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 October, 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: October 16, 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 October 16, 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 second quarter ended September 30, 2023.

October 16, 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 October 16, 2023

In continuation to our intimation dated October 6, 2023, wherein it was informed that meeting of the Board of Directors of HDFC Bank Limited (“the Bank”) will be held on Sunday, October 15, 2023 and Monday, October 16, 2023.

We wish to inform you that the Board of Directors of the Bank at its adjourned meeting held on October 16, 2023 deliberated on the unaudited standalone and consolidated financial results of the Bank for the second quarter ended September 30, 2023 and approved the same.

Pursuant to Regulation 33 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the unaudited standalone and consolidated financial results of the Bank for the second quarter ended September 30, 2023 (“Results”), along with segment reporting and the Limited Review Report of the Joint Statutory Auditors in this regard.

Please note that the deliberations concluded at 3:40 p.m. (IST).

The press release for the same is attached herewith.

This is for your information and appropriate dissemination.

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

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

		(₹ in lac)
		Quarter ended									Half year ended						Year ended 31.03.2023
		30.09.2023			30.06.2023			30.09.2022			30.09.2023			30.09.2022
Particulars		Unaudited			Unaudited			Audited			Unaudited			Audited			Audited
1	Interest Earned (a)+(b)+(c)+(d)		6769839			4858681			3858638			11628520			7375842			16158555
	a) Interest / discount on advances / bills		5429450			3800795			3040939			9230245			5781167			12709586
	b) Income on investments		1163951			891124			770193			2055075			1489550			3131116
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		41291			79185			16024			120476			45648			99679
	d) Others		135147			87577			31482			222724			59477			218174
2	Other income		1070784			922986			759558			1993770			1398381			3121483
3	Total Income (1)+(2)		7840623			5781667			4618196			13622290			8774223			19280038
4	Interest Expended		4031316			2498774			1756522			6530090			3325584			7474331
5	Operating Expenses (i)+(ii)		1539919			1405691			1122457			2945610			2172638			4765209
	i) Employees cost		517019			478207			352383			995226			702407			1551236
	ii) Other operating expenses		1022900			927484			770074			1950384			1470231			3213973
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		5571235			3904465			2878979			9475700			5498222			12239540
7	Operating Profit before Provisions and Contingencies (3)-(6)		2269388			1877202			1739217			4146590			3276001			7040498
8	Provisions (other than tax) and Contingencies		290383			286003			324013			576386			642786			1191967
9	Exceptional Items		—			—			—			—			—			—
10	Profit from Ordinary Activities before tax (7)-(8)-(9)		1979005			1591199			1415204			3570204			2633215			5848531
11	Tax Expense (Refer note 13)		381394			396022			354626			777416			653038			1437660
12	Net Profit from Ordinary Activities after tax (10)-(11)		1597611			1195177			1060578			2792788			1980177			4410871
13	Extraordinary items (net of tax expense)		—			—			—			—			—			—
14	Net Profit for the period (12)-(13)		1597611			1195177			1060578			2792788			1980177			4410871
15	Paid up equity share capital (Face Value of ₹ 1/- each)		75818			55918			55700			75818			55700			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			Nil			Nil
	(ii) Capital Adequacy Ratio		19.54	%		18.93	%		16.92	%		19.54	%		16.92	%		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		21.13			21.40			19.07			42.46			35.64			79.25
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		21.02			21.28			19.00			42.23			35.50			78.89
	(iv) NPA Ratios:
	(a) Gross NPAs		3157789			1906412			1830100			3157789			1830100			1801903
	(b) Net NPAs		807279			477687			488267			807279			488267			436843
	(c) % of Gross NPAs to Gross Advances		1.34	%		1.17	%		1.23	%		1.34	%		1.23	%		1.12	%
	(d) % of Net NPAs to Net Advances		0.35	%		0.30	%		0.33	%		0.35	%		0.33	%		0.27	%
	(v) Return on assets (average) - not annualized		0.50	%		0.51	%		0.51	%		1.00	%		0.97	%		2.07	%
	(vi) Net worth		39723231			28638820			24699703			39723231			24699703			27306304
	(vii) Outstanding Redeemable Preference Shares		—			—			—			—			—			—
	(viii) Capital Redemption Reserve		—			—			—			—			—			—
	(ix) Debt Equity Ratio		1.25			0.44			0.38			1.25			0.38			0.39
	(x) Total Debts to Total Assets		20.98	%		8.37	%		9.29	%		20.98	%		9.29	%		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									Half year ended						Year ended 31.03.2023
		30.09.2023			30.06.2023			30.09.2022			30.09.2023			30.09.2022
Particulars		Unaudited			Unaudited			Audited			Unaudited			Audited			Audited
1	Segment Revenue
a)	Treasury		1589767			1053787			790995			2643554			1528959			3432291
b)	Retail Banking:		6085902			4293948			3512514			10379850			6681077			14227315
	(i) Digital Banking*		76			62						138						64
	(ii) Other Retail Banking		6085826			4293886						10379712						14227251
c)	Wholesale Banking		4729862			2973191			2166944			7703053			4032025			9436608
d)	Other Banking Operations		727003			695009			644952			1422012			1243421			2597931
e)	Unallocated		—			—			—			—			—			—
	Total		13132534			9015935			7115405			22148469			13485482			29694145
	Less: Inter Segment Revenue		5291911			3234268			2497209			8526179			4711259			10414107
	Income from Operations		7840623			5781667			4618196			13622290			8774223			19280038
2	Segment Results
a)	Treasury		182349			135490			1226			317839			27843			209649
b)	Retail Banking:		593860			356906			307750			950766			577800			1416354
	(i) Digital Banking*		(31	)		(32	)					(63	)					(85	)
	(ii) Other Retail Banking		593891			356938						950829						1416439
c)	Wholesale Banking		980487			884819			922187			1865306			1658851			3364199
d)	Other Banking Operations		277438			275789			193722			553227			418475			968453
e)	Unallocated		(55129	)		(61805	)		(9681	)		(116934	)		(49754	)		(110124	)
	Total Profit Before Tax		1979005			1591199			1415204			3570204			2633215			5848531
3	Segment Assets
a)	Treasury		79250541			64950758			56105272			79250541			56105272			64110856
b)	Retail Banking:		131725652			78013721			70443866			131725652			70443866			75606877
	(i) Digital Banking*		4687			3777						4687						4022
	(ii) Other Retail Banking		131720965			78009944						131720965						75602855
c)	Wholesale Banking		120367134			97242820			86839715			120367134			86839715			97368982
d)	Other Banking Operations		8622563			8518039			8163556			8622563			8163556			8074870
e)	Unallocated		1665131			1443962			1236927			1665131			1236927			1446563
	Total		341631021			250169300			222789336			341631021			222789336			246608148
4	Segment Liabilities
a)	Treasury		13401231			7964237			10952287			13401231			10952287			7330877
b)	Retail Banking:		185602326			163183242			141573723			185602326			141573723			159073252
	(i) Digital Banking*		5001			4004						5001						4166
	(ii) Other Retail Banking		185597325			163179238						185597325						159069086
c)	Wholesale Banking		96673478			44557093			41751119			96673478			41751119			46455276
d)	Other Banking Operations		747252			694972			678726			747252			678726			701864
e)	Unallocated		4703750			4388297			2422343			4703750			2422343			5026977
	Total		301128037			220787841			197378198			301128037			197378198			218588246
5	Capital and Reserves		40502984			29381459			25411138			40502984			25411138			28019902
6	Total (4)+(5)		341631021			250169300			222789336			341631021			222789336			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 30.09.2023		As at 30.09.2022		As at 31.03.2023
Particulars	Unaudited		Audited		Audited
CAPITAL AND LIABILITIES
Capital		75818		55700		55797
Reserves and Surplus		40427166		25355438		27964105
Deposits		217285776		167340798		188339465
Borrowings		71677499		20687834		20676556
Other Liabilities and Provisions		12164762		9349566		9572225
Total		341631021		222789336		246608148
ASSETS
Cash and Balances with Reserve Bank of India		15414254		8803058		11716077
Balances with Banks and Money at Call and Short notice		3292795		1373679		7660431
Investments		72343590		51911588		51700143
Advances		233123293		147987322		160058590
Fixed Assets		1014263		660419		801655
Other Assets		16442826		12053270		14671252
Total		341631021		222789336		246608148

2 Statement of Cash flow is given below:

	(₹ in lac)
	Half year ended						Year ended 31.03.2023
	30.09.2023			30.09.2022
Particulars	Unaudited			Audited			Audited
Cash flows from operating activities:
Profit before income tax		3570204			2633215			5848531
Adjustments for:
Depreciation on fixed assets		140398			106028			224248
(Profit) / loss on revaluation of investments		(72012	)		90063			54582
Amortisation of premium on held to maturity investments		42080			40404			85120
(Profit) / loss on sale of fixed assets		(3530	)		553			(829	)
Provision / charge for non performing assets		560289			660536			1178738
Provision for standard assets and contingencies		16097			12843			13227
Dividend from subsidiaries		(67529	)		(40924	)		(81098	)
Employee Stock Options / Units expense		59768			19261			74890
		4245765			3521979			7397409
Adjustments for:
Increase in investments		(7348435	)		(6535188	)		(6333089	)
Increase in advances		(13067180	)		(11765574	)		(24355264	)
Increase in deposits		13220391			11419055			32417721
Increase in other assets		(250396	)		(3375973	)		(5940935	)
Increase / (decrease) in other liabilities and provisions		(159564	)		926330			1093070
		(3359419	)		(5809371	)		4278912
Direct taxes paid (net of refunds)		(847275	)		(725746	)		(1547573	)
Net cash flow (used in) / from operating activities		(4206694	)		(6535117	)		2731339
Cash flows from investing activities:
Purchase of fixed assets		(153638	)		(118651	)		(328047	)
Proceeds from sale of fixed assets		4855			1443			4061
Dividend from subsidiaries		67529			40924			81098
Net cash flow used in investing activities		(81254	)		(76284	)		(242888	)
Cash flows from financing activities:
Proceeds from issue of share capital, net of issue expenses		353464			227771			341583
Proceeds from exercise of convertible equity warrants		319281			—			—
Proceeds from issue of Tier 1 and Tier 2 capital bonds		—			300000			2300000
Redemption of Tier 1 and Tier 2 capital bonds		—			(1147700	)		(1147700	)
Increase in other borrowings		3238285			2998288			978761
Dividend paid during the period		(840442	)		(860452	)		(860452	)
Net cash flow from financing activities		3070588			1517907			1612192
Effect of exchange fluctuation on translation reserve		7014			37537			43171
Net increase / (decrease) in cash and cash equivalents		(1210346	)		(5055957	)		4143814
Cash and cash equivalents taken over on amalgamation		540887			—			—
Cash and cash equivalents as at April 1st		19376508			15232694			15232694
Cash and cash equivalents as at the period end		18707049			10176737			19376508

3 The above financial results have been approved by the Board of Directors at its meeting held on October 16, 2023. The financial results for the quarter and half year ended September 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 and half year ended September 30, 2022 and 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.

4 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.

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

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) erstwhile HDFC Investments Limited (“eHDFC Investment”) and erstwhile HDFC Holdings Limited (“eHDFC Holdings”), with and into erstwhile Housing Development Finance Corporation Limited (“eHDFC Limited”); and thereafter (ii) eHDFC 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, 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 became effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of eHDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. The results for the quarter ended and half year ended September 30, 2023 include the operations of eHDFC Limited, eHDFC Investments and eHDFC Holdings for the period from July 01, 2023 to September 30, 2023 and hence are not comparable with those of the immediately preceding quarter and the corresponding periods of the previous year.

The amalgamation has been accounted under the ‘pooling of interest’ method as prescribed in AS-14 “Accounting for amalgamation”. Outstanding balances between eHDFC Limited and the Bank were eliminated as on July 01, 2023. All assets and liabilities of eHDFC Limited have been recognised by the Bank at their carrying amounts as on that date except for adjustments to bring about uniformity of accounting policies as required under AS-14. The share capital of ₹ 311.04 crore issued by the Bank as consideration pursuant to the scheme has been adjusted against the corresponding share capital of eHDFC Limited and the difference has been adjusted to Amalgamation Reserve. Further, excess of cost over face value of Investment in shares of the Bank by eHDFC Limited of ₹ 14,006.31 crore has been adjusted to Amalgamation Reserve. Consequently, the Bank has recognised a debit balance of ₹ 13,947.06 crore in the Amalgamation Reserve as a result of these adjustments.

Summarized values of assets and liabilities taken over in accordance with the terms of the Scheme is as detailed below:

Particulars	(₹ in crore)
Assets taken over
Balances with banks and money at call and short notice		5,408.87
Investments		146,773.54
Advances		605,664.86
Fixed assets		1,442.60
Other assets		14,338.34
Total assets (A)		773,628.21
Liabilities, reserves and surplus taken over
Equity share warrants		265.64
Reserves and surplus		111,129.66
Deposits		157,259.22
Borrowings		477,539.07
Other liabilities and provisions		27,064.33
Total Liabilities, reserves and surplus (B)		773,257.92
Net Assets C = (A-B)		370.29

Consequent upon amalgamation become effective, the authorised share capital of the Bank automatically stood increased to ₹ 1,190.61 crore (11,90,61,00,000 shares of ₹ 1/- each) on account of transfer to and amalgamation / combination of authorised capital of eHDFC Limited with the authorised share capital of the Bank. In terms of the Scheme, the Bank has issued and allotted 3,11,03,96,492 equity shares to the shareholders of eHDFC 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 eHDFC Limited. Accordingly, the paid-up share capital of the Bank increased from ₹ 559.18 crore 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 eHDFC Limited in the Bank on that date in accordance with the provisions of the Scheme.

In relation to the Scheme, the Bank had made applications to RBI seeking certain forbearances / glidepath to commence from the effective date of the merger. The applications were submitted to RBI keeping in mind that the merged entity including its subsidiaries would require to comply with the extant RBI regulations with the expectation of facilitating minimal disruption to the existing customers of the merged entity, providing smooth glidepath and enabling the merged entity to continue with the incremental flow of credit in the economy including priority sector. The RBI vide its letters dated April 20, 2023 and August 22, 2023 has granted certain forbearances / glidepath and provided clarifications to the Bank by subsequent communications. The Bank continues to engage with RBI in this regard.

7 During the quarter and half year ended September 30, 2023, the Bank allotted 1,94,70,942 and 3,15,26,962 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

8 During the quarter and half year ended September 30, 2023, the Bank allotted 2,47,75,632 equity shares pursuant to exercise of convertible share warrants issued by eHDFC Limited. As a consequence, the share capital and share premium of the Bank has increased by ₹ 2.48 crore and ₹ 3,455.79 crore respectively.

9 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 September 30, 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. March 31, 2023 (A) $	Of (A), aggregate debt that slipped into NPA during the  half-year ended September 30, 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. September 30, 2023^
Personal Loans	6,544.37	497.37	145.65	502.89	5,544.11
Corporate persons	622.76	4.56	1.17	126.37	491.83
Of which, MSMEs	104.84	0.42	0.33	15.32	89.10
Others	866.40	62.94	9.31	171.09	632.37
Total	8,033.53	564.87	156.13	800.35	6,668.31

^$ Includes additions of ₹ 2,981.92 crore as on July 01, 2023 on account of amalgamation of eHDFC Limited with the Bank.

^# Represents debt that slipped into NPA and was subsequently written off during the half- year ended September 30, 2023.

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

^{^} Excludes other facilities to the borrowers aggregating to ₹ 682.79 crore which have not been restructured.

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

	(₹ in crore)
Rating	Rating Agency	Recovery rating	Gross Value of Outstanding SRs
RR4	India Ratings	25% - 50%		140.93
RR1	CRISIL	100% - 150%		48.84
RR1	India Ratings	100% - 150%		161.41
RR3	India Ratings	50% - 75%		45.82
RR1+	India Ratings	More than 150%		0.15
RR1$	Informeric	100% - 150%		704.70
Unrated				1.08
		Total		1,102.93

^$ On account of amalgamation of eHDFC Limited with the Bank

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

Particulars	Value
Aggregate amount of loans acquired (₹ in crore)		28.14
Weighted average residual maturity (in years)		25.89
Weighted average holding period by the originator (in years)		1.45
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.

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 Other operating expenses include commission paid to sales agents of ₹ 1,514.70 crore (previous period: ₹ 1,194.37 crore) and ₹ 2,590.12 crore (previous period: ₹ 2,289.61 crore) for the quarter and half year ended September 30, 2023 respectively.

13 Provision for tax during the quarter and half year ended September 30, 2023 is net of write back of provision no longer required of ₹ 1,006.69 crore, pursuant to favourable appellate order received by the Bank.

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

15 ₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place: Mumbai	Sashidhar Jagdishan
Date: October 16, 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 AND HALF ENDED SEPTEMBER 30, 2023

		(₹ in lac)
		Quarter ended						Half year ended				Year ended 31.03.2023
		30.09.2023		30.06.2023		30.09.2022		30.09.2023		30.09.2022
Particulars		Unaudited		Unaudited		Audited		Unaudited		Audited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		7503910		5116814		4092979		12620724		7820360		17075405
	a) Interest / discount on advances / bills		5689657		4045277		3262998		9734934		6204374		13576733
	b) Income on investments		1609181		887700		768084		2496881		1481806		3117330
	c) Interest on balances with Reserve Bank of India and other inter-bank funds		48998		84840		19070		133838		51035		114925
	d) Others		156074		98997		42827		255071		83145		266417
2	Other Income (a)+(b)		3252752		985315		825231		4238067		1518082		3391205
	a) Premium and other operating income from insurance business		1728587		—		—		1728587		—		—
	b) Others		1524165		985315		825231		2509480		1518082		3391205
3	Total Income (1)+(2)		10756662		6102129		4918210		16858791		9338442		20466610
4	Interest Expended		4124991		2595476		1831079		6720467		3466905		7777994
5	Operating Expenses (i)+(ii)+(iii)		4203759		1517771		1214979		5721530		2350487		5153369
	i) Employees cost		778905		595116		463175		1374021		923861		2001685
	ii) Claims and benefits paid including other expenses pertaining to insurance business		2371393		—		—		2371393		—		—
	iii) Other operating expenses		1053461		922655		751804		1976116		1426626		3151684
6	Total Expenditure (4)+(5) (excluding Provisions and Contingencies)		8328750		4113247		3046058		12441997		5817392		12931363
7	Operating Profit before Provisions and Contingencies (3)-(6)		2427912		1988882		1872152		4416794		3521050		7535247
8	Provisions (Other than tax) and Contingencies		331174		329210		376512		660384		743080		1385408
9	Exceptional Items		—		—		—		—		—		—
10	Profit from ordinary activities before tax (7)-(8)-(9)		2096738		1659672		1495640		3756410		2777970		6149839
11	Tax Expense (Refer note 8)		365500		419347		379381		784847		700044		1534969
12	Net Profit from Ordinary Activities after tax (10)-(11)		1731238		1240325		1116259		2971563		2077926		4614870
13	Extraordinary items (net of tax expense)		—		—		—		—		—		—
14	Consolidated Net Profit for the period before minority interest (12)-(13)		1731238		1240325		1116259		2971563		2077926		4614870
15	Less: Minority Interest		50097		3287		3738		53384		7494		15159
16	Consolidated Net Profit for the period attributable to the group (14)-(15)		1681141		1237038		1112521		2918179		2070432		4599711
17	Paid up equity share capital (Face Value of ₹ 1/- each)		75818		55918		55700		75818		55700		55797
18	Reserves excluding revaluation reserves												28887955
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		22.24		22.15		20.01		44.36		37.27		82.64
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		22.12		22.03		19.93		44.12		37.12		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									Half year ended						Year ended 31.03.2023
		30.09.2023			30.06.2023			30.09.2022			30.09.2023			30.09.2022
Particulars		Unaudited			Unaudited			Audited			Unaudited			Audited			Audited
1	Segment Revenue
a)	Treasury		1589767			1053787			790995			2643554			1528959			3432291
b)	Retail Banking:		6085902			4293948			3512514			10379850			6681077			14227315
	(i) Digital Banking*		76			62						138						64
	(ii) Other Retail Banking		6085826			4293886						10379712						14227251
c)	Wholesale Banking		4729863			2973191			2166945			7703054			4032026			9436608
d)	Other Banking Operations		727003			695009			644952			1422012			1243421			2597929
e)	Insurance Business**		2601303			—			—			2601303			—			—
f)	Others^		314735			320462			300013			635197			564218			1186574
g)	Unallocated		—			—			—			—			—			—
	Total		16048573			9336397			7415419			25384970			14049701			30880717
	Less: Inter Segment Revenue		5291911			3234268			2497209			8526179			4711259			10414107
	Income from Operations		10756662			6102129			4918210			16858791			9338442			20466610
2	Segment Results
a)	Treasury		182349			135490			1226			317839			27843			209649
b)	Retail Banking:		593860			356906			307750			950766			577800			1416354
	(i) Digital Banking*		(31	)		(32	)					(63	)					(85	)
	(ii) Other Retail Banking		593891			356938						950829						1416439
c)	Wholesale Banking		980485			884819			922187			1865304			1658851			3364199
d)	Other Banking Operations		277438			275789			193722			553227			418475			968451
e)	Insurance Business**		64009			—			—			64009			—			—
f)	Others^		53726			68473			80436			122199			144755			301310
g)	Unallocated		(55129	)		(61805	)		(9681	)		(116934	)		(49754	)		(110124	)
	Total Profit Before Tax and Minority Interest		2096738			1659672			1495640			3756410			2777970			6149839
3	Segment Assets
a)	Treasury		79249331			64950758			56105272			79249331			56105272			64110856
b)	Retail Banking:		131735412			78013712			70443866			131735412			70443866			75606877
	(i) Digital Banking*		4687			3777						4687						4022
	(ii) Other Retail Banking		131730725			78009935						131730725						75602855
c)	Wholesale Banking		120359887			97242829			86839715			120359887			86839715			97368982
d)	Other Banking Operations		8621261			8518039			8163558			8621261			8163558			8074869
e)	Insurance Business**		29146588			—			—			29146588			—			—
f)	Others^		7357102			6918457			5568402			7357102			5568402			6435096
g)	Unallocated		1665127			1443962			1236926			1665127			1236926			1446563
	Total		378134708			257087757			228357739			378134708			228357739			253043243
4	Segment Liabilities
a)	Treasury		13399256			7964237			10952286			13399256			10952286			7330877
b)	Retail Banking:		185618250			163183242			141573723			185618250			141573723			159073252
	(i) Digital Banking*		5001			4004						5001						4166
	(ii) Other Retail Banking		185613249			163179238						185613249						159069086
c)	Wholesale Banking		96661653			44557093			41751119			96661653			41751119			46455276
d)	Other Banking Operations		745129			694972			678728			745129			678728			701863
e)	Insurance Business**		28069520			—			—			28069520			—			—
f)	Others^		5803673			5863860			4669316			5803673			4669316			5425220
g)	Unallocated		4703745			4388297			2422345			4703745			2422345			5026977
	Total		335001226			226651701			202047517			335001226			202047517			224013465
5	Capital, Reserves and Minority Interest		43133482			30436056			26310222			43133482			26310222			29029778
6	Total (4)+(5)		378134708			257087757			228357739			378134708			228357739			253043243

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

** Includes the operations of HDFC Life Insurance Company Limited (consolidated) and HDFC ERGO General Insurance Company Limited.

^ Includes the operations of the consolidated entities of the Bank, not covered in any of the above segments.

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 30.09.2023		As at 30.09.2022		As at 31.03.2023
Particulars	Unaudited		Audited		Audited
CAPITAL AND LIABILITIES
Capital		75818		55700		55797
Reserves and Surplus		41816820		26175931		28887955
Minority Interest		1240844		78591		86026
Deposits		217107875		167085982		188266325
Borrowings		77122726		25174329		25654866
Other Liabilities and Provisions		13632601		9787206		10092274
Policyholders’ Funds		27138024		—		—
Total		378134708		228357739		253043243
ASSETS
Cash and balances with Reserve Bank of India		15416867		8806150		11718928
Balances with Banks and Money at Call and Short notice		4096269		1666136		7995853
Investments		99241121		51249318		51158171
Advances		240191629		153394517		166194929
Fixed Assets		1126051		682803		828255
Other Assets		18062771		12543936		15132228
Goodwill on Consolidation		—		14879		14879
Total		378134708		228357739		253043243

2 Consolidated Statement of Cash flow is given below:

	(₹ in lac)
Particulars	Half year ended						Year ended 31.03.2023
	30.09.2023			30.09.2022
	Unaudited			Audited			Audited
Cash flows from operating activities:
Consolidated profit before income tax		3703026			2770476			6134680
Adjustment for:
Depreciation on fixed assets		151111			110525			234547
(Profit) / loss on revaluation of investments		(282878	)		90063			54582
Amortisation of premium on held to maturity investments		47866			40404			85120
(Profit) / loss on sale of fixed assets		(3593	)		541			(805	)
Provision / charge for non performing assets		649793			832178			1356119
Provision for standard assets and contingencies		10590			(35533	)		29289
Employee Stock Options / Units expense		67515			21381			78706
		4343430			3830035			7972238
Adjustments for:
Increase in investments		(7825274	)		(6499453	)		(6418203	)
Increase in advances		(13919965	)		(12132924	)		(25456945	)
Increase in deposits		13115629			11285679			32466022
Increase in other assets		(669733	)		(3319187	)		(5890979	)
Increase / (decrease) in other liabilities and provisions		(45981	)		861277			1045986
Increase for policyholders’ funds		1234344			—			—
		(3767550	)		(5974573	)		3718119
Direct taxes paid (net of refunds)		(792537	)		(772515	)		(1636749	)
Net cash flow (used in) / from operating activities		(4560087	)		(6747088	)		2081370
Cash flows from investing activities:
Purchase of fixed assets		(173250	)		(126031	)		(346657	)
Proceeds from sale of fixed assets		5053			1490			4268
Net cash flow used in investing activities		(168197	)		(124541	)		(342389	)
Cash flows from financing activities:
Increase in minority interest		25744			7760			19896
Proceeds from issue of share capital, net of issue expenses		353464			227771			341583
Proceeds from exercise of convertible equity warrants		319281			—			—
Proceeds from issue of Tier 1 and Tier 2 capital bonds		—			300000			2300000
Redemption of Tier 1 and Tier 2 capital bonds		—			(1147700	)		(1207700	)
Increase in other borrowings		3543058			3240426			1800729
Dividend paid during the period		(840442	)		(860452	)		(860452	)
Net cash flow from financing activities		3401105			1767805			2394056
Effect of exchange fluctuation on translation reserve		7363			37537			43171
Net increase / (decrease) in cash and cash equivalents		(1319816	)		(5066287	)		4176208
Cash and cash equivalents taken over on amalgamation		1118171			—			—
Cash and cash equivalents as at April 1st		19714781			15538573			15538573
Cash and cash equivalents as at the period end		19513136			10472286			19714781

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 October 16, 2023. The financial results for the quarter ended and half year ended September 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 and half year ended September 30, 2022 and 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.

4 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”), Insurance Regulatory and Development Authority of India (IRDAI) (Preparation of Financial Statements and Auditors Report of Insurance companies) regulations, 2002 (“IRDA Guidelines”) from time to time (“IRDA Guidelines” to the extent applicable for insurance entities) 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.

5 The Group has applied its significant accounting policies in preparation of these consolidated financial results consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2023 amended in respect of insurance entities and other subsidiaries of erstwhile Housing Development Finance Corporation Limited (“eHDFC Limited”) which were acquired as a part of amalgamation of eHDFC Limited with and into HDFC Bank Limited.

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) erstwhile HDFC Investments Limited (“eHDFC Investments”) and erstwhile HDFC Holdings Limited (“eHDFC Holding”), with and into erstwhile Housing Development Finance Corporation Limited (“eHDFC Limited”); and thereafter (ii) eHDFC 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, 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 became effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of eHDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. The results for the quarter ended and half year ended September 30, 2023 include the operations of eHDFC Limited, eHDFC Investments and eHDFC Holdings and results of subsidiaries of eHDFC Limited which became the subsidiaries of the Bank from effective date for the period from July 01, 2023 to September 30, 2023 and hence are not comparable with those of the immediately preceding quarter and the corresponding periods of the previous year.

The amalgamation has been accounted under the ‘pooling of interest’ method as prescribed in AS-14 “Accounting for amalgamation”. Outstanding balances between eHDFC Limited and the Bank were eliminated as on July 01, 2023. All assets and liabilities of eHDFC Limited have been recognised by the Bank at their carrying amounts as on that date except for adjustments to bring about uniformity of accounting policies as required under AS-14. The share capital of ₹ 311.04 crore issued by the Bank as consideration pursuant to the scheme has been adjusted against the corresponding share capital of eHDFC Limited and the difference has been adjusted to Amalgamation Reserve. Further, excess of cost over face value of Investment in shares of the Bank by eHDFC Limited of ₹ 14,006.31 crore has been adjusted to Amalgamation Reserve. Consequently, the Bank has recognised a debit balance of ₹ 13,947.06 crore in the Amalgamation Reserve as a result of these adjustments.

Summarized values of assets and liabilities taken over in accordance with the terms of the Scheme is as detailed below:

Particulars	(₹ in crore)
Assets taken over
Balances with banks and money at call and short notice		5,408.87
Investments		146,773.54
Advances		605,664.86
Fixed assets		1,442.60
Other assets		14,338.34
Total assets (A)		773,628.21
Liabilities, reserves and surplus taken over
Equity share warrants		265.64
Reserves and surplus		111,129.66
Deposits		157,259.22
Borrowings		477,539.07
Other liabilities and provisions		27,064.33
Total Liabilities, reserves and surplus (B)		773,257.92
Net Assets C = (A-B)		370.29

Consequent upon amalgamation become effective, the authorised share capital of the Bank automatically stood increased to ₹ 1,190.61 crore (11,90,61,00,000 shares of ₹ 1/- each) on account of transfer to and amalgamation / combination of authorised capital of eHDFC Limited with the authorised share capital of the Bank. In terms of the Scheme, the Bank has issued and allotted 3,11,03,96,492 equity shares to the shareholders of eHDFC 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 eHDFC Limited. Accordingly, the paid-up share capital of the Bank increased from ₹ 559.18 crore 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 eHDFC Limited in the Bank on that date in accordance with the provisions of the Scheme.

In relation to the Scheme, the Bank had made applications to RBI seeking certain forbearances / glidepath to commence from the effective date of the merger. The applications were submitted to RBI keeping in mind that the merged entity including its subsidiaries would require to comply with the extant RBI regulations with the expectation of facilitating minimal disruption to the existing customers of the merged entity, providing smooth glidepath and enabling the merged entity to continue with the incremental flow of credit in the economy including priority sector. The RBI vide its letters dated April 20, 2023 and August 22, 2023 has granted certain forbearances / glidepath and provided clarifications to the Bank by subsequent communications. The Bank continues to engage with RBI in this regard.

7 Upon scheme becoming effective from July 01, 2023, the following entities (subsidiaries of eHDFC Limited) became the subsidiaries of the Bank.

Name of the Entity	Relationship
HDFC Life Insurance Company Limited	Direct Subsidiary
HDFC International Life and Re Company Limited	Indirect Subsidiary
HDFC Pension Management Company Limited	Indirect Subsidiary
HDFC Asset Management Company Limited	Direct Subsidiary
HDFC AMC International (IFSC) Limited	Indirect Subsidiary
HDFC Ergo General Insurance Company Limited	Direct Subsidiary
HDFC Sales Private Limited	Direct Subsidiary
HDFC Capital Advisors Limited	Direct Subsidiary
HDFC Trustee Company Limited	Direct Subsidiary
HDFC Credila Financial Services Limited	Direct Subsidiary
HDFC Education and Development Services Private Limited	Direct Subsidiary
Griha Pte Limited	Direct Subsidiary
Griha Investments	Direct Subsidiary

The Bank has not consolidated in the above results, ‘HDFC Credila Financial Services Limited’ and ‘HDFC Education and Development Services Private Limited’ its wholly owned subsidiaries, as the control of these subsidiaries is intended to be temporary (as directed by RBI) on the date of their acquisition. The consolidation of the remaining subsidiaries resulted into capital reserve of ₹ 3,438.82 crore (net of goodwill of ₹ 340.18 crore).

8 Provision for tax during the quarter and half year ended September 30, 2023 is net of write back of provision no longer required of ₹ 1,628.12 crore, pursuant to favourable appellate orders received by the Bank and its subsidiary.

9 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.

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

11 ₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place: Mumbai	Sashidhar Jagdishan
Date: October 16, 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 AND HALF YEAR ENDED SEPTEMBER 30, 2023

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and half year ended September 30, 2023, at its meeting held in Mumbai on Monday, October 16, 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 114.8% to ₹ 66,317 crore for the quarter ended September 30, 2023 from ₹ 30,871 crore for the quarter ended September 30, 2022. The consolidated profit after tax for the quarter ended September 30, 2023 was ₹ 16,811 crore, up 51.1%, over the quarter ended September 30, 2022. Earnings per share for the quarter ended September 30, 2023 was ₹ 22.2 and book value per share as of September 30, 2023 was ₹ 552.5.

The consolidated profit after tax for the half year ended September 30, 2023 was ₹ 29,182 crore, up 40.9%, over the half year ended September 30, 2022.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2023

The Bank’s net revenue grew by 33.1% to ₹ 38,093 crore for the quarter ended September 30, 2023 from ₹ 28,617 crore for the quarter ended September 30, 2022.

Net interest income (interest earned less interest expended) for the quarter ended September 30, 2023 grew by 30.3% to ₹ 27,385 crore from ₹ 21,021 crore for the quarter ended September 30, 2022. Core net interest margin for the quarter was 3.65% on total assets and 3.85% on interest earning assets. After absorbing debt funded cost for additional liquidity and merger management, the reported NIM for the quarter is 3.4% on total assets and 3.6% on interest earning assets.

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

Other income (non-interest revenue) for the quarter ended September 30, 2023 was ₹ 10,708 crore as against ₹ 7,596 crore in the corresponding quarter ended September 30, 2022. The four components of other income for the quarter ended September 30, 2023 were fees & commissions of ₹ 6,936 crore (₹ 5,803 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,221 crore (₹ 1,082 crore in the corresponding quarter of the previous year), net trading and mark to market gain of ₹ 1,041 crore (loss of ₹ 387 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,510 crore (₹ 1,098 crore in the corresponding quarter of the previous year).

Operating expenses for the quarter ended September 30, 2023 were ₹ 15,399 crore, an increase of 37.2% over ₹ 11,225 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 40.4%.

Pre-provision operating profit (PPOP) at ₹ 22,694 crore grew by 30.5% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended September 30, 2023 were ₹ 2,904 crore as against ₹ 3,240 crore for the quarter ended September 30, 2022.

The total credit cost ratio was at 0.49%, as compared to 0.87% for the quarter ending September 30, 2022.

Profit before tax (PBT) for the quarter ended September 30, 2023 was at ₹ 19,790 crore. After providing ₹ 3,814 crore for taxation, the Bank earned a net profit of ₹ 15,976 crore, an increase of 50.6% over the quarter ended September 30, 2022.

Balance Sheet: As of September 30, 2023

Total balance sheet size as of September 30, 2023 was ₹ 34,16,310 crore as against ₹ 22,27,893 crore as of September 30, 2022.

Total Deposits showed a healthy growth of approximately ₹ 1.1 lac crore during the quarter post merger, and were at ₹ 21,72,858 crore as of September 30, 2023, an increase of 29.8% over September 30, 2022. CASA deposits grew by 7.6% with savings account deposits at ₹ 5,69,956 crore and current account deposits at ₹ 2,47,749 crore. Time deposits were at ₹ 13,55,153 crore, an increase of 48.3% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 37.6% of total deposits as of September 30, 2023.

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

Gross advances increased by approximately ₹ 1.1 lac crore during the quarter post merger, and were at ₹ 23,54,633 crore as of September 30, 2023, an increase of 57.7% over September 30, 2022. Grossing up for transfers through inter-bank participation certificates and bills rediscounted, advances grew by 60.0% over September 30, 2022. Domestic retail loans grew by 112.1%, commercial and rural banking loans grew by 29.5% and corporate and other wholesale loans (excluding non-individual loans of eHDFC Ltd of approximately ₹ 1,02,800 crore) grew by 7.9%. Overseas advances constituted 1.7% of total advances.

Half Year ended September 30, 2023

For the half year ended September 30, 2023, the Bank earned a total income of ₹ 1,36,223 crore as against ₹ 87,742 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2023 were ₹ 70,922 crore, as against ₹ 54,486 crore for the half year ended September 30, 2022. Profit after tax for the half year ended September 30, 2023 was ₹ 27,928 crore, up by 41.0% over the corresponding half year ended September 30, 2022.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.5% as on September 30, 2023 (18.0% as on September 30, 2022) as against a regulatory requirement of 11.7%. Tier 1 CAR was at 17.8% and Common Equity Tier 1 Capital ratio was at 17.3% as of September 30, 2023. Risk-weighted Assets were at ₹ 21,74,226 crore.

NETWORK

As of September 30, 2023, the Bank’s distribution network was at 7,945 branches and 20,596 ATMs across 3,836 cities / towns as against 6,499 branches and 18,868 ATMs across 3,226 cities / towns as of September 30, 2022. 52% of our branches are in semi-urban and rural areas. In addition, we have 15,352 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 1,97,899 as of September 30, 2023 (as against 1,61,027 as of September 30, 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 1.34% of gross advances as on September 30, 2023, as against 1.41% on a proforma merged basis as on June 30, 2023, and 1.23% as on September 30, 2022. Net non-performing assets were at 0.35% of net advances as on September 30, 2023.

SUBSIDIARIES

Amongst the Bank’s key subsidiaries, HDFC Life Insurance Company Ltd and HDFC ERGO General Insurance Company Ltd prepare their financial results in accordance with Indian GAAP, while others do so in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The financial numbers of the subsidiaries mentioned herein below are in accordance with the accounting standards used in their standalone reporting.

HDB Financial Services Limited (HDBFSL), in which the Bank holds an 94.8% stake, is a non-deposit taking NBFC offering wide a range of loans and asset finance products. For the quarter ended September 30, 2023, HDBFSL’s net revenue was at ₹ 2,357 crore as against ₹ 2,201 crore for the quarter ended September 30, 2022, a growth of 7.1%. Profit after tax for the quarter ended September 30, 2023 was ₹ 601 crore compared to ₹ 471 crore for the quarter ended September 30, 2022, a growth of 27.5%. Profit after tax for the half year ended September 30, 2023 was ₹ 1,168 crore compared to ₹ 913 crore for the half year ended September 30, 2022. The total loan book was ₹ 77,857 crore as on September 30, 2023 compared to ₹ 63,112 crore as on September 30, 2022, a growth of 23.4%. Stage 3 loans were at 2.38% of gross loans. As on September 30, 2023, total CAR was at 19.4% with Tier-I CAR at 15.7%.

HDFC Life Insurance Company Ltd (HDFC Life), in which the Bank holds a 50.4% stake, is a leading, long-term life insurance solutions provider in India. For the quarter ended September 30, 2023, HDFC Life’s net premium income was at ₹ 14,756 crore as against ₹ 13,111 crore for the quarter ended September 30, 2022, a growth of 12.5%. Profit after tax for the quarter ended September 30, 2023 was ₹ 377 crore compared to ₹ 326 crore for the quarter ended September 30, 2022, a growth of 15.5%. Profit after tax for the half year ended September 30, 2023 was ₹ 792 crore compared to ₹ 686 crore for the half year ended September 30, 2022.

HDFC ERGO General Insurance Company Ltd (HDFC ERGO), in which the Bank holds a 50.5% stake, offers a complete range of general insurance products. For the quarter ended September 30, 2023, premium earned (net) by HDFC ERGO was at ₹ 2,592 crore as against ₹ 2,118 crore for the quarter ended September 30, 2022, a growth of 22.4%. Profit after tax for the quarter ended September 30, 2023 was ₹ 236 crore compared to ₹ 177 crore for the quarter ended September 30, 2022, a growth of 33.1%. Profit after tax for the half year ended September 30, 2023 was ₹ 436 crore compared to ₹ 321 crore for the half year ended September 30, 2022.

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

HDFC Asset Management Company Ltd (HDFC AMC), in which the Bank holds a 52.6% stake, is the Investment Manager to HDFC Mutual Fund, one of the largest mutual funds in India and offers a comprehensive suite of savings and investment products. For the quarter ended September 30, 2023, HDFC AMC’s Quarterly Average Assets Under Management were approximately ₹ 5.25 lac crore, a growth of 22.2% over the quarter ended September 30, 2022. Profit after tax for the quarter ended September 30, 2023 was ₹ 438 crore compared to ₹ 364 crore for the quarter ended September 30, 2022, a growth of 20.2%. Profit after tax for the half year ended September 30, 2023 was ₹ 915 crore compared to ₹ 678 crore for the half year ended September 30, 2022.

HDFC Securities Limited (HSL), in which the Bank holds a 95.5% stake, is amongst the leading broking firms in India. For the quarter ended September 30, 2023, HSL’s total revenue was ₹ 603 crore, as against ₹ 468 crore for the quarter ended September 30, 2022. Profit after tax for the quarter was at ₹ 214 crore, as against ₹ 191 crore for the quarter ended September 30, 2022. Profit after tax for the half year ended September 30, 2023 was ₹ 404 crore compared to ₹ 380 crore for the half year ended September 30, 2022.

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.

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Madhu Chhibber

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HDFC Bank Ltd., Mumbai.

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madhu.chhibber@hdfcbank.com

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Investor Relations

HDFC Bank Ltd., Mumbai.

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investor.relations@hdfcbank.com