Title:  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 October 16, 2023 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the unaudited standalone and consolidated financial results of the Bank for the second quarter ended September 30, 2023.

October 16, 2023

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Sub: Outcome of the meeting of the Board of Directors of HDFC Bank Limited ("the Bank") held on October 16, 2023

In continuation to our intimation dated October 6, 2023, wherein it was informed that meeting of the Board of Directors of HDFC Bank Limited ("the Bank") will be held on Sunday, October 15, 2023 and Monday, October 16, 2023.

We wish to inform you that the Board of Directors of the Bank at its adjourned meeting held on October 16, 2023 deliberated on the unaudited standalone and consolidated financial results of the Bank for the second quarter ended September 30, 2023 and approved the same.

Pursuant to Regulation 33 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the unaudited standalone and consolidated financial results of the Bank for the second quarter ended September 30, 2023 ("Results"), along with segment reporting and the Limited Review Report of the Joint Statutory Auditors in this regard.

Please note that the deliberations concluded at 3:40 p.m. (IST).

The press release for the same is attached herewith.

This is for your information and appropriate dissemination.

Kindly take the same on your records.

Yours faithfully,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Company Secretary

Encl.:a/a.

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

(₹ in lac)
Quarter ended Half year ended
Year ended
31.03.2023
30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022
Particulars Unaudited Unaudited Audited Unaudited Audited Audited
1 Interest Earned (a)+(b)+(c)+(d) 6769839 4858681 3858638 11628520 7375842 16158555
a) Interest / discount on advances / bills 5429450 3800795 3040939 9230245 5781167 12709586
b) Income on investments 1163951 891124 770193 2055075 1489550 3131116
c) Interest on balances with Reserve Bank of India and other inter-bank funds 41291 79185 16024 120476 45648 99679
d) Others 135147 87577 31482 222724 59477 218174
2 Other income 1070784 922986 759558 1993770 1398381 3121483
3 Total Income (1)+(2) 7840623 5781667 4618196 13622290 8774223 19280038
4 Interest Expended 4031316 2498774 1756522 6530090 3325584 7474331
5 Operating Expenses (i)+(ii) 1539919 1405691 1122457 2945610 2172638 4765209
i) Employees cost 517019 478207 352383 995226 702407 1551236
ii) Other operating expenses 1022900 927484 770074 1950384 1470231 3213973
6 Total Expenditure (4)+(5) (excluding Provisions and Contingencies) 5571235 3904465 2878979 9475700 5498222 12239540
7 Operating Profit before Provisions and Contingencies (3)-(6) 2269388 1877202 1739217 4146590 3276001 7040498
8 Provisions (other than tax) and Contingencies 290383 286003 324013 576386 642786 1191967
9 Exceptional Items -  -  -  -  -  - 
10 Profit from Ordinary Activities before tax (7)-(8)-(9) 1979005 1591199 1415204 3570204 2633215 5848531
11 Tax Expense (Refer note 13) 381394 396022 354626 777416 653038 1437660
12 Net Profit from Ordinary Activities after tax (10)-(11) 1597611 1195177 1060578 2792788 1980177 4410871
13 Extraordinary items (net of tax expense) -  -  -  -  -  - 
14 Net Profit for the period (12)-(13) 1597611 1195177 1060578 2792788 1980177 4410871
15 Paid up equity share capital (Face Value of ₹ 1/- each) 75818 55918 55700 75818 55700 55797
16 Reserves excluding revaluation reserves 27964105
17 Analytical Ratios and other disclosures:
(i) Percentage of shares held by Government of India Nil Nil Nil Nil Nil Nil
(ii) Capital Adequacy Ratio 19.54 % 18.93 % 16.92 % 19.54 % 16.92 % 19.26 %
(iii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each):
(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized 21.13 21.40 19.07 42.46 35.64 79.25
(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized 21.02 21.28 19.00 42.23 35.50 78.89
(iv) NPA Ratios:
(a) Gross NPAs 3157789 1906412 1830100 3157789 1830100 1801903
(b) Net NPAs 807279 477687 488267 807279 488267 436843
(c) % of Gross NPAs to Gross Advances 1.34 % 1.17 % 1.23 % 1.34 % 1.23 % 1.12 %
(d) % of Net NPAs to Net Advances 0.35 % 0.30 % 0.33 % 0.35 % 0.33 % 0.27 %
(v) Return on assets (average) - not annualized 0.50 % 0.51 % 0.51 % 1.00 % 0.97 % 2.07 %
(vi) Net worth 39723231 28638820 24699703 39723231 24699703 27306304
(vii) Outstanding Redeemable Preference Shares -  -  -  -  -  - 
(viii) Capital Redemption Reserve -  -  -  -  -  - 
(ix) Debt Equity Ratio 1.25 0.44 0.38 1.25 0.38 0.39
(x) Total Debts to Total Assets 20.98 % 8.37 % 9.29 % 20.98 % 9.29 % 8.38 %

- Debt represents borrowings with residual maturity of more than one year. Total debts represents total borrowings of the Bank.

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

Segment information in accordance with the RBI guidelines and Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:

(₹ in lac)
Quarter ended Half year ended Year ended
31.03.2023
30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022

Particulars

Unaudited Unaudited Audited Unaudited Audited Audited

1

Segment Revenue

a)

Treasury 1589767 1053787 790995 2643554 1528959 3432291

b)

Retail Banking: 6085902 4293948 3512514 10379850 6681077 14227315
(i) Digital Banking* 76 62 138 64
(ii) Other Retail Banking 6085826 4293886 10379712 14227251

c)

Wholesale Banking 4729862 2973191 2166944 7703053 4032025 9436608

d)

Other Banking Operations 727003 695009 644952 1422012 1243421 2597931

e)

Unallocated -  -  -  -  -  - 
Total 13132534 9015935 7115405 22148469 13485482 29694145
Less: Inter Segment Revenue 5291911 3234268 2497209 8526179 4711259 10414107
Income from Operations 7840623 5781667 4618196 13622290 8774223 19280038

2

Segment Results

a)

Treasury 182349 135490 1226 317839 27843 209649

b)

Retail Banking: 593860 356906 307750 950766 577800 1416354
(i) Digital Banking* (31 ) (32 ) (63 ) (85 )
(ii) Other Retail Banking 593891 356938 950829 1416439

c)

Wholesale Banking 980487 884819 922187 1865306 1658851 3364199

d)

Other Banking Operations 277438 275789 193722 553227 418475 968453

e)

Unallocated (55129 ) (61805 ) (9681 ) (116934 ) (49754 ) (110124 )
Total Profit Before Tax 1979005 1591199 1415204 3570204 2633215 5848531

3

Segment Assets

a)

Treasury 79250541 64950758 56105272 79250541 56105272 64110856

b)

Retail Banking: 131725652 78013721 70443866 131725652 70443866 75606877
(i) Digital Banking* 4687 3777 4687 4022
(ii) Other Retail Banking 131720965 78009944 131720965 75602855

c)

Wholesale Banking 120367134 97242820 86839715 120367134 86839715 97368982

d)

Other Banking Operations 8622563 8518039 8163556 8622563 8163556 8074870

e)

Unallocated 1665131 1443962 1236927 1665131 1236927 1446563
Total 341631021 250169300 222789336 341631021 222789336 246608148

4

Segment Liabilities

a)

Treasury 13401231 7964237 10952287 13401231 10952287 7330877

b)

Retail Banking: 185602326 163183242 141573723 185602326 141573723 159073252
(i) Digital Banking* 5001 4004 5001 4166
(ii) Other Retail Banking 185597325 163179238 185597325 159069086

c)

Wholesale Banking 96673478 44557093 41751119 96673478 41751119 46455276

d)

Other Banking Operations 747252 694972 678726 747252 678726 701864

e)

Unallocated 4703750 4388297 2422343 4703750 2422343 5026977
Total 301128037 220787841 197378198 301128037 197378198 218588246

5

Capital and Reserves 40502984 29381459 25411138 40502984 25411138 28019902

6

Total (4)+(5) 341631021 250169300 222789336 341631021 222789336 246608148

*Information about Digital Banking Segment reported as a sub-segment of Retail Banking Segment is related to Digital Banking Units of the Bank.

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 the RBI. The Segment Assets and Segment Liabilities exclude transfers between segments and are transfer priced on a gross basis.

Notes :

1

Statement of Assets and Liabilities is given below:

(₹ in lac)
As at
30.09.2023		 As at
30.09.2022		 As at
31.03.2023

Particulars

Unaudited Audited Audited

CAPITAL AND LIABILITIES

Capital

75818 55700 55797

Reserves and Surplus

40427166 25355438 27964105

Deposits

217285776 167340798 188339465

Borrowings

71677499 20687834 20676556

Other Liabilities and Provisions

12164762 9349566 9572225

Total

341631021 222789336 246608148

ASSETS

Cash and Balances with Reserve Bank of India

15414254 8803058 11716077

Balances with Banks and Money at Call and Short notice

3292795 1373679 7660431

Investments

72343590 51911588 51700143

Advances

233123293 147987322 160058590

Fixed Assets

1014263 660419 801655

Other Assets

16442826 12053270 14671252

Total

341631021 222789336 246608148
2

Statement of Cash flow is given below:

(₹ in lac)
Half year ended
Year ended
31.03.2023
30.09.2023 30.09.2022

Particulars

Unaudited Audited Audited

Cash flows from operating activities:

Profit before income tax

3570204 2633215 5848531

Adjustments for:

Depreciation on fixed assets

140398 106028 224248

(Profit) / loss on revaluation of investments

(72012 ) 90063 54582

Amortisation of premium on held to maturity investments

42080 40404 85120

(Profit) / loss on sale of fixed assets

(3530 ) 553 (829 )

Provision / charge for non performing assets

560289 660536 1178738

Provision for standard assets and contingencies

16097 12843 13227

Dividend from subsidiaries

(67529 ) (40924 ) (81098 )

Employee Stock Options / Units expense

59768 19261 74890
4245765 3521979 7397409

Adjustments for:

Increase in investments

(7348435 ) (6535188 ) (6333089 )

Increase in advances

(13067180 ) (11765574 ) (24355264 )

Increase in deposits

13220391 11419055 32417721

Increase in other assets

(250396 ) (3375973 ) (5940935 )

Increase / (decrease) in other liabilities and provisions

(159564 ) 926330 1093070
(3359419 ) (5809371 ) 4278912

Direct taxes paid (net of refunds)

(847275 ) (725746 ) (1547573 )

Net cash flow (used in) / from operating activities

(4206694 ) (6535117 ) 2731339

Cash flows from investing activities:

Purchase of fixed assets

(153638 ) (118651 ) (328047 )

Proceeds from sale of fixed assets

4855 1443 4061

Dividend from subsidiaries

67529 40924 81098

Net cash flow used in investing activities

(81254 ) (76284 ) (242888 )

Cash flows from financing activities:

Proceeds from issue of share capital, net of issue expenses

353464 227771 341583

Proceeds from exercise of convertible equity warrants

319281 -  - 

Proceeds from issue of Tier 1 and Tier 2 capital bonds

-  300000 2300000

Redemption of Tier 1 and Tier 2 capital bonds

-  (1147700 ) (1147700 )

Increase in other borrowings

3238285 2998288 978761

Dividend paid during the period

(840442 ) (860452 ) (860452 )

Net cash flow from financing activities

3070588 1517907 1612192

Effect of exchange fluctuation on translation reserve

7014 37537 43171

Net increase / (decrease) in cash and cash equivalents

(1210346 ) (5055957 ) 4143814

Cash and cash equivalents taken over on amalgamation

540887 -  - 

Cash and cash equivalents as at April 1st

19376508 15232694 15232694

Cash and cash equivalents as at the period end

18707049 10176737 19376508
3

The above financial results have been approved by the Board of Directors at its meeting held on October 16, 2023. The financial results for the quarter and half year ended September 30, 2023 have been subjected to a "Limited Review" by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank. The financial results for the quarter and half year ended September 30, 2022 and year ended March 31, 2023 have been subjected to an Audit by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank.

4

These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 - Interim Financial Reporting ("AS 25"), prescribed under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India ("the RBI") from time to time ('RBI Guidelines') and other accounting principles generally accepted in India, and is in compliance with the presentation and disclosure requirements of the Regulation 33 and Regulation 52 read with Regulation 63 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended including relevant circulars issued by the SEBI from time to time.

5

The Bank has applied its significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2023. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable, unless specifically required under that circular / direction.

6

The Board of Directors at its meeting held on April 04, 2022, approved a composite Scheme of amalgamation ("Scheme"), for the amalgamation of: (i) erstwhile HDFC Investments Limited ("eHDFC Investment") and erstwhile HDFC Holdings Limited ("eHDFC Holdings"), with and into erstwhile Housing Development Finance Corporation Limited ("eHDFC Limited"); and thereafter (ii) eHDFC Limited into HDFC Bank Limited ("Bank"), and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The Scheme was approved by the shareholders at the National Company Law Tribunal ("NCLT") convened meeting of the shareholders of the Bank held on November 25, 2022. The NCLT, in accordance with Sections 230 to 232 of the Companies Act, 2013 and rules thereunder, vide its order dated March 17, 2023 sanctioned the Scheme. Upon receipt of all requisite approvals, the Bank filed form INC 28 with ROC on July 01, 2023 and accordingly, the scheme became effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of eHDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. The results for the quarter ended and half year ended September 30, 2023 include the operations of eHDFC Limited, eHDFC Investments and eHDFC Holdings for the period from July 01, 2023 to September 30, 2023 and hence are not comparable with those of the immediately preceding quarter and the corresponding periods of the previous year.

The amalgamation has been accounted under the 'pooling of interest' method as prescribed in AS-14 "Accounting for amalgamation". Outstanding balances between eHDFC Limited and the Bank were eliminated as on July 01, 2023. All assets and liabilities of eHDFC Limited have been recognised by the Bank at their carrying amounts as on that date except for adjustments to bring about uniformity of accounting policies as required under AS-14. The share capital of ₹ 311.04 crore issued by the Bank as consideration pursuant to the scheme has been adjusted against the corresponding share capital of eHDFC Limited and the difference has been adjusted to Amalgamation Reserve. Further, excess of cost over face value of Investment in shares of the Bank by eHDFC Limited of ₹ 14,006.31 crore has been adjusted to Amalgamation Reserve. Consequently, the Bank has recognised a debit balance of ₹ 13,947.06 crore in the Amalgamation Reserve as a result of these adjustments.

Summarized values of assets and liabilities taken over in accordance with the terms of the Scheme is as detailed below:

Particulars

 (₹ in crore)

Assets taken over

Balances with banks and money at call and short notice

5,408.87

Investments

146,773.54

Advances

605,664.86

Fixed assets

1,442.60

Other assets

14,338.34

Total assets (A)

773,628.21

Liabilities, reserves and surplus taken over

Equity share warrants

265.64

Reserves and surplus

111,129.66

Deposits

157,259.22

Borrowings

477,539.07

Other liabilities and provisions

27,064.33

Total Liabilities, reserves and surplus (B)

773,257.92

Net Assets C = (A-B)

370.29

Consequent upon amalgamation become effective, the authorised share capital of the Bank automatically stood increased to ₹ 1,190.61 crore (11,90,61,00,000 shares of ₹ 1/- each) on account of transfer to and amalgamation / combination of authorised capital of eHDFC Limited with the authorised share capital of the Bank. In terms of the Scheme, the Bank has issued and allotted 3,11,03,96,492 equity shares to the shareholders of eHDFC Limited as on July 13, 2023, being the record date fixed by the Board of Directors as per the Scheme, in accordance with the share exchange ratio i.e. 42 equity shares of face value of ₹ 1/- each of the Bank for every 25 equity shares of face value of ₹ 2/- each of eHDFC Limited. Accordingly, the paid-up share capital of the Bank increased from ₹ 559.18 crore consisting of 5,59,17,98,806 equity shares of ₹ 1/- each to ₹ 753.76 crore consisting of 7,53,75,69,464 equity shares of ₹ 1/- each, post cancellation of 1,16,46,25,834 equity shares held by eHDFC Limited in the Bank on that date in accordance with the provisions of the Scheme.

In relation to the Scheme, the Bank had made applications to RBI seeking certain forbearances / glidepath to commence from the effective date of the merger. The applications were submitted to RBI keeping in mind that the merged entity including its subsidiaries would require to comply with the extant RBI regulations with the expectation of facilitating minimal disruption to the existing customers of the merged entity, providing smooth glidepath and enabling the merged entity to continue with the incremental flow of credit in the economy including priority sector. The RBI vide its letters dated April 20, 2023 and August 22, 2023 has granted certain forbearances / glidepath and provided clarifications to the Bank by subsequent communications. The Bank continues to engage with RBI in this regard.

7

During the quarter and half year ended September 30, 2023, the Bank allotted 1,94,70,942 and 3,15,26,962 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

8

During the quarter and half year ended September 30, 2023, the Bank allotted 2,47,75,632 equity shares pursuant to exercise of convertible share warrants issued by eHDFC Limited. As a consequence, the share capital and share premium of the Bank has increased by ₹ 2.48 crore and ₹ 3,455.79 crore respectively.

9

Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circulars dated August 06, 2020 (Resolution Framework 1.0) and May 05, 2021 (Resolution Framework 2.0) as at September 30, 2023 are given below:

(₹ in crore)

Type of Borrower

Exposure to
accounts classified
as Standard
consequent to
implementation of
resolution plan -
Position as at the
end of the previous
half-year i.e.
March 31,
2023 (A) $

Of (A), aggregate
debt that slipped
into NPA during
the half-year
ended
September 30,
2023

Of (A) amount
written off during
the half-year#

Of (A) amount
paid by the
borrowers during
the half-year*

Exposure to
accounts
classified as
Standard
consequent to
implementation
of resolution plan
- Position as at
the end of this
half-year i.e.
September 30,
2023^

Personal Loans

6,544.37 497.37 145.65 502.89 5,544.11

Corporate persons

622.76 4.56 1.17 126.37 491.83

Of which, MSMEs

104.84 0.42 0.33 15.32 89.10

Others

866.40 62.94 9.31 171.09 632.37

Total

8,033.53 564.87 156.13 800.35 6,668.31

$ Includes additions of ₹ 2,981.92 crore as on July 01, 2023 on account of amalgamation of eHDFC Limited with the Bank.

# Represents debt that slipped into NPA and was subsequently written off during the half- year ended September 30, 2023.

* Amount paid by the borrower during the half year is net of additions in the borrower account including additions due to interest capitalisation.

^ Excludes other facilities to the borrowers aggregating to ₹ 682.79 crore which have not been restructured.

10

Details of loans transferred / acquired during the quarter ended September 30, 2023 as per RBI Master Direction on Transfer of Loan Exposures dated September 24, 2021 are given below:

(i)

The Bank has not transferred any stressed loan (Non-performing asset and Special Mention Account) and loan not in default.

(ii)

Details of ratings of SRs outstanding as on September 30, 2023 are given below:

(₹ in crore)

Rating

Rating Agency

Recovery rating

Gross Value of
Outstanding
SRs

RR4

India Ratings 25% - 50% 140.93

RR1

CRISIL 100% - 150% 48.84

RR1

India Ratings 100% - 150% 161.41

RR3

India Ratings 50% - 75% 45.82

RR1+

India Ratings More than 150% 0.15

RR1$

 Informeric 100% - 150% 704.70

Unrated

1.08
Total 1,102.93

$ On account of amalgamation of eHDFC Limited with the Bank

(iii)

Details of loans not in default acquired through assignment are given below:

Particulars

Value

Aggregate amount of loans acquired (₹ in crore)

28.14

Weighted average residual maturity (in years)

25.89

Weighted average holding period by the originator (in years)

1.45

Retention of beneficial economic interest by the originator

10 %

Tangible security coverage

100.00 %

The loans acquired are not rated as these are to non-corporate borrowers.

(iv)

The Bank has not acquired any stressed loan.

11

Other income includes commission income from non-fund based banking activities, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments, dividends from subsidiaries and recoveries from accounts previously written off.

12

Other operating expenses include commission paid to sales agents of ₹ 1,514.70 crore (previous period: ₹ 1,194.37 crore) and ₹ 2,590.12 crore (previous period: ₹ 2,289.61 crore) for the quarter and half year ended September 30, 2023 respectively.

13

Provision for tax during the quarter and half year ended September 30, 2023 is net of write back of provision no longer required of ₹ 1,006.69 crore, pursuant to favourable appellate order received by the Bank.

14

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

15

₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place: Mumbai

Sashidhar Jagdishan
Date: October 16, 2023 Managing Director

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018.

Website: https://www.hdfcbank.com, Tel.: 022- 6652 1000, Fax: 022- 2496 0739

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF ENDED SEPTEMBER 30, 2023

(₹ in lac)
Quarter ended Half year ended
Year ended
31.03.2023
30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022

Particulars

Unaudited Unaudited Audited Unaudited Audited Audited

1

Interest Earned (a)+(b)+(c)+(d) 7503910 5116814 4092979 12620724 7820360 17075405
a) Interest / discount on advances / bills 5689657 4045277 3262998 9734934 6204374 13576733
b) Income on investments 1609181 887700 768084 2496881 1481806 3117330
c) Interest on balances with Reserve Bank of India and other inter-bank funds 48998 84840 19070 133838 51035 114925
d) Others 156074 98997 42827 255071 83145 266417

2

Other Income (a)+(b) 3252752 985315 825231 4238067 1518082 3391205
a) Premium and other operating income from insurance business 1728587 -  -  1728587 -  - 
b) Others 1524165 985315 825231 2509480 1518082 3391205

3

Total Income (1)+(2) 10756662 6102129 4918210 16858791 9338442 20466610

4

Interest Expended 4124991 2595476 1831079 6720467 3466905 7777994

5

Operating Expenses (i)+(ii)+(iii) 4203759 1517771 1214979 5721530 2350487 5153369
i) Employees cost 778905 595116 463175 1374021 923861 2001685
ii) Claims and benefits paid including other expenses pertaining to insurance business 2371393 -  -  2371393 -  - 
iii) Other operating expenses 1053461 922655 751804 1976116 1426626 3151684

6

Total Expenditure (4)+(5) (excluding Provisions and Contingencies) 8328750 4113247 3046058 12441997 5817392 12931363

7

Operating Profit before Provisions and Contingencies (3)-(6) 2427912 1988882 1872152 4416794 3521050 7535247

8

Provisions (Other than tax) and Contingencies 331174 329210 376512 660384 743080 1385408

9

Exceptional Items -  -  -  -  -  - 

10

Profit from ordinary activities before tax (7)-(8)-(9) 2096738 1659672 1495640 3756410 2777970 6149839

11

Tax Expense (Refer note 8) 365500 419347 379381 784847 700044 1534969

12

Net Profit from Ordinary Activities after tax (10)-(11) 1731238 1240325 1116259 2971563 2077926 4614870

13

Extraordinary items (net of tax expense) -  -  -  -  -  - 

14

Consolidated Net Profit for the period before minority interest (12)-(13) 1731238 1240325 1116259 2971563 2077926 4614870

15

Less: Minority Interest 50097 3287 3738 53384 7494 15159

16

Consolidated Net Profit for the period attributable to the group (14)-(15) 1681141 1237038 1112521 2918179 2070432 4599711

17

Paid up equity share capital (Face Value of ₹ 1/- each) 75818 55918 55700 75818 55700 55797

18

Reserves excluding revaluation reserves 28887955

19

Analytical Ratios:
(i) Percentage of shares held by Government of India Nil Nil Nil Nil Nil Nil
(ii) Earnings per share (EPS) (₹) (Face Value of ₹ 1/- each):
(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized 22.24 22.15 20.01 44.36 37.27 82.64
(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized 22.12 22.03 19.93 44.12 37.12 82.27

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

Consolidated Segment information in accordance with the RBI guidelines and Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:

(₹ in lac)
Quarter ended Half year ended
Year ended
31.03.2023
30.09.2023 30.06.2023 30.09.2022 30.09.2023 30.09.2022

Particulars

Unaudited Unaudited Audited Unaudited Audited Audited

1

Segment Revenue

a)

Treasury 1589767 1053787 790995 2643554 1528959 3432291

b)

Retail Banking: 6085902 4293948 3512514 10379850 6681077 14227315
(i) Digital Banking* 76 62 138 64
(ii) Other Retail Banking 6085826 4293886 10379712 14227251

c)

Wholesale Banking 4729863 2973191 2166945 7703054 4032026 9436608

d)

Other Banking Operations 727003 695009 644952 1422012 1243421 2597929

e)

Insurance Business** 2601303 -  -  2601303 -  - 

f)

Others^ 314735 320462 300013 635197 564218 1186574

g)

Unallocated -  -  -  -  -  - 
Total 16048573 9336397 7415419 25384970 14049701 30880717
Less: Inter Segment Revenue 5291911 3234268 2497209 8526179 4711259 10414107
Income from Operations 10756662 6102129 4918210 16858791 9338442 20466610

2

Segment Results

a)

Treasury 182349 135490 1226 317839 27843 209649

b)

Retail Banking: 593860 356906 307750 950766 577800 1416354
(i) Digital Banking* (31 ) (32 ) (63 ) (85 )
(ii) Other Retail Banking 593891 356938 950829 1416439

c)

Wholesale Banking 980485 884819 922187 1865304 1658851 3364199

d)

Other Banking Operations 277438 275789 193722 553227 418475 968451

e)

Insurance Business** 64009 -  -  64009 -  - 

f)

Others^ 53726 68473 80436 122199 144755 301310

g)

Unallocated (55129 ) (61805 ) (9681 ) (116934 ) (49754 ) (110124 )
Total Profit Before Tax and Minority Interest 2096738 1659672 1495640 3756410 2777970 6149839

3

Segment Assets

a)

Treasury 79249331 64950758 56105272 79249331 56105272 64110856

b)

Retail Banking: 131735412 78013712 70443866 131735412 70443866 75606877
(i) Digital Banking* 4687 3777 4687 4022
(ii) Other Retail Banking 131730725 78009935 131730725 75602855

c)

Wholesale Banking 120359887 97242829 86839715 120359887 86839715 97368982

d)

Other Banking Operations 8621261 8518039 8163558 8621261 8163558 8074869

e)

Insurance Business** 29146588 -  -  29146588 -  - 

f)

Others^ 7357102 6918457 5568402 7357102 5568402 6435096

g)

Unallocated 1665127 1443962 1236926 1665127 1236926 1446563
Total 378134708 257087757 228357739 378134708 228357739 253043243

4

Segment Liabilities

a)

Treasury 13399256 7964237 10952286 13399256 10952286 7330877

b)

Retail Banking: 185618250 163183242 141573723 185618250 141573723 159073252
(i) Digital Banking* 5001 4004 5001 4166
(ii) Other Retail Banking 185613249 163179238 185613249 159069086

c)

Wholesale Banking 96661653 44557093 41751119 96661653 41751119 46455276

d)

Other Banking Operations 745129 694972 678728 745129 678728 701863

e)

Insurance Business** 28069520 -  -  28069520 -  - 

f)

Others^ 5803673 5863860 4669316 5803673 4669316 5425220

g)

Unallocated 4703745 4388297 2422345 4703745 2422345 5026977
Total 335001226 226651701 202047517 335001226 202047517 224013465

5

Capital, Reserves and Minority Interest 43133482 30436056 26310222 43133482 26310222 29029778

6

Total (4)+(5) 378134708 257087757 228357739 378134708 228357739 253043243

*Information about Digital Banking Segment reported as a sub-segment of Retail Banking Segment is related to Digital Banking Units of the Bank.

** Includes the operations of HDFC Life Insurance Company Limited (consolidated) and HDFC ERGO General Insurance Company Limited.

^ Includes the operations of the consolidated entities of the Bank, not covered in any of the above segments.

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 the RBI. The Segment Assets and Segment Liabilities exclude transfers between segments and are transfer priced on a gross basis.

Notes :

1

Consolidated Statement of Assets and Liabilities is given below:

(₹ in lac)
As at
30.09.2023		 As at
30.09.2022		 As at
31.03.2023

Particulars

Unaudited Audited Audited

CAPITAL AND LIABILITIES

Capital

75818 55700 55797

Reserves and Surplus

41816820 26175931 28887955

Minority Interest

1240844 78591 86026

Deposits

217107875 167085982 188266325

Borrowings

77122726 25174329 25654866

Other Liabilities and Provisions

13632601 9787206 10092274

Policyholders' Funds

27138024 -  - 

Total

378134708 228357739 253043243

ASSETS

Cash and balances with Reserve Bank of India

15416867 8806150 11718928

Balances with Banks and Money at Call and Short notice

4096269 1666136 7995853

Investments

99241121 51249318 51158171

Advances

240191629 153394517 166194929

Fixed Assets

1126051 682803 828255

Other Assets

18062771 12543936 15132228

Goodwill on Consolidation

-  14879 14879

Total

378134708 228357739 253043243
2

Consolidated Statement of Cash flow is given below:

(₹ in lac)

Particulars

Half year ended
Year ended
31.03.2023
30.09.2023 30.09.2022
Unaudited Audited Audited

Cash flows from operating activities:

Consolidated profit before income tax

3703026 2770476 6134680

Adjustment for:

Depreciation on fixed assets

151111 110525 234547

(Profit) / loss on revaluation of investments

(282878 ) 90063 54582

Amortisation of premium on held to maturity investments

47866 40404 85120

(Profit) / loss on sale of fixed assets

(3593 ) 541 (805 )

Provision / charge for non performing assets

649793 832178 1356119

Provision for standard assets and contingencies

10590 (35533 ) 29289

Employee Stock Options / Units expense

67515 21381 78706
4343430 3830035 7972238

Adjustments for:

Increase in investments

(7825274 ) (6499453 ) (6418203 )

Increase in advances

(13919965 ) (12132924 ) (25456945 )

Increase in deposits

13115629 11285679 32466022

Increase in other assets

(669733 ) (3319187 ) (5890979 )

Increase / (decrease) in other liabilities and provisions

(45981 ) 861277 1045986

Increase for policyholders' funds

1234344 -  - 
(3767550 ) (5974573 ) 3718119

Direct taxes paid (net of refunds)

(792537 ) (772515 ) (1636749 )

Net cash flow (used in) / from operating activities

(4560087 ) (6747088 ) 2081370

Cash flows from investing activities:

Purchase of fixed assets

(173250 ) (126031 ) (346657 )

Proceeds from sale of fixed assets

5053 1490 4268

Net cash flow used in investing activities

(168197 ) (124541 ) (342389 )

Cash flows from financing activities:

Increase in minority interest

25744 7760 19896

Proceeds from issue of share capital, net of issue expenses

353464 227771 341583

Proceeds from exercise of convertible equity warrants

319281 -  - 

Proceeds from issue of Tier 1 and Tier 2 capital bonds

-  300000 2300000

Redemption of Tier 1 and Tier 2 capital bonds

-  (1147700 ) (1207700 )

Increase in other borrowings

3543058 3240426 1800729

Dividend paid during the period

(840442 ) (860452 ) (860452 )

Net cash flow from financing activities

3401105 1767805 2394056

Effect of exchange fluctuation on translation reserve

7363 37537 43171

Net increase / (decrease) in cash and cash equivalents

(1319816 ) (5066287 ) 4176208

Cash and cash equivalents taken over on amalgamation

1118171 -  - 

Cash and cash equivalents as at April 1st

19714781 15538573 15538573

Cash and cash equivalents as at the period end

19513136 10472286 19714781
3

The above financial results represent the consolidated financial results of HDFC Bank Limited, its subsidiaries (together referred to as the 'Group') and HDB Employee Welfare Trust. These financial results have been approved by the Board of Directors at its meeting held on October 16, 2023. The financial results for the quarter ended and half year ended September 30, 2023 have been subjected to a "Limited Review" by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank. The financial results for the quarter and half year ended September 30, 2022 and year ended March 31, 2023 have been subjected to an Audit by the statutory auditors (M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants) of the Bank.

4

These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 21 - Consolidated Financial Statements ("AS 21") and Accounting Standard 25 - Interim Financial Reporting ("AS 25"), prescribed under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time ("RBI Guidelines"), Insurance Regulatory and Development Authority of India (IRDAI) (Preparation of Financial Statements and Auditors Report of Insurance companies) regulations, 2002 ("IRDA Guidelines") from time to time ("IRDA Guidelines" to the extent applicable for insurance entities) and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended including relevant circulars issued by the SEBI from time to time.

5

The Group has applied its significant accounting policies in preparation of these consolidated financial results consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2023 amended in respect of insurance entities and other subsidiaries of erstwhile Housing Development Finance Corporation Limited ("eHDFC Limited") which were acquired as a part of amalgamation of eHDFC Limited with and into HDFC Bank Limited.

6

The Board of Directors at its meeting held on April 04, 2022, approved a composite Scheme of amalgamation ("Scheme"), for the amalgamation of: (i) erstwhile HDFC Investments Limited ("eHDFC Investments") and erstwhile HDFC Holdings Limited ("eHDFC Holding"), with and into erstwhile Housing Development Finance Corporation Limited ("eHDFC Limited"); and thereafter (ii) eHDFC Limited into HDFC Bank Limited ("Bank"), and their respective shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013 and other applicable laws including the rules and regulations. The Scheme was approved by the shareholders at the National Company Law Tribunal ("NCLT") convened meeting of the shareholders of the Bank held on November 25, 2022. The NCLT, in accordance with Sections 230 to 232 of the Companies Act, 2013 and rules thereunder, vide its order dated March 17, 2023 sanctioned the Scheme. Upon receipt of all requisite approvals, the Bank filed form INC 28 with ROC on July 01, 2023 and accordingly, the scheme became effective on July 01, 2023. As per the Scheme, the appointed date for the amalgamation of eHDFC Limited with and into the Bank is the same as effective date of the Scheme i.e. July 01, 2023. The results for the quarter ended and half year ended September 30, 2023 include the operations of eHDFC Limited, eHDFC Investments and eHDFC Holdings and results of subsidiaries of eHDFC Limited which became the subsidiaries of the Bank from effective date for the period from July 01, 2023 to September 30, 2023 and hence are not comparable with those of the immediately preceding quarter and the corresponding periods of the previous year.

The amalgamation has been accounted under the 'pooling of interest' method as prescribed in AS-14 "Accounting for amalgamation". Outstanding balances between eHDFC Limited and the Bank were eliminated as on July 01, 2023. All assets and liabilities of eHDFC Limited have been recognised by the Bank at their carrying amounts as on that date except for adjustments to bring about uniformity of accounting policies as required under AS-14. The share capital of ₹ 311.04 crore issued by the Bank as consideration pursuant to the scheme has been adjusted against the corresponding share capital of eHDFC Limited and the difference has been adjusted to Amalgamation Reserve. Further, excess of cost over face value of Investment in shares of the Bank by eHDFC Limited of ₹ 14,006.31 crore has been adjusted to Amalgamation Reserve. Consequently, the Bank has recognised a debit balance of ₹ 13,947.06 crore in the Amalgamation Reserve as a result of these adjustments.

Summarized values of assets and liabilities taken over in accordance with the terms of the Scheme is as detailed below:

Particulars

(₹ in crore)

Assets taken over

Balances with banks and money at call and short notice

5,408.87

Investments

146,773.54

Advances

605,664.86

Fixed assets

1,442.60

Other assets

14,338.34

Total assets (A)

773,628.21

Liabilities, reserves and surplus taken over

Equity share warrants

265.64

Reserves and surplus

111,129.66

Deposits

157,259.22

Borrowings

477,539.07

Other liabilities and provisions

27,064.33

Total Liabilities, reserves and surplus (B)

773,257.92

Net Assets C = (A-B)

370.29

Consequent upon amalgamation become effective, the authorised share capital of the Bank automatically stood increased to ₹ 1,190.61 crore (11,90,61,00,000 shares of ₹ 1/- each) on account of transfer to and amalgamation / combination of authorised capital of eHDFC Limited with the authorised share capital of the Bank. In terms of the Scheme, the Bank has issued and allotted 3,11,03,96,492 equity shares to the shareholders of eHDFC Limited as on July 13, 2023, being the record date fixed by the Board of Directors as per the Scheme, in accordance with the share exchange ratio i.e. 42 equity shares of face value of ₹ 1/- each of the Bank for every 25 equity shares of face value of ₹ 2/- each of eHDFC Limited. Accordingly, the paid-up share capital of the Bank increased from ₹ 559.18 crore consisting of 5,59,17,98,806 equity shares of ₹ 1/- each to ₹ 753.76 crore consisting of 7,53,75,69,464 equity shares of ₹ 1/- each, post cancellation of 1,16,46,25,834 equity shares held by eHDFC Limited in the Bank on that date in accordance with the provisions of the Scheme.

In relation to the Scheme, the Bank had made applications to RBI seeking certain forbearances / glidepath to commence from the effective date of the merger. The applications were submitted to RBI keeping in mind that the merged entity including its subsidiaries would require to comply with the extant RBI regulations with the expectation of facilitating minimal disruption to the existing customers of the merged entity, providing smooth glidepath and enabling the merged entity to continue with the incremental flow of credit in the economy including priority sector. The RBI vide its letters dated April 20, 2023 and August 22, 2023 has granted certain forbearances / glidepath and provided clarifications to the Bank by subsequent communications. The Bank continues to engage with RBI in this regard.

7

Upon scheme becoming effective from July 01, 2023, the following entities (subsidiaries of eHDFC Limited) became the subsidiaries of the Bank.

Name of the Entity

Relationship

HDFC Life Insurance Company Limited

Direct Subsidiary

HDFC International Life and Re Company Limited

 Indirect Subsidiary

HDFC Pension Management Company Limited

 Indirect Subsidiary

HDFC Asset Management Company Limited

Direct Subsidiary

HDFC AMC International (IFSC) Limited

 Indirect Subsidiary

HDFC Ergo General Insurance Company Limited

Direct Subsidiary

HDFC Sales Private Limited

Direct Subsidiary

HDFC Capital Advisors Limited

Direct Subsidiary

HDFC Trustee Company Limited

Direct Subsidiary

HDFC Credila Financial Services Limited

Direct Subsidiary

HDFC Education and Development Services Private Limited

Direct Subsidiary

Griha Pte Limited

Direct Subsidiary

Griha Investments

Direct Subsidiary

The Bank has not consolidated in the above results, 'HDFC Credila Financial Services Limited' and 'HDFC Education and Development Services Private Limited' its wholly owned subsidiaries, as the control of these subsidiaries is intended to be temporary (as directed by RBI) on the date of their acquisition. The consolidation of the remaining subsidiaries resulted into capital reserve of ₹ 3,438.82 crore (net of goodwill of ₹ 340.18 crore).

8

Provision for tax during the quarter and half year ended September 30, 2023 is net of write back of provision no longer required of ₹ 1,628.12 crore, pursuant to favourable appellate orders received by the Bank and its subsidiary.

9

In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio, liquidity coverage ratio and Net Stable Funding Ratio (NSFR) under the Basel III Framework. These disclosures would be available on the Bank's website at the following link: https://www.hdfcbank.com/personal/resources/regulatory-disclosures. The disclosures have not been subjected to audit or review by the statutory auditors.

10

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

11

₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place: Mumbai

Sashidhar Jagdishan
Date: October 16, 2023 Managing Director
NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

HDFC Bank Limited

FINANCIAL RESULTS (INDIAN GAAP) FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

The Board of Directors of HDFC Bank Limited approved the Bank's (Indian GAAP) results for the quarter and half year ended September 30, 2023, at its meeting held in Mumbai on Monday, October 16, 2023. The accounts have been subjected to a 'Limited Review' by the statutory auditors of the Bank.

CONSOLIDATED FINANCIAL RESULTS:

The Bank's consolidated net revenue grew by 114.8% to ₹ 66,317 crore for the quarter ended September 30, 2023 from ₹ 30,871 crore for the quarter ended September 30, 2022. The consolidated profit after tax for the quarter ended September 30, 2023 was ₹ 16,811 crore, up 51.1%, over the quarter ended September 30, 2022. Earnings per share for the quarter ended September 30, 2023 was ₹ 22.2 and book value per share as of September 30, 2023 was ₹ 552.5.

The consolidated profit after tax for the half year ended September 30, 2023 was ₹ 29,182 crore, up 40.9%, over the half year ended September 30, 2022.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2023

The Bank's net revenue grew by 33.1% to ₹ 38,093 crore for the quarter ended September 30, 2023 from ₹ 28,617 crore for the quarter ended September 30, 2022.

Net interest income (interest earned less interest expended) for the quarter ended September 30, 2023 grew by 30.3% to ₹ 27,385 crore from ₹ 21,021 crore for the quarter ended September 30, 2022. Core net interest margin for the quarter was 3.65% on total assets and 3.85% on interest earning assets. After absorbing debt funded cost for additional liquidity and merger management, the reported NIM for the quarter is 3.4% on total assets and 3.6% on interest earning assets.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

Other income (non-interest revenue) for the quarter ended September 30, 2023 was ₹ 10,708 crore as against ₹ 7,596 crore in the corresponding quarter ended September 30, 2022. The four components of other income for the quarter ended September 30, 2023 were fees & commissions of ₹ 6,936 crore (₹ 5,803 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 1,221 crore (₹ 1,082 crore in the corresponding quarter of the previous year), net trading and mark to market gain of ₹ 1,041 crore (loss of ₹ 387 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 1,510 crore (₹ 1,098 crore in the corresponding quarter of the previous year).

Operating expenses for the quarter ended September 30, 2023 were ₹ 15,399 crore, an increase of 37.2% over ₹ 11,225 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 40.4%.

Pre-provision operating profit (PPOP) at ₹ 22,694 crore grew by 30.5% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended September 30, 2023 were ₹ 2,904 crore as against ₹ 3,240 crore for the quarter ended September 30, 2022.

The total credit cost ratio was at 0.49%, as compared to 0.87% for the quarter ending September 30, 2022.

Profit before tax (PBT) for the quarter ended September 30, 2023 was at ₹ 19,790 crore. After providing ₹ 3,814 crore for taxation, the Bank earned a net profit of ₹ 15,976 crore, an increase of 50.6% over the quarter ended September 30, 2022.

Balance Sheet: As of September 30, 2023

Total balance sheet size as of September 30, 2023 was ₹ 34,16,310 crore as against ₹ 22,27,893 crore as of September 30, 2022.

Total Deposits showed a healthy growth of approximately ₹ 1.1 lac crore during the quarter post merger, and were at ₹ 21,72,858 crore as of September 30, 2023, an increase of 29.8% over September 30, 2022. CASA deposits grew by 7.6% with savings account deposits at ₹ 5,69,956 crore and current account deposits at ₹ 2,47,749 crore. Time deposits were at ₹ 13,55,153 crore, an increase of 48.3% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 37.6% of total deposits as of September 30, 2023.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

Gross advances increased by approximately ₹ 1.1 lac crore during the quarter post merger, and were at ₹ 23,54,633 crore as of September 30, 2023, an increase of 57.7% over September 30, 2022. Grossing up for transfers through inter-bank participation certificates and bills rediscounted, advances grew by 60.0% over September 30, 2022. Domestic retail loans grew by 112.1%, commercial and rural banking loans grew by 29.5% and corporate and other wholesale loans (excluding non-individual loans of eHDFC Ltd of approximately ₹ 1,02,800 crore) grew by 7.9%. Overseas advances constituted 1.7% of total advances.

Half Year ended September 30, 2023

For the half year ended September 30, 2023, the Bank earned a total income of ₹ 1,36,223 crore as against ₹ 87,742 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2023 were ₹ 70,922 crore, as against ₹ 54,486 crore for the half year ended September 30, 2022. Profit after tax for the half year ended September 30, 2023 was ₹ 27,928 crore, up by 41.0% over the corresponding half year ended September 30, 2022.

Capital Adequacy:

The Bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.5% as on September 30, 2023 (18.0% as on September 30, 2022) as against a regulatory requirement of 11.7%. Tier 1 CAR was at 17.8% and Common Equity Tier 1 Capital ratio was at 17.3% as of September 30, 2023. Risk-weighted Assets were at ₹ 21,74,226 crore.

NETWORK

As of September 30, 2023, the Bank's distribution network was at 7,945 branches and 20,596 ATMs across 3,836 cities / towns as against 6,499 branches and 18,868 ATMs across 3,226 cities / towns as of September 30, 2022. 52% of our branches are in semi-urban and rural areas. In addition, we have 15,352 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 1,97,899 as of September 30, 2023 (as against 1,61,027 as of September 30, 2022).

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

ASSET QUALITY

Gross non-performing assets were at 1.34% of gross advances as on September 30, 2023, as against 1.41% on a proforma merged basis as on June 30, 2023, and 1.23% as on September 30, 2022. Net non-performing assets were at 0.35% of net advances as on September 30, 2023.

SUBSIDIARIES

Amongst the Bank's key subsidiaries, HDFC Life Insurance Company Ltd and HDFC ERGO General Insurance Company Ltd prepare their financial results in accordance with Indian GAAP, while others do so in accordance with the notified Indian Accounting Standards ('Ind-AS'). The financial numbers of the subsidiaries mentioned herein below are in accordance with the accounting standards used in their standalone reporting.

HDB Financial Services Limited (HDBFSL), in which the Bank holds an 94.8% stake, is a non-deposit taking NBFC offering wide a range of loans and asset finance products. For the quarter ended September 30, 2023, HDBFSL's net revenue was at ₹ 2,357 crore as against ₹ 2,201 crore for the quarter ended September 30, 2022, a growth of 7.1%. Profit after tax for the quarter ended September 30, 2023 was ₹ 601 crore compared to ₹ 471 crore for the quarter ended September 30, 2022, a growth of 27.5%. Profit after tax for the half year ended September 30, 2023 was ₹ 1,168 crore compared to ₹ 913 crore for the half year ended September 30, 2022. The total loan book was ₹ 77,857 crore as on September 30, 2023 compared to ₹ 63,112 crore as on September 30, 2022, a growth of 23.4%. Stage 3 loans were at 2.38% of gross loans. As on September 30, 2023, total CAR was at 19.4% with Tier-I CAR at 15.7%.

HDFC Life Insurance Company Ltd (HDFC Life), in which the Bank holds a 50.4% stake, is a leading, long-term life insurance solutions provider in India. For the quarter ended September 30, 2023, HDFC Life's net premium income was at ₹ 14,756 crore as against ₹ 13,111 crore for the quarter ended September 30, 2022, a growth of 12.5%. Profit after tax for the quarter ended September 30, 2023 was ₹ 377 crore compared to ₹ 326 crore for the quarter ended September 30, 2022, a growth of 15.5%. Profit after tax for the half year ended September 30, 2023 was ₹ 792 crore compared to ₹ 686 crore for the half year ended September 30, 2022.

HDFC ERGO General Insurance Company Ltd (HDFC ERGO), in which the Bank holds a 50.5% stake, offers a complete range of general insurance products. For the quarter ended September 30, 2023, premium earned (net) by HDFC ERGO was at ₹ 2,592 crore as against ₹ 2,118 crore for the quarter ended September 30, 2022, a growth of 22.4%. Profit after tax for the quarter ended September 30, 2023 was ₹ 236 crore compared to ₹ 177 crore for the quarter ended September 30, 2022, a growth of 33.1%. Profit after tax for the half year ended September 30, 2023 was ₹ 436 crore compared to ₹ 321 crore for the half year ended September 30, 2022.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

HDFC Asset Management Company Ltd (HDFC AMC), in which the Bank holds a 52.6% stake, is the Investment Manager to HDFC Mutual Fund, one of the largest mutual funds in India and offers a comprehensive suite of savings and investment products. For the quarter ended September 30, 2023, HDFC AMC's Quarterly Average Assets Under Management were approximately ₹ 5.25 lac crore, a growth of 22.2% over the quarter ended September 30, 2022. Profit after tax for the quarter ended September 30, 2023 was ₹ 438 crore compared to ₹ 364 crore for the quarter ended September 30, 2022, a growth of 20.2%. Profit after tax for the half year ended September 30, 2023 was ₹ 915 crore compared to ₹ 678 crore for the half year ended September 30, 2022.

HDFC Securities Limited (HSL), in which the Bank holds a 95.5% stake, is amongst the leading broking firms in India. For the quarter ended September 30, 2023, HSL's total revenue was ₹ 603 crore, as against ₹ 468 crore for the quarter ended September 30, 2022. Profit after tax for the quarter was at ₹ 214 crore, as against ₹ 191 crore for the quarter ended September 30, 2022. Profit after tax for the half year ended September 30, 2023 was ₹ 404 crore compared to ₹ 380 crore for the half year ended September 30, 2022.

Note:

₹ = Indian Rupees

1 crore = 10 million

All figures and ratios are in accordance with Indian GAAP unless otherwise specified.

BSE: 500180

NSE: HDFCBANK

NYSE: HDB

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

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 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 on us in India and other jurisdictions, 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, 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 or between India and China, 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.

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Madhu Chhibber

Head - Corporate Communications

HDFC Bank Ltd., Mumbai.

Mobile: +91 9833775515

madhu.chhibber@hdfcbank.com

For investor queries please contact:

Investor Relations

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1054 (D) / 6652 1000 (B)

investor.relations@hdfcbank.com

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HDFC Bank Limited published this content on 17 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 October 2023 10:24:30 UTC.