reserves													20925890
19	Analytical Ratios:
	(i) Percentage of shares held by Government of India		Nil		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		19.1		16.4		15.9			49.9		42.6		57.9
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		19.0		16.3		15.8			49.6		42.4		57.6

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)
		Quarter ended									Nine months ended						Year ended
		31.12.2021			30.09.2021			31.12.2020			31.12.2021			31.12.2020			31.03.2021
Particulars		Unaudited			Audited (Refer note 4)			Unaudited			Unaudited			Unaudited			Audited
1	Segment Revenue
a)	Treasury		919160			865042			820190			2648635			2430193			3233767
b)	Retail Banking		2925294			2821405			2781220			8444166			8259747			11021021
c)	Wholesale Banking		1872577			1566263			1432996			4879539			4242618			5715430
d)	Other Banking Operations		838588			810650			784882			2351798			2132403			2975969
e)	Unallocated		—			—			—			—			—			3082
	Total		6555619			6063360			5819288			18324138			17064961			22949269
	Less: Inter Segment Revenue		2219123			1919724			1835415			5950643			5567382			7360741
	Income from Operations		4336496			4143636			3983873			12373495			11497579			15588528
2	Segment Results
a)	Treasury		253105			231727			216936			755575			659814			903050
b)	Retail Banking		195926			207718			150718			512680			638241			1057480
c)	Wholesale Banking		772611			581321			587538			1889604			1297299			1743754
d)	Other Banking Operations		248551			256097			268412			691078			680224			734429
e)	Unallocated		(48380	)		(44513	)		(42284	)		(130583	)		(122537	)		(159099	)
	Total Profit Before Tax and Minority Interest		1421813			1232350			1181320			3718354			3153041			4279614
3	Segment Assets
a)	Treasury		53754643			53320390			48454139			53754643			48454139			51964174
b)	Retail Banking		58577297			55066808			49769712			58577297			49769712			52199722
c)	Wholesale Banking		72959133			68279622			59703781			72959133			59703781			62873157
d)	Other Banking Operations		12555118			11976788			11899147			12555118			11899147			11975219
e)	Unallocated		1180845			1108355			842758			1180845			842758			938391
	Total		199027036			189751963			170669537			199027036			170669537			179950663
4	Segment Liabilities
a)	Treasury		13237969			10540440			7682004			13237969			7682004			7627660
b)	Retail Banking		122096409			117708079			105202071			122096409			105202071			109621782
c)	Wholesale Banking		31759407			30520473			30117038			31759407			30117038			33811531
d)	Other Banking Operations		5080298			5081742			5169467			5080298			5169467			5177164
e)	Unallocated		3139624			3315106			2338725			3139624			2338725			2668232
	Total		175313707			167165840			150509305			175313707			150509305			158906369
5	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		40516674			42779950			40772135			40516674			40772135			44336514
b)	Retail Banking		(63519112	)		(62641271	)		(55432359	)		(63519112	)		(55432359	)		(57422060	)
c)	Wholesale Banking		41199726			37759149			29586743			41199726			29586743			29061626
d)	Other Banking Operations		7474820			6895046			6729680			7474820			6729680			6798055
e)	Unallocated		(1958779	)		(2206751	)		(1495967	)		(1958779	)		(1495967	)		(1729841	)
	Total		23713329			22586123			20160232			23713329			20160232			21044294

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 is given below:

	(₹ in lac)
Particulars	As at 31.12.2021		As at 31.12.2020		As at 31.03.2021
	Unaudited		Unaudited		Audited
CAPITAL AND LIABILITIES
Capital		55424		55077		55128
Reserves and Surplus		23588863		20043562		20925890
Minority Interest		69042		61593		63276
Deposits		144420410		127049014		133372087
Borrowings		23247257		16214624		17769675
Other Liabilities and Provisions		7646040		7245667		7764607
Total		199027036		170669537		179950663
ASSETS
Cash and balances with Reserve Bank of India		15740535		8775532		9737035
Balances with Banks and Money at Call and Short notice		1375470		1914129		2390216
Investments		41541879		41144520		43882311
Advances		131214242		113340992		118528352
Fixed Assets		565478		496711		509956
Other Assets		8574553		4982774		4887914
Goodwill on Consolidation		14879		14879		14879
Total		199027036		170669537		179950663

2 The above financial results represent the consolidated financial results of 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 January 15, 2022. The financial results for the quarter and nine months ended December 31, 2021 have been subjected to a limited review by the statutory auditors (M S K A & Associates, Chartered Accountants and M M Nissim & Co LLP, Chartered Accountants) of the Bank. The report thereon is unmodified. The financial results for the quarter and nine months ended December 31, 2020 and for the year ended March 31, 2021 were reviewed / audited by M S K A & Associates, Chartered Accountants.

3 The Group has applied its significant accounting policies in the preparation of the consolidated financial results consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2021 except for its stock based employee compensation plans. RBI, vide its clarification dated August 30, 2021 on Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Material Risk Takers and Control Function Staff, advised Banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense for all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Group has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked instruments granted after March 31, 2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-Scholes model and is recognised as compensation expense over the vesting period. As a result, ‘Employees cost’ for the quarter and nine months ended December 31, 2021 is higher by ₹ 129.29 crore and ₹ 212.58 crore respectively with a consequent reduction in profit after tax by the said amount.

4 The figures for the second quarter of the financial year are the balancing figures between audited figures in respect of the half year end and the published year to date figures upto the end of the first quarter of the financial year.

5 The outbreak of the COVID-19 pandemic had led to a nation-wide lockdown in April-May 2020. This was followed by localised lockdowns in areas with a significant number of COVID-19 cases. Following the easing of lockdown measures, there was an improvement in economic activity in the second half of fiscal 2021. India experienced a “second wave” of the COVID-19 pandemic in April-May 2021 following the discovery of mutant coronavirus variants, leading to the re-imposition of regional lockdowns. These were gradually lifted as the second wave subsided. The world is now experiencing another outbreak on account of new coronavirus variant and as a precautionary measure India has started to re-impose localised/regional restrictions.

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 disruptions following the outbreak, have impacted loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts resulting in increase in customer defaults and consequent increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Group’s results will depend on ongoing as well as future developments, which are 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.

6 The Honourable Supreme Court of India (Hon’ble SC), vide an interim order dated September 3, 2020, had directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders, which the Group complied with. The said interim order stood vacated on March 23, 2021 and the Group continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

7 In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio, liquidity coverage ratio and Net Stable Funding Ratio (NSFR) under the Basel III Framework. These disclosures are available on the Bank’s website at the following link: https://www.hdfcbank.com/personal/resources/regulatory-disclosures. The disclosures have not been subjected to audit or review by the statutory auditors.

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

9 ₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place : Mumbai	Sashidhar Jagdishan
Date : January 15, 2022	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 NINE MONTHS ENDED DECEMBER 31, 2021

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and nine months ended December 31, 2021, at its meeting held in Mumbai on Saturday, January 15, 2022. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2021

The Bank’s net revenues (net interest income plus other income) increased by 12.1% to ₹ 26,627.0 crore for the quarter ended December 31, 2021 from ₹ 23,760.8 crore for the quarter ended December 31, 2020.

Net interest income (interest earned less interest expended) for the quarter ended December 31, 2021 grew by 13.0% to ₹ 18,443.5 crore from ₹ 16,317.6 crore for the quarter ended December 31, 2020. Advances grew at 16.5% reaching new heights driven through relationship management, digital offering and breadth of products. Core net interest margin was at 4.1%. New liability relationships added during the quarter remained at an all time high. This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123%, well above the regulatory requirement, which positions the Bank favorably to capitalise on growth opportunities.

Other income (non-interest revenue) at ₹ 8,183.6 crore was 30.7% of net revenues for the quarter ended December 31, 2021 and grew by 9.9% over ₹ 7,443.2 crore in the corresponding quarter of the previous year. The four components of other income for the quarter ended December 31, 2021 were fees & commissions of ₹ 5,075.1 crore (₹ 4,974.9 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 949.5 crore (₹ 562.2 crore in the corresponding quarter of the previous year), gain on sale / revaluation of investments of ₹ 1,046.5 crore (₹ 1,109.0 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,112.5 crore (₹ 797.1 crore in the corresponding quarter of the previous year).

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

We added 294 branches and 16,852 people over the last twelve months and made other investments to position ourselves and capitalise on the growth opportunity. Operating expenses for the quarter ended December 31, 2021 were ₹ 9,851.1 crore, an increase of 14.9% over ₹ 8,574.8 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.0%.

Pre-provision Operating Profit (PPOP) at ₹ 16,776.0 crore grew by 10.5% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended December 31, 2021 were ₹ 2,994.0 crore (consisting of specific loan loss provisions of ₹ 1,820.6 crore and general and other provisions of ₹ 1,173.4 crore) as against total provisions of ₹ 3,414.1 crore for the quarter ended December 31, 2020. Total provisions for the current quarter included contingent provisions of approximately ₹ 900 crore.

The total credit cost ratio was at 0.94%, as compared to 1.30% for the quarter ending September 30, 2021 and 1.25% for the quarter ending December 31, 2020.

Profit before tax (PBT) for the quarter ended December 31, 2021 at ₹ 13,782.0 crore grew by 17.1% over corresponding quarter of the previous year. After providing ₹ 3,439.8 crore for taxation, the Bank earned a net profit of ₹ 10,342.2 crore, an increase of 18.1% over the quarter ended December 31, 2020.

Balance Sheet: As of December 31, 2021

Total balance sheet size as of December 31, 2021 was ₹ 1,938,286 crore as against ₹ 1,654,228 crore as of December 31, 2020, a growth of 17.2%.

Total deposits as of December 31, 2021 were ₹ 1,445,918 crore, an increase of 13.8% over December 31, 2020. CASA deposits grew by 24.6% with savings account deposits at ₹ 471,029 crore and current account deposits at ₹ 210,195 crore. Time deposits were at ₹ 764,693 crore, an increase of 5.6% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 47.1% of total deposits as of December 31, 2021.

Total advances as of December 31, 2021 were ₹ 1,260,863 crore, an increase of 16.5% over December 31, 2020. Retail loans grew by 13.3%, commercial and rural banking loans grew by 29.4% and corporate and other wholesale loans grew by 7.5%. Overseas advances constituted 3.4% of total advances.

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

Nine months ended December 31, 2021

For the nine months ended December 31, 2021, the Bank earned a total income of ₹ 116,177.2 crore as against ₹ 108,045.6 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2021 were ₹ 75,009.7 crore, as against ₹ 65,370.4 crore for the nine months ended December 31, 2020. Net profit for the nine months ended December 31, 2021 was ₹ 26,906.2 crore, up by 17.3% over the corresponding nine months ended December 31, 2020.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.5% as on December 31, 2021 (18.9% as on December 31, 2020) as against a regulatory requirement of 11.7% which includes Capital Conservation Buffer of 2.5%, and an additional requirement of 0.2% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 18.4% as of December 31, 2021 compared to 17.6% as of December 31, 2020. Common Equity Tier 1 Capital ratio was at 17.1% as of December 31, 2021. Risk-weighted Assets were at ₹ 1,267,426 crore (as against ₹ 1,091,721 crore as at December 31, 2020).

NETWORK

As of December 31, 2021, the Bank’s distribution network was at 5,779 branches and 17,238 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,956 cities / towns as against 5,485 branches and 15,541 ATMs / CDMs across 2,866 cities / towns as of December 31, 2020. 50% of our branches are in semi-urban and rural areas. In addition, we have 15,700 business correspondents, which are primarily manned by Common Service Centres (CSC) as against 13,675 business correspondents as of December 31, 2020. Number of employees were at 134,412 as of December 31, 2021 (as against 117,560 as of December 31, 2020).

ASSET QUALITY

Gross non-performing assets were at 1.26% of gross advances as on December 31, 2021, as against 1.35% as on September 30, 2021 and 1.38% (Proforma approach) as on December 31, 2020. Net non-performing assets were at 0.37% of net advances as on December 31, 2021.

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 ₹ 8,636 crore as on December 31, 2021. Total provisions (comprising specific, floating, contingent and general provisions) were 172% of the gross non-performing loans as on December 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 Ind-AS.

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on December 31, 2021, the Bank held 96.0% stake in HSL. For the quarter ended December 31, 2021, HSL’s total income grew by 58% to ₹ 535.6 crore, as against ₹ 339.1 crore for the quarter ended December 31, 2020. Profit after tax for the quarter grew by 58% to ₹ 258.0 crore, as against ₹ 163.2 crore for the quarter ended December 31, 2020.

As on December 31, 2021, HSL had 213 branches across 147 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 December 31, 2021, the Bank held 95.0% stake in HDBFSL.

The total loan book was ₹ 60,478 crore as on December 31, 2021 as against ₹ 60,068 crore as on December 31, 2020. Liquidity coverage ratio was healthy at 222%.

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

For the quarter ended December 31, 2021, HDBFSL’s net revenue was at ₹ 1,981.6 crore as against ₹ 1,723.7 crore for the quarter ended December 31, 2020, a growth of 15.0%. Profit after tax for the quarter ended December 31, 2021 was ₹ 304.1 crore compared to a loss of ₹ 146.2 crore for the quarter ended December 31, 2020 and a profit after tax of ₹ 191.7 crore for the quarter ended September 30, 2021.

Stage 3 loans were at 6.05% of gross loans. Total CAR was at 20.3% with Tier-I CAR at 14.9% as on December 31, 2021.

As on December 31, 2021, HDBFSL had 1,328 branches across 965 cities / towns.

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the quarter ended December 31, 2021 was ₹ 10,591 crore, up 20.8%, over the quarter ended December 31, 2020. Consolidated advances grew by 15.8% from ₹ 1,133,410 crore as on December 31, 2020 to ₹ 1,312,142 crore as on December 31, 2021.

The consolidated net profit for the nine months ended December 31, 2021 was ₹ 27,610 crore, up 18.0%, over the nine months ended December 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

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

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:

Ravindran Subramanian

Corporate Communication

HDFC Bank Ltd., Mumbai.

Mobile: +91 9223306610

ravindran.subramanian@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