Edgar Filing: HDFC BANK LTD

HDFC BANK LIMITED

(Registrant)

Date: 19^th April 2012

/s/ Sanjay Dongre

Name: Sanjay Dongre

Title: Executive Vice President (Legal) & Company Secretary

Form 6-K

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 April, 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 .

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.

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 18^th April, 2012 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about outcome of Board meeting of the Bank.

18^th April 2012

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir / Madam,

Re: Audited Annual Financial Results for the Financial Year ended 31^st March 2012

We attach herewith two files containing the audited annual financial results of the Bank for the Financial Year ended 31^st March 2012 as approved by the Board of Directors at its meeting held on 18^th April 2012 and a press release issued by the Bank in this regard.

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

We are also pleased to inform that the Board of Directors have recommended a dividend of (INR) Rs. 4.30/- per equity share (215%) out of the net profits for the year ended 31^st March, 2012.

This is for your information and record.

Thanking you,

Yours faithfully,

For HDFC Bank Limited

Sd/-

Sanjay Dongre

Executive Vice President (Legal) &

Company Secretary

HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2012


														( in lacs)
	Particulars	Quarter ended 31.03.2012			Quarter ended 31.12.2011			Quarter ended 31.03.2011			Year ended 31.03.2012			Year ended 31.03.2011
		Audited*			Unaudited			Unaudited			Audited*			Audited*
1	Interest Earned (a)+(b)+(c)+(d)		738804			720264			546855			2728635			1992821
	a) Interest/discount on advances/bills		561013			541749			415093			2053660			1508501
	b) Income on Investments		172813			174757			129658			650459			467544
	c) Interest on balances with Reserve Bank of India and other inter bank funds		4477			3459			1864			13714			14808
	d) Others		501			299			240			10802			1968
2	Other Income		149198			142000			125576			524369			433515
3	TOTAL INCOME (1)+(2)		888002			862264			672431			3253004			2426336
4	Interest Expended		399973			408665			262908			1498958			938508
5	Operating Expenses (i)+(ii)		246708			215796			199837			859006			715292
	i) Employees cost		92840			86742			73335			339991			283604
	ii) Other operating expenses		153868			129054			126502			519015			431688
6	TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)		646681			624461			462745			2357964			1653800
7	Operating Profit before Provisions and Contingencies (3)-(6)		241321			237803			209686			895040			772536
8	Provisions (Other than tax) and Contingencies		29830			32924			43134			143725			190671
9	Exceptional Items		—			—			—			—			—
10	Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)		211491			204879			166552			751315			581865
11	Tax Expense		66183			61913			55081			234608			189226
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		145308			142966			111471			516707			392639
13	Extraordinary items (net of tax expense)		—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		145308			142966			111471			516707			392639
15	Paid up equity share capital (Face Value of 2/- each)		46934			46826			46523			46934			46523
16	Reserves excluding revaluation reserves (as per balance sheet of previous accounting year)											2945504			2491113
17	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		16.5	%		16.3	%		16.2	%		16.5	%		16.2	%
	(iii) Earnings per share ( )
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		6.2			6.1			4.8			22.1			17.0
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		6.1			6.1			4.7			21.9			16.8
	(iv) NPA Ratios
	(a) Gross NPAs		199939			202058			169434			199939			169434
	(b) Net NPAs		35233			39796			29641			35233			29641
	(c) % of Gross NPAs to Gross Advances		1.02	%		1.03	%		1.05	%		1.02	%		1.05	%
	(d) % of Net NPAs to Net Advances		0.2	%		0.2	%		0.2	%		0.2	%		0.2	%
	(v) Return on assets (average) - not annualized		0.5	%		0.5	%		0.4	%		1.8	%		1.6	%
18	Non Promoters Shareholding
	(a) Public Shareholding
	- No. of shares		1397842379			1392441945			1377200365			1397842379			1377200365
	- Percentage of Shareholding		59.6	%		59.5	%		59.2	%		59.6	%		59.2	%
	(b) Shares underlying Depository Receipts (ADS and GDR)
	- No. of shares		405629791			405656975			405711955			405629791			405711955
	- Percentage of Shareholding		17.3	%		17.3	%		17.4	%		17.3	%		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
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
	- Percentage of Shares (as a % of the total share capital of the Company)		23.1	%		23.2	%		23.4	%		23.1	%		23.4	%

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

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

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 31.03.2012			Quarter ended 31.12.2011			Quarter ended 31.03.2011			Year ended 31.03.2012			Year ended 31.03.2011
		Audited			Unaudited			Unaudited			Audited			Audited
1	Segment Revenue
a)	Treasury		211551			214064			162279			782356			539116
b)	Retail Banking		711503			674718			559135			2652926			1950503
c)	Wholesale Banking		401093			418358			313527			1580429			1161289
d)	Other banking operations		90416			77159			70339			290078			248369
e)	Unallocated		15			—			—			9648			—
	Total		1414578			1384299			1105280			5315437			3899277
	Less: Inter Segment Revenue		526576			522035			432849			2062433			1472941

	Income from Operations		888002			862264			672431			3253004			2426336

2	Segment Results
a)	Treasury		12915			19559			10390			38199			9612
b)	Retail Banking		87432			87822			89520			348682			301457
c)	Wholesale Banking		95183			87720			52526			327185			242331
d)	Other banking operations		43698			35007			34354			127754			101836
e)	Unallocated		(27737	)		(25229	)		(20238	)		(90505	)		(73371	)

	Total Profit Before Tax		211491			204879			166552			751315			581865

3	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		9520628			7421422			8002273			9520628			8002273
b)	Retail Banking		(7714935	)		(6857667	)		(5899586	)		(7714935	)		(5899586	)
c)	Wholesale Banking		1630647			2642911			966039			1630647			966039
d)	Other banking operations		679439			623971			479097			679439			479097
e)	Unallocated		(1123341	)		(881886	)		(1010187	)		(1123341	)		(1010187	)

	Total		2992438			2948751			2537636			2992438			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.

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

Notes :

1	Statement of Assets and Liabilities as on March 31, 2012 is given below.


			( in lacs)
Particulars	As at 31.03.2012		As at 31.03.2011
CAPITAL AND LIABILITIES
Capital		46934		46523
Reserves and Surplus		2945504		2491113
Employees’ Stock Options (Grants) Outstanding		30		291
Deposits		24670645		20858641
Borrowings		2384651		1439406
Other Liabilities and Provisions		3743186		2899285

Total		33790950		27735259

ASSETS
Cash and balances with Reserve Bank of India		1499109		2510081
Balances with Banks and Money at Call and Short notice		594663		456802
Investments		9748291		7092936
Advances		19542003		15998267
Fixed Assets		234720		217065
Other Assets		2172164		1460108

Total		33790950		27735259

2	The above results have been approved by the Board of Directors at its meeting held on April 18, 2012. There are no qualifications in the auditor’s report for the year ended March 31, 2012. The information presented above is extracted from the audited financial statements as stated.

3	The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the current financial year.

4	The Board of Directors at their meeting proposed a dividend of 4.3 per share, subject to the approval of the members at the ensuing Annual General Meeting.

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 LOGO

10/- each into five equity shares of nominal value of LOGO

2/- each. All shares and per share information in the financial results reflect the effect of sub-division (split) retrospectively.

During the year ended March 31, 2012, the Bank granted 2,43,750 and 3,53,59,500 stock options under plan E—scheme ESOS XVII and XVIII respectively to its employees. The grant price of these options is LOGO

508.23 and LOGO

468.40 respectively, being the closing market price as on the working day immediately preceding the date of grant of options.

7	During the quarter and year ended March 31, 2012, the Bank allotted 53,73,250 and 2,05,59,850 shares pursuant to the exercise of stock options by certain employees.

8	An amount of 500,364 lacs pertaining to grossed up unrealised gain on foreign exchange and derivatives contracts has been reclassified from ‘Unallocated’ to ‘Treasury’ segment in the segmental capital employed (asset—liabilities) as at March 31, 2011.

9	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.

10	As on March 31, 2012, the total number of branches (including extension counters) and ATM network stood at 2,544 branches and 8,913 ATMs respectively.

11	Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended March 31, 2012: Opening : Nil; Additions : 734; Disposals : 734; Closing position : Nil.

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

13	10 lac = 1 million 10 million = 1 crore


Place : Mumbai		Aditya Puri
Date : April 18, 2012		Managing Director

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

HDFC BANK LIMITED GROUP

CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2012


				( in lacs)
	Particulars	Year ended 31.03.2012		Year ended 31.03.2011
		Audited		Audited
1	Interest Earned (a)+(b)+(c)+(d)		2760556		2004334
	a) Interest/discount on advances/bills		2083723		1518803
	b) Income on Investments		650618		467565
	c) Interest on balances with Reserve Bank of India and other inter bank funds		15404		15827
	d) Others		10811		2139
2	Other Income		545239		458504
3	TOTAL INCOME (1) + (2)		3305795		2462838
4	Interest Expended		1510612		942515
5	Operating Expenses (i) + (ii)		880712		731795
	i) Employees cost		357309		297714
	ii) Other operating expenses		523403		434081
6	TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)		2391324		1674310
7	Operating Profit before Provisions and Contingencies (3) - (6)		914471		788528
8	Provisions (Other than tax) and Contingencies		147721		192807
9	Exceptional Items		—		—
10	Profit / (Loss) from ordinary activities before tax (7-8-9)		766750		595721
11	Tax Expense		239410		193952
12	Net Profit / (Loss) from Ordinary Activities after tax (10-11)		527340		401769
13	Extraordinary items (net of tax expense)		—		—
14	Net Profit / (Loss) for the period (12-13)		527340		401769
15	Minority Interest		3002		3224
16	Share in profits of associates		364		704
17	Consolidated profit for the year attributable to the Group		524702		399249
18	Paid up equity share capital (Face Value of 2/- each)		46934		46523
19	Reserves excluding revaluation reserves (as per balance sheet of previous accounting year)		2974111		2511791
20	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil		Nil
	(ii) Earnings per share ( )
	(a) Basic EPS before & after extraordinary items (net of tax expense)		22.5		17.3
	(b) Diluted EPS before & after extraordinary items (net of tax expense)		22.2		17.1

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 on Segment Reporting (AS 17) of the operating segments of the Group is as under:


					( in lacs)
	Particulars	Year ended 31.03.2012			Year ended 31.03.2011
		Audited			Audited
1	Segment Revenue
a)	Treasury		782356			539116
b)	Retail Banking		2652926			1950503
c)	Wholesale Banking		1580429			1161289
d)	Other banking operations		342928			284994
e)	Unallocated		9589			(123	)
	Total		5368228			3935779
	Less: Inter Segment Revenue		2062433			1472941

	Income from Operations		3305795			2462838

2	Segment Results
a)	Treasury		38199			9612
b)	Retail Banking		348682			301457
c)	Wholesale Banking		327185			242331
d)	Other banking operations		143247			115815
e)	Unallocated		(90563	)		(73494	)

	Total Profit Before Tax, Minority Interest & Earnings from Associates		766750			595721

3	Capital Employed (Segment Assets - Segment Liabilities)
a)	Treasury		9520628			8002273
b)	Retail Banking		(7714935	)		(5899586	)
c)	Wholesale Banking		1630647			966039
d)	Other banking operations		679439			479097
e)	Unallocated		(1123341	)		(1010187	)

	Total		2992438			2537636

Geographic Segments

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

Notes :

The above results represent consolidated financial results for HDFC Bank Limited, its subsidiaries and associates. These results have been approved by the Board of Directors at its meeting held on April 18, 2012. There are no qualifications in the auditor’s report for the year ended March 31, 2012. The information presented above is extracted from the audited consolidated financial statements as stated.

The above results are prepared in accordance with the principles set out in Accounting Standard 21- Consolidated Financial Statements and Accounting Standard 23—Accounting for Investments in Associates in Consolidated Financial Statements as prescribed by the Institute of Chartered Accountants of India.

3	An amount of 500,364 lacs pertaining to grossed up unrealised gain on foreign exchange and derivatives contracts has been reclassified from ‘Unallocated’ to ‘Treasury’ segment in the segmental capital employed (asset—liabilities) as at March 31, 2011.

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

5	10 lac = 1 million 10 million = 1 crore


Place: Mumbai		Aditya Puri
Date : April 18, 2012		Managing Director

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

LOGO

NEWS RELEASE

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP)

FOR THE QUARTER AND YEAR ENDED MARCH 31, 2012

The Board of Directors of HDFC Bank Limited approved the annual audited (Indian GAAP) accounts for the year ended March 31, 2012, at their meeting held in Mumbai on Wednesday, April 18, 2012.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended March 31, 2012

The Bank’s total income for the quarter ended March 31, 2012, was LOGO 8,880.0 crores an increase of 32.1% over LOGO 6,724.3 crores, for the quarter ended March 31, 2011. Net revenues (net interest income plus other income) was at LOGO 4,880.3 crores for the quarter ended March 31, 2012 as against LOGO 4,095.2 crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended March 31, 2012 grew by 19.3% to LOGO 3,388.3 crores as against LOGO 2,839.5 crores for the quarter ended March 31, 2011. This was driven by loan growth of 22.2% and a core net interest margin for the quarter of 4.2%.

Other income (non-interest revenue) for the quarter ended March 31, 2012 was LOGO 1,492.0 crores up 18.8% over that in the corresponding quarter ended March 31, 2011. The main contributor to other income for the quarter was fees & commissions of LOGO 1,237.3 crores, up by 23.7% over LOGO 1,000.6 crores in the corresponding quarter ended March 31, 2011. The two other components of other income were foreign exchange & derivatives revenue of LOGO 325.2 crores ( LOGO 245.4 crores for the corresponding quarter of the previous year) and loss on revaluation / sale of investments of LOGO 71.5 crores (profit of LOGO 8.6 crores for the quarter ended March 31, 2011).

Operating expenses for the quarter were LOGO 2,467.1 crores, an increase of 23.5% over LOGO 1,998.4 crores during the corresponding quarter of the previous year. The bank’s branch distribution network expanded by 558 branches in 403 new cities during the year resulting in a core cost-to-income ratio for the quarter at 49.8% as against 48.9% for the corresponding quarter ended March 31, 2011. Provisions and contingencies were LOGO 298.3 crores (including specific loan loss and floating provisions of LOGO 291.7 crores) for the quarter ended March 31, 2012 as against LOGO 431.3 crores (including specific loan loss and floating provisions of LOGO 330.1 crores) for the corresponding quarter ended March 31, 2011. After providing LOGO 661.8 crores for taxation, the Bank earned a Net Profit of LOGO 1,453.1 crores, an increase of 30.4% over the quarter ended March 31, 2011.

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

LOGO

Profit & Loss Account: Year ended March 31, 2012

For the year ended March 31, 2012, the Bank earned total income of LOGO 32,530.0 crores Net revenues for the year ended March 31, 2012 were LOGO 17,540.5 crores, up by 17.9% over LOGO 14,878.3 crores for the year ended March 31, 2011. The Bank’s net profit for year ended March 31, 2012 was LOGO 5,167.1 crores, up 31.6%, over the year ended March 31, 2011. Consolidated net profit for the Bank increased by 31.4% to LOGO 5,247.0 crores for the year ended March 31, 2012.

Balance Sheet: As of March 31, 2012

The Bank’s total balance sheet size increased by 21.8% from LOGO 277,353 crores as of March 31, 2011 to LOGO 337,909 crores as of March 31, 2012. Total net advances as of March 31, 2012 were LOGO 195,420 crores, an increase of 22.2% over March 31, 2011. Total deposits were at LOGO 246,706 crores, an increase of 18.3% over March 31, 2011. Adjusted for one off current account deposits at the ended March 31, 2011, core total deposit growth for the year was 20.6%. Savings account deposits grew 16.6% over the previous year to reach LOGO 73,998 crores, and with current account deposits at LOGO 45,408 crores, the CASA ratio was at 48.4% of total deposits as at March 31, 2012.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at March 31, 2012 (computed as per Basel II guidelines) stood at 16.5% as against 16.2% as of March 31, 2011 and against the regulatory minimum of 9.0%. Tier-I CAR was 11.6% as of March 31, 2012. During the year 205.6 lac shares were allotted by the Bank on exercise of options granted earlier under various employee stock option plans. As a result, equity share capital increased by LOGO 4.1 crores and reserves (share premium) by LOGO 526.5 crores.

DIVIDEND

The Board of Directors recommended a dividend of LOGO 4.30 per equity share of LOGO 2 for the year ended March 31, 2012, as against LOGO 3.30 per equity share of LOGO 2 (which was LOGO 16.50 per share of LOGO 10 before the share split) for the previous year. This would be subject to approval by the shareholders at the next annual general meeting.

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

LOGO

NETWORK

As of March 31, 2012, the Bank’s distribution network was at 2,544 branches and 8,913 ATMs in 1,399 cities as against 1,986 branches and 5,471 ATMs in 996 cities as of March 31, 2011.

ASSET QUALITY

Asset quality continued to remain healthy with gross non-performing assets as on March 31, 2012 at 1.0% of gross advances as against 1.1% at the end of the previous year. The ratio of net non-performing assets to net advances as of March 31, 2012 remained stable at 0.2%. The Bank’s provisioning policies for specific loan loss provisions remained higher than regulatory requirements. The NPA coverage ratio based on specific provisions (not including write-offs, technical or otherwise) was at 82.4% as on March 31, 2012. The total floating provision stood at LOGO 1435.0 crores as of March 31, 2012, as against LOGO 735.0 crores as at March 31, 2011. Total restructured loans (including applications received and under process for restructuring) were at 0.4% of gross advances as of March 31, 2012.

Note:

LOGO = 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 terrorist 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