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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  HDFC Bank Limited    HDFCBANK   INE040A01034

HDFC BANK LIMITED

(HDFCBANK)
  Report
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SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

HDFC Bank : Financial Results for Quarter and Half Year ended September 30, 2020

10/19/2020 | 11:05am EST

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

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020

(` in lac)

Quarter ended

Half year ended

Year ended

30.09.2020

30.06.2020

30.09.2019

30.09.2020

30.09.2019

31.03.2020

Particulars

Audited

Unaudited

Audited

Audited

Audited

Audited

(Refer note 5)

(Refer note 5)

1

Interest Earned (a)+(b)+(c)+(d)

2997697

3037797

2816628

6035494

5555787

11481265

a) Interest / discount on advances / bills

2340485

2403737

2251398

4744222

4431867

9178788

b) Income on investments

561839

559764

509169

1121603

1033948

2063332

c) Interest on balances with Reserve Bank of India and other

84156

62648

41642

146804

59162

182893

inter bank funds

d) Others

11217

11648

14419

22865

30810

56252

2

Other Income

609245

407531

558872

1016776

1055897

2326082

3

Total Income (1)+(2)

3606942

3445328

3375500

7052270

6611684

13807347

4

Interest Expended

1420058

1471255

1465124

2891313

2874858

5862640

5

Operating Expenses (i)+(ii)

805506

691146

740568

1496652

1452294

3069752

i) Employees cost

254238

251344

235507

505582

457245

952567

ii) Other operating expenses

551268

439802

505061

991070

995049

2117185

6 Total Expenditure (4)+(5) (excluding Provisions and

2225564

2162401

2205692

4387965

4327152

8932392

Contingencies)

7

Operating Profit before Provisions and Contingencies (3)-(6)

1381378

1282927

1169808

2664305

2284532

4874955

8 Provisions (other than tax) and Contingencies

370350

389152

270068

759502

531434

1214239

9

Exceptional Items

-

-

-

-

-

-

10

Profit / (Loss) from Ordinary Activities before tax (7)-(8)-(9)

1011028

893775

899740

1904803

1753098

3660716

11

Tax Expense

259717

227913

265241

487630

561783

1034984

12

Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)

751311

665862

634499

1417173

1191315

2625732

13 Extraordinary items (net of tax expense)

-

-

-

-

-

-

14

Net Profit / (Loss) for the period (12)-(13)

751311

665862

634499

1417173

1191315

2625732

15 Paid up equity share capital (Face Value of ` 1/- each)

55037

54903

54708

55037

54708

54833

16

Reserves excluding revaluation reserves

17043769

17

Analytical Ratios

(i) Percentage of shares held by Government of India

Nil

Nil

Nil

Nil

Nil

Nil

(ii) Capital Adequacy Ratio

19.1%

18.9%

17.5%

19.1%

17.5%

18.5%

(iii) Earnings per share (EPS) (`) (Face Value of ` 1/- each)

(a) Basic EPS before & after extraordinary items (net of tax

13.7

12.1

11.6

25.8

21.8

48.0

expense) - not annualized

(b) Diluted EPS before & after extraordinary items (net of tax

13.6

12.1

11.5

25.7

21.6

47.7

expense) - not annualized

(iv) NPA Ratios

(a) Gross NPAs

1130460

1377346

1250815

1130460

1250815

1264997

(b) Net NPAs

175608

327996

379095

175608

379095

354236

(c) % of Gross NPAs to Gross Advances

1.08%

1.36%

1.38%

1.08%

1.38%

1.26%

(d) % of Net NPAs to Net Advances

0.17%

0.33%

0.42%

0.17%

0.42%

0.36%

(v) Return on assets (average) - not annualized

0.48%

0.44%

0.50%

0.92%

0.96%

2.01%

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

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

(` in lac)

Quarter ended

Half year ended

Year ended

Particulars

30.09.2020

30.06.2020

30.09.2019

30.09.2020

30.09.2019

31.03.2020

Audited

Unaudited

Audited

Audited

Audited

Audited

(Refer note 5)

(Refer note 5)

  • Segment Revenue

a)

Treasury

809877

800126

627540

1610003

1256732

2655844

b)

Retail Banking

2768365

2710162

2710078

5478527

5203007

10799994

c)

Wholesale Banking

1391263

1418359

1502943

2809622

3008904

6113445

d)

Other Banking Operations

496402

389683

434503

886085

877468

1903341

e)

Unallocated

-

-

-

-

66

219

Total

5465907

5318330

5275064

10784237

10346177

21472843

Less: Inter Segment Revenue

1858965

1873002

1899564

3731967

3734493

7665496

Income from Operations

3606942

3445328

3375500

7052270

6611684

13807347

  • Segment Results

a)

Treasury

192361

250517

69521

442878

147674

346277

b)

Retail Banking

265518

222005

402364

487523

709078

1294246

c)

Wholesale Banking

345316

364445

300691

709761

632834

1412109

d)

Other Banking Operations

247518

97376

169931

344894

349578

778463

e)

Unallocated

(39685)

(40568)

(42767)

(80253)

(86066)

(170379)

Total Profit Before Tax

1011028

893775

899740

1904803

1753098

3660716

  • Segment Assets

a)

Treasury

48929119

46153925

34321814

48929119

34321814

45724091

b)

Retail Banking

47695525

46899518

45996296

47695525

45996296

48427074

c)

Wholesale Banking

57446053

54979292

45845204

57446053

45845204

52056701

d)

Other Banking Operations

6053624

5664473

5504158

6053624

5504158

6050057

e)

Unallocated

818482

813123

839726

818482

839726

793204

Total

160942803

154510331

132507198

160942803

132507198

153051127

  • Segment Liabilities

a)

Treasury

9236909

7798899

4374217

9236909

4374217

10201209

b)

Retail Banking

100454226

96820706

81524711

100454226

81524711

90725810

c)

Wholesale Banking

29861663

29166649

27977539

29861663

27977539

31762887

d)

Other Banking Operations

552824

523185

553999

552824

553999

503243

e)

Unallocated

2225940

2405425

2500439

2225940

2500439

2759376

Total

142331562

136714864

116930905

142331562

116930905

135952525

  • Capital Employed

(Segment Assets - Segment Liabilities)

a)

Treasury

39692210

38355026

29947597

39692210

29947597

35522882

b)

Retail Banking

(52758701)

(49921188)

(35528415)

(52758701)

(35528415)

(42298736)

c)

Wholesale Banking

27584390

25812643

17867665

27584390

17867665

20293814

d)

Other Banking Operations

5500800

5141288

4950159

5500800

4950159

5546814

e)

Unallocated

(1407458)

(1592302)

(1660713)

(1407458)

(1660713)

(1966172)

Total

18611241

17795467

15576293

18611241

15576293

17098602

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.

Notes :

  • Statement of Assets and Liabilities as at September 30, 2020 is given below:
    Particulars

(` in lac)

As at As at As at

30.09.2020 30.09.2019 31.03.2020

Audited Audited Audited

CAPITAL AND LIABILITIES

Capital

55037

54708

54833

Reserves and Surplus

18556204

15521585

17043769

Deposits

122931039

102161494

114750231

Borrowings

13258005

9223621

14462854

Other Liabilities and Provisions

6142518

5545790

6739440

Total

160942803

132507198

153051127

ASSETS

Cash and Balances with Reserve Bank of India

9945296

5578886

7220512

Balances with Banks and Money at Call and Short notice

857815

1768886

1441360

Investments

41396511

30714795

39182666

Advances

103833513

89698377

99370288

Fixed Assets

455523

411259

443191

Other Assets

4454145

4334995

5393110

Total

160942803

132507198

153051127

  • Statement of Cash flow as at September 30, 2020 is given below:

Particulars

Cash flows from / (used in) operating activities:

(` in lac)

Half year ended Year ended 30.09.2020 30.09.2019 31.03.2020

Audited Audited Audited

Profit before income tax

1904803

1753098

3660716

Adjustments for:

Depreciation on fixed assets

62117

61412

119585

(Profit) / Loss on revaluation of investments

116124

(19666)

70211

Amortisation of premium on held to maturity investments

36453

21580

50141

(Profit) / loss on sale of fixed assets

(22)

1053

832

Provision / charge for non performing assets

403491

440256

935236

Provision for standard assets and contingencies

361459

102499

305158

Dividend from subsidiaries

(8506)

(21865)

(42372)

2875919

2338367

5099507

Adjustments for:

(Increase) / decrease in investments

(2179312)

(1658420)

(9992161)

(Increase) / decrease in advances

(4868124)

(8197513)

(18364046)

Increase / (decrease) in deposits

8180810

9847400

22436137

(Increase) / decrease in other assets

1030351

658756

(718012)

Increase / (decrease) in other liabilities and provisions

(1145992)

(69328)

919400

3893652

2919262

(619175)

Direct taxes paid (net of refunds)

(583540)

(641737)

(1049802)

Net cash flow from / (used in) operating activities

3310112

2277525

(1668977)

Cash flows used in investing activities:

Purchase of fixed assets

(68307)

(66733)

(154688)

Proceeds from sale of fixed assets

313

901

1824

Dividend from subsidiaries

8506

21865

42372

Net cash flow used in investing activities

(59488)

(43967)

(110492)

Cash flows from / (used in) financing activities:

Proceeds from issue of share capital, net of issue expenses

105900

113082

184868

Redemption of Tier II capital bonds

(110500)

-

-

Increase / (decrease) in other borrowings

(1094347)

(2484893)

2754341

Dividend paid during the period (including tax on dividend)

-

(654030)

(654030)

Net cash flow from / (used in) financing activities

(1098947)

(3025841)

2285179

Effect of exchange fluctuation on translation reserve

(10438)

5292

21399

Net increase / (decrease) in cash and cash equivalents

2141239

(786991)

527109

Cash and cash equivalents as at April 1st

8661872

8134763

8134763

Cash and cash equivalents as at the period end

10803111

7347772

8661872

  • The above financial results have been approved by the Board of Directors at its meeting held on October 17, 2020. The financial results for the quarter and half year ended September 30, 2020 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified.
  • 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, 2020.
  • The figures for the second quarter in each of the financial years are the balancing figures between audited figures in respect of the half year end and the published year to date figures upto the end of the first quarter of the respective financial year.
  • During the quarter and half year ended September 30, 2020, the Bank allotted 1,34,25,596 and 2,04,17,696 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.
  • Consequent to the outbreak of COVID-19 pandemic, the Indian government had announced a lockdown in March 2020. Subsequently, the lockdown has been lifted by the government for certain activities in a phased manner outside specified containment zones.
    The impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activity, which may persist even after the restrictions related to the COVID-19 outbreak are lifted. While there has been some improvement in economic activities during the current quarter, the continued slowdown has led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. The slowdown may lead to a rise in the number of customer defaults and consequently an increase in provisions thereagainst.
    The extent to which the COVID-19 pandemic will continue to impact the Bank's results will depend on future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government- mandated or elected by us.
    The Bank holds provisions as at September 30, 2020 against the potential impact of COVID-19 based on the information available at this point in time. The provisions held by the Bank are in excess of the RBI prescribed norms.
  • In order to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses, RBI through its circulars dated March 27, 2020 and April 17, 2020, permitted banks to grant a moratorium, on the payment of installments and / or interest, falling due between March 1, 2020 and May 31, 2020, to their borrowers classified as standard even if overdue, as on February 29, 2020. This period was extended by RBI till August 31, 2020 through its circular dated May 23, 2020. The Bank accordingly extended the moratorium option to its borrowers in accordance with its Board approved policies. For all such accounts where the moratorium is granted, the asset classification shall remain stand still during the moratorium period (i.e. the number of days past- due shall exclude the moratorium period for the purposes of determining whether an asset is non-performing).
    The quantitative disclosures as required by RBI circular dated April 17, 2020 for the half year ended September 30, 2020 are given below:

Particulars

(` in crore)

Respective amounts in SMA/overdue categories, where the moratorium/deferment was extended, in terms of paragraph 2 and 3 of the circular (as of

15,743.77

February 29, 2020)

Term Loan Installments: ` 11,697.16 crore

Cash Credit / Overdraft: ` 4,046.61 crore

Respective amount where asset classification benefit is extended *

4,639.50

Term Loan Installments: ` 2,898.96 crore

Cash Credit / Overdraft: ` 1,740.54 crore

Provisions made in terms of para 5 of the circular

620.00

Provisions adjusted against slippages in terms of paragraph 6 of the circular

-

Residual provisions as of September 30, 2020 in terms of paragraph 6 of the circular

620.00

* as of September 30, 2020 in respect of such accounts.

  • The Honourable Supreme Court of India (Hon'ble SC), in a public interest litigation (Gajendra Sharma Vs. Union of India & Anr), vide an interim order dated September 03, 2020 ("Interim Order"), has directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders. Basis the said interim order, the Bank has not classified any account which was not NPA as of August 31, 2020 as per the RBI IRAC norms, as NPA after August 31, 2020. Further, in light of the Interim Order, even accounts that would have otherwise been classified as NPA post August 31, 2020 have not been and will not be, classified as NPA till such time that the Hon'ble SC rules finally on the matter.
    However, if the Bank had classified borrower accounts as NPA after August 31, 2020, the Bank's proforma Gross NPA ratio and proforma Net NPA ratio would have been 1.37% and 0.35% respectively. Pending disposal of the case, the Bank, as a matter of prudence has, in respect of these accounts made a contingent provision, which is included in 'Provisions (other than tax) and Contingencies'.
  1. Other income relates to income (including commission) 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.
  2. Other operating expenses include commission paid to sales agents of ` 612.38 crore (previous period: ` 741.93 crore) and ` 988.86 crore (previous period: ` 1,461.76 crore) for the quarter and half year ended September 30, 2020 respectively.
  3. Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period's classification.
  4. ` 10 lac = ` 1 million ` 10 million = ` 1 crore

Place : Mumbai

Aditya Puri

Date : October 17, 2020

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

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2020

(` in lac)

Quarter ended

Half year ended

Year ended

30.09.2020

30.06.2020

30.09.2019

30.09.2020

30.09.2019

31.03.2020

Particulars

Audited

Unaudited

Audited

Audited

Audited

Audited

(Refer note 5)

(Refer note 5)

1

Interest Earned (a)+(b)+(c)+(d)

3174227

3235161

3001688

6409388

5919333

12218930

a) Interest / discount on advances / bills

2511976

2597800

2433399

5109776

4789449

9907963

b) Income on investments

562245

559941

509138

1122186

1034180

2057273

c) Interest on balances with Reserve Bank of India and other

85302

64158

42505

149460

60824

186877

inter bank funds

d) Others

14704

13262

16646

27966

34880

66817

2

Other Income

669620

434698

611408

1104318

1126208

2487898

3

Total Income (1)+(2)

3843847

3669859

3613096

7513706

7045541

14706828

4

Interest Expended

1503318

1560849

1555844

3064167

3053559

6213743

5

Operating Expenses (i)+(ii)

860746

740608

805233

1601354

1565046

3303605

i) Employees cost

334885

330100

319479

664985

621224

1292013

ii) Other operating expenses

525861

410508

485754

936369

943822

2011592

6

Total Expenditure (4)+(5) (excluding Provisions and

2364064

2301457

2361077

4665521

4618605

9517348

Contingencies)

7

Operating Profit before Provisions and Contingencies (3)-(6)

1479783

1368402

1252019

2848185

2426936

5189480

8

Provisions (Other than tax) and Contingencies

442013

434451

309120

876464

600554

1369994

9

Exceptional Items

-

-

-

-

-

-

10

Profit / (Loss) from ordinary activities before tax (7)-(8)-(9)

1037770

933951

942899

1971721

1826382

3819486

11

Tax Expense

266633

239863

278019

506496

592422

1089859

12

Net Profit / (Loss) from Ordinary Activities after tax (10)-(11)

771137

694088

664880

1465225

1233960

2729627

13

Extraordinary items (net of tax expense)

-

-

-

-

-

-

14

Net Profit / (Loss) for the period (12)-(13)

771137

694088

664880

1465225

1233960

2729627

15

Less: Share of Profit / (Loss) of minority shareholders

851

1364

1077

2215

2551

4231

16

Consolidated Net Profit / (Loss) for the period (14)-(15)

770286

692724

663803

1463010

1231409

2725396

17

Paid up equity share capital (Face Value of ` 1/- each)

55037

54903

54708

55037

54708

54833

18

Reserves excluding revaluation reserves

17581038

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

14.0

12.6

12.1

26.6

22.5

49.8

expense) - not annualized

(b) Diluted EPS before & after extraordinary items (net of tax

14.0

12.6

12.0

26.5

22.4

49.5

expense) - not annualized

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

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

(` in lac)

Quarter ended

Half year ended

Year ended

Particulars

30.09.2020

30.06.2020

30.09.2019

30.09.2020

30.09.2019

31.03.2020

Audited

Unaudited

Audited

Audited

Audited

Audited

(Refer note 5)

(Refer note 5)

  • Segment Revenue

a)

Treasury

809877

800126

627540

1610003

1256732

2655844

b)

Retail Banking

2768365

2710162

2710078

5478527

5203007

10799994

c)

Wholesale Banking

1391263

1418359

1502943

2809622

3008904

6113445

d)

Other Banking Operations

733307

614214

672099

1347521

1311325

2802822

e)

Unallocated

-

-

-

-

66

219

Total

5702812

5542861

5512660

11245673

10780034

22372324

Less: Inter Segment Revenue

1858965

1873002

1899564

3731967

3734493

7665496

Income from Operations

3843847

3669859

3613096

7513706

7045541

14706828

  • Segment Results

a)

Treasury

192361

250517

69521

442878

147674

346277

b)

Retail Banking

265518

222005

402364

487523

709078

1294246

c)

Wholesale Banking

345316

364445

300691

709761

632834

1412109

d)

Other Banking Operations

274260

137552

213090

411812

422862

937233

e)

Unallocated

(39685)

(40568)

(42767)

(80253)

(86066)

(170379)

Total Profit Before Tax and Minority Interest

1037770

933951

942899

1971721

1826382

3819486

  • Segment Assets

a)

Treasury

48929119

46153925

34321814

48929119

34321814

45724091

b)

Retail Banking

47695525

46899518

45996296

47695525

45996296

48427074

c)

Wholesale Banking

57446053

54979292

45845204

57446053

45845204

52056701

d)

Other Banking Operations

11107044

10779377

10439010

11107044

10439010

11081971

e)

Unallocated

818482

813123

839726

818482

839726

793204

Total

165996223

159625235

137442050

165996223

137442050

158083041

  • Segment Liabilities

a)

Treasury

9236909

7798899

4374217

9236909

4374217

10201209

b)

Retail Banking

100454226

96820706

81524711

100454226

81524711

90725810

c)

Wholesale Banking

29861663

29166649

27977539

29861663

27977539

31762887

d)

Other Banking Operations

4963113

5014782

4954546

4963113

4954546

4940224

e)

Unallocated

2225940

2405425

2500439

2225940

2500439

2759376

Total

146741851

141206461

121331452

146741851

121331452

140389506

  • Capital Employed

(Segment Assets - Segment Liabilities)

a)

Treasury

39692210

38355026

29947597

39692210

29947597

35522882

b)

Retail Banking

(52758701)

(49921188)

(35528415)

(52758701)

(35528415)

(42298736)

c)

Wholesale Banking

27584390

25812643

17867665

27584390

17867665

20293814

d)

Other Banking Operations

6143931

5764595

5484464

6143931

5484464

6141747

e)

Unallocated

(1407458)

(1592302)

(1660713)

(1407458)

(1660713)

(1966172)

Total

19254372

18418774

16110598

19254372

16110598

17693535

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.

Notes :

  • Consolidated Statement of Assets and Liabilities as at September 30, 2020 is given below:

(` in lac)

As at

As at

As at

Particulars

30.09.2020

30.09.2019

31.03.2020

Audited

Audited

Audited

CAPITAL AND LIABILITIES

Capital

55037

54708

54833

Reserves and Surplus

19139308

16003637

17581038

Minority Interest

60027

52253

57664

Deposits

122826597

102081657

114620714

Borrowings

17389822

13425949

18683431

Other Liabilities and Provisions

6525432

5823846

7085361

Total

165996223

137442050

158083041

ASSETS

Cash and balances with Reserve Bank of India

9948423

5583264

7221100

Balances with Banks and Money at Call and Short notice

1012935

1826667

1572910

Investments

41019385

30392751

38930495

Advances

108894763

94743996

104367088

Fixed Assets

474918

429827

462685

Other Assets

4645799

4465545

5528763

Total

165996223

137442050

158083041

  • Consolidated Statement of Cash flow as at September 30, 2020 is given below:

(` in lac)

Half year ended

Year ended

Particulars

30.09.2020

30.09.2019

31.03.2020

Audited

Audited

Audited

Cash flows from / (used in) operating activities:

Consolidated profit before income tax

1969506

1823831

3815255

Adjustment for:

Depreciation on fixed assets

66313

65287

127677

(Profit) / Loss on revaluation of investments

116124

(19666)

70211

Amortisation of premium on held to maturity investments

36453

21580

50141

(Profit) / loss on sale of fixed assets

145

1049

819

Provision / charge for non performing assets

487159

512750

1106571

Provision for standard assets and contingencies

401700

103338

305743

3077400

2508169

5476417

Adjustments for:

(Increase) / decrease in investments

(2054357)

(1703396)

(10107010)

(Increase) / decrease in advances

(5016241)

(8333481)

(18550036)

Increase / (decrease) in deposits

8205883

9831389

22370446

(Increase) / decrease in other assets

971962

620261

(724976)

Increase / (decrease) in other liabilities and provisions

(1149240)

(120862)

935987

4035407

2802080

(599172)

Direct taxes paid (net of refunds)

(600147)

(619171)

(1087737)

Net cash flow from / (used in) operating activities

3435260

2182909

(1686909)

Cash flows used in investing activities:

Purchase of fixed assets

(72474)

(70093)

(163587)

Proceeds from sale of fixed assets

347

938

1895

Net cash flow used in investing activities

(72127)

(69155)

(161692)

Cash flows from / (used in) financing activities:

Increase in minority interest

2363

2073

7485

Proceeds from issue of share capital, net of issue expenses

105900

113082

184868

Proceeds from issue of Tier I and Tier II capital bonds

-

41500

74350

Redemption of Tier II capital bonds

(110,500)

-

-

Increase / (decrease) in other borrowings

(1183110)

(2388829)

2835804

Dividend paid during the period (including tax on dividend)

-

(658705)

(663059)

Net cash flow from / (used in) financing activities

(1185347)

(2890879)

2439448

Effect of exchange fluctuation on translation reserve

(10438)

5292

21399

Net increase / (decrease) in cash and cash equivalents

2167348

(771833)

612246

Cash and cash equivalents as at April 1st

8794010

8181764

8181764

Cash and cash equivalents as at the period end

10961358

7409931

8794010

  • The above financial results represent the consolidated financial results for HDFC Bank Limited and its subsidiaries constituting the 'Group'. These financial results have been approved by the Board of Directors of the Bank at its meeting held on October 17, 2020. The financial results for the quarter and half year ended September 30, 2020 have been subjected to an audit by the statutory auditors of the Bank. The report thereon is unmodified.
  • The Group 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, 2020.
  • The figures for the second quarter in each of the financial years are the balancing figures between audited figures in respect of the half year end and the published year to date figures upto the end of the first quarter of the respective financial year.
  • Consequent to the outbreak of COVID-19 pandemic, the Indian government had announced a lockdown in March 2020. Subsequently, the lockdown has been lifted by the government for certain activities in a phased manner outside specified containment zones.
    The impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activity, which may persist even after the restrictions related to the COVID-19 outbreak are lifted. While there has been some improvement in economic activities during the current quarter, the continued slowdown has led to a decrease in loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts. The slowdown may lead to a rise in the number of customer defaults and consequently an increase in provisions thereagainst.
    The extent to which the COVID-19 pandemic will continue to impact the Group's results will depend on future developments, which are highly uncertain, including, among other things, any new information concerning the severity of the COVID-19 pandemic and any action to contain its spread or mitigate its impact whether government- mandated or elected by us.
    The Group holds provisions as at September 30, 2020 against the potential impact of COVID-19 based on the information available at this point in time.
  • In order to mitigate the burden of debt servicing brought about by disruptions on account of COVID-19 pandemic and to ensure the continuity of viable businesses, RBI through its circulars dated March 27, 2020 and April 17, 2020, permitted banks and non-banking financial companies to grant a moratorium, on the payment of installments and / or interest, falling due between March 1, 2020 and May 31, 2020, to their borrowers classified as standard even if overdue, as on February 29, 2020. This period was extended by RBI till August 31, 2020 through its circular dated May 23, 2020. The Group accordingly extended the moratorium option to its borrowers in accordance with the respective Board approved policies. For all such accounts where the moratorium is granted, the asset classification shall remain stand still during the moratorium period (i.e. the number of days past-due shall exclude the moratorium period for the purposes of determining whether an asset is non-performing). The Group holds provisions thereagainst as per RBI prescribed norms.
  • The Honourable Supreme Court of India (Hon'ble SC), in a public interest litigation (Gajendra Sharma Vs. Union of India & Anr), vide an interim order dated September 03, 2020 ("Interim Order"), has directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders. Basis the said interim order, the Group has not classified any account which was not NPA as of August 31, 2020 as per the RBI IRAC norms, as NPA after August 31, 2020. Further, in light of the Interim Order, even accounts that would have otherwise been classified as NPA post August 31, 2020 have not been and will not be, classified as NPA till such time that the Hon'ble SC rules finally on the matter.
    Pending disposal of the case, the Group, as a matter of prudence has, in respect of these accounts made a contingent provision, which is included in 'Provisions (other than tax) and Contingencies'.
  • In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel III Framework. These disclosures are available on the Bank's website at the following link: http://www.hdfcbank.com/aboutus/basel_disclosures/ default.htm. The disclosures have not been subjected to audit or review by the statutory auditors.
  1. Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period's classification.
  2. ` 10 lac = ` 1 million ` 10 million = ` 1 crore

Place : Mumbai

Aditya Puri

Date : October 17, 2020

Managing Director

Disclaimer

HDFC Bank Limited published this content on 17 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2020 15:04:06 UTC


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