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, 2014
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: 21st October, 2014 | By | IsI 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 21st October, 2014 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about Financial Results for the Quarter and half year ended 30th September, 2014.
Exhibit I
21st October, 2014
New York Stock Exchange
11, Wall Street,
New York,
NY 10005
USA
Dear Sir / Madam,
Re: Financial Results for the quarter and half year ended 30th September, 2014.
Pursuant to the Listing Agreement, we send herewith the Financial Results for the Second quarter (unaudited) and the half year (audited) ended 30th September, 2014, Segment-wise Reporting and the Press Release in this regard. The results were duly approved by the Board of Directors of the Bank at its meeting held today i.e. 21st October, 2014.
A copy of the Auditor’s Report for the half year ended 30th September, 2014, including a Limited Review Report in respect of the unaudited financials for the quarter ended 30th September, 2014 is attached.
You are requested to take the same on your records.
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, 2014
(
in lacs) |
||||||||||||||||||||||||||
| Particulars |
Quarter ended 30.09.2014 |
Quarter ended 30.06.2014 |
Quarter ended 30.09.2013 |
Half year ended 30.09.2014 |
Half year ended 30.09.2013 |
Year ended 31.03.2014 |
||||||||||||||||||||
| Unaudited | Unaudited | Unaudited | Audited* | Audited* | Audited* | |||||||||||||||||||||
| 1 |
Interest Earned (a)+(b)+(c)+(d) | 1184763 | 1122008 | 1009334 | 2306771 | 1975630 | 4113554 | |||||||||||||||||||
| a) Interest / discount on advances / bills | 907385 | 873507 | 769211 | 1780892 | 1501685 | 3168692 | ||||||||||||||||||||
| b) Income on Investments | 261380 | 233901 | 229173 | 495281 | 450955 | 903685 | ||||||||||||||||||||
| c) Interest on balances with Reserve Bank of India and other inter bank funds | 14763 | 12147 | 8415 | 26910 | 19442 | 35599 | ||||||||||||||||||||
| d) Others | 1235 | 2453 | 2535 | 3688 | 3548 | 5578 | ||||||||||||||||||||
| 2 |
Other Income | 204710 | 185057 | 184435 | 389767 | 376995 | 791964 | |||||||||||||||||||
| 3 |
TOTAL INCOME (1)+(2) | 1389473 | 1307065 | 1193769 | 2696538 | 2352625 | 4905518 | |||||||||||||||||||
| 4 |
Interest Expended | 633664 | 604847 | 561681 | 1238511 | 1086107 | 2265290 | |||||||||||||||||||
| 5 |
Operating Expenses (i)+(ii) | 349790 | 317841 | 293421 | 667631 | 597240 | 1204219 | |||||||||||||||||||
| i) Employees cost | 116694 | 112593 | 103569 | 229287 | 214477 | 417898 | ||||||||||||||||||||
| ii) Other operating expenses | 233096 | 205248 | 189852 | 438344 | 382763 | 786321 | ||||||||||||||||||||
| 6 |
TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies) | 983454 | 922688 | 855102 | 1906142 | 1683347 | 3469509 | |||||||||||||||||||
| 7 |
Operating Profit before Provisions and Contingencies (3)-(6) | 406019 | 384377 | 338667 | 790396 | 669278 | 1436009 | |||||||||||||||||||
| 8 |
Provisions (other than tax) and Contingencies | 45589 | 48278 | 38593 | 93867 | 91305 | 158802 | |||||||||||||||||||
| 9 |
Exceptional Items | — | — | — | — | — | — | |||||||||||||||||||
| 10 |
Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9) | 360430 | 336099 | 300074 | 696529 | 577973 | 1277207 | |||||||||||||||||||
| 11 |
Tax Expense | 122284 | 112795 | 101842 | 235079 | 195355 | 429367 | |||||||||||||||||||
| 12 |
Net Profit / (Loss) from Ordinary Activities after tax (10)-(11) | 238146 | 223304 | 198232 | 461450 | 382618 | 847840 | |||||||||||||||||||
| 13 |
Extraordinary items (net of tax expense) | — | — | — | — | — | — | |||||||||||||||||||
| 14 |
Net Profit / (Loss) for the period (12)-(13) | 238146 | 223304 | 198232 | 461450 | 382618 | 847840 | |||||||||||||||||||
| 15 |
Paid up equity share capital (Face Value of
2/- each) |
48286 | 48154 | 47825 | 48286 | 47825 | 47981 | |||||||||||||||||||
| 16 |
Reserves excluding revaluation reserves | 4299884 | ||||||||||||||||||||||||
| 17 |
Analytical Ratios | |||||||||||||||||||||||||
| (i) Percentage of shares held by Government of India | Nil | Nil | Nil | Nil | Nil | Nil | ||||||||||||||||||||
| (ii) Capital Adequacy Ratio | 15.7% | 15.1% | 14.6% | 15.7% | 14.6% | 16.1% | ||||||||||||||||||||
| (iii) Earnings per share (
) |
||||||||||||||||||||||||||
| (a) Basic EPS before & after extraordinary items (net of tax expense) – not annualized | 9.9 | 9.3 | 8.3 | 19.2 | 16.0 | 35.5 | ||||||||||||||||||||
| (b) Diluted EPS before & after extraordinary items (net of tax expense) – not annualized | 9.8 | 9.2 | 8.2 | 19.0 | 15.9 | 35.2 | ||||||||||||||||||||
| (iv) NPA Ratios | ||||||||||||||||||||||||||
| (a) Gross NPAs | 336165 | 335622 | 294171 | 336165 | 294171 | 298928 | ||||||||||||||||||||
| (b) Net NPAs | 91734 | 100742 | 76721 | 91734 | 76721 | 82003 | ||||||||||||||||||||
| (c) % of Gross NPAs to Gross Advances | 1.0% | 1.1% | 1.1% | 1.0% | 1.1% | 1.0% | ||||||||||||||||||||
| (d) % of Net NPAs to Net Advances | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | ||||||||||||||||||||
| (v) Return on assets (average) – not annualized | 0.5% | 0.5% | 0.5% | 1.0% | 1.0% | 2.0% | ||||||||||||||||||||
| 18 |
Non Promoters Shareholding | |||||||||||||||||||||||||
| (a) Public Shareholding | ||||||||||||||||||||||||||
| – No. of shares | 1464101398 | 1457475498 | 1441044575 | 1464101398 | 1441044575 | 1448829678 | ||||||||||||||||||||
| – Percentage of Shareholding | 60.6% | 60.5% | 60.3% | 60.6% | 60.3% | 60.4% | ||||||||||||||||||||
| (b) Shares underlying Depository Receipts (ADS and GDR) | ||||||||||||||||||||||||||
| – No. of shares | 407004657 | 407004657 | 406987485 | 407004657 | 406987485 | 407004657 | ||||||||||||||||||||
| – Percentage of Shareholding | 16.9% | 16.9% | 17.0% | 16.9% | 17.0% | 17.0% | ||||||||||||||||||||
| 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) | 22.5% | 22.6% | 22.7% | 22.5% | 22.7% | 22.6% | ||||||||||||||||||||
| * | 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 30.09.2014 |
Quarter ended 30.06.2014 |
Quarter ended 30.09.2013 |
Half year ended 30.09.2014 |
Half year ended 30.09.2013 |
Year ended 31.03.2014 |
||||||||||||||||||||
| Unaudited | Unaudited | Unaudited | Audited | Audited | Audited | |||||||||||||||||||||
| 1 |
Segment Revenue | |||||||||||||||||||||||||
| a) |
Treasury | 310464 | 270361 | 304726 | 580825 | 610397 | 1178670 | |||||||||||||||||||
| b) |
Retail Banking | 1191868 | 1144291 | 974274 | 2336159 | 1927357 | 4080486 | |||||||||||||||||||
| c) |
Wholesale Banking | 564503 | 544617 | 488382 | 1109120 | 938564 | 1964534 | |||||||||||||||||||
| d) |
Other Banking Operations | 145899 | 128016 | 125015 | 273915 | 225183 | 503355 | |||||||||||||||||||
| e) |
Unallocated | — | — | — | — | 258 | 258 | |||||||||||||||||||
| Total | 2212734 | 2087285 | 1892397 | 4300019 | 3701759 | 7727303 | ||||||||||||||||||||
| Less: Inter Segment Revenue | 823261 | 780220 | 698628 | 1603481 | 1349134 | 2821785 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income from Operations | 1389473 | 1307065 | 1193769 | 2696538 | 2352625 | 4905518 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| 2 |
Segment Results | |||||||||||||||||||||||||
| a) |
Treasury | 8395 | (5292 | ) | (10322 | ) | 3103 | 20659 | 41230 | |||||||||||||||||
| b) |
Retail Banking | 145845 | 151637 | 137201 | 297482 | 259351 | 568541 | |||||||||||||||||||
| c) |
Wholesale Banking | 188860 | 178978 | 168520 | 367838 | 289040 | 594011 | |||||||||||||||||||
| d) |
Other Banking Operations | 54967 | 47498 | 41148 | 102465 | 83276 | 192046 | |||||||||||||||||||
| e) |
Unallocated | (37637 | ) | (36722 | ) | (36473 | ) | (74359 | ) | (74353 | ) | (118621 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Profit Before Tax | 360430 | 336099 | 300074 | 696529 | 577973 | 1277207 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| 3 |
Capital Employed (Segment Assets – Segment Liabilities) |
|||||||||||||||||||||||||
| a) |
Treasury | 12113999 | 11460711 | 9551390 | 12113999 | 9551390 | 12241141 | |||||||||||||||||||
| b) |
Retail Banking | (15190170 | ) | (14417239 | ) | (10495893 | ) | (15190170 | ) | (10495893 | ) | (12909019 | ) | |||||||||||||
| c) |
Wholesale Banking | 8179230 | 7708329 | 5445787 | 8179230 | 5445787 | 5305539 | |||||||||||||||||||
| d) |
Other Banking Operations | 1307222 | 1235045 | 988798 | 1307222 | 988798 | 1259579 | |||||||||||||||||||
| e) |
Unallocated | (1538801 | ) | (1382063 | ) | (1441565 | ) | (1538801 | ) | (1441565 | ) | (1549375 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total | 4871480 | 4604783 | 4048517 | 4871480 | 4048517 | 4347865 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
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 RBI.
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, 2014 is given below. |
| (
in lacs) |
||||||||
| Particulars |
As at 30.09.2014 |
As at 30.09.2013 |
||||||
| Audited | Audited | |||||||
| CAPITAL AND LIABILITIES |
||||||||
| Capital |
48286 | 47825 | ||||||
| Reserves and Surplus |
4823194 | 4000692 | ||||||
| Deposits |
39068175 | 31301114 | ||||||
| Borrowings |
3854042 | 3933986 | ||||||
| Other Liabilities and Provisions |
3202409 | 3833060 | ||||||
|
|
|
|
|
|||||
| Total |
50996106 | 43116677 | ||||||
|
|
|
|
|
|||||
| ASSETS |
||||||||
| Cash and Balances with Reserve Bank of India |
2037266 | 1994440 | ||||||
| Balances with Banks and Money at Call and Short notice |
1127848 | 808631 | ||||||
| Investments |
12955864 | 10185000 | ||||||
| Advances |
32727279 | 26861699 | ||||||
| Fixed Assets |
290510 | 294865 | ||||||
| Other Assets |
1857339 | 2972042 | ||||||
|
|
|
|
|
|||||
| Total |
50996106 | 43116677 | ||||||
|
|
|
|
|
|||||
| 2 | The above results have been approved by the Board of Directors at its meeting held on October 21, 2014. |
| 3 | The results for the half year ended September 30, 2014 have been subjected to an “Audit” and the results for the quarter ended September 30, 2014 have been subjected 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 above financial results as those followed in the annual financial statements for the year ended March 31, 2014. |
| 5 | During the quarter ended June 30, 2014, the Bank acquired additional 8.7% stake in its subsidiary HDFC Securities Limited (HSL). Post this acquisition, the Bank’s stake holding in HSL was 98.0% as of September 30, 2014. |
| 6 | In accordance with RBI circular DBOD.No.BP.BC.2/21.06.201/2013-14 dated July 1, 2013, banks are required to make Pillar 3 disclosures under Basel III capital regulations. The Bank has made these disclosures which are available on its website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/default.htm. The disclosures have not been subjected to audit or limited review. |
| 7 | During the quarter and half year ended September 30, 2014, the Bank allotted 6625900 and 15271720 shares pursuant to the exercise of stock options by certain employees. |
| 8 | Other income relates to income from non-fund based banking activities including commission, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments and recoveries from accounts written off. |
| 9 | As at September 30, 2014, the total number of branches (including extension counters) and ATM network stood at 3600 branches and 11515 ATMs respectively. |
| 10 | Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended September 30, 2014: |
| Opening: Nil; Additions: 714; Disposals: 714; Closing position: Nil. |
| 11 | Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period’s classification. |
| 12 |
10 lac =
1 million |
|
10 million =
1 crore |
| Place : |
Mumbai |
Aditya Puri | ||
| Date : |
October 21, 2014 |
Managing Director |
Regd. Office : HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013.
NEWS RELEASE
HDFC Bank Limited
FINANCIAL RESULTS (INDIAN GAAP)
FOR THE QUARTER AND HALF YEAR ENDED
SEPTEMBER 30, 2014
The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter ended September 30, 2014 and the audited results for the half-year ended September 30, 2014, at its meeting held in Mumbai on Tuesday, October 21, 2014.
FINANCIAL RESULTS:
Profit & Loss Account: Quarter ended September 30, 2014
The Bank’s total income for the quarter ended September 30, 2014 was
13,894.7 crore, as against
11,937.7 crore for the quarter ended September 30, 2013. Net revenues (net interest income plus other income) were at
7,558.1 crore, an increase of 19.6% for the quarter ended September 30, 2014 over
6,320.9 crore for the corresponding quarter of the previous year. Interest earned increased from
10,093.3 crore in the quarter ended September 30, 2013 to
11,847.6 crore in the quarter ended September 30, 2014, up by 17.4%. With interest expense increasing by 12.8% to
6,336.6 crore for the quarter ended September 30, 2014, the net interest income (interest earned less interest expended) grew by 23.1% to
5,511.0 crore from
4,476.5 crore for the quarter ended September 30, 2013. Net interest margin for the quarter was at 4.5% as against 4.3% for corresponding quarter ended September 30, 2013.
Other income (non-interest revenue) at
2,047.1 crore was 27.1% of the net revenues for the quarter ended September 30, 2014 and grew by 11.0% over
1,844.4 crore in the corresponding quarter ended September 30, 2013. The four components of other income for the quarter ended September 30, 2014 were fees & commissions of
1,536.5 crore (
1,354.4 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of
221.7 crore (
501.4 crore for the corresponding quarter of the previous year), profit on revaluation / sale of investments of
95.1 crore (loss of
173.3 crore for the corresponding quarter of the previous year) and miscellaneous income including recoveries of
193.8 crore (
161.9 crore for the corresponding quarter of the previous year).
Operating expenses for the quarter ended September 30, 2014 were
3,497.9 crore, an increase of 19.2% over
2,934.2 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 46.3% as against 46.4% for the corresponding quarter ended September 30, 2013.
Provisions and contingencies were
455.9 crore (consisting of specific loan loss and general provisions) for the quarter ended September 30, 2014 as against
385.9 crore for the corresponding quarter ended September 30, 2013. After providing
1,222.8 crore for taxation, the Bank earned a net profit of
2,381.5 crore for the quarter ended September 30, 2014, an increase of 20.1% over the quarter ended September 30, 2013.
Balance Sheet: As of September 30, 2014
Advances as of September 30, 2014 were
327,273 crore, an increase of 21.8% over September 30, 2013. This loan growth was contributed by both segments of the Bank’s loan portfolio, with domestic retail loans and wholesale loans as per the
Bank’s internal business classification growing by 17.3% and 21.8% respectively (as per regulatory [Basel 2] segment classification growing by 9.8% and 30.1% respectively). Retail loan disbursal for the first half of the fiscal grew by 22%
over the corresponding period of the previous fiscal. Total deposits as of September 30, 2014 were
390,682 crore, an increase of 24.8% over September 30, 2013. Savings account deposits grew 18.8% over the previous year to reach
110,810 crore and current account deposits at
57,803 grew 21.4% over the previous year. CASA mix was 43.2% as at September 30, 2014.
Half Year ended September 30, 2014:
For the half year ended September 30, 2014, the Bank earned a total income of
26,965.4 crore as against
23,526.3 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the six months ended September 30, 2014 were
14,580.3 crore, as against
12,665.2 crore for the six months ended September 30, 2013, an increase of 15.1%. Net profit for the half year ended September 30, 2014 was
4,614.5 crore, up by 20.6% over the corresponding half year ended September 30, 2013.
Capital Adequacy:
The Bank’s total Capital Adequacy Ratio (CAR) as at September 30, 2014 (computed as per Basel III guidelines) stood at 15.7% as against a regulatory requirement of 9%. Of this, Tier-I CAR was 11.8%.
NETWORK
As of September 30, 2014, the Bank’s distribution network was at 3,600 branches and 11,515 ATMs in 2,272 cities / towns, an increase of 349 branches and 338 ATMs over 3,251 branches and 11,177 ATMs in 2,022 cities / towns as of September 30, 2013 and an increase of 197 branches and 259 ATMs during this fiscal year so far. Number of employees increased from 69,662 as of September 30, 2013 to 75,339 as of September 30, 2014.
ASSET QUALITY
Gross non-performing assets (NPAs) were at 1.02% of gross advances as on September 30, 2014, as against 1.09% as on September 30, 2013 and 1.07% as on June 30, 2014. Net non-performing assets were at 0.28% of net advances as on September 30, 2014. Total restructured loans (including applications received and under process for restructuring) were at 0.1% of gross advances as of September 30, 2014 as against 0.2% as of September 30, 2013.
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”, “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, any penalties imposed by the RBI, 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, any downgrade in India’s debt rating or the debt rating of our borrowings, 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.
For media queries please contact:
Neeraj Jha
Head, Corporate Communication
HDFC Bank Ltd., Mumbai.
Tel: 91 - 22 - 6652 1308 (D) / 6652 1000 (B)
Mobile: +91 93236 20828
neeraj.jha@hdfcbank.com
For investor queries please contact:
Bhavin Lakhpatwala
HDFC Bank Ltd., Mumbai.
Tel: 91 - 22 - 6652 1083 (D) / 6652 1000 (B)
Mobile: +91 74983 51730
bhavin.lakhpatwala@hdfcbank.com