Edgar Filing: HDFC BANK LTD

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 October, 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.


	HDFC BANK LIMITED
	(Registrant)

Date: 16^th October, 2012	By	/s/ Sanjay Dongre
	Name:	Sanjay Dongre
	Title:	Executive 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 12^th October, 2012 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about unaudited second quarter and half year audited results of the Bank for the quarter ended 30^th September, 2012.

12^th October, 2012

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Re: Audited Financial Results for the half year ended 30^th September 2012

We attach herewith the financial results for the second quarter (unaudited) and half year (audited) ended 30^th September 2012 and the Segment-wise Reporting, duly approved at the Board Meeting held today (12^th October 2012) and the press release in this regard.

The aforesaid financial results have been submitted to the Stock Exchanges in India as per the listing requirements of the said 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

HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2012


																	( in lacs)
	Particulars	Quarter ended 30.09.2012			Quarter ended 30.06.2012			Quarter ended 30.09.2011			Half Year ended 30.09.2012			Half Year ended 30.09.2011			Year ended 31.03.2012
		Unaudited			Unaudited			Unaudited			Audited*			Audited*			Audited*
1	Interest Earned (a)+(b)+(c)+(d)		852465			800742			671770			1653207			1269567			2728635
	a) Interest / discount on advances / bills		644941			606351			499479			1251292			950898			2053660
	b) Income on Investments		195277			187868			161819			383145			302889			650459
	c) Interest on balances with Reserve Bank of India and other inter bank funds		8499			5111			3294			13610			5778			13714
	d) Others		3748			1412			7178			5160			10002			10802
2	Other Income		134512			152949			121168			287461			233171			524369
3	TOTAL INCOME (1)+(2)		986977			953691			792938			1940668			1502738			3253004
4	Interest Expended		479296			452337			377319			931633			690320			1498958
5	Operating Expenses (i)+(ii)		250550			243260			203039			493810			396502			859006
	i) Employees cost		96293			99319			82310			195612			160409			339991
	ii) Other operating expenses		154257			143941			120729			298198			236093			519015
6	TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)		729846			695597			580358			1425443			1086822			2357964
7	Operating Profit before Provisions and Contingencies (3)-(6)		257131			258094			212580			515225			415916			895040
8	Provisions (other than tax) and Contingencies		29289			48731			36605			78020			80971			143725
9	Exceptional Items		—			—			—			—			—			—
10	Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)		227842			209363			175975			437205			334945			751315
11	Tax Expense		71844			67624			56040			139468			106512			234608
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		155998			141739			119935			297737			228433			516707
13	Extraordinary items (net of tax expense)		—			—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		155998			141739			119935			297737			228433			516707
15	Paid up equity share capital (Face Value of 2/- each)		47234			47118			46766			47234			46766			46934
16	Reserves excluding revaluation reserves (as per balance sheet of previous accounting year)																	2945504
17	Analytical Ratios
	(i) Percentage of shares held by Government of India		Nil			Nil			Nil			Nil			Nil			Nil
	(ii) Capital Adequacy Ratio		17.0	%		15.5	%		16.5	%		17.0	%		16.5	%		16.5	%
	(iii) Earnings per share ( )
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		6.6			6.0			5.1			12.6			9.8			22.1
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		6.5			6.0			5.1			12.5			9.7			21.9
	(iv) NPA Ratios
	(a) Gross NPAs		213344			208632			189494			213344			189494			199939
	(b) Net NPAs		38686			39602			35525			38686			35525			35233
	(c) % of Gross NPAs to Gross Advances		0.91	%		0.97	%		1.00	%		0.91	%		1.00	%		1.02	%
	(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		0.4	%		0.4	%		0.4	%		0.9	%		0.8	%		1.8	%
18	Non Promoters Shareholding
	(a) Public Shareholding
	- No. of shares		1412264911			1406856240			1389439055			1412264911			1389439055			1397842379
	- Percentage of Shareholding		59.8	%		59.7	%		59.4	%		59.8	%		59.4	%		59.6	%
	(b) Shares underlying Depository Receipts (ADS and GDR)
	- No. of shares		406217229			405847035			405656975			406217229			405656975			405629791
	- Percentage of Shareholding		17.2	%		17.2	%		17.4	%		17.2	%		17.4	%		17.3	%
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)		23.0	%		23.1	%		23.2	%		23.0	%		23.2	%		23.1	%

*	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 30.09.2012			Quarter ended 30.06.2012			Quarter ended 30.09.2011			Half Year ended 30.09.2012			Half Year ended 30.09.2011			Year ended 31.03.2012
		Unaudited			Unaudited			Unaudited			Audited			Audited			Audited
1	Segment Revenue
a)	Treasury		214103			251696			191031			465799			356741			782356
b)	Retail Banking		833756			779782			661461			1613538			1266705			2652926
c)	Wholesale Banking		454798			426806			406905			881604			760978			1580429
d)	Other Banking Operations		86732			74989			64979			161721			122503			290078
e)	Unallocated		3425			—			7053			3425			9633			9648
	Total		1592814			1533273			1331429			3126087			2516560			5315437
	Less: Inter Segment Revenue		605837			579582			538491			1185419			1013822			2062433

	Income from Operations		986977			953691			792938			1940668			1502738			3253004

2	Segment Results
a)	Treasury		4852			6694			3885			11546			5725			38199
b)	Retail Banking		108913			92942			95760			201855			173428			348682
c)	Wholesale Banking		108856			109620			67007			218476			144282			327185
d)	Other Banking Operations		34440			26028			27406			60468			49049			127754
e)	Unallocated		(29219	)		(25921	)		(18083	)		(55140	)		(37539	)		(90505	)

	Total Profit Before Tax		227842			209363			175975			437205			334945			751315

3	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		8818950			8604829			7108014			8818950			7108014			9520628
b)	Retail Banking		(8600001	)		(8295438	)		(6588198	)		(8600001	)		(6588198	)		(7714935	)
c)	Wholesale Banking		3569194			3278720			2583495			3569194			2583495			1630647
d)	Other Banking Operations		876202			716241			564148			876202			564148			679439
e)	Unallocated		(1329875	)		(1143984	)		(870241	)		(1329875	)		(870241	)		(1123341	)

	Total		3334470			3160368			2797218			3334470			2797218			2992438

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 from 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 September 30, 2012 is given below.


			( in lacs)
Particulars	As at 30.09.2012		As at 30.09.2011
CAPITAL AND LIABILITIES
Capital		47234		46766
Reserves and Surplus		3287236		2750452
Employees’ Stock Options (Grants) Outstanding		30		291
Deposits		27413004		23067638
Borrowings		3097259		2234388
Other Liabilities and Provisions		3892693		3475110

Total		37737456		31574645

ASSETS
Cash and Balances with Reserve Bank of India		2168625		2181375
Balances with Banks and Money at Call and Short notice		502618		196343
Investments		9173377		7864744
Advances		23164861		18850218
Fixed Assets		250013		216947
Other Assets		2477962		2265018

Total		37737456		31574645

2	The above results have been approved by the Board of Directors at its meeting held on October 12, 2012.

3	The results for the half year ended September 30, 2012 have been subject to an “Audit” and the results for the quarter ended September 30, 2012 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 Bank has followed the same significant accounting policies in the preparation of the interim financial statements as those followed in the annual financial statements for the year ended March 31, 2012.

5	During the quarter and half year ended September 30, 2012, the Bank allotted 5778865 and 15009970 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 at September 30, 2012, the total number of branches (including extension counters) and ATM network stood at 2620 branches and 10316 ATMs respectively.

8	Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended September 30, 2012: Opening : Nil; Additions : 668; Disposals : 668; 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

LOGO 10 million = LOGO 1 crore


Place : Mumbai				Aditya Puri

Date : October 12, 2012				Managing Director

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

Exhibit I

LOGO

NEWS RELEASE

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP)

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2012

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) accounts for the quarter and half year ended September 30, 2012, at their meeting held in Mumbai on Friday, October 12, 2012. The results for the quarter ended September 30, 2012, have been subject to a ‘Limited Review’, while those for half year ended September 30, 2012, have been subject to an ‘Audit’ by the statutory auditors of the Bank.

FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2012

The Bank’s total income for the quarter ended September 30, 2012, was LOGO 9,869.8crores as against LOGO 7,929.4crores for the quarter ended September 30, 2011. Net revenues (net interest income plus other income) were at LOGO 5,076.8crores for the quarter ended September 30, 2012, an increase of 22.2% over LOGO 4,156.2crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended September 30, 2012, grew by 26.7% to LOGO 3,731.7crores. This was driven by loan growth of 22.9% and a net interest margin for the quarter of 4.2%.

Other income (non-interest revenue) for the quarter ended September 30, 2012, was LOGO 1,345.1crores as against LOGO 1,211.7 crores in the corresponding quarter ended September 30, 2011. The main contributor to other income for the quarter was fees & commissions of LOGO 1,209.1crores, up by 22.4% over LOGO 987.9crores in the corresponding quarter ended September 30, 2011. The two other components of other income were foreign exchange & derivatives revenue of LOGO 235.9crores ( LOGO 218.0crores for the corresponding quarter of the previous year) and loss on revaluation / sale of investments of LOGO 105.9crores (loss of LOGO 1.3crores for the quarter ended September 30, 2011).

Operating expenses for the quarter ended September 30, 2012, were LOGO 2,505.5crores, an increase of 23.4% over the corresponding quarter of the previous year and 3.0% over the preceding quarter ended June 30, 2012. The cost-to-income ratio for the quarter ended September 30, 2012 was 49.4%. With asset quality remaining stable, provisions and contingencies for the quarter ended September 30, 2012 were LOGO 292.9crores (consisting primarily of specific, general and floating provisions) as against LOGO 366.0crores for the corresponding quarter ended September 30, 2011. After providing LOGO 718.4crores for taxation, the Bank earned a net profit of LOGO 1,560.0crores, an increase of 30.1% over the quarter ended September 30, 2011.

Balance Sheet: As of September 30, 2012

The Bank’s total balance sheet size increased by 19.5% from LOGO 315,746crores as of September 30, 2011, to LOGO 377,375crores as of September 30, 2012. Total net advances as of September 30, 2012, were LOGO 231,649crores, an increase of 22.9% over September 30, 2011. The mix of loans between the retail and wholesale segments was 53:47 as on September 30, 2012. Total deposits were at LOGO 274,130crores, an increase of 18.8% over September 30, 2011. Savings deposits grew 14.7% to LOGO 79,151crores. Net of one-off current account balances, the CASA ratio as at September 30, 2012, was 45.9%.

Half Year ended September 30, 2012:

For the half year ended September 30, 2012, the Bank earned a total income of LOGO 19,406.7crores as against LOGO 15,027.4 crores in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2012, were LOGO 10,090.4 crores, as against LOGO 8,124.2 crores for the six months ended September 30, 2011, an increase of 24.2%. Net profit for the half year ended September 30, 2012 was LOGO 2,977.4 crores, up by 30.3% over the corresponding six months ended September 30, 2011.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at September 30, 2012, (computed as per Basel II guidelines) stood at 17.0% as against the regulatory minimum of 9.0%. Tier-I CAR was 11.4% as of September 30, 2012.

Network:

As of September 30, 2012, the Bank’s distribution network was at 2,620 branches and 10,316 ATMs in 1,454 cities as against 2,150 branches and 6,520 ATMs in 1,141 cities as of September 30, 2011.

Asset Quality:

Asset quality remained healthy with gross non-performing assets as on September 30, 2012, at 0.9% of gross advances, and net non-performing assets at 0.2% of net advances as of September 30, 2012. 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% as on September 30, 2012. Total restructured loans (including applications received and under process for restructuring) were at 0.3% of gross advances as of September 30, 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”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “future”, “objective”, “project”, “should”, 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 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. Our forward looking statements speak only as of the date on which they are made and we do not undertake any obligation, and we do not intend, to update or revise any forward looking statements to reflect events or circumstances after the date in the statement, even if our expectations or any related events or circumstances change. 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 other countries which have an impact on our business activities or investments caused by any factor including the global financial crisis and problems in the Eurozone countries, 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, 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.