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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

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

Securities Exchange Act of 1934

For the month of July, 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: July 17, 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 July 17, 2023 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the unaudited standalone and consolidated financial results of the Bank for the first quarter ended June 30, 2023.

July 17, 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 July 17, 2023

We enclose herewith the unaudited standalone and consolidated financial results of the Bank for the first quarter ended June 30, 2023 (“Results”), along with segment reporting, press release and the Limited Review Report of the Joint Statutory Auditors in this regard. The results were duly approved by the Board of Directors at its meeting held today.

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

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

		(₹ in lac)
		Quarter ended									Year ended 31.03.2023
		30.06.2023			31.03.2023			30.06.2022
Particulars		Unaudited			Audited (Refer note 5)			Unaudited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		4858681			4511936			3517204			16158555
	a) Interest / discount on advances / bills		3800795			3564278			2740228			12709586
	b) Income on investments		891124			837644			719357			3131116
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		79185			30865			29624			99679
	d) Others		87577			79149			27995			218174
2	Other income		922986			873118			638823			3121483
3	Total Income (1)+(2)		5781667			5385054			4156027			19280038
4	Interest Expended		2498774			2176753			1569062			7474331
5	Operating Expenses (i)+(ii)		1405691			1346211			1050181			4765209
	i) Employees cost		478207			436206			350024			1551236
	ii) Other operating expenses		927484			910005			700157			3213973
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		3904465			3522964			2619243			12239540
7	Operating Profit before Provisions and Contingencies (3)-(6)		1877202			1862090			1536784			7040498
8	Provisions (other than tax) and Contingencies		286003			268537			318773			1191967
9	Exceptional Items		—			—			—			—
10	Profit from Ordinary Activities before tax (7)-(8)-(9)		1591199			1593553			1218011			5848531
11	Tax Expense		396022			388808			298412			1437660
12	Net Profit from Ordinary Activities after tax (10)-(11)		1195177			1204745			919599			4410871
13	Extraordinary items (net of tax expense)		—			—			—			—
14	Net Profit for the period (12)-(13)		1195177			1204745			919599			4410871
15	Paid up equity share capital (Face Value of ‘ 1/- each)		55918			55797			55546			55797
16	Reserves excluding revaluation reserves											27964105
17	Analytical Ratios and other disclosures:
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		18.93	%		19.26	%		17.52	%		19.26	%
	(iii) Earnings per share (EPS) (‘) (Face Value of ‘ 1/- each):
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		21.40			21.60			16.57			79.25
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		21.28			21.49			16.50			78.89
	(iv) NPA Ratios:
	(a) Gross NPAs		1906412			1801903			1803367			1801903
	(b) Net NPAs		477687			436843			488773			436843
	(c) % of Gross NPAs to Gross Advances		1.17	%		1.12	%		1.28	%		1.12	%
	(d) % of Net NPAs to Net Advances		0.30	%		0.27	%		0.35	%		0.27	%
	(v) Return on assets (average) - not annualized		0.51	%		0.53	%		0.46	%		2.07	%
	(vi) Net worth		28638820			27306304			24332225			27306304
	(vii) Outstanding Redeemable Preference Shares		—			—			—			—
	(viii) Capital Redemption Reserve		—			—			—			—
	(ix) Debt Equity Ratio		0.44			0.39			0.36			0.39
	(x) Total Debts to Total Assets		8.37	%		8.38	%		8.23	%		8.38	%

- 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
		30.06.2023			31.03.2023			30.06.2022
Particulars		Unaudited			Audited (Refer note 5)			Unaudited			Audited
1	Segment Revenue
a)	Treasury		1053787			948254			737964			3432291
b)	Retail Banking:		4293948			4016052			3168563			14227315
	(i) Digital Banking*		62			51						64
	(ii) Other Retail Banking		4293886			4016001						14227251
c)	Wholesale Banking		2833289			2653476			1864207			9181732
d)	Other Banking Operations		695009			697775			598469			2597931
e)	Unallocated		139902			109180			874			254876
	Total		9015935			8424737			6370077			29694145
	Less: Inter Segment Revenue		3234268			3039683			2214050			10414107
	Income from Operations		5781667			5385054			4156027			19280038
2	Segment Results
a)	Treasury		135490			104312			26617			209649
b)	Retail Banking:		356906			397648			270050			1416354
	(i) Digital Banking*		(32	)		(37	)					(85	)
	(ii) Other Retail Banking		356938			397685						1416439
c)	Wholesale Banking		884819			855913			736664			3364199
d)	Other Banking Operations		275789			294814			224753			968453
e)	Unallocated		(61805	)		(59134	)		(40073	)		(110124	)
	Total Profit Before Tax		1591199			1593553			1218011			5848531
3	Segment Assets
a)	Treasury		64950758			64110856			55198071			64110856
b)	Retail Banking:		78013721			75606877			64446850			75606877
	(i) Digital Banking*		3777			4022						4022
	(ii) Other Retail Banking		78009944			75602855						75602855
c)	Wholesale Banking		97242820			97368982			82280953			97368982
d)	Other Banking Operations		8518039			8074870			7924230			8074870
e)	Unallocated		1443962			1446563			1127049			1446563
	Total		250169300			246608148			210977153			246608148
4	Segment Liabilities
a)	Treasury		7964237			7330877			7825587			7330877
b)	Retail Banking:		163183242			159073252			134186107			159073252
	(i) Digital Banking*		4004			4166						4166
	(ii) Other Retail Banking		163179238			159069086						159069086
c)	Wholesale Banking		44557093			46455276			41091705			46455276
d)	Other Banking Operations		694972			701864			618250			701864
e)	Unallocated		4388297			5026977			2227010			5026977
	Total		220787841			218588246			185948659			218588246
5	Capital and Reserves		29381459			28019902			25028494			28019902
6	Total (4)+(5)		250169300			246608148			210977153			246608148

*Information about Digital Banking Segment reported as a sub-segment of Retail Banking Segment is related to Digital Banking Units of the Bank.

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. The Segment Assets and Segment Liabilities exclude transfers between segments and are transfer priced on a gross basis.

Notes :

1 Statement of Assets and Liabilities is given below:

	(₹ in lac)
	As at 30.06.2023		As at 30.06.2022		As at 31.03.2023
Particulars	Unaudited		Unaudited		Audited
CAPITAL AND LIABILITIES
Capital		55918		55546		55797
Reserves and Surplus		29325541		24972948		27964105
Deposits		191309578		160475997		188339465
Borrowings		20942280		17360589		20676556
Other Liabilities and Provisions		8535983		8112073		9572225
Total		250169300		210977153		246608148
ASSETS
Cash and Balances with Reserve Bank of India		11319658		10150734		11716077
Balances with Banks and Money at Call and Short notice		4754506		1226367		7660431
Investments		56577757		49615668		51700143
Advances		161567204		139506768		160058590
Fixed Assets		843357		629856		801655
Other Assets		15106818		9847760		14671252
Total		250169300		210977153		246608148

2 The above financial results have been approved by the Board of Directors at its meeting held on July 17, 2023. The financial results for the quarter ended June 30, 2023 have been subjected to a “Limited Review” 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 ended June 30, 2022 were reviewed by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

3 These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 - Interim Financial Reporting (“AS 25”), prescribed under Section 133 of the Companies Act, 2013, 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.

4 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, 2023. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable, unless specifically required under those circulars / directions.

5 The figures for the quarter ended March 31, 2023 are the balancing figures between audited figures in respect of the financial year 2022-23 and the published year to date figures up to December 31, 2022.

6 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 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. Upon receipt of all requisite approvals, the bank filed form INC 28 with ROC on July 01, 2023 and accordingly, the scheme has become effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of HDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. Accordingly, no impact of the scheme is required to be given in financial results for the quarter ended June 30, 2023.

In terms of the Scheme, the Bank has issued and allotted 3,11,03,96,492 equity shares to the shareholders of HDFC Limited as on July 13, 2023, being the record date fixed by the Board of Directors as per the Scheme, in accordance with the share exchange ratio i.e. 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. Accordingly, the paid-up share capital of the Bank has increased from ₹ 559.18 crores consisting of 5,59,17,98,806 equity shares of ₹ 1/- each to ₹ 753.76 crore consisting of 7,53,75,69,464 equity shares of ₹ 1/- each, post cancellation of 1,16,46,25,834 equity shares held by HDFC Limited in the Bank on that date in accordance with the provisions of the Scheme.

7 During the quarter ended June 30, 2023, the Bank allotted 1,20,56,020 equity shares pursuant to the exercise of options under the approved employee stock option schemes.

8 Details of loans transferred / acquired during the quarter ended June 30, 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 June 30, 2023 are given below:

	(₹ in crore)
Rating	Rating Agency	Recovery rating	Gross Value of Outstanding SRs
RR1	CRISIL	100% - 150%		60.96
RR1	India Ratings	100% - 150%		184.56
RR2	India Ratings	75% - 100%		90.64
RR4	India Ratings	25% - 50%		146.16
Unrated				0.22
		Total		482.54

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

Particulars	Value
Aggregate amount of loans acquired (₹ in crore)		11,632.00
Weighted average residual maturity (in years)		19.06
Weighted average holding period by the originator (in years)		1.48
Retention of beneficial economic interest by the originator		10	%
Tangible security coverage		100.00	%

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

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

9 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.

10 Other operating expenses include commission paid to sales agents of ₹ 1,075.42 crore (previous period: ₹ 1,095.24 crore) for the quarter ended June 30, 2023.

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

12 ₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place: Mumbai	Sashidhar Jagdishan
Date: July 17, 2023	Managing Director

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

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

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

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

		(₹ in lac)
		Quarter ended						Year ended 31.03.2023
		30.06.2023		31.03.2023		30.06.2022
Particulars		Unaudited		Audited (Refer note 5)		Unaudited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		5116814		4754834		3727381		17075405
	a) Interest / discount on advances / bills		4045277		3787354		2941376		13576733
	b) Income on investments		887700		839038		713722		3117330
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		84840		37322		31965		114925
	d) Others		98997		91120		40318		266417
2	Other Income		985315		961050		692851		3391205
3	Total Income (1)+(2)		6102129		5715884		4420232		20466610
4	Interest Expended		2595476		2260603		1635826		7777994
5	Operating Expenses (i)+(ii)		1517771		1459103		1135508		5153369
	i) Employees cost		595116		550071		460686		2001685
	ii) Other operating expenses		922655		909032		674822		3151684
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		4113247		3719706		2771334		12931363
7	Operating Profit before Provisions and Contingencies (3)-(6)		1988882		1996178		1648898		7535247
8	Provisions (Other than tax) and Contingencies		329210		317909		366568		1385408
9	Exceptional Items		-		-		-		-
10	Profit from ordinary activities before tax (7)-(8)-(9)		1659672		1678269		1282330		6149839
11	Tax Expense		419347		414868		320663		1534969
12	Net Profit from Ordinary Activities after tax (10)-(11)		1240325		1263401		961667		4614870
13	Extraordinary items (net of tax expense)		-		-		-		-
14	Consolidated Net Profit for the period before minority interest (12)-(13)		1240325		1263401		961667		4614870
15	Less: Minority Interest		3287		3954		3756		15159
16	Consolidated Net Profit for the period attributable to the group (14)-(15)		1237038		1259447		957911		4599711
17	Paid up equity share capital (Face Value of ₹ 1/- each)		55918		55797		55546		55797
18	Reserves excluding revaluation reserves								28887955
19	Analytical Ratios:
	(i) Percentage of shares held by Government of India		Nil		Nil		Nil		Nil
	(ii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each):
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		22.15		22.58		17.26		82.64
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		22.03		22.46		17.19		82.27

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
		30.06.2023			31.03.2023			30.06.2022
Particulars		Unaudited			Audited (Refer note 5)			Unaudited			Audited
1	Segment Revenue
a)	Treasury		1053787			948254			737964			3432291
b)	Retail Banking:		4293948			4016052			3168563			14227315
	(i) Digital Banking*		62			51						64
	(ii) Other Retail Banking		4293886			4016001						14227251
c)	Wholesale Banking		2833289			2653476			1864207			9181732
d)	Other Banking Operations		1015471			1028605			862674			3784503
e)	Unallocated		139902			109180			874			254876
	Total		9336397			8755567			6634282			30880717
	Less: Inter Segment Revenue		3234268			3039683			2214050			10414107
	Income from Operations		6102129			5715884			4420232			20466610
2	Segment Results
a)	Treasury		135490			104312			26617			209649
b)	Retail Banking:		356906			397648			270050			1416354
	(i) Digital Banking*		(32	)		(37	)					(85	)
	(ii) Other Retail Banking		356938			397685						1416439
c)	Wholesale Banking		884819			855913			736664			3364199
d)	Other Banking Operations		344262			379531			289072			1269761
e)	Unallocated		(61805	)		(59135	)		(40073	)		(110124	)
	Total Profit Before Tax and Minority Interest		1659672			1678269			1282330			6149839
3	Segment Assets
a)	Treasury		64950758			64110856			55198071			64110856
b)	Retail Banking:		78013712			75606877			64446850			75606877
	(i) Digital Banking*		3777			4022						4022
	(ii) Other Retail Banking		78009935			75602855						75602855
c)	Wholesale Banking		97242829			97368982			82280953			97368982
d)	Other Banking Operations		15436496			14509965			13432921			14509965
e)	Unallocated		1443962			1446563			1127049			1446563
	Total		257087757			253043243			216485844			253043243
4	Segment Liabilities
a)	Treasury		7964237			7330877			7825587			7330877
b)	Retail Banking:		163183242			159073252			134186107			159073252
	(i) Digital Banking*		4004			4166						4166
	(ii) Other Retail Banking		163179238			159069086						159069086
c)	Wholesale Banking		44557093			46455276			41091705			46455276
d)	Other Banking Operations		6558832			6127083			5288415			6127083
e)	Unallocated		4388297			5026977			2227010			5026977
	Total		226651701			224013465			190618824			224013465
5	Capital, Reserves and Minority Interest		30436056			29029778			25867020			29029778
6	Total (4)+(5)		257087757			253043243			216485844			253043243

*Information about Digital Banking Segment reported as a sub-segment of Retail Banking Segment is related to Digital Banking Units of the Bank.

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. The Segment Assets and Segment Liabilities exclude transfers between segments and are transfer priced on a gross basis.

Notes:

1 Consolidated Statement of Assets and Liabilities is given below:

	(₹ in lac)
	As at 30.06.2023		As at 30.06.2022		As at 31.03.2023
Particulars	Unaudited		Unaudited		Audited
CAPITAL AND LIABILITIES
Capital		55918		55546		55797
Reserves and Surplus		30291906		25736603		28887955
Minority Interest		88232		74871		86026
Deposits		191172011		160362905		188266325
Borrowings		26354747		21694614		25654866
Other Liabilities and Provisions		9124943		8561305		10092274
Total		257087757		216485844		253043243
ASSETS
Cash and balances with Reserve Bank of India		11322437		10154061		11718928
Balances with Banks and Money at Call and Short notice		5079382		1574943		7995853
Investments		56129005		49001620		51158171
Advances		168059617		144811146		166194929
Fixed Assets		874532		650416		828255
Other Assets		15607905		10278779		15132228
Goodwill on Consolidation		14879		14879		14879
Total		257087757		216485844		253043243

2 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 July 17, 2023. The financial results for the quarter ended June 30, 2023 have been subjected to a “Limited Review” 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 ended June 30, 2022 were reviewed by M M Nissim & Co LLP, Chartered Accountants and MSKA & Associates, Chartered Accountants.

3 These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 21 - Consolidated Financial Statements (“AS 21”) and Accounting Standard 25 - Interim Financial Reporting (“AS 25”), prescribed under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (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 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended including relevant circulars issued by the SEBI from time to time.

4 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, 2023. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable, unless specifically required under those circulars / directions.

5 The figures for the quarter ended March 31, 2023 are the balancing figures between audited figures in respect of the financial year 2022-23 and the published year to date figures up to December 31, 2022.

6 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 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. Upon receipt of all requisite approvals, the bank filed form INC 28 with ROC on July 01, 2023 and accordingly, the scheme has become effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of HDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. Accordingly, no impact of the scheme is required to be given in financial results for the quarter ended June 30, 2023.

In terms of the Scheme, the Bank has issued and allotted 3,11,03,96,492 equity shares to the shareholders of HDFC Limited as on July 13, 2023, being the record date fixed by the Board of Directors as per the Scheme, in accordance with the share exchange ratio i.e. 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. Accordingly, the paid-up share capital of the Bank has increased from ₹ 559.18 crores consisting of 5,59,17,98,806 equity shares of ₹ 1/- each to ₹ 753.76 crore consisting of 7,53,75,69,464 equity shares of ₹ 1/- each, post cancellation of 1,16,46,25,834 equity shares held by HDFC Limited in the Bank on that date in accordance with the provisions of the Scheme.

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 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.

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: July 17, 2023	Managing Director

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

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER ENDED JUNE 30, 2023

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2023, at its meeting held in Mumbai on Monday, July 17, 2023. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.

CONSOLIDATED FINANCIAL RESULTS:

The Bank’s consolidated net revenue grew by 25.9% to ₹ 35,067 crore for the quarter ended June 30, 2023 from ₹ 27,844 crore for the quarter ended June 30, 2022. The consolidated net profit for the quarter ended June 30, 2023 was ₹ 12,370 crore, up 29.1%, over the quarter ended June 30, 2022. Earnings per share for the quarter ended June 30, 2023 was at ₹ 22.2 and book value per share as of June 30, 2023 was ₹ 542.7.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended June 30, 2023

The Bank’s net revenue grew by 26.9% to ₹ 32,829 crore for the quarter ended June 30, 2023 from ₹ 25,870 crore for the quarter ended June 30, 2022.

Net interest income (interest earned less interest expended) for the quarter ended June 30, 2023 grew by 21.1% to ₹ 23,599 crore from ₹ 19,481 crore for the quarter ended June 30, 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 ₹ 9,230 crore was 28.1% of the net revenues for the quarter ended June 30, 2023 as against ₹ 6,388 crore in the corresponding quarter ended June 30, 2022. The four components of other income for the quarter ended June 30, 2023 were fees & commissions of ₹ 6,290 crore (₹ 5,360 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,309 crore (₹ 1,024 crore in the corresponding quarter of the previous year), net trading and mark to market gain of ₹ 552 crore (loss of ₹ 1,077 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,079 crore (₹ 1,080 crore in the corresponding quarter of the previous year). Other income, excluding net trading and mark to market income, grew by 16.2% over the quarter ended June 30, 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 June 30, 2023 were ₹ 14,057 crore, an increase of 33.9% over ₹ 10,502 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 42.8%.

Pre-provision Operating Profit (PPOP) at ₹ 18,772 crore grew by 22.2% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended June 30, 2023 were ₹ 2,860 crore as against ₹ 3,188 crore for the quarter ended June 30, 2022.

The total credit cost ratio was at 0.70%, as compared to 0.91% for the quarter ending June 30, 2022.

Profit before tax (PBT) for the quarter ended June 30, 2023 was at ₹ 15,912 crore. After providing ₹ 3,960 crore for taxation, the Bank earned a net profit of ₹ 11,952 crore, an increase of 30.0% over the quarter ended June 30, 2022.

Balance Sheet: As of June 30, 2023

Total balance sheet size as of June 30, 2023 was ₹ 25,01,693 crore as against ₹ 21,09,772 crore as of June 30, 2022, a growth of 18.6%.

Total Deposits showed a healthy growth and were at ₹ 19,13,096 crore as of June 30, 2023, an increase of 19.2% over June 30, 2022. CASA deposits grew by 10.7% with savings account deposits at ₹ 5,60,604 crore and current account deposits at ₹ 2,52,350 crore. Time deposits were at ₹ 11,00,142 crore, an increase of 26.4% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 42.5% of total deposits as of June 30, 2023.

Total advances as of June 30, 2023 were ₹ 16,15,672 crore, an increase of 15.8% over June 30, 2022. Gross of transfers through inter-bank participation certificates and bills rediscounted, total advances grew by 20.1% over June 30, 2022. Domestic retail loans grew by 20.0%, commercial and rural banking loans grew by 29.1% and corporate and other wholesale loans grew by 11.2%. Overseas advances constituted 2.6% of total advances.

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

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 18.9% as on June 30, 2023 (18.1% as on June 30, 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 16.9% and Common Equity Tier 1 Capital ratio was at 16.2% as of June 30, 2023. Risk-weighted Assets were at ₹ 16,70,899 crore.

NETWORK

As of June 30, 2023, the Bank’s distribution network was at 7,860 branches and 20,352 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 3,825 cities / towns as against 6,378 branches and 18,620 ATMs / CDMs across 3,203 cities / towns as of June 30, 2022. 52% of our branches are in semi-urban and rural areas. In addition, we have 15,194 business correspondents, which are primarily manned by Common Service Centres (CSC). Number of employees were at 1,81,725 as of June 30, 2023 (as against 1,52,511 as of June 30, 2022).

ASSET QUALITY

Gross non-performing assets were at 1.17% of gross advances as on June 30, 2023 (0.94% excluding NPAs in the agricultural segment), as against 1.12% as on March 31, 2023 (0.94% excluding NPAs in the agricultural segment), and 1.28% as on June 30, 2022 (1.06% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.30% of net advances as on June 30, 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.

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

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on June 30, 2023, the Bank held 95.6% stake in HSL. For the quarter ended June 30, 2023, HSL’s total revenue was at ₹ 497 crore, as against ₹ 432 crore for the quarter ended June 30, 2022. Profit after tax for the quarter was at ₹ 189 crore, as against ₹ 189 crore for the quarter ended June 30, 2022.

As on June 30, 2023, HSL had 207 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 June 30, 2023, the Bank held 94.8% stake in HDBFSL.

For the quarter ended June 30, 2023, HDBFSL’s net revenue was at ₹ 2,314 crore as against ₹ 2,194 crore for the quarter ended June 30, 2022, a growth of 5.5%. Profit after tax for the quarter ended June 30, 2023 was ₹ 567 crore compared to ₹ 441 crore for the quarter ended June 30, 2022, a growth of 28.5%.

The total loan book was ₹ 73,568 crore as on June 30, 2023 compared to ₹ 61,814 crore as on June 30, 2022, a growth of 19%. Stage 3 loans were at 2.48% of gross loans. As on June 30, 2023, total CAR was at 19.8% with Tier-I CAR at 15.8%.

As on June 30, 2023, HDBFSL had 1,581 branches across 1,101 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

For media queries please contact:

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