Hdfc Bank Ltd 6-K, filed Jul 22, 2021
Hdfc Bank Ltd (HDB)
About this 6-K
Hdfc Bank Ltd filed this 6-K on July 22, 2021.
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, 2021
Commission File Number 001-15216
HDFC BANK LIMITED
(Translation of registrant’s name into English)
HDFC Bank House, Senapati Bapat Marg,
Lower Parel, Mumbai. 400 013, India
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ☐ No ☒
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ☐ No ☒
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82- Not Applicable .
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| HDFC BANK LIMITED | ||||||
| (Registrant) | ||||||
| Date: July 22, 2021 | By | /s/ Santosh Haldankar | ||||
| Name: Santosh Haldankar | ||||||
| Title: Sr. Vice President (Legal) & Company Secretary | ||||||
EXHIBIT INDEX
The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this Report pursuant to the General Instructions for Form 6-K.
Exhibit I
Description
Communication dated July 17, 2021 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the Outcome of the Meeting of the Board of Directors of HDFC Bank Limited held on July 17, 2021.
Exhibit I
July 17, 2021
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, 2021
We would like to inform that the Board of Directors, at its meeting held today, approved:
| 1. | The standalone and consolidated financial results of the Bank for the first quarter (unaudited) ended June 30, 2021. We enclose herewith the aforesaid results, the segment reporting, press release and the report of the Statutory Auditors in this regard. |
| 2. | The issue of standalone Rule 144A/ Reg. S foreign currency denominated Perpetual Debt Instruments as Basel III compliant Additional Tier I capital (“AT1 Bonds”) to foreign (global) investors outside India, on an unsecured basis, on a public or a private placement basis, along with a proposed listing of the AT1 Bonds and other related activities in the course of the financial year 2021- 22, subject to market conditions and applicable approvals. |
Kindly take the same on your records.
Yours truly,
For HDFC Bank Limited
Sd/-
Santosh Haldankar
Senior Vice President - Legal & Company Secretary
Encl: a/a.
HDFC BANK LIMITED
CIN : L65920MH1994PLC080618
Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.
Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
| (₹ in lac)
|
||||||||||||||||||
| Quarter ended | Year ended 31.03.2021 |
|||||||||||||||||
| 30.06.2021 | 31.03.2021 | 30.06.2020 | ||||||||||||||||
| Particulars |
Unaudited | Audited (Refer note 4) |
Unaudited | Audited | ||||||||||||||
| 1 | Interest Earned (a)+(b)+(c)+(d) | 3048297 | 3042359 | 3037797 | 12085823 | |||||||||||||
| a) Interest / discount on advances / bills | 2359273 | 2381163 | 2403737 | 9483454 | ||||||||||||||
| b) Income on investments | 649314 | 616633 | 559764 | 2321427 | ||||||||||||||
| c) Interest on balances with Reserve Bank of India and other inter bank funds | 30283 | 31487 | 62648 | 234125 | ||||||||||||||
| d) Others | 9427 | 13076 | 11648 | 46817 | ||||||||||||||
| 2 | Other Income | 628850 | 759391 | 407531 | 2520489 | |||||||||||||
| 3 | Total Income (1)+(2) | 3677147 | 3801750 | 3445328 | 14606312 | |||||||||||||
| 4 | Interest Expended | 1347401 | 1330344 | 1471255 | 5597866 | |||||||||||||
| 5 | Operating Expenses (i)+(ii) | 816043 | 918129 | 691146 | 3272262 | |||||||||||||
| i) Employees cost | 276558 | 267885 | 251344 | 1036479 | ||||||||||||||
| ii) Other operating expenses | 539485 | 650244 | 439802 | 2235783 | ||||||||||||||
| 6 | Total Expenditure (4)+(5) (excluding Provisions and Contingencies) | 2163444 | 2248473 | 2162401 | 8870128 | |||||||||||||
| 7 | Operating Profit before Provisions and Contingencies (3)-(6) | 1513703 | 1553277 | 1282927 | 5736184 | |||||||||||||
| 8 | Provisions (other than tax) and Contingencies | 483084 | 469370 | 389152 | 1570285 | |||||||||||||
| 9 | Exceptional Items | — | — | — | — | |||||||||||||
| 10 | Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9) | 1030619 | 1083907 | 893775 | 4165899 | |||||||||||||
| 11 | Tax Expense | 257655 | 265256 | 227913 | 1054246 | |||||||||||||
| 12 | Net Profit / (Loss) from Ordinary Activities after tax (10)-(11) | 772964 | 818651 | 665862 | 3111653 | |||||||||||||
| 13 | Extraordinary items (net of tax expense) | — | — | — | — | |||||||||||||
| 14 | Net Profit / (Loss) for the period (12)-(13) | 772964 | 818651 | 665862 | 3111653 | |||||||||||||
| 15 | Paid up equity share capital (Face Value of ₹ 1/- each) | 55267 | 55128 | 54903 | 55128 | |||||||||||||
| 16 | Reserves excluding revaluation reserves | 20316953 | ||||||||||||||||
| 17 | Analytical Ratios | |||||||||||||||||
| (i) Percentage of shares held by Government of India | Nil | Nil | Nil | Nil | ||||||||||||||
| (ii) Capital Adequacy Ratio | 19.1 | % | 18.8 | % | 18.9 | % | 18.8 | % | ||||||||||
| (iii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each) | ||||||||||||||||||
| (a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized | 14.0 | 14.9 | 12.1 | 56.6 | ||||||||||||||
| (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized | 13.9 | 14.7 | 12.1 | 56.3 | ||||||||||||||
| (iv) NPA Ratios | ||||||||||||||||||
| (a) Gross NPAs | 1709851 | 1508600 | 1377346 | 1508600 | ||||||||||||||
| (b) Net NPAs | 548580 | 455482 | 327996 | 455482 | ||||||||||||||
| (c) % of Gross NPAs to Gross Advances | 1.47 | % | 1.32 | % | 1.36 | % | 1.32 | % | ||||||||||
| (d) % of Net NPAs to Net Advances | 0.48 | % | 0.40 | % | 0.33 | % | 0.40 | % | ||||||||||
| (v) Return on assets (average) - not annualized | 0.45 | % | 0.50 | % | 0.44 | % | 1.97 | % | ||||||||||
Regd. Office : HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013.
Segment information in accordance with the Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:
| (₹ in lac)
|
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| Quarter ended | Year ended 31.03.2021 |
|||||||||||||||||
| 30.06.2021 | 31.03.2021 | 30.06.2020 | ||||||||||||||||
| Particulars |
Unaudited | Audited (Refer note 4) |
Unaudited | Audited | ||||||||||||||
| 1 |
Segment Revenue |
|||||||||||||||||
| a) |
Treasury |
864433 | 803574 | 800126 | 3233767 | |||||||||||||
| b) |
Retail Banking |
2697467 | 2761274 | 2710162 | 11021021 | |||||||||||||
| c) |
Wholesale Banking |
1440699 | 1472812 | 1418359 | 5715430 | |||||||||||||
| d) |
Other Banking Operations |
486344 | 554367 | 389683 | 1993753 | |||||||||||||
| e) |
Unallocated |
— | 3082 | — | 3082 | |||||||||||||
| Total |
5488943 | 5595109 | 5318330 | 21967053 | ||||||||||||||
| Less: Inter Segment Revenue |
1811796 | 1793359 | 1873002 | 7360741 | ||||||||||||||
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|||||||||||
| Income from Operations |
3677147 | 3801750 | 3445328 | 14606312 | ||||||||||||||
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|
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| 2 |
Segment Results |
|||||||||||||||||
| a) |
Treasury |
270743 | 243236 | 250517 | 903050 | |||||||||||||
| b) |
Retail Banking |
109036 | 419239 | 222005 | 1057480 | |||||||||||||
| c) |
Wholesale Banking |
535672 | 446455 | 364445 | 1743754 | |||||||||||||
| d) |
Other Banking Operations |
152858 | 11539 | 97376 | 620714 | |||||||||||||
| e) |
Unallocated |
(37690 | ) | (36562 | ) | (40568 | ) | (159099 | ) | |||||||||
|
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|
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|
|||||||||||
| Total Profit Before Tax |
1030619 | 1083907 | 893775 | 4165899 | ||||||||||||||
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|
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| 3 |
Segment Assets |
|||||||||||||||||
| a) |
Treasury |
50692647 | 51964174 | 46153925 | 51964174 | |||||||||||||
| b) |
Retail Banking |
52627989 | 52199722 | 46899518 | 52199722 | |||||||||||||
| c) |
Wholesale Banking |
64890618 | 62873157 | 54979292 | 62873157 | |||||||||||||
| d) |
Other Banking Operations |
6270073 | 6711608 | 5664473 | 6711608 | |||||||||||||
| e) |
Unallocated |
912781 | 938391 | 813123 | 938391 | |||||||||||||
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| Total |
175394108 | 174687052 | 154510331 | 174687052 | ||||||||||||||
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|
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| 4 |
Segment Liabilities |
|||||||||||||||||
| a) |
Treasury |
7646558 | 7627660 | 7798899 | 7627660 | |||||||||||||
| b) |
Retail Banking |
113146545 | 109621782 | 96820706 | 109621782 | |||||||||||||
| c) |
Wholesale Banking |
30827241 | 33811531 | 29166649 | 33811531 | |||||||||||||
| d) |
Other Banking Operations |
491736 | 585765 | 523185 | 585765 | |||||||||||||
| e) |
Unallocated |
2033234 | 2668233 | 2405425 | 2668233 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
154145314 | 154314971 | 136714864 | 154314971 | ||||||||||||||
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|
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| 5 |
Capital Employed |
|||||||||||||||||
| (Segment Assets - Segment Liabilities) |
||||||||||||||||||
| a) |
Treasury |
43046089 | 44336514 | 38355026 | 44336514 | |||||||||||||
| b) |
Retail Banking |
(60518556 | ) | (57422060 | ) | (49921188 | ) | (57422060 | ) | |||||||||
| c) |
Wholesale Banking |
34063377 | 29061626 | 25812643 | 29061626 | |||||||||||||
| d) |
Other Banking Operations |
5778337 | 6125843 | 5141288 | 6125843 | |||||||||||||
| e) |
Unallocated |
(1120453 | ) | (1729842 | ) | (1592302 | ) | (1729842 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
21248794 | 20372081 | 17795467 | 20372081 | ||||||||||||||
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Business Segments have been identified and reported taking into account the target customer profile, the nature of products and services, the differing risks and returns, the organisation structure, the internal business reporting system and the guidelines prescribed by the RBI.
Notes :
| 1 | Statement of Assets and Liabilities as at June 30, 2021 is given below: |
| (₹ in lac)
|
||||||||||||
| Particulars |
As at 30.06.2021 |
As at 30.06.2020 |
As at 31.03.2021 |
|||||||||
| Unaudited | Unaudited | Audited | ||||||||||
| CAPITAL AND LIABILITIES |
||||||||||||
| Capital |
55267 | 54903 | 55128 | |||||||||
| Reserves and Surplus |
21193527 | 17740564 | 20316953 | |||||||||
| Deposits |
134582934 | 118938729 | 133506022 | |||||||||
| Borrowings |
13127502 | 11638900 | 13548733 | |||||||||
| Other Liabilities and Provisions |
6434878 | 6137235 | 7260216 | |||||||||
|
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|
|
|
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|
|||||||
| Total |
175394108 | 154510331 | 174687052 | |||||||||
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| ASSETS |
||||||||||||
| Cash and Balances with Reserve Bank of India |
10462511 | 9662537 | 9734073 | |||||||||
| Balances with Banks and Money at Call and Short notice |
1535458 | 1301793 | 2212966 | |||||||||
| Investments |
43613164 | 37935041 | 44372829 | |||||||||
| Advances |
114765164 | 100329886 | 113283663 | |||||||||
| Fixed Assets |
500538 | 446411 | 490932 | |||||||||
| Other Assets |
4517273 | 4834663 | 4592589 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
175394108 | 154510331 | 174687052 | |||||||||
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|
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| 2 | The above financial results have been approved by the Board of Directors at its meeting held on July 17, 2021. The financial results for the quarter ended June 30, 2021 have been subjected to a “Limited Review” by the statutory auditors of the Bank. The report thereon is unmodified. |
| 3 | The Bank has applied its significant accounting policies in the preparation of these financial results that are consistent with those followed in the annual financial statements for the year ended March 31, 2021. |
| 4 | The figures for the quarter ended March 31, 2021 are the balancing figures between audited figures in respect of the financial year 2020-21 and the published year to date figures upto December 31, 2020. |
| 5 | The Board of Directors at its meeting held on June 18, 2021 recommended a dividend of ₹ 6.50 per equity share of face value of ₹ 1 each out of the net profits for the year ended March 31, 2021, subject to approval of the shareholders of the Bank at its ensuing Annual General Meeting. Effect of the proposed dividend has been reckoned in determining capital funds in the computation of capital adequacy ratio as at June 30, 2021. |
| 6 | During the quarter ended June 30, 2021, the Bank allotted 1,39,42,616 shares pursuant to the exercise of options under the approved employee stock option schemes. |
| 7 | Consequent to the outbreak of the COVID-19 pandemic, the Indian government announced a lockdown in March 2020. Subsequently, the national lockdown was lifted by the government, but regional lockdowns continue to be implemented in areas with a significant number of COVID-19 cases. During the quarter ended June 30, 2021, India experienced a “second wave” of COVID-19, including a significant surge of COVID-19 cases following the discovery of mutant coronavirus variants in the country. |
The impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activities. The disruptions following the outbreak, have led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. This may lead to a continued rise in the number of customer defaults and consequently an increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Bank’s results will depend on ongoing as well as future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic, and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.
| 8 | Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circular dated August 6, 2020 (Resolution Framework 1.0) are given below: |
| ₹ in crore except number of accounts | ||||||||||||||||||||
| Type of Borrower |
(A) Number of accounts where resolution plan has been implemented under this window |
(B) Exposure to accounts mentioned at (A) before implementation of the plan |
(C) Of (B), aggregate amount of debt that was converted into other securities |
(D) Additional funding sanctioned, if any, including between invocation of the plan and implementation |
(E) Increase in provisions on account of the implementation of the resolution |
|||||||||||||||
| Personal Loans |
287507 | 5457.35 | — | — | 545.74 | |||||||||||||||
| Corporate persons |
1510 | 1735.30 | — | — | 318.62 | |||||||||||||||
| Of which, MSMEs |
64 | 27.08 | — | — | 2.71 | |||||||||||||||
| Others |
47090 | 607.92 | — | — | 60.79 | |||||||||||||||
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| Total |
336107 | 7800.57 | — | — | 925.15 | |||||||||||||||
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There were 33 borrower accounts having an aggregate exposure of ₹ 10.64 crore to the Bank, where resolution plans had been implemented and now modified under RBI’s Resolution Framework 2.0 dated May 5, 2021.
| 9 | Other income relates to income (including commission) from non-fund based banking activities, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments, dividends from subsidiaries and recoveries from accounts previously written off. |
| 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 : July 17, 2021 | Managing Director |
HDFC BANK LIMITED
CIN : L65920MH1994PLC080618
Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.
Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
| (₹ in lacs) | ||||||||||||||||||
| Quarter ended | Year ended 31.03.2021 |
|||||||||||||||||
| 30.06.2021 | 31.03.2021 | 30.06.2020 | ||||||||||||||||
| Particulars |
Unaudited | Audited (Refer note 4) |
Unaudited | Audited | ||||||||||||||
| 1 | Interest Earned (a)+(b)+(c)+(d) |
3225376 | 3260692 | 3235161 | 12855240 | |||||||||||||
| a) Interest / discount on advances / bills |
2528096 | 2589859 | 2597800 | 10229913 | ||||||||||||||
| b) Income on investments |
647645 | 618183 | 559941 | 2321162 | ||||||||||||||
| c) Interest on balances with Reserve Bank of India and other inter bank funds |
32066 | 33169 | 64158 | 241430 | ||||||||||||||
| d) Others |
17569 | 19481 | 13262 | 62735 | ||||||||||||||
| 2 | Other Income |
667987 | 830257 | 434698 | 2733288 | |||||||||||||
| 3 | Total Income (1)+(2) |
3893363 | 4090949 | 3669859 | 15588528 | |||||||||||||
| 4 | Interest Expended |
1421850 | 1408324 | 1560849 | 5924759 | |||||||||||||
| 5 | Operating Expenses (i)+(ii) |
870689 | 980792 | 740608 | 3500126 | |||||||||||||
| i) Employees cost |
364374 | 357054 | 330100 | 1367667 | ||||||||||||||
| ii) Other operating expenses |
506315 | 623738 | 410508 | 2132459 | ||||||||||||||
| 6 | Total Expenditure (4)+(5) (excluding Provisions and Contingencies) |
2292539 | 2389116 | 2301457 | 9424885 | |||||||||||||
| 7 | Operating Profit before Provisions and Contingencies (3)-(6) |
1600824 | 1701833 | 1368402 | 6163643 | |||||||||||||
| 8 | Provisions (Other than tax) and Contingencies |
536633 | 575260 | 434451 | 1884029 | |||||||||||||
| 9 | Exceptional Items |
— | — | — | — | |||||||||||||
| 10 | Profit / (Loss) from ordinary activities before tax (7)-(8)-(9) |
1064191 | 1126573 | 933951 | 4279614 | |||||||||||||
| 11 | Tax Expense |
270163 | 282140 | 239863 | 1093937 | |||||||||||||
| 12 | Net Profit / (Loss) from Ordinary Activities after tax (10)-(11) |
794028 | 844433 | 694088 | 3185677 | |||||||||||||
| 13 | Extraordinary items (net of tax expense) |
— | — | — | — | |||||||||||||
| 14 | Net Profit / (Loss) for the period (12)-(13) |
794028 | 844433 | 694088 | 3185677 | |||||||||||||
| 15 | Less: Share of minority shareholders |
1819 | 1055 | 1364 | 2356 | |||||||||||||
| 16 | Consolidated Net Profit / (Loss) for the period (14)-(15) |
792209 | 843378 | 692724 | 3183321 | |||||||||||||
| 17 | Paid up equity share capital (Face Value of ₹ 1/- each) |
55267 | 55128 | 54903 | 55128 | |||||||||||||
| 18 | Reserves excluding revaluation reserves |
20925890 | ||||||||||||||||
| 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 | 14.4 | 15.3 | 12.6 | 57.9 | ||||||||||||||
| (b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized | 14.3 | 15.2 | 12.6 | 57.6 | ||||||||||||||
Regd. Office : HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013.
Consolidated Segment information in accordance with the Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:
| (₹ in lacs) | ||||||||||||||||||
| Quarter ended | Year ended 31.03.2021 |
|||||||||||||||||
| 30.06.2021 | 31.03.2021 | 30.06.2020 | ||||||||||||||||
| Particulars |
Unaudited | Audited (Refer note 4) |
Unaudited | Audited | ||||||||||||||
| 1 |
Segment Revenue | |||||||||||||||||
| a) |
Treasury | 864433 | 803574 | 800126 | 3233767 | |||||||||||||
| b) |
Retail Banking | 2697467 | 2761274 | 2710162 | 11021021 | |||||||||||||
| c) |
Wholesale Banking | 1440699 | 1472812 | 1418359 | 5715430 | |||||||||||||
| d) |
Other Banking Operations | 702560 | 843566 | 614214 | 2975969 | |||||||||||||
| e) |
Unallocated | — | 3082 | — | 3082 | |||||||||||||
| Total | 5705159 | 5884308 | 5542861 | 22949269 | ||||||||||||||
| Less: Inter Segment Revenue | 1811796 | 1793359 | 1873002 | 7360741 | ||||||||||||||
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| Income from Operations | 3893363 | 4090949 | 3669859 | 15588528 | ||||||||||||||
|
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|
|
|
|
|
|
|
|||||||||||
| 2 |
Segment Results | |||||||||||||||||
| a) |
Treasury | 270743 | 243236 | 250517 | 903050 | |||||||||||||
| b) |
Retail Banking | 109036 | 419239 | 222005 | 1057480 | |||||||||||||
| c) |
Wholesale Banking | 535672 | 446455 | 364445 | 1743754 | |||||||||||||
| d) |
Other Banking Operations | 186430 | 54205 | 137552 | 734429 | |||||||||||||
| e) |
Unallocated | (37690 | ) | (36562 | ) | (40568 | ) | (159099 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Profit Before Tax and Minority Interest | 1064191 | 1126573 | 933951 | 4279614 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| 3 |
Segment Assets | |||||||||||||||||
| a) |
Treasury | 50692647 | 51964174 | 46153925 | 51964174 | |||||||||||||
| b) |
Retail Banking | 52627989 | 52199722 | 46899518 | 52199722 | |||||||||||||
| c) |
Wholesale Banking | 64890618 | 62873157 | 54979292 | 62873157 | |||||||||||||
| d) |
Other Banking Operations | 11406952 | 11975219 | 10779377 | 11975219 | |||||||||||||
| e) |
Unallocated | 912781 | 938391 | 813123 | 938391 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total | 180530987 | 179950663 | 159625235 | 179950663 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| 4 |
Segment Liabilities | |||||||||||||||||
| a) |
Treasury | 7646558 | 7627660 | 7798899 | 7627660 | |||||||||||||
| b) |
Retail Banking | 113146545 | 109621782 | 96820706 | 109621782 | |||||||||||||
| c) |
Wholesale Banking | 30827241 | 33811531 | 29166649 | 33811531 | |||||||||||||
| d) |
Other Banking Operations | 4935981 | 5177164 | 5014782 | 5177164 | |||||||||||||
| e) |
Unallocated | 2033234 | 2668232 | 2405425 | 2668232 | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total | 158589559 | 158906369 | 141206461 | 158906369 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| 5 |
Capital Employed | |||||||||||||||||
| (Segment Assets - Segment Liabilities) | ||||||||||||||||||
| a) |
Treasury | 43046089 | 44336514 | 38355026 | 44336514 | |||||||||||||
| b) |
Retail Banking | (60518556 | ) | (57422060 | ) | (49921188 | ) | (57422060 | ) | |||||||||
| c) |
Wholesale Banking | 34063377 | 29061626 | 25812643 | 29061626 | |||||||||||||
| d) |
Other Banking Operations | 6470971 | 6798055 | 5764595 | 6798055 | |||||||||||||
| e) |
Unallocated | (1120453 | ) | (1729841 | ) | (1592302 | ) | (1729841 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total | 21941428 | 21044294 | 18418774 | 21044294 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
Business Segments have been identified and reported taking into account the target customer profile, the nature of products and services, the differing risks and returns, the organisation structure, the internal business reporting system and the guidelines prescribed by the RBI.
Notes :
| 1 | Consolidated Statement of Assets and Liabilities as at June 30, 2021 is given below: |
| (₹ in lacs) | ||||||||||||
| Particulars |
As at 30.06.2021 |
As at 30.06.2020 |
As at 31.03.2021 |
|||||||||
| Unaudited | Unaudited | Audited | ||||||||||
| CAPITAL AND LIABILITIES |
||||||||||||
| Capital |
55267 | 54903 | 55128 | |||||||||
| Reserves and Surplus |
21821709 | 18304694 | 20925890 | |||||||||
| Minority Interest |
64452 | 59177 | 63276 | |||||||||
| Deposits |
134487389 | 118727997 | 133372087 | |||||||||
| Borrowings |
17259080 | 15968123 | 17769675 | |||||||||
| Other Liabilities and Provisions |
6843090 | 6510341 | 7764607 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
180530987 | 159625235 | 179950663 | |||||||||
|
|
|
|
|
|
|
|||||||
| ASSETS |
||||||||||||
| Cash and balances with Reserve Bank of India |
10465660 | 9664986 | 9737035 | |||||||||
| Balances with Banks and Money at Call and Short notice |
1764759 | 1380416 | 2390216 | |||||||||
| Investments |
43064532 | 37725874 | 43882311 | |||||||||
| Advances |
119787580 | 105368253 | 118528352 | |||||||||
| Fixed Assets |
518657 | 466205 | 509956 | |||||||||
| Other Assets |
4929799 | 5019501 | 4902793 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
180530987 | 159625235 | 179950663 | |||||||||
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|
|
|
|||||||
| 2 | The above financial results represent the consolidated financial results for HDFC Bank Limited and its subsidiaries constituting the ‘Group’. These financial results have been approved by the Board of Directors of the Bank at its meeting held on July 17, 2021. The financial results for the quarter ended June 30, 2021 have been subjected to a “Limited Review” by the statutory auditors of the Bank. The report thereon is unmodified. |
| 3 | The Group has applied its significant accounting policies in the preparation of these financial results that are consistent with those followed in the annual financial statements for the year ended March 31, 2021. |
| 4 | The figures for the quarter ended March 31, 2021 are the balancing figures between audited figures in respect of the financial year 2020-21 and the published year to date figures upto December 31, 2020. |
| 5 | The Board of Directors at its meeting held on June 18, 2021 recommended a dividend of ₹ 6.50 per equity share of face value of ₹ 1 each out of the net profits for the year ended March 31, 2021, subject to approval of the shareholders of the Bank at its ensuing Annual General Meeting. Effect of the proposed dividend has been reckoned in determining capital funds in the computation of capital adequacy ratio as at June 30, 2021. |
| 6 | Consequent to the outbreak of the COVID-19 pandemic, the Indian government announced a lockdown in March 2020. Subsequently, the national lockdown was lifted by the government, but regional lockdowns continue to be implemented in areas with a significant number of COVID-19 cases. During the quarter ended June 30, 2021, India experienced a “second wave” of COVID-19, including a significant surge of COVID-19 cases following the discovery of mutant coronavirus variants in the country. |
The impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activities. The disruptions following the outbreak, have led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. This may lead to a continued rise in the number of customer defaults and consequently an increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Group’s results will depend on ongoing as well as future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic, and any action to contain its spread or mitigate its impact whether government-mandated or elected by us.
| 7 | In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III Framework. These disclosures are available on the Bank’s website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/ default.htm. The disclosures have not been subjected to audit or review by the statutory auditors. |
| 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 Date : July 17, 2021 |
Sashidhar Jagdishan Managing Director |
|
NEWS RELEASE | HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618 |
HDFC Bank Limited
FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER ENDED JUNE 30, 2021
The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended June 30, 2021, at its meeting held in Mumbai on Saturday, July 17, 2021. The accounts have been subjected to a ‘Limited Review’ by the statutory auditors of the Bank.
STANDALONE FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended June 30, 2021
The Bank’s net revenues (net interest income plus other income) increased by 18.0% to ₹ 23,297.5 crore for the quarter ended June 30, 2021 from ₹ 19,740.7 crore for the quarter ended June 30, 2020. Net interest income (interest earned less interest expended) for the quarter ended June 30, 2021 grew to ₹ 17,009.0 crore from ₹ 15,665.4 crore for the quarter ended June 30, 2020, driven by advances growth of 14.4%, and a core net interest margin of 4.1%. The Bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 126%, well above the regulatory requirement.
During the quarter, the country was hit by a “second wave” of COVID-19, with a significant surge in cases following the discovery of mutant coronavirus strains. While there was an improvement towards the end, business activities remained curtailed for almost two thirds of the quarter. These disruptions led to a decrease in retail loan originations, sale of third party products, card spends and efficiency in collection efforts. The lower business volumes, coupled with higher slippages, resulted in lower revenues, as well as an enhanced level of provisioning.
Other income (non-interest revenue) at ₹ 6,288.5 crore was 27.0% of net revenues for the quarter ended June 30, 2021 and grew by 54.3% over ₹ 4,075.3 crore in the corresponding quarter of the previous year. The four components of other income for the quarter ended June 30, 2021 were fees & commissions of ₹ 3,885.4 crore (₹ 2,230.7 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,198.7 crore (₹ 436.6 crore in the corresponding quarter of the previous year), gain on sale / revaluation of investments of ₹ 601.0 crore (₹ 1,086.7 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 603.5 crore (₹ 321.3 crore in the corresponding quarter of the previous year).
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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, 2021 were ₹ 8,160.4 crore, an increase of 18.1% over ₹ 6,911.5 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 35.0%.
Pre-provision Operating Profit (PPOP) at ₹ 15,137.0 crore grew by 18.0% over the corresponding quarter of the previous year.
Provisions and contingencies for the quarter ended June 30, 2021 were ₹ 4,830.8 crore (consisting of specific loan loss provisions of ₹ 4,219.7 crore and general and other provisions of ₹ 611.1 crore) as against ₹ 3,891.5 crore (consisting of specific loan loss provisions of ₹ 2,739.8 crore and general and other provisions of ₹ 1,151.7 crore) for the quarter ended June 30, 2020. Total provisions for the current quarter included contingent provisions of approximately ₹ 600 crore.
As mentioned earlier, the “second wave” of COVID-19 disrupted business activities for close to two thirds of the quarter, leading to a decrease in the efficiency in collection efforts, and a higher level of provisions. The total credit cost ratio was thus at 1.67%, as compared to 1.64% for the quarter ending March 31, 2021 and 1.54% for the quarter ending June 30, 2020.
Profit before tax (PBT) for the quarter ended June 30, 2021 at ₹ 10,306.2 crore grew by 15.3% over corresponding quarter of the previous year. After providing ₹ 2,576.6 crore for taxation, the Bank earned a net profit of ₹ 7,729.6 crore, an increase of 16.1% over the quarter ended June 30, 2020.
Balance Sheet: As of June 30, 2021
Total balance sheet size as of June 30, 2021 was ₹ 1,753,941 crore as against ₹ 1,545,103 crore as of June 30, 2020, a growth of 13.5%.
Total deposits as of June 30, 2021 were ₹ 1,345,829 crore, an increase of 13.2% over June 30, 2020. CASA deposits grew by 28.1% with savings account deposits at ₹ 426,132 crore and current account deposits at ₹ 185,669 crore. Time deposits were at ₹ 734,029 crore, an increase of 3.1% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 45.5% of total deposits as of June 30, 2021.
|
|
NEWS RELEASE | HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618 |
Total advances as of June 30, 2021 were ₹ 1,147,652 crore, an increase of 14.4% over June 30, 2020. As per the Bank’s internal business classification, retail loans grew by 9.3%, commercial and rural banking loans grew by 25.1% and other wholesale loans grew by 10.2%. Overseas advances constituted 3% of total advances.
Capital Adequacy:
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.1% as on June 30, 2021 (18.9% as on June 30, 2020) as against a regulatory requirement of 11.075% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.20% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 17.9% as of June 30, 2021 compared to 17.5% as of June 30, 2020. Common Equity Tier 1 Capital ratio was at 17.2% as of June 30, 2021. Risk-weighted Assets were at ₹ 1,153,559 crore (as against ₹ 1,010,774 crore as at June 30, 2020).
NETWORK
As of June 30, 2021, the Bank’s distribution network was at 5,653 branches and 16,291 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,917 cities / towns as against 5,326 branches and 14,996 ATMs / CDMs across 2,825 cities / towns as of June 30, 2020. 50% of our branches are in semi-urban and rural areas. In addition, we have 15,912 business correspondents, which are primarily manned by Common Service Centres (CSC) as against 6,546 business correspondents as of June 30, 2020. Number of employees were at 123,473 as of June 30, 2021 (as against 115,822 as of June 30, 2020).
ASSET QUALITY
Gross non-performing assets were at 1.47% of gross advances as on June 30, 2021, (1.3% excluding NPAs in the agricultural segment) as against 1.32% as on March 31, 2021 (1.2% excluding NPAs in the agricultural segment) and 1.36% as on June 30, 2020 (1.2% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.48% of net advances as on June 30, 2021.
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|
NEWS RELEASE | HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618 |
The Bank held floating provisions of ₹ 1,451 crore and contingent provisions of ₹ 6,596 crore as on June 30, 2021. Total provisions (comprising specific, floating, contingent and general provisions) were 146% of the gross non-performing loans as on June 30, 2021.
SUBSIDIARIES
The Bank’s subsidiary companies prepare their financial results in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The Bank for the purposes of its statutory compliance prepares and presents its financial results under Indian GAAP. Hence the Bank’s subsidiary companies, for the purposes of the consolidated financial results of the Bank, prepare ‘fit-for-consolidation information’ based on the recognition and measurement principles as per Indian GAAP. The financial numbers of the Bank’s subsidiary companies mentioned herein below are in accordance with Indian GAAP.
HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on June 30, 2021, the Bank held 96.3% stake in HSL.
For the quarter ended June 30, 2021, HSL’s total income grew by 67.3% to ₹ 457.8 crore, as against ₹ 273.7 crore for the quarter ended June 30, 2020. Profit after tax for the quarter grew by 94.9% to ₹ 260.6 crore, as against ₹ 133.7 crore for the quarter ended June 30, 2020.
As on June 30, 2021, HSL had 215 branches across 147 cities / towns in the country.
HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-banking finance company (‘NBFC’) offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on June 30, 2021, the Bank held 95.1% stake in HDBFSL.
As mentioned before, with the country being hit by a “second wave” of COVID-19, business activities remained curtailed for almost two thirds of the quarter. These disruptions led to a decrease in loan originations as well as efficiency in collection efforts. This has resulted in muted business volumes, revenues, as well as a higher provisioning.
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|
NEWS RELEASE | HDFC Bank Ltd. HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013. CIN: L65920MH1994PLC080618 |
The total loan book was ₹ 57,390 crore as on June 30, 2021 as against ₹ 56,613 crore as on June 30, 2020. Liquidity coverage ratio was healthy at 242%, well above the regulatory requirement.
For the quarter ended June 30, 2021, HDBFSL’s net income was at ₹ 1,655.8 crore as against ₹ 1,609.7 crore for the quarter ended June 30, 2020. Pre-provision Operating Profit (PPOP) was ₹ 643.6 crore as against ₹ 759.9 crore for the quarter ended June 30, 2020.
Provisions and contingencies for the quarter were at ₹ 472.4 crore as against ₹ 453.5 crore for the quarter ended June 30, 2020. Profit after tax for the quarter ended June 30, 2021 was ₹ 130.6 crore compared to ₹ 232.7 crore for the quarter ended June 30, 2020.
As on June 30, 2021, Gross NPA based on the approach used for NBFCs was 7.75% as against 2.86% on June 30, 2020 and 3.89% as on March 31, 2021.
Total CAR was at 19.8% with Tier-I CAR at 14.9%. As on June 30, 2021, HDBFSL had 1,321 branches across 957 cities / towns.
CONSOLIDATED FINANCIAL RESULTS
The consolidated net profit for the quarter ended June 30, 2021 was ₹ 7,922 crore, up 14.4%, over the quarter ended June 30, 2020. Consolidated advances grew by 13.7% from ₹ 1,053,683 crore as on June 30, 2020 to ₹ 1,197,876 crore as on June 30, 2021.
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
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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:
Rajiv Banerjee
Vertical Head, Corporate Communication
HDFC Bank Ltd., Mumbai.
Tel: 91 - 22 - 6652 1307 (D) / 6652 1000 (B)
Mobile: +91 9920454102
rajivshiv.banerjee@hdfcbank.com
For investor queries please contact:
Ajit Shetty
HDFC Bank Ltd., Mumbai.
Tel: 91 - 22 - 6652 1054 (D) / 6652 1000 (B)
ajit.shetty@hdfcbank.com