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 January, 2013

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: 18^th January 2013	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 18^th January 2013 addressed to The New York Stock Exchange, New York, United States of America (USA) intimating about unaudited financial results for the Quarter ended 31^st December, 2012 as approved by the Board of Directors.

18^th January 2013

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Re: Unaudited Financial Results for the Quarter ended 31st December 2012

We attach herewith two files containing the unaudited financial results of the Bank for the third quarter ended 31st December 2012 as approved by the Board of Directors at its meeting held today i.e. on 18^th January 2013 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

HDFC BANK LIMITED

FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012


																	( in lacs)
Particulars		Quarter ended 31.12.2012			Quarter ended 30.09.2012			Quarter ended 31.12.2011			Nine Months ended 31.12.2012			Nine Months ended 31.12.2011			Year ended 31.03.2012
		Unaudited			Unaudited			Unaudited			Unaudited			Unaudited			Audited*
1	Interest Earned (a)+(b)+(c)+(d)		870762			852465			720264			2523969			1989831			2728635
	a) Interest / discount on advances / bills		672167			644941			541749			1923459			1492647			2053660
	b) Income on Investments		189296			195277			174757			572441			477646			650459
	c) Interest on balances with Reserve Bank of India and other inter bank funds		6773			8499			3459			20383			9237			13714
	d) Others		2526			3748			299			7686			10301			10802
2	Other Income		179889			134512			142000			467350			375171			524369
3	TOTAL INCOME (1)+(2)		1050651			986977			862264			2991319			2365002			3253004
4	Interest Expended		490877			479296			408665			1422510			1098985			1498958
5	Operating Expenses (i)+(ii)		257411			250550			215796			751221			612298			859006
	i) Employees cost		100393			96293			86742			296005			247151			339991
	ii) Other operating expenses		157018			154257			129054			455216			365147			519015
6	TOTAL EXPENDITURE (4)+(5) (excluding Provisions & Contingencies)		748288			729846			624461			2173731			1711283			2357964
7	Operating Profit before Provisions and Contingencies (3)-(6)		302363			257131			237803			817588			653719			895040
8	Provisions (other than tax) and Contingencies		30724			29289			32924			108744			113895			143725
9	Exceptional Items		—			—			—			—			—			—
10	Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)		271639			227842			204879			708844			539824			751315
11	Tax Expense		85732			71844			61913			225200			168425			234608
12	Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)		185907			155998			142966			483644			371399			516707
13	Extraordinary items (net of tax expense)		—			—			—			—			—			—
14	Net Profit / (Loss) for the period (12)-(13)		185907			155998			142966			483644			371399			516707
15	Paid up equity share capital (Face Value of 2/- each)		47361			47234			46826			47361			46826			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	%		17.0	%		16.3	%		17.0	%		16.3	%		16.5	%
	(iii) Earnings per share ( )
	(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized		7.9			6.6			6.1			20.5			15.9			22.1
	(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized		7.8			6.5			6.1			20.3			15.8			21.9
	(iv) NPA Ratios
	(a) Gross NPAs		243221			213344			202058			243221			202058			199939
	(b) Net NPAs		49580			38686			39796			49580			39796			35233
	(c) % of Gross NPAs to Gross Advances		1.00	%		0.91	%		1.03	%		1.00	%		1.03	%		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		0.5	%		0.4	%		0.5	%		1.4	%		1.3	%		1.8	%
18	Non Promoters Shareholding
	(a) Public Shareholding
	- No. of shares		1418689403			1412264911			1392441945			1418689403			1392441945			1397842379
	- Percentage of Shareholding		59.9	%		59.8	%		59.5	%		59.9	%		59.5	%		59.6	%
	(b) Shares underlying Depository Receipts (ADS and GDR)
	- No. of shares		406159962			406217229			405656975			406159962			405656975			405629791
	- Percentage of Shareholding		17.2	%		17.2	%		17.3	%		17.2	%		17.3	%		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)		22.9	%		23.0	%		23.2	%		22.9	%		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 31.12.2012			Quarter ended 30.09.2012			Quarter ended 31.12.2011			Nine Months ended 31.12.2012			Nine Months ended 31.12.2011			Year ended 31.03.2012
		Unaudited			Unaudited			Unaudited			Unaudited			Unaudited			Audited
1	Segment Revenue
a)	Treasury		239664			214103			214064			705463			570805			782356
b)	Retail Banking		880049			833756			674718			2493587			1941423			2652926
c)	Wholesale Banking		446029			454798			418358			1327633			1179336			1580429
d)	Other Banking Operations		102304			86732			77159			264025			199662			290078
e)	Unallocated		1963			3425			—			5388			9633			9648
	Total		1670009			1592814			1384299			4796096			3900859			5315437
	Less: Inter Segment Revenue		619358			605837			522035			1804777			1535857			2062433

	Income from Operations		1050651			986977			862264			2991319			2365002			3253004

2	Segment Results
a)	Treasury		8854			4852			19559			20400			25284			38199
b)	Retail Banking		122881			108913			87822			324736			261250			348682
c)	Wholesale Banking		127642			108856			87720			346118			232002			327185
d)	Other Banking Operations		45289			34440			35007			105757			84056			127754
e)	Unallocated		(33027	)		(29219	)		(25229	)		(88167	)		(62768	)		(90505	)

	Total Profit Before Tax		271639			227842			204879			708844			539824			751315

3	Capital Employed
	(Segment Assets - Segment Liabilities)
a)	Treasury		8998738			8818950			7421422			8998738			7421422			9520628
b)	Retail Banking		(8968409	)		(8600001	)		(6857667	)		(8968409	)		(6857667	)		(7714935	)
c)	Wholesale Banking		4032567			3569194			2642911			4032567			2642911			1630647
d)	Other Banking Operations		972104			876202			623971			972104			623971			679439
e)	Unallocated		(1491389	)		(1329875	)		(881886	)		(1491389	)		(881886	)		(1123341	)

	Total		3543611			3334470			2948751			3543611			2948751			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 December 31, 2012 is given below.


				( in lacs	)
Particulars	As at 31.12.2012		As at 31.12.2011
CAPITAL AND LIABILITIES
Capital		47361		46826
Reserves and Surplus		3496250		2901925
Employees’ Stock Options (Grants) Outstanding		—		30
Deposits		28411857		23250823
Borrowings		3158464		2442626
Other Liabilities and Provisions		3258956		4906444

Total		38372888		33548674

ASSETS
Cash and Balances with Reserve Bank of India		1997493		1899372
Balances with Banks and Money at Call and Short notice		474503		347413
Investments		9597875		8021390
Advances		24149325		19430274
Fixed Assets		256927		217661
Other Assets		1896765		3632564

Total		38372888		33548674

2	The above results have been approved by the Board of Directors at its meeting held on January 18, 2013.

3	The results for the nine months ended December 31, 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 results as those followed in the annual financial statements for the year ended March 31, 2012.

5	During the quarter and nine months ended December 31, 2012, the Bank allotted 6367225 and 21377195 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 December 31, 2012, the total number of branches (including extension counters) and ATM network stood at 2776 branches and 10490 ATMs respectively.

8	Information on investor complaints pursuant to Clause 41 of the listing agreement for the quarter ended December 31, 2012: Opening : Nil; Additions : 647; Disposals : 647; 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 = LOGO

1 crore


Place : Mumbai		Aditya Puri
Date : January 18, 2013		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 NINE MONTHS ENDED DECEMBER 31, 2012

The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) accounts for the quarter and nine months ended December 31, 2012, at their meeting held in Mumbai on Friday, January 18, 2013. 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, 2012

The Bank’s total income for the quarter ended December 31, 2012, was LOGO 10,506.5 crores as against LOGO 8,622.6 crores for the quarter ended December 31, 2011. Net revenues (net interest income plus other income) were at LOGO 5,597.7 crores for the quarter ended December 31, 2012, an increase of 23.4% over LOGO 4,536.0 crores for the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for the quarter ended December 31, 2012, grew by 21.9% to LOGO 3,798.9 crores. This was driven by loan growth of 24.3% and a net interest margin for the quarter of 4.1%.

Other income (non-interest revenue) for the quarter ended December 31, 2012, was LOGO 1,798.9 crores as against LOGO 1,420.0 crores in the corresponding quarter ended December 31, 2011. The main contributor to other income for the quarter was fees & commissions of LOGO 1,401.9 crores, up by 24.3% over LOGO 1,127.6 crores in the corresponding quarter ended December 31, 2011. The two other components of other income were foreign exchange & derivatives revenue of LOGO 258.0 crores ( LOGO 365.6 crores for the corresponding quarter of the previous year) and gain on revaluation / sale of investments of LOGO 135.8 crores (loss of LOGO 81.8 crores for the quarter ended December 31, 2011).

Operating expenses for the quarter ended December 31, 2012, were LOGO 2,574.1 crores, an increase of 19.3% over the corresponding quarter of the previous year. The core cost-to-income ratio (excluding bond gains/losses) for the quarter ended December 31, 2012 was 47.1%. Provisions and contingencies for the quarter ended December 31, 2012 were LOGO 307.2 crores (consisting primarily of specific, general and floating provisions) as against LOGO 329.2 crores for the corresponding quarter ended December 31, 2011 and LOGO 292.9 crores for the preceding quarter ended September 30, 2012. Profit before tax at LOGO 2,716.4 crores for the quarter ended December 31, 2012, was up 32.6% over LOGO 2,048.8 crores for the quarter ended December 31, 2011. After providing LOGO 857.3 crores for taxation, the Bank earned a net profit of LOGO 1,859.1 crores, an increase of 30.0% over the quarter ended December 31, 2011.

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

LOGO

Balance Sheet: As of December 31, 2012

The Bank’s total balance sheet size increased by 14.4% from LOGO 335,466 crores as of December 31, 2011, to LOGO 383,729 crores as of December 31, 2012. Total net advances as of December 31, 2012, were LOGO 241,493 crores, an increase of 24.3% over December 31, 2011. The mix of loans between the retail and wholesale segments was 53:47 as on December 31, 2012. Total deposits were at LOGO 284,119 crores, an increase of 22.2% over December 31, 2011. Savings deposits grew 16.5% to LOGO 81,942 crores and current deposits grew 10.4% to LOGO 47,004 crores. The CASA ratio as at December 31, 2012, was 45.4%.

Nine months ended December 31, 2012:

For the nine months ended December 31, 2012, the Bank earned a total income of LOGO 29,913.2 crores as against LOGO 23,650.0 crores in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the nine months ended December 31, 2012, were LOGO 15,688.1 crores, as against LOGO 12,660.2 crores for the nine months ended December 31, 2011, an increase of 23.9%. Net profit for the nine months ended December 31, 2012 was LOGO 4,836.4 crores, up by 30.2% over the corresponding nine months ended December 31, 2011.

Capital Adequacy:

The Bank’s total Capital Adequacy Ratio (CAR) as at December 31, 2012, (computed as per Basel II guidelines) stood at 17.0 % as against the regulatory minimum of 9.0%. Tier-I CAR was 10.9% as of December 31, 2012.

Network:

As of December 31, 2012, the Bank’s distribution network was at 2,776 branches and 10,490 ATMs in 1,568 cities as against 2,201 branches and 7,110 ATMs in 1,174 cities as of December 31, 2011.

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

LOGO

Asset Quality:

Gross non-performing assets were at 1.0% of gross advances, and net non-performing assets at 0.2% of net advances as on December 31, 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 80% as on December 31, 2012. Total restructured loans (including applications received and under process for restructuring) were at 0.3% of gross advances as of December 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”, “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.

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