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, 2023

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 15, 2023	By	/s/ Santosh Haldankar
	Name: Santosh Haldankar
	Title:   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 15, 2023 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the audited standalone and consolidated financial results of the Bank for the year ended March 31, 2023.

April 15, 2023

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Sub: Outcome of the meeting of the Board of Directors of HDFC Bank Limited (“the Bank”) held on April 15, 2023

We enclose herewith the audited standalone and consolidated financial results of the Bank for the year ended March 31, 2023 (“Results”), along with segment reporting, Press Release and the Audit Report of the Joint 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 faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

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

STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

		(₹ in lac)
		Quarter ended									Year ended
		31.03.2023			31.12.2022			31.03.2022			31.03.2023			31.03.2022
	Particulars	Audited (Refer note 6)			Unaudited			Audited (Refer note 6)			Audited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		4511936			4270777			3344872			16158555			12775311
	a) Interest / discount on advances / bills		3564278			3364141			2590886			12709586			9851202
	b) Income on investments		837644			803922			657653			3131116			2604613
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		30865			23166			69545			99679			255237
	d) Others		79149			79548			26788			218174			64259
2	Other income		873118			849984			763706			3121483			2950990
3	Total Income (1)+(2)		5385054			5120761			4108578			19280038			15726301
4	Interest Expended		2176753			1971994			1457598			7474331			5574354
5	Operating Expenses (i)+(ii)		1346211			1246360			1015279			4765209			3744219
	i) Employees cost		436206			412623			314464			1551236			1203169
	ii) Other operating expenses		910005			833737			700815			3213973			2541050
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		3522964			3218354			2472877			12239540			9318573
7	Operating Profit before Provisions and Contingencies (3)-(6)		1862090			1902407			1635701			7040498			6407728
8	Provisions (other than tax) and Contingencies		268537			280644			331235			1191967			1506183
9	Exceptional Items		—			—			—			—			—
10	Profit from Ordinary Activities before tax (7)-(8)-(9)		1593553			1621763			1304466			5848531			4901545
11	Tax Expense		388808			395814			298948			1437660			1205412
12	Net Profit from Ordinary Activities after tax (10)-(11)		1204745			1225949			1005518			4410871			3696133
13	Extraordinary items (net of tax expense)		—			—			—			—			—
14	Net Profit for the period (12)-(13)		1204745			1225949			1005518			4410871			3696133
15	Paid up equity share capital (Face Value of ₹ 1/- each)		55797			55768			55455			55797			55455
16	Reserves excluding revaluation reserves											27964105			23953838
17	Analytical Ratios and other disclosures:
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		19.26	%		17.66	%		18.90	%		19.26	%		18.90	%
	(iii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each):
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		21.60			21.99			18.14			79.25			66.80
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		21.49			21.89			18.04			78.89			66.35
	(iv) NPA Ratios:
	(a) Gross NPAs		1801903			1876390			1614096			1801903			1614096
	(b) Net NPAs		436843			502427			440768			436843			440768
	(c) % of Gross NPAs to Gross Advances		1.12	%		1.23	%		1.17	%		1.12	%		1.17	%
	(d) % of Net NPAs to Net Advances		0.27	%		0.33	%		0.32	%		0.27	%		0.32	%
	(v) Return on assets (average) - not annualized		0.53	%		0.56	%		0.52	%		2.07	%		2.03	%
	(vi) Net worth		27306304			26039935			23361381			27306304			23361381
	(vii) Outstanding Redeemable Preference Shares		—			—			—			—			—
	(viii) Capital Redemption Reserve		—			—			—			—			—
	(ix) Debt Equity Ratio		0.39			0.28			0.33			0.39			0.33
	(x) Total Debts to Total Assets		8.38	%		9.18	%		8.93	%		8.38	%		8.93	%

- 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 RBI guidelines and Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:

		(₹ in lac)
		Quarter ended									Year ended
		31.03.2023			31.12.2022			31.03.2022			31.03.2023			31.03.2022
Particulars		Audited (Refer note 6)			Unaudited			Audited (Refer note 6)			Audited			Audited
1	Segment Revenue
a)	Treasury		948254			955078			789877			3432291			3438512
b)	Retail Banking:		4016052			3530186			3074825			14227315			11518991
	(i) Digital Banking*		51			13						64
	(ii) Other Retail Banking		4016001			3530173						14227251
c)	Wholesale Banking		2653476			2537451			1768754			9181732			6648293
d)	Other Banking Operations		697775			656735			553595			2597931			2149621
e)	Unallocated		109180			104476			(1218	)		254876			(1218	)
	Total		8424737			7783926			6185833			29694145			23754199
	Less: Inter Segment Revenue		3039683			2663165			2077255		��	10414107			8027898
	Income from Operations		5385054			5120761			4108578			19280038			15726301
2	Segment Results
a)	Treasury		104312			77494			138376			209649			893951
b)	Retail Banking:		397648			440906			409644			1416354			922324
	(i) Digital Banking*		(37	)		(48	)					(85	)
	(ii) Other Retail Banking		397685			440954						1416439
c)	Wholesale Banking		855913			849435			615697			3364199			2505301
d)	Other Banking Operations		294814			255164			168845			968453			738648
e)	Unallocated		(59134	)		(1236	)		(28096	)		(110124	)		(158679	)
	Total Profit Before Tax		1593553			1621763			1304466			5848531			4901545
3	Segment Assets
a)	Treasury		64110856			65748834			55176734			64110856			55176734
b)	Retail Banking:		75606877			67126656			61946820			75606877			61946820
	(i) Digital Banking*		4022			2361						4022
	(ii) Other Retail Banking		75602855			67124295						75602855
c)	Wholesale Banking		97368982			87494145			80813661			97368982			80813661
d)	Other Banking Operations		8074870			7813956			7659109			8074870			7659109
e)	Unallocated		1446563			1346941			1257183			1446563			1257183
	Total		246608148			229530532			206853507			246608148			206853507
4	Segment Liabilities
a)	Treasury		7330877			9774905			7727363			7330877			7727363
b)	Retail Banking:		159073252			148370986			129233974			159073252			129233974
	(i) Digital Banking*		4166			2420						4166
	(ii) Other Retail Banking		159069086			148368566						159069086
c)	Wholesale Banking		46455276			39712407			41382531			46455276			41382531
d)	Other Banking Operations		701864			664367			599476			701864			599476
e)	Unallocated		5026977			4253625			3900870			5026977			3900870
	Total		218588246			202776290			182844214			218588246			182844214
5	Capital and Reserves		28019902			26754242			24009293			28019902			24009293
6	Total (4)+(5)		246608148			229530532			206853507			246608148			206853507

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.

*Vide its circular dated April 7, 2022 on establishment of Digital Banking Units (DBUs), the RBI has prescribed reporting of Digital Banking Segment as a sub-segment of Retail Banking Segment. During the year ended March 31, 2023, the Bank has commenced operations at four DBUs and the segment information disclosed above is related to the said DBUs.

Notes :

1 Statement of Assets and Liabilities is given below:

	(₹ in lac)
Particulars	As at 31.03.2023		As at 31.03.2022
	Audited		Audited
CAPITAL AND LIABILITIES
Capital		55797		55455
Reserves and Surplus		27964105		23953838
Deposits		188339465		155921744
Borrowings		20676556		18481721
Other Liabilities and Provisions		9572225		8440749
Total		246608148		206853507
ASSETS
Cash and Balances with Reserve Bank of India		11716077		12999564
Balances with Banks and Money at Call and Short notice		7660431		2233130
Investments		51700143		45553570
Advances		160058590		136882093
Fixed Assets		801655		608368
Other Assets		14671252		8576782
Total		246608148		206853507

2 Statement of Cash flow is given below:

	(₹ in lac)
	Year ended
Particulars	31.03.2023			31.03.2022
	Audited			Audited
Cash flows from operating activities:
Profit before income tax		5848531			4901545
Adjustments for:
Depreciation on fixed assets		224248			159980
(Profit) / loss on revaluation of investments		54582			(154640	)
Amortisation of premium on held to maturity investments		85120			82132
(Profit) / loss on sale of fixed assets		(829	)		334
Provision / charge for non performing assets		1178738			1063348
Provision for standard assets and contingencies		13227			495697
Dividend from subsidiaries		(81098	)		(83090	)
Employee Stock Options / Units expense		74890			32597
		7397409			6497903
Adjustments for:
Increase in investments		(6333089	)		(1219517	)
Increase in advances		(24355264	)		(24663890	)
Increase in deposits		32417721			22415722
Increase in other assets		(5940935	)		(3802358	)
Increase in other liabilities and provisions		1093070			751796
		4278912			(20344	)
Direct taxes paid (net of refunds)		(1547573	)		(1400526	)
Net cash flow from / (used in) operating activities		2731339			(1420870	)
Cash flows from investing activities:
Purchase of fixed assets		(328047	)		(214079	)
Proceeds from sale of fixed assets		4061			1830
Dividend from subsidiaries		81098			83090
Net cash flow used in investing activities		(242888	)		(129159	)
Cash flows from financing activities:
Proceeds from issue of share capital, net of issue expenses		341583			260976
Proceeds from issue of Tier 1 and Tier 2 capital bonds		2300000			816275
Redemption of Tier 1 and Tier 2 capital bonds		(1147700	)		(365000	)
Increase in other borrowings		978761			4466163
Dividend paid during the period		(860452	)		(359240	)
Net cash flow from financing activities		1612192			4819174
Effect of exchange fluctuation on translation reserve		43171			16510
Net increase in cash and cash equivalents		4143814			3285655
Cash and cash equivalents as at April 1st		15232694			11947039
Cash and cash equivalents as at the year end		19376508			15232694

3 The above financial results have been approved by the Board of Directors at its meeting held on April 15, 2023. The financial results for the year ended March 31, 2023 have been subjected to an audit by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank. The financial results for the quarter and year ended March 31, 2022 were audited by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

4 These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (“the RBI”) from time to time (‘RBI Guidelines’) and other accounting principles generally accepted in India, and is in compliance with the presentation and disclosure requirements of the Regulation 33 and Regulation 52 read with Regulation 63 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended including relevant circulars issued by the SEBI from time to time.

5 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, 2022. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable, unless specifically required under those circulars / directions.

6 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.

7 The Board of Directors at its meeting held on April 15, 2023, proposed a dividend of ₹ 19.00 per share (previous year: ₹ 15.50 per share), subject to approval of the members at the ensuing Annual General Meeting. Effect of the proposed dividend has been reckoned in determining capital funds in the computation of capital adequacy ratios as at March 31, 2023 and March 31, 2022.

8 The Board of Directors at its meeting held on April 04, 2022, approved a composite Scheme of amalgamation (“Scheme”), for the amalgamation of: (i) HDFC Investments Limited and HDFC Holdings Limited, with and into Housing Development Finance Corporation Limited (“HDFC Limited”); and thereafter (ii) HDFC Limited into HDFC Bank Limited (“Bank”), and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The share exchange ratio shall be 42 equity shares of face value of ₹ 1/- each of the Bank for every 25 equity shares of face value of ₹ 2/- each of HDFC Limited. As per the Scheme, the appointed date for the amalgamation of HDFC Limited with and into the Bank shall be the effective date of the Scheme. The Scheme shall become effective on filing of the necessary form with the ROC. Upon the Scheme becoming effective, the Bank will issue equity shares to the shareholders of HDFC Limited as on the record date as per the Scheme and the equity shares held by HDFC Limited in the Bank will be extinguished.

The Scheme was approved by the shareholders at the National Company Law Tribunal (“NCLT”) convened meeting of the shareholders of the Bank held on November 25, 2022. The NCLT, in accordance with Sections 230 to 232 of the Companies Act, 2013 and rules thereunder, has vide its order dated March 17, 2023 sanctioned the Scheme. The Bank is in the process of seeking the remaining necessary approvals / permissions and accordingly, the Scheme has not yet been made effective.

9 During the quarter and year ended March 31, 2023, the Bank allotted 29,87,390 and 3,42,01,810 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

10 During the year ended March 31, 2023, the Bank issued Basel III compliant bonds comprised of Additional Tier 1 bonds of ₹ 3,000.00 crore and Tier 2 bonds of ₹ 20,000.00 crore.

11 The COVID-19 virus, a global pandemic affected the world economy over the last two to three years. The extent to which any new wave of COVID-19 will impact the bank’s results will depend on ongoing as well as future developments, 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.

12 Details of resolution plan implemented under the Resolution Framework for COVID-19 related Stress as per RBI circulars dated August 06, 2020 (Resolution Framework 1.0) and May 05, 2021 (Resolution Framework 2.0) as at March 31, 2023 are given below:

	(₹ in crore)
Type of Borrower	Exposure to accounts classified as Standard consequent to implementation of resolution plan – Position as at the end of the previous half-year i.e September 30, 2022 (A)		Of (A), aggregate debt that slipped into NPA during the half-year ended March 31, 2023		Of (A) amount written off during the half-year#		Of (A) amount paid by the borrowers during the half-year*		Exposure to accounts classified as Standard consequent to implementation of resolution plan – Position as at the end of this half-year i.e March 31, 2023^
Personal Loans		5,255.92		1,343.06		849.58		330.72		3,582.14
Corporate persons		1,125.67		382.22		2.25		140.38		603.07
Of which, MSMEs		128.14		19.95		0.73		23.04		85.15
Others		1,469.45		347.09		38.65		255.96		866.40
Total		7,851.04		2,072.37		890.48		727.06		5,051.61

# Represents debt that slipped into NPA and was subsequently written off during the half year ended March 31, 2023.

* Amount paid by the borrower during the half year is net of additions in the borrower account and including additions due to interest capitalisation.

^ Excludes other facilities to the borrowers aggregating to ₹ 971.62 crore which have not been restructured.

13 Details of loans transferred / acquired during the quarter ended March 31, 2023 as per RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 are given below:

(i) The Bank has not transferred any stressed loan (Non-performing asset and Special Mention Account) and loan not in default.

(ii) Details of ratings of SRs outstanding as on March 31, 2023 are given below:

	(₹ in crore)
Rating	Rating Agency	Recovery rating	Gross Value of Outstanding SRs
RR1	CRISIL	100% - 150%		73.44
RR1	India Ratings	100% - 150%		251.09
RR2	India Ratings	75% - 100%		120.89
RR4	India Ratings	25% - 50%		154.34
Unrated				0.22
		Total		599.98

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

Particulars	Value
Aggregate amount of loans acquired (₹ in crore)		9,371.85
Weighted average residual maturity (in years)		20.46
Weighted average holding period by the originator (in years)		1.49
Retention of beneficial economic interest by the originator		10	%
Tangible security coverage		99.92	%

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

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

14 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.

15 Other operating expenses include commission paid to sales agents of ₹ 1,138.57 crore (previous period: ₹ 1,165.19 crore) and ₹ 4,610.13 crore (previous year: ₹ 3,718.81 crore) for the quarter and year ended March 31, 2023 respectively.

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

17 ₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place: Mumbai Date: April 15, 2023 Sashidhar Jagdishan 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

CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

		(₹ in lac)
		Quarter ended						Year ended
		31.03.2023		31.12.2022		31.03.2022		31.03.2023		31.03.2022
	Particulars	Audited (Refer note 6)		Unaudited		Audited (Refer note 6)		Audited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		4754834		4500211		3557419		17075405		13593641
	a) Interest / discount on advances / bills		3787354		3585005		2794295		13576733		10629534
	b) Income on investments		839038		796486		651223		3117330		2590706
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		37322		26568		71725		114925		263078
	d) Others		91120		92152		40176		266417		110323
2	Other Income		961050		912073		838626		3391205		3175899
3	Total Income (1)+(2)		5715884		5412284		4396045		20466610		16769540
4	Interest Expended		2260603		2050486		1522653		7777994		5858433
5	Operating Expenses (i)+(ii)		1459103		1343779		1101352		5153369		4031243
	i) Employees cost		550071		527753		420063		2001685		1589703
	ii) Other operating expenses		909032		816026		681289		3151684		2441540
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		3719706		3394265		2624005		12931363		9889676
7	Operating Profit before Provisions and Contingencies (3)-(6)		1996178		2018019		1772040		7535247		6879864
8	Provisions (Other than tax) and Contingencies		317909		324419		403055		1385408		1792525
9	Exceptional Items		—		—		—		—		—
10	Profit from ordinary activities before tax (7)-(8)-(9)		1678269		1693600		1368985		6149839		5087339
11	Tax Expense		414868		420057		321496		1534969		1272249
12	Net Profit from Ordinary Activities after tax (10)-(11)		1263401		1273543		1047489		4614870		3815090
13	Extraordinary items (net of tax expense)		—		—		—		—		—
14	Consolidated Net Profit for the period before minorities’ interest (12)-(13)		1263401		1273543		1047489		4614870		3815090
15	Less: Minorities’ Interest		3954		3711		3188		15159		9815
16	Consolidated Net Profit for the period attributable to the group (14)-(15)		1259447		1269832		1044301		4599711		3805275
17	Paid up equity share capital (Face Value of ₹ 1/- each)		55797		55768		55455		55797		55455
18	Reserves excluding revaluation reserves								28887955		24677162
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		22.58		22.78		18.84		82.64		68.77
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		22.46		22.68		18.73		82.27		68.31

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

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

		(₹ in lac)
		Quarter ended									Year ended
		31.03.2023			31.12.2022			31.03.2022			31.03.2023			31.03.2022
Particulars		Audited (Refer note 6)			Unaudited			Audited (Refer note 6)			Audited			Audited
1	Segment Revenue
a)	Treasury		948254			955078			789877			3432291			3438512
b)	Retail Banking:		4016052			3530186			3074825			14227315			11518991
	(i) Digital Banking*		51			13						64
	(ii) Other Retail Banking		4016001			3530173						14227251
c)	Wholesale Banking		2653476			2537451			1768754			9181732			6648293
d)	Other Banking Operations		1028605			948259			841062			3784503			3192860
e)	Unallocated		109180			104476			(1218	)		254876			(1218	)
	Total		8755567			8075450			6473300			30880717			24797438
	Less: Inter Segment Revenue		3039683			2663166			2077255			10414107			8027898
	Income from Operations		5715884			5412284			4396045			20466610			16769540
2	Segment Results
a)	Treasury		104312			77494			138376			209649			893951
b)	Retail Banking:		397648			440906			409644			1416354			922324
	(i) Digital Banking*		(37	)		(48	)					(85	)
	(ii) Other Retail Banking		397685			440954						1416439
c)	Wholesale Banking		855913			849435			615697			3364199			2505301
d)	Other Banking Operations		379531			327001			233364			1269761			924442
e)	Unallocated		(59135	)		(1236	)		(28096	)		(110124	)		(158679	)
	Total Profit Before Tax and Minority Interest		1678269			1693600			1368985			6149839			5087339
3	Segment Assets
a)	Treasury		64110856			65748833			55176734			64110856			55176734
b)	Retail Banking:		75606877			67126656			61946820			75606877			61946820
	(i) Digital Banking*		4022			2361						4022
	(ii) Other Retail Banking		75602855			67124295						75602855
c)	Wholesale Banking		97368982			87494145			80813661			97368982			80813661
d)	Other Banking Operations		14509965			13792050			13099032			14509965			13099032
e)	Unallocated		1446563			1346941			1257183			1446563			1257183
	Total		253043243			235508625			212293430			253043243			212293430
4	Segment Liabilities
a)	Treasury		7330877			9774903			7727363			7330877			7727363
b)	Retail Banking:		159073252			148370986			129233974			159073252			129233974
	(i) Digital Banking*		4166			2420						4166
	(ii) Other Retail Banking		159069086			148368566						159069086
c)	Wholesale Banking		46455276			39712407			41382531			46455276			41382531
d)	Other Banking Operations		6127083			5692211			5244034			6127083			5244034
e)	Unallocated		5026977			4253626			3900870			5026977			3900870
	Total		224013465			207804133			187488772			224013465			187488772
5	Capital and Reserves		29029778			27704492			24804658			29029778			24804658
6	Total (4)+(5)		253043243			235508625			212293430			253043243			212293430

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.

*Vide its circular dated April 7, 2022 on establishment of Digital Banking Units (DBUs), the RBI has prescribed reporting of Digital Banking Segment as a sub-segment of Retail Banking Segment. During the year ended March 31, 2023, the Bank has commenced operations at four DBUs and the segment information disclosed above is related to the said DBUs.

Notes :

1 Consolidated Statement of Assets and Liabilities is given below:

	(₹ in lac)
Particulars	As at 31.03.2023		As at 31.03.2022
	Audited		Audited
CAPITAL AND LIABILITIES
Capital		55797		55455
Reserves and Surplus		28887955		24677162
Minority Interest		86026		72041
Deposits		188266325		155800303
Borrowings		25654866		22696650
Other Liabilities and Provisions		10092274		8991819
Total		253043243		212293430
ASSETS
Cash and balances with Reserve Bank of India		11718928		13003071
Balances with Banks and Money at Call and Short notice		7995853		2535502
Investments		51158171		44926386
Advances		166194929		142094228
Fixed Assets		828255		628328
Other Assets		15132228		9091036
Goodwill on Consolidation		14879		14879
Total		253043243		212293430

2 Consolidated Statement of Cash flow is given below:

	(₹ in lac)
	Year ended
Particulars	31.03.2023			31.03.2022
	Audited			Audited
Cash flows from operating activities:
Consolidated profit before income tax		6134680			5077524
Adjustment for:
Depreciation on fixed assets		234547			168073
(Profit) / loss on revaluation of investments		54582			(154640	)
Amortisation of premium on held to maturity investments		85120			82132
(Profit) / loss on sale of fixed assets		(805	)		325
Provision / charge for non performing assets		1356119			1328695
Provision for standard assets and contingencies		29289			541821
Employee Stock Options / Units expense		78706			34124
		7972238			7078054
Adjustments for:
Increase in investments		(6418203	)		(1084922	)
Increase in advances		(25456945	)		(24894613	)
Increase in deposits		32466022			22428215
Increase in other assets		(5890979	)		(4004470	)
Increase in other liabilities and provisions		1045986			765595
		3718119			287859
Direct taxes paid (net of refunds)		(1636749	)		(1483816	)
Net cash flow from / (used in) operating activities		2081370			(1195957	)
Cash flows from investing activities:
Purchase of fixed assets		(346657	)		(223624	)
Proceeds from sale of fixed assets		4268			1991
Net cash flow used in investing activities		(342389	)		(221633	)
Cash flows from financing activities:
Increase in minority interest		19896			13583
Proceeds from issue of share capital, net of issue expenses		341583			260976
Proceeds from issue of Tier 1 and Tier 2 capital bonds		2300000			831275
Redemption of Tier 1 and Tier 2 capital bonds		(1207700	)		(365000	)
Increase in other borrowings		1800729			4430808
Dividend paid during the year		(860452	)		(359240	)
Net cash flow from financing activities		2394056			4812402
Effect of exchange fluctuation on translation reserve		43171			16510
Net increase in cash and cash equivalents		4176208			3411322
Cash and cash equivalents as at April 1st		15538573			12127251
Cash and cash equivalents as at the year end		19714781			15538573

3 The above financial results represent the consolidated financial results of HDFC Bank Limited, its subsidiaries (together referred to as the ‘Group’) and HDB Employee Welfare Trust. These financial results have been approved by the Board of Directors at its meeting held on April 15, 2023. The financial results for the year ended March 31, 2023 have been subjected to an audit by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank. The financial results for the quarter and year ended March 31, 2022 were audited by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

4 These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (“the RBI”) from time to time (‘RBI Guidelines’) and other accounting principles generally accepted in India, and is in compliance with the presentation and disclosure requirements of the Regulation 33 and Regulation 52 read with Regulation 63 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended including relevant circulars issued by the SEBI from time to time.

5 The Group has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2022. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable, unless specifically required under those circulars/ directions.

6 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.

7 The Board of Directors at its meeting held on April 15, 2023, proposed a dividend of ₹ 19.00 per share (previous year: ₹ 15.50 per share), subject to approval of the members at the ensuing Annual General Meeting. Effect of the proposed dividend has been reckoned in determining capital funds in the computation of capital adequacy ratios as at March 31, 2023 and March 31, 2022.

8 The Board of Directors at its meeting held on April 04, 2022, approved a composite Scheme of amalgamation (“Scheme”), for the amalgamation of: (i) HDFC Investments Limited and HDFC Holdings Limited, with and into Housing Development Finance Corporation Limited (“HDFC Limited”); and thereafter (ii) HDFC Limited into HDFC Bank Limited (“Bank”), and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The share exchange ratio shall be 42 equity shares of face value of ₹ 1/- each of the Bank for every 25 equity shares of face value of ₹ 2/- each of HDFC Limited. As per the Scheme, the appointed date for the amalgamation of HDFC Limited with and into the Bank shall be the effective date of the Scheme. The Scheme shall become effective on filing of the necessary form with the ROC. Upon the Scheme becoming effective, the Bank will issue equity shares to the shareholders of HDFC Limited as on the record date as per the Scheme and the equity shares held by HDFC Limited in the Bank will be extinguished.

The Scheme was approved by the shareholders at the National Company Law Tribunal (“NCLT”) convened meeting of the shareholders of the Bank held on November 25, 2022. The NCLT, in accordance with Sections 230 to 232 of the Companies Act, 2013 and rules thereunder, has vide its order dated March 17, 2023 sanctioned the Scheme. The Bank is in the process of seeking the remaining necessary approvals / permissions and accordingly, the Scheme has not yet been made effective.

9 The COVID-19 virus, a global pandemic affected the world economy over the last two to three years. The extent to which any new wave of COVID-19 will impact the group’s results will depend on ongoing as well as future developments, 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.

10 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 would be 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.

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 Date: April 15, 2023 Sashidhar Jagdishan 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, 2023

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and year ended March 31, 2023, at its meeting held in Mumbai on Saturday, April 15, 2023. The accounts have been subjected to an audit by the statutory auditors of the Bank.

CONSOLIDATED FINANCIAL RESULTS:

The Bank’s consolidated net revenue grew by 20.3% to ₹ 34,552.8 crore for the quarter ended March 31, 2023 from ₹ 28,733.9 crore for the quarter ended March 31, 2022. The consolidated net profit for the quarter ended March 31, 2023 was ₹ 12,594.5 crore, up 20.6%, over the quarter ended March 31, 2022. Earnings per share for the quarter ended March 31, 2023 was at ₹ 22.6 and book value per share as of March 31, 2023 was ₹ 518.7.

The consolidated net profit for the year ended March 31, 2023 was ₹ 45,997.1 crore, up 20.9%, over the year ended March 31, 2022.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended March 31, 2023

The Bank’s net revenue grew by 21.0% to ₹ 32,083.0 crore for the quarter ended March 31, 2023 from ₹ 26,509.8 crore for the quarter ended March 31, 2022.

Net interest income (interest earned less interest expended) for the quarter ended March 31, 2023 grew by 23.7% to ₹ 23,351.8 crore from ₹ 18,872.7 crore for the quarter ended March 31, 2022. Core net interest margin was at 4.1% on total assets, and 4.3% based on interest earning assets.

Other income (non-interest revenue) at ₹ 8,731.2 crore was 27.2% of the net revenues for the quarter ended March 31, 2023 as against ₹ 7,637.1 crore in the corresponding quarter ended March 31, 2022. The four components of other income for the quarter ended March 31, 2023 were fees & commissions of ₹ 6,628.1 crore (₹ 5,630.3 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,010.5 crore (₹ 804.5 crore in the corresponding quarter of the previous year), net trading and mark to market loss of ₹ 37.7 crore (gain of ₹ 47.6 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,130.2 crore (₹ 1,154.7 crore in the corresponding quarter of the previous year). Other income, excluding net trading and mark to market income, grew by 15.5% over the quarter ended March 31, 2022.

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

Operating expenses for the quarter ended March 31, 2023 were ₹ 13,462.1 crore, an increase of 32.6% over ₹ 10,152.8 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 42.0%.

Pre-provision Operating Profit (PPOP) was at ₹ 18,620.9 crore. PPOP, excluding net trading and mark to market income, grew by 14.4% over the quarter ended March 31, 2022.

Provisions and contingencies for the quarter ended March 31, 2023 were ₹ 2,685.4 crore as against ₹ 3,312.4 crore for the quarter ended March 31, 2022.

The total credit cost ratio was at 0.67%, as compared to 0.96% for the quarter ending March 31, 2022.

Profit before tax (PBT) for the quarter ended March 31, 2023 was at ₹ 15,935.5 crore. After providing ₹ 3,888.1 crore for taxation, the Bank earned a net profit of ₹ 12,047.5 crore, an increase of 19.8% over the quarter ended March 31, 2022.

Balance Sheet: As of March 31, 2023

Total balance sheet size as of March 31, 2023 was ₹ 2,466,081 crore as against ₹ 2,068,535 crore as of March 31, 2022, a growth of 19.2%.

Total Deposits showed a healthy growth and were at ₹ 1,883,395 crore as of March 31, 2023, an increase of 20.8% over March 31, 2022. CASA deposits grew by 11.3% with savings account deposits at ₹ 562,493 crore and current account deposits at ₹ 273,496 crore. Time deposits were at ₹ 1,047,406 crore, an increase of 29.6% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 44.4% of total deposits as of March 31, 2023.

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

Total advances as of March 31, 2023 were ₹ 1,600,586 crore, an increase of 16.9% over March 31, 2022. Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by 21.2% over March 31, 2022. Domestic retail loans grew by 20.8%, commercial and rural banking loans grew by 29.8% and corporate and other wholesale loans grew by 12.6%. Overseas advances constituted 2.6% of total advances.

Profit & Loss Account: Year ended March 31, 2023

For the year ended March 31, 2023, the Bank earned a total income of ₹ 192,800.4 crore as against ₹ 157,263.0 crore for the year ended March 31, 2022. Net revenues (net interest income plus other income) for the year ended March 31, 2023 were ₹ 118,057.1 crore, as against ₹ 101,519.5 crore for the year ended March 31, 2022. Net profit for the year ended March 31, 2023 was ₹ 44,108.7 crore, up 19.3% over the year ended March 31, 2022.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.3% as on March 31, 2023 (18.9% as on March 31, 2022) 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 17.1% as of March 31, 2023 compared to 17.9% as of March 31, 2022. Common Equity Tier 1 Capital ratio was at 16.4% as of March 31, 2023. Risk-weighted Assets were at ₹ 1,586,635 crore (as against ₹ 1,353,511 crore as at March 31, 2022).

DIVIDEND

The Board of Directors recommended a dividend of ₹ 19.0 per equity share of ₹ 1 for the year ended March 31, 2023, as against ₹ 15.5 per equity share of ₹ 1 for the previous year. This would be subject to approval by the shareholders at the next annual general meeting.

NETWORK

As of March 31, 2023, the Bank’s distribution network was at 7,821 branches and 19,727 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,811 cities / towns as against 6,342 branches and 18,130 ATMs / CDMs across 3,188 cities / towns as of March 31, 2022. 52% of our branches are in semi-urban and rural areas. In addition, we have 15,921 business correspondents, which are primarily manned by Common Service Centres (CSC). Number of employees were at 173,222 as of March 31, 2023 (as against 141,579 as of March 31, 2022).

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

ASSET QUALITY

Gross non-performing assets were at 1.12% of gross advances as on March 31, 2023 (0.94% excluding NPAs in the agricultural segment), as against 1.23% as on December 31, 2022 (1.00% excluding NPAs in the agricultural segment), and 1.17% as on March 31, 2022 (1.01% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.27% of net advances as on March 31, 2023.

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 March 31, 2023, the Bank held 95.6% stake in HSL. For the quarter ended March 31, 2023, HSL’s total revenue was at ₹ 486.1 crore, as against ₹ 509.7 crore for the quarter ended March 31, 2022. Profit after tax for the quarter was at ₹ 193.8 crore, as against ₹ 235.6 crore for the quarter ended March 31, 2022.

For the year ended March 31, 2023, HSL’s total income was at ₹ 1,891.6 crore, as against ₹ 1,990.3 crore for the year ended March 31, 2022. Net profit for the year was at ₹ 777.2 crore, as against ₹ 984.3 crore for the year ended March 31, 2022.

As on March 31, 2023, HSL had 209 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 customer segments such as individuals, emerging businesses and micro enterprises which are typically different from the segments that the Bank caters to. As on March 31, 2023, the Bank held 94.8% stake in HDBFSL.

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

For the quarter ended March 31, 2023, HDBFSL’s net revenue was at ₹ 2,262.5 crore as against ₹ 2,141.4 crore for the quarter ended March 31, 2022, a growth of 5.7%. Profit after tax for the quarter ended March 31, 2023 was ₹ 545.5 crore compared to ₹ 427.1 crore for the quarter ended March 31, 2022, a growth of 27.7%.

For the year ended March 31, 2023, HDBFSL’s net revenue grew by 11.4% to ₹ 8,891.0 crore (as against ₹ 7,980.8 crore in the previous year). Profit after tax for the year ended March 31, 2023 was ₹ 1,959.4 crore compared to ₹ 1,011.4 crore in the previous year, a growth of 93.7%.

The total loan book was ₹ 70,031 crore as on March 31, 2023. Stage 3 loans were at 2.73% of gross loans. As on March 31, 2023, total CAR was at 20.1% with Tier-I CAR at 15.9%.

As on March 31, 2023, HDBFSL had 1,492 branches across 1,054 cities / towns.

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

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Madhu Chhibber

Head - Corporate Communications

HDFC Bank Ltd., Mumbai.

Mobile: +91 9833775515

madhu.chhibber@hdfcbank.com

For investor queries please contact:

Investor Relations

HDFC Bank Ltd., Mumbai.

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

investor.relations@hdfcbank.com