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 January, 2012

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: 19th January 2012				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 January 2012 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about un-audited financial results for the Quarter ended 31^st December, 2011 approved by the Board of Directors.

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Exhibit I

19^th  January 2012

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Re : Unaudited Financial Results for the Quarter ended 31st December 2011

We attach herewith two files containing the unaudited financial results of the Bank for the third quarter ended 31st December 2011 as approved by the Board of Directors at its meeting held today i.e. on 19^th January 2012 and a press release issued by the Bank in this regard.

The aforesaid 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 AND NINE MONTHS ENDED DECEMBER 31, 2011

( in lacs)

Particulars				Quarter ended 31/12/2011				Quarter ended 30/09/2011				Quarter ended 31/12/2010				Nine months ended 31/12/2011				Nine months ended 31/12/2010				Year ended 31/03/2011
				Unaudited				Unaudited				Unaudited				Unaudited				Unaudited				Audited*
1		Interest Earned (a)+(b)+(c)+(d)			720264				671770				522996				1989831				1445966				1992821
		a) Interest/discount on advances/bills			541749				499479				395038				1492647				1093408				1508501
		b) Income on Investments			174757				161819				122583				477646				337886				467544
		c) Interest on balances with Reserve Bank of India and other inter bank funds			3459				3294				5171				9237				12944				14808
		d) Others			299				7178				204				10301				1728				1968
2		Other Income			142000				121168				112782				375171				307939				433515
3		A) TOTAL INCOME (1)+(2)			862264				792938				635778				2365002				1753905				2426336
4		Interest Expended			408665				377319				245327				1098985				675600				938508
5		Operating Expenses (i)+(ii)			215796				203039				183182				612298				515455				715292
		i) Employees cost			86742				82310				72505				247151				210269				283604
		ii) Other operating expenses			129054				120729				110677				365147				305186				431688
6		B) TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)			624461				580358				428509				1711283				1191055				1653800
7		Operating Profit before Provisions and Contingencies (3)-(6)			237803				212580				207269				653719				562850				772536
8		Provisions (Other than tax) and Contingencies			32924				36605				46587				113895				147537				190671
9		Exceptional Items			—				—				—				—				—				—
10		Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)			204879				175975				160682				539824				415313				581865
11		Tax Expense			61913				56040				51899				168425				134145				189226
12		Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)			142966				119935				108783				371399				281168				392639
13		Extraordinary items (net of tax expense)			—				—				—				—				—				—
14		Net Profit / (Loss) (12)-(13)			142966				119935				108783				371399				281168				392639
15		Paid up equity share capital (Face Value of  2/- each)			46826				46766				46433				46826				46433				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				Nil				Nil				Nil
		(ii) Capital Adequacy Ratio			16.3	%			16.5	%			16.3	%			16.3	%			16.3	%			16.2	%
		(iii) Earnings per share ( )
		(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized			6.1				5.1				4.7				15.9				12.2				17.0
		(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized			6.1				5.1				4.6				15.8				12.0				16.8
		(iv) NPA Ratios
		(a) Gross NPAs			202058				189494				178176				202058				178176				169434
		(b) Net NPAs			39796				35525				33067				39796				33067				29641
		(c) % of Gross NPAs to Gross Advances			1.03	%			1.00	%			1.11	%			1.03	%			1.11	%			1.05	%
		(d) % of Net NPAs to Net Advances			0.2	%			0.2	%			0.2	%			0.2	%			0.2	%			0.2	%
		(v) Return on assets (average) - not annualized			0.5	%			0.4	%			0.4	%			1.3	%			1.2	%			1.6	%
18		Non Promoters Shareholding
		(a) Public Shareholding
		- No. of shares			1392441945				1389439055				1372789610				1392441945				1372789610				1377200365
		- Percentage of Shareholding			59.5	%			59.4	%			59.1	%			59.5	%			59.1	%			59.2	%
		(b) Shares underlying Depository Receipts (ADS and GDR)
		- No. of shares			405656975				405656975				405644095				405656975				405644095				405711955
		- Percentage of Shareholding			17.3	%			17.4	%			17.5	%			17.3	%			17.5	%			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			543216100				543216100				543216100				543216100				543216100				543216100
		- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
		- Percentage of Shares (as a % of the total share capital of the Company)			23.2	%			23.2	%			23.4	%			23.2	%			23.4	%			23.4	%

 

*	Except for disclosure regarding ‘Non Promoters Shareholding’ and ‘Promoters and Promoter Group Shareholding’ which are unaudited.

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 31/12/2011				Quarter ended 30/09/2011				Quarter ended 31/12/2010				Nine months ended 31/12/2011				Nine months ended 31/12/2010				Year ended 31/03/2011
				Unaudited				Unaudited				Unaudited				Unaudited				Unaudited				Audited
1		Segment Revenue
a)		Treasury			214064				191031				141736				570805				376837				539116
b)		Retail Banking			674718				661461				513051				1941423				1391368				1950503
c)		Wholesale Banking			418358				406905				320714				1179336				847762				1161289
d)		Other banking operations			77159				64979				60694				199662				178030				248369
e)		Unallocated			—				7053				—				9633				—				—
		Total			1384299				1331429				1036195				3900859				2793997				3899277
		Less: Inter Segmental Revenue			522035				538491				400417				1535857				1040092				1472941
		Income from Operations			862264				792938				635778				2365002				1753905				2426336
2		Segment Results
a)		Treasury			19559				3885				(521	)			25284				(778	)			9612
b)		Retail Banking			87822				95760				75737				261250				211937				301457
c)		Wholesale Banking			87720				67007				78169				232002				189805				242331
d)		Other banking operations			35007				27406				23684				84056				67482				101836
e)		Unallocated			(25229	)			(18083	)			(16387	)			(62768	)			(53133	)			(73371	)
		Total Profit Before Tax			204879				175975				160682				539824				415313				581865
3		Capital Employed (Segment Assets - Segment Liabilities)
a)		Treasury			7421422				7108014				6074053				7421422				6074053				8002273
b)		Retail Banking			(6857667	)			(6588198	)			(5505434	)			(6857667	)			(5505434	)			(5899586	)
c)		Wholesale Banking			2642911				2583495				2294184				2642911				2294184				966039
d)		Other banking operations			623971				564148				446547				623971				446547				479097
e)		Unallocated			(881886	)			(870241	)			(804388	)			(881886	)			(804388	)			(1010187	)
		Total			2948751				2797218				2504962				2948751				2504962				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.

Notes :

 

1	Statement of Assets and Liabilities as on December 31, 2011 is given below.

( in lacs)

Particulars		As at 31/12/2011				As at 31/12/2010
CAPITAL AND LIABILITIES
Capital			46826				46433
Reserves and Surplus			2901925				2458529
Employees’ Stock Options (Grants) Outstanding			30				291
Deposits			23250823				19220156
Borrowings			2442626				1343560
Other Liabilities and Provisions			4906444				1913033
Total			33548674				24982002
ASSETS
Cash and balances with Reserve Bank of India			1899372				1599466
Balances with Banks and Money at Call and Short notice			347413				254363
Investments			8021390				6301366
Advances			19430274				15918363
Fixed Assets			217661				213271
Other Assets			3632564				695173
Total			33548674				24982002

 

2	The above results have been approved by the Board of Directors at its meeting held on January 19, 2012.

3	These results for the quarter and nine months ended December 31, 2011, have been subject to a “Limited Review” by the Statutory Auditors of the Bank. An unqualified report has been issued by them thereon.

4

The shareholders of the Bank at the 17th Annual General Meeting held on July 6, 2011 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. All shares and per share information in the financial results reflect the effect of sub-division (split) retrospectively.

5	During the quarter and nine months ended December 31, 2011, the Bank allotted 3002890 and 15186600 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 December 31, 2011, the total number of branches (including extension counters) and ATM network stood at 2201 branches and 7110 ATMs respectively.

8	Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended December 31, 2011:

Opening : Nil; Additions : 553; Disposals : 553; 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 : January 19, 2012		Managing Director

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				HDFC Bank Limited HDFC Bank House Senapati Bapat Marg Lower Parel, Mumbai 400013

NEWS RELEASE

HDFC BANK LIMITED - FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2011

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) accounts for the quarter and nine months ended December 31, 2011 at its meeting held in Mumbai on Thursday, January 19, 2012. The accounts have been subject to a “Limited Review” by the Statutory Auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended December 31, 2011

For the quarter ended December 31, 2011, the Bank’s total income was 8,622.6 crores, an increase of 35.6% over 6,357.8 crores, for the quarter ended December 31, 2010. Net revenues (net interest income plus other income) were 4,536.0 crores for the quarter ended December 31, 2011, as against 3,904.5 crores for the corresponding quarter of the previous year. Interest earned (net of loan origination costs and amortization of premia on investments held in the Held to Maturity (HTM) category) increased by 37.7% from 5,230.0 crores in the quarter ended December 31, 2010 to 7,202.6 crores in the quarter ended December 31, 2011. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2011 grew by 12.2% to 3,116.0 crores, driven by asset growth and a net interest margin (NIM) of 4.1% which remained stable on a sequential basis.

Other income (non-interest revenue) for the quarter ended December 31, 2011 increased by 25.9% to 1,420.0 crores, primarily contributed by fees and commissions of 1,127.6 crores, up 19.6% over 942.8 crores during the quarter ended December 31, 2010. The other two components of other income were foreign exchange & derivative revenues of 365.6 crores ( 216.8 crores for the corresponding quarter ended December 31, 2010) and loss on revaluation / sale of investments of 81.8 crores (loss of 30.7 crores for the corresponding quarter of the previous year).

With the ongoing expansion in the bank’s business and extension of the branch distribution network to 341 new cities, operating expenses, for the quarter ended December 31, 2011 were up 17.8% to 2,158.0 crores. The core cost to income ratio was therefore at 46.7% as against 46.5% for the quarter ended December 31, 2010. With stable asset quality, provision and contingences for the quarter ended December 31, 2011 were 329.2 crores (against 465.9 crores for the corresponding quarter ended December 31, 2010), comprising primarily of loan loss provision of 289.3 crores (against 292.9 crores for the corresponding quarter ended December 31, 2010). After providing 619.1 crores for taxes, the Bank earned a Net Profit of 1,429.7 crores, an increase of 31.4% over the corresponding quarter ended December 31, 2010.

 

 

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

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				HDFC Bank Limited HDFC Bank House Senapati Bapat Marg Lower Parel, Mumbai 400013

 

Balance Sheet: As of December 31, 2011

The Bank’s total balance sheet size increased to 335,487 crores as of December 31, 2011. Total deposits were 232,508 crores, up by 21.0% over December 31, 2010, primarily driven by a 15.2% growth in savings deposits to 70,330 crores. Core CASA deposit adjusted for one-off current account balance of approx 4000 crores was at 47.7% of total deposit as at December 31, 2011. Gross advances grew by 21.9% over December 31, 2010 to 195,788 crores, with the retail loans accounting for 51.3% of total loans.

Nine Months ended December 31, 2011

For the nine months ended December 31, 2011, the Bank earned total income of 23,650.0 crores as against 17,539.1 crores in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2011 increased by 1,877.1 crores to 12,660.2 crores. Net Profit for the nine months ended December 31, 2011 was 3,714.0 crores, up by 32.1% over the corresponding nine months ended December 31, 2010.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at December 31, 2011 (computed as per Basel 2 guidelines) remained strong at 16.3%, against the regulatory minimum of 9%. Tier-I CAR was 11.2% as of December 31, 2011.

Network:

As of December 31, 2011, the Bank’s distribution network was 2,201 branches and 7,110 ATMs in 1,174 cities as against 1,780 branches and 5,121 ATMs in 833 cities as of December 31, 2010.

Asset Quality:

Portfolio quality as of December 31, 2011 remained healthy with gross non-performing assets (NPAs) at 1.0% of gross advances and net non-performing assets at 0.2% of net advances (as against 1.1% gross NPA and 0.2% net NPA ratios as of December 31, 2010). The Bank’s provisioning policies for specific loan loss provisions remained higher than regulatory requirements. The NPA provision coverage ratio (excluding write-offs, technical or otherwise) was at 80.3% as of December 31, 2011. Total restructured assets were 0.4% of the bank’s gross advances as of December 31, 2011. Of these, restructured advances categorized as standard assets were 0.1% of the Bank’s gross advances.

 

 

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

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				HDFC Bank Limited HDFC Bank House Senapati Bapat Marg Lower Parel, Mumbai 400013

 

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.

 

 

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