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, 2011

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  x    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  x

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  x

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  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- Not Applicable.

 

 

 

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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: 20th July 2011				By /s/ Sanjay Dongre
				Name: Sanjay Dongre
				Title: Executive Vice President (Legal) & Company Secretary

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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 19^th July 2011 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about outcome of Board meeting of the Bank.

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Exhibit I

19^th  July 2011

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Re : Unaudited Financial Results for the quarter ended 30^th June 2011

We attach herewith two files containing the unaudited financial results of the Bank for the First quarter ended 30^th June 2011 as approved by the Board of Directors at its meeting held today i.e. on 19^th July 2011 and a press release issued by the Bank in this regard.

The aforesaid unaudited financial results have been submitted to the Stock Exchanges in India as per the listing requirements of those stock exchanges.

This is for your information and record.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

 

Sd/-

Sanjay Dongre

Executive Vice President (Legal) & Company Secretary

Encl: As Above

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HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2011

 

												( in lacs)
		Particulars		Quarter ended 30.06.2011				Quarter ended 30.06.2010				Year ended 31.03.2011
				Unaudited				Unaudited				Audited
1		Interest Earned (a)+(b)+(c)+(d)			597797				441971				1992821
		a) Interest/discount on advances/bills			451419				331052				1508501
		b) Income on Investments			141070				105278				467544
		c) Interest on balances with Reserve Bank of India and other inter bank funds			2484				4227				14808
		d) Others			2824				1414				1968
2		Other Income			112003				99086				433515
3		A) TOTAL INCOME (1) + (2)			709800				541057				2426336
4		Interest Expended			313001				201901				938508
5		Operating Expenses (i) + (ii)			193463				164285				715292
		i) Employees cost			78099				66707				283604
		ii) Other operating expenses			115364				97578				431688
6		B) TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)			506464				366186				1653800
7		Operating Profit before Provisions and Contingencies (3) - (6)			203336				174871				772536
8		Provisions (Other than tax) and Contingencies			44366				55502				190671
9		Exceptional Items			—				—				—
10		Profit / (Loss) from ordinary activities before tax (7-8-9)			158970				119369				581865
11		Tax Expense			50472				38198				189226
12		Net Profit / (Loss) from Ordinary Activities after tax (10-11)			108498				81171				392639
13		Extraordinary items (net of tax expense)			—				—				—
14		Net Profit / (Loss) (12-13)			108498				81171				392639
15		Paid up equity share capital (Face Value of 10/- each)			46677				45969				46523
16		Reserves excluding revaluation reserves (as per balance sheet of previous accounting year)											2491113
17		Analytical Ratios
		(i) Percentage of shares held by Government of India			Nil				Nil				Nil
		(ii) Capital Adequacy Ratio			16.9	%			16.3	%			16.2	%
		(iii) Earnings per share ( )
		(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized			23.3				17.7				85.0
		(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized			23.0				17.4				84.0
		(iv) NPA Ratios
		(a) Gross NPAs			183313				179121				169434
		(b) Net NPAs			31850				41251				29641
		(c) % of Gross NPAs to Gross Advances			1.04	%			1.21	%			1.05	%
		(d) % of Net NPAs to Net Advances			0.2	%			0.3	%			0.2	%
		(v) Return on assets (average) - not annualized			0.4	%			0.4	%			1.6	%
18		Non Promoters Shareholding
		(a) Public Shareholding
		- No. of shares			276996521				269331599				275440073
		- Percentage of Shareholding			59.3	%			58.6	%			59.2	%
		(b) Shares underlying Depository Receipts (ADS and GDR)
		- No. of shares			81131395				81715884				81142391
		- Percentage of Shareholding			17.4	%			17.8	%			17.4	%
19		Promoters and Promoter Group Shareholding
		(a) Pledged / Encumbered
		- No. of shares			—				—				—
		- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)			—				—				—
		- Percentage of Shares (as a % of the total share capital of the Company)			—				—				—
		(b) Non - encumbered
		- No. of shares			108643220				108643220				108643220
		- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)			100.0	%			100.0	%			100.0	%
		- Percentage of Shares (as a % of the total share capital of the Company)			23.3	%			23.6	%			23.4	%

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Segment information in accordance with the Accounting Standard on Segment Reporting (AS 17) of the operating segments of the Bank is as under:

 

												( in lacs)
Particulars				Quarter ended 30.06.2011				Quarter ended 30.06.2010				Year ended 31.03.2011
				Unaudited				Unaudited				Audited
1		Segment Revenue
a)		Treasury			165710				117349				539116
b)		Retail Banking			605244				418776				1950503
c)		Wholesale Banking			354073				242034				1161289
d)		Other banking operations			57524				56341				248369
e)		Unallocated			2580				—				—
		Total			1185131				834500				3899277
		Less: Inter Segmental Revenue			475331				293443				1472941
		Income from Operations			709800				541057				2426336
2		Segment Results
a)		Treasury			1840				4917				9612
b)		Retail Banking			77668				65167				301457
c)		Wholesale Banking			77275				49699				242331
d)		Other banking operations			21643				20122				101836
e)		Unallocated			(19456	)			(20536	)			(73371	)
		Total Profit Before Tax			158970				119369				581865
3		Capital Employed
		(Segment Assets - Segment Liabilities)
a)		Treasury			6389288				6116874				7501909
b)		Retail Banking			(6587523	)			(5605918	)			(5899586	)
c)		Wholesale Banking			2984191				1998974				966039
d)		Other banking operations			530299				389403				479097
e)		Unallocated			(651273	)			(646870	)			(509823	)
		Total			2664982				2252463				2537636

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 organization structure, the internal business reporting system and the guidelines prescribed by RBI.

Geographic Segments

Since the Bank does not have material earnings emanating outside India, the Bank is considered to operate in only the domestic segment.

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Notes :

 

1	Statement of Assets and Liabilities as on June 30, 2011 is given below.

 

						( in lacs)
Particulars		As at 30.06.2011				As at 30.06.2010
CAPITAL AND LIABILITIES
Capital			46677				45969
Reserves and Surplus			2618305				2206494
Employees’ Stock Options (Grants) Outstanding			291				291
Deposits			21115122				18303333
Borrowings			2197869				1149172
Other Liabilities and Provisions			2615891				1620067
Total			28594155				23325326
ASSETS
Cash and balances with Reserve Bank of India			1771537				1490919
Balances with Banks and Money at Call and Short notice			349728				332194
Investments			7294225				6077681
Advances			17551599				14624835
Fixed Assets			216742				215879
Other Assets			1410324				583818
Total			28594155				23325326

 

2	The above results have been approved by the Board of Directors at its meeting held on July 19, 2011.

3	These results for the quarter ended June 30, 2011, have been subjected to a “Limited Review” by the Statutory Auditors of the Bank.

4	The shareholders of the Bank at the 17th Annual General Meeting held on July 6, 2011 have approved sub-division (split) of one equity share of the Bank from nominal value of 10/- each into five equity shares of nominal value of 2/- each.

5	During the quarter ended June 30, 2011, the Bank allotted 15,45,452 shares pursuant to the exercise of stock options by certain employees.

6	Other income relates to income from non-fund based banking activities including commission, fees, foreign exchange earnings, earnings from derivative transactions and profit and loss (including revaluation) from investments.

7	As on June 30, 2011, the total number of branches (including extension counters) and ATM network stood at 2,111 branches and 5,998 ATMs respectively.

8	Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended June 30, 2011: Opening : Nil ; Additions : 108 ; Disposals : 108 ; Closing position : Nil.

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

10	10 lac = 1 million

10 million = 1 crore

 

Place : Mumbai		Aditya Puri
Date : July 19, 2011		Managing Director

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NEWS RELEASE

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP)

FOR THE PERIOD APRIL TO JUNE 2011

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) accounts for the quarter ended June 30, 2011 at its meeting held in Mumbai on Tuesday, July 19, 2011. The accounts have been subjected to a limited review by the Bank’s statutory auditors.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended June 30, 2011

For the quarter ended June 30, 2011, the Bank’s total income was 7,098.0 crore, an increase of 31.2% over 5,410.6 crore for the quarter ended June 30, 2010. Net revenues (net interest income plus other income) were 3,968.0 crore for the quarter ended June 30, 2011, as compared to 3,391.6 crore for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended June 30, 2011 grew by 18.6% to 2,848.0 crore, in line with the growth in average assets and a Net Interest Margin of 4.2% for the quarter ended June 30, 2011.

Other income (non-interest revenue) for the quarter ended June 30, 2011 was at 1,120.0 crore, primarily contributed by fees and commissions of 922.7 crore (up 15.9% over 796.3 crore in the quarter ended June 30, 2010) and foreign exchange/derivative revenues of 230.1 crore (up 33.9% over 171.8 crore in the quarter ended June 30, 2010). Given the increase in bond yields the Bank incurred a loss on revaluation/sale of investments of 41.3 crore for the quarter ended June 30, 2011 as compared to a gain of  21.5 crore for the quarter ended June 30, 2010. Operating expenses for the quarter ended June 30, 2010 were up 17.8% to 1,934.6 crore. The core cost to income ratio for the quarter was, therefore, at 48.3% as compared to 48.7% at the end of June 2010. On account of the improvement in asset quality, provisions and contingences reduced from 555.0 crore for the quarter ended June 30, 2010 to 443.7 crore for the quarter ended June 30, 2011. Profit before tax for the quarter ended June 30, 2011 increased by 33.2% over the corresponding quarter ended June 30, 2010 to 1,589.7 crore. After providing 504.7 crore for taxation, the Bank earned a Net Profit of 1,085.0 crore, an increase of 33.7% over the corresponding quarter ended June 30, 2010.

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Balance Sheet: As of June 30, 2011

The Bank’s total balance sheet size increased by 22.6% to touch 285,942 crore as of June 30, 2011. Gross advances touched  176,964 crore – a year on year growth of 29.1% adjusted for short-term one off wholesale loans outstanding as of June 30, 2010, and a quarter on quarter increase of 9.7% over March 31, 2011. Retail loans grew by 28.6% over June 30, 2010 to 83,863 crore. Total deposits increased by 28,118 crore to 211,151 crore. During the quarter the Bank also raised 3,650 crores of Tier II capital by issuing Lower Tier II bonds. With Savings account deposits at 64,785 crore and Current account deposits at 38,811 crore, the CASA mix as of June 30, 2011 was 49.1%.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at June 30, 2011 (computed as per Basel 2 guidelines) was at 16.9%, as against the regulatory minimum of 9%. Tier-I CAR was 11.4% as of June 30, 2011.

NETWORK:

During the quarter ended June 30, 2011 the Bank opened 125 new branches. This takes the total network of the Bank to 2,111 branches and 5,998 ATMs in 1,111 cities, as against 1,725 branches and 4,393 ATMs in 780 cities as of June 30, 2010.

ASSET QUALITY:

Portfolio quality as of June 30, 2011 remained healthy with gross non-performing assets (NPAs) at 1.04% of gross advances and net non-performing assets at 0.18% of net advances (as against 1.21% gross NPA and 0.28% net NPA ratios as of June 30, 2010). The Bank’s provisioning policies for specific loan loss provisions remained higher than the minimum regulatory requirements. The NPA provision coverage ratio (excluding write-offs, technical or otherwise) was at 83% as of June 30, 2011. Total restructured assets, were 0.4% of the bank’s gross advances as of June 30, 2011. Of this, amounts categorized as standard assets were 0.2% of the bank’s gross advances.

SUBDIVISION (SPLIT) OF THE BANK’S EQUITY SHARES

The shareholders of the Bank, at its Annual General Meeting held on July 06, 2011 approved the sub-division (split) of one equity share of the Bank having a nominal value of 10 each into five equity shares of nominal value 2 each. The record date for the same was July 16, 2011.

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Note:

= Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP.

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 nonperforming 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 regulation and other regulatory changes in India and other jurisdictions on us, 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 terrorists attacks in India or elsewhere, anti-terrorist or other attacks by any country, 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.