Title: Sr. 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 October 18, 2021 addressed to The New York Stock Exchange, 11, Wall Street, New York, NY 10005, United States of America (USA) intimating about the audited Financial Results of HDFC Bank Limited for the quarter and half year ended September 30, 2021.

Exhibit I

October 18, 2021

New York Stock Exchange

11, Wall Street,

New York,

NY 10005

USA

Dear Sir,

Re : Audited Financial Results of HDFC Bank Limited ("the Bank") for the quarter and half year ended September 30, 2021.

We enclose herewith the audited standalone and consolidated financial results of the Bank for the second quarter and half year ended September 30, 2021, segment reporting, press release, and the report of the Joint Statutory Auditors in this regard. The results were duly approved by the Board of Directors at its meeting held on October 16, 2021.

This is for your information and appropriate dissemination.

Yours truly,

For HDFC Bank Limited

Sd/-

Santosh Haldankar

Senior Vice President - Legal & 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

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

(₹ in lac)

Particulars

Quarter ended Half year ended
Year ended
30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021
Audited
(Refer note 5)		 Unaudited Audited
(Refer note 5)		 Audited Audited Audited
1

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

3135337 3048297 2997697 6183634 6035494 12085823

a) Interest / discount on advances / bills

2411494 2359273 2340485 4770767 4744222 9483454

b) Income on investments

645064 649314 561839 1294378 1121603 2321427

c) Interest on balances with Reserve Bank of India and other inter-bank funds

69090 30283 84156 99373 146804 234125

d) Others

9689 9427 11217 19116 22865 46817
2

Other Income

740079 628850 609245 1368929 1016776 2520489
3

Total Income (1)+(2)

3875416 3677147 3606942 7552563 7052270 14606312
4

Interest Expended

1366898 1347401 1420058 2714299 2891313 5597866
5

Operating Expenses (i)+(ii)

927789 816043 805506 1743832 1496652 3272262

i) Employees cost

296705 276558 254238 573263 505582 1036479

ii) Other operating expenses

631084 539485 551268 1170569 991070 2235783
6

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

2294687 2163444 2225564 4458131 4387965 8870128
7

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

1580729 1513703 1381378 3094432 2664305 5736184
8

Provisions (other than tax) and Contingencies

392466 483084 370350 875550 759502 1570285
9

Exceptional Items

- - - - - -
10

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

1188263 1030619 1011028 2218882 1904803 4165899
11

Tax Expense

304832 257655 259717 562487 487630 1054246
12

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

883431 772964 751311 1656395 1417173 3111653
13

Extraordinary items (net of tax expense)

- - - - - -
14

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

883431 772964 751311 1656395 1417173 3111653
15

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

55375 55267 55037 55375 55037 55128
16 Reserves excluding revaluation reserves 20316953
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

20.0 % 19.1 % 19.1 % 20.0 % 19.1 % 18.8 %
(iii) Earnings per share (EPS) (₹)
(Face Value of ₹ 1/- each):

(a) Basic EPS before & after extraordinary items (net of tax expense) - not annualized

16.0 14.0 13.7 30.0 25.8 56.6

(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized

15.9 13.9 13.6 29.8 25.7 56.3
(iv) NPA Ratios:

(a) Gross NPAs

1634607 1709851 1130460 1634607 1130460 1508600

(b) Net NPAs

475509 548580 175608 475509 175608 455482

(c) % of Gross NPAs to Gross Advances

1.35 % 1.47 % 1.08 % 1.35 % 1.08 % 1.32 %

(d) % of Net NPAs to Net Advances

0.40 % 0.48 % 0.17 % 0.40 % 0.17 % 0.40 %

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

0.50 % 0.45 % 0.48 % 0.95 % 0.92 % 1.97 %

(vi) Net worth

21283028 20343590 18100984 21283028 18100984 19860103

(vii) Outstanding redeemable preference shares

- - - - - -

(viii) Capital redemption reserve

- - - - - -

(ix) Debt-equity ratio

0.24 0.21 0.30 0.24 0.30 0.30

(x) Total debts to total assets

8.12 % 7.48 % 8.24 % 8.12 % 8.24 % 7.76 %

- 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 Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:

(₹ in lac)

Particulars

Quarter ended Half year ended
Year ended
30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021
Audited
(Refer note 5)		 Unaudited Audited
(Refer note 5)		 Audited Audited Audited

1

Segment Revenue

a)

Treasury 865042 864433 809877 1729475 1610003 3233767

b)

Retail Banking 2821405 2697467 2768365 5518872 5478527 11021021

c)

Wholesale Banking 1566263 1440699 1391263 3006962 2809622 5715430

d)

Other Banking Operations 542430 486344 496402 1028774 886085 1993753

e)

Unallocated - - - - - 3082
Total 5795140 5488943 5465907 11284083 10784237 21967053
Less: Inter Segment Revenue 1919724 1811796 1858965 3731520 3731967 7360741
Income from Operations 3875416 3677147 3606942 7552563 7052270 14606312

2

Segment Results

a)

Treasury 231727 270743 192361 502470 442878 903050

b)

Retail Banking 207718 109036 265518 316754 487523 1057480

c)

Wholesale Banking 581321 535672 345316 1116993 709761 1743754

d)

Other Banking Operations 212010 152858 247518 364868 344894 620714

e)

Unallocated (44513 ) (37690 ) (39685 ) (82203 ) (80253 ) (159099 )
Total Profit Before Tax 1188263 1030619 1011028 2218882 1904803 4165899

3

Segment Assets

a)

Treasury 53320390 50692647 48929119 53320390 48929119 51964174

b)

Retail Banking 55066808 52627989 47695525 55066808 47695525 52199722

c)

Wholesale Banking 68279622 64890618 57446053 68279622 57446053 62873157

d)

Other Banking Operations 6709298 6270073 6053624 6709298 6053624 6711608

e)

Unallocated 1108355 912781 818482 1108355 818482 938391
Total 184484473 175394108 160942803 184484473 160942803 174687052

4

Segment Liabilities

a)

Treasury 10540440 7646558 9236909 10540440 9236909 7627660

b)

Retail Banking 117708079 113146545 100454226 117708079 100454226 109621782

c)

Wholesale Banking 30520473 30827241 29861663 30520473 29861663 33811531

d)

Other Banking Operations 529363 491736 552824 529363 552824 585765

e)

Unallocated 3315106 2033234 2225940 3315106 2225940 2668233
Total 162613461 154145314 142331562 162613461 142331562 154314971

5

Capital Employed
(Segment Assets - Segment Liabilities)

a)

Treasury 42779950 43046089 39692210 42779950 39692210 44336514

b)

Retail Banking (62641271 ) (60518556 ) (52758701 ) (62641271 ) (52758701 ) (57422060 )

c)

Wholesale Banking 37759149 34063377 27584390 37759149 27584390 29061626

d)

Other Banking Operations 6179935 5778337 5500800 6179935 5500800 6125843

e)

Unallocated (2206751 ) (1120453 ) (1407458 ) (2206751 ) (1407458 ) (1729842 )
Total 21871012 21248794 18611241 21871012 18611241 20372081

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 :

1

Statement of Assets and Liabilities is given below:

(₹ in lac)
Particulars As at
30.09.2021		 As at
30.09.2020		 As at
31.03.2021
Audited Audited Audited

CAPITAL AND LIABILITIES

Capital

55375 55037 55128

Reserves and Surplus

21815637 18556204 20316953

Deposits

140634330 122931039 133506022

Borrowings

14981354 13258005 13548733

Other Liabilities and Provisions

6997777 6142518 7260216

Total

184484473 160942803 174687052

ASSETS

Cash and Balances with Reserve Bank of India

15742861 9945296 9734073

Balances with Banks and Money at Call and Short notice

1185927 857815 2212966

Investments

41629258 41396511 44372829

Advances

119883743 103833513 113283663

Fixed Assets

522717 455523 490932

Other Assets

5519967 4454145 4592589

Total

184484473 160942803 174687052
2

Statement of Cash flow is given below:

(₹ in lac)
Particulars Half year ended
Year ended
31.03.2021
30.09.2021 30.09.2020
Audited Audited Audited

Cash flows from operating activities:

Profit before income tax

2218882 1904803 4165899

Adjustments for:

Depreciation on fixed assets

73488 62117 130241

(Profit) / Loss on revaluation of investments

(103901 ) 116124 148532

Amortisation of premium on held to maturity investments

39655 36453 76547

(Profit) / loss on sale of fixed assets

448 (22 ) (154 )

Provision / charge for non performing assets

662234 403491 1164997

Provision for standard assets and contingencies

224940 361459 426948

Dividend from subsidiaries

(37519 ) (8506 ) (48304 )

Employee Stock Options Expense

8299 - -
3086526 2875919 6064706

Adjustments for:

(Increase) / decrease in investments

2777369 (2179312 ) (5254061 )

(Increase) / decrease in advances

(7263200 ) (4868124 ) (15092464 )

Increase / (decrease) in deposits

7128308 8180810 18755793

(Increase) / decrease in other assets

(843864 ) 1030351 1001828

Increase / (decrease) in other liabilities and provisions

(460578 ) (1145992 ) (67565 )
4424561 3893652 5408237

Direct taxes paid (net of refunds)

(658825 ) (583540 ) (1258757 )

Net cash flow from operating activities

3765736 3310112 4149480

Cash flows used in investing activities:

Purchase of fixed assets

(90748 ) (68307 ) (161738 )

Proceeds from sale of fixed assets

717 313 1416

Dividend from subsidiaries

37519 8506 48304

Net cash flow used in investing activities

(52512 ) (59488 ) (112018 )

Cash flows from / (used in) financing activities:

Proceeds from issue of share capital, net of issue expenses

188471 105900 176010

Proceeds from issue of Additional Tier I capital bonds

816275 - -

Redemption of Tier II capital bonds

(365000 ) (110500 ) (110500 )

Increase / (decrease) in other borrowings

981422 (1094347 ) (803621 )

Dividend paid during the period

(359240 ) - -

Net cash flow from / (used in) financing activities

1261928 (1098947 ) (738111 )

Effect of exchange fluctuation on translation reserve

6597 (10438 ) (14184 )

Net increase in cash and cash equivalents

4981749 2141239 3285167

Cash and cash equivalents as at April 1st

11947039 8661872 8661872

Cash and cash equivalents as at the period end

16928788 10803111 11947039
3

The above financial results have been approved by the Board of Directors at its meeting held on October 16, 2021. The financial results for the quarter and half year ended September 30, 2021 have been subjected to an audit by the statutory auditors (MSKA & Associates, Chartered Accountants and M M Nissim & Co LLP, Chartered Accountants) of the Bank. The report thereon is unmodified. The previous period results were reviewed / audited by MSKA & Associates, Chartered Accountants.

4

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, 2021 except for its stock based employee compensation plans. RBI, vide its clarification dated August 30, 2021 on Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Material Risk Takers and Control Function Staff, advised Banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense for all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Bank has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked instruments granted after March 31, 2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-Scholes model and is recognised as compensation expense over the vesting period. The Bank granted stock options in July 2021 under its Employee Stock Option Scheme (ESOS) and as a result, 'Employees cost' for the quarter and half year ended September 30, 2021 is higher by ₹ 82.99 crore with a consequent reduction in profit after tax by the said amount.

5

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 reviewed figures upto the end of the first quarter of the respective financial year.

6

During the quarter and half year ended September 30, 2021, the Bank allotted 1,07,32,792 and 2,46,75,408 equity shares respectively pursuant to the exercise of options under the approved employee stock option schemes.

7

During the quarter ended September 30, 2021, the Bank raised Basel III compliant Additional Tier 1 (AT1) Notes of U.S.$ 1 billion (equivalent ₹ 7,423.75 crore) and Basel III compliant AT1 Bonds of ₹ 739.00 crore.

8

The outbreak of the COVID-19 pandemic had led to a nation-wide lockdown in April-May 2020. This was followed by localised lockdowns in areas with a significant number of COVID-19 cases. Following the easing of lockdown measures, there was an improvement in economic activity in the second half of fiscal 2021. India experienced a "second wave" of the COVID-19 pandemic in April-May 2021 following the discovery of mutant coronavirus variants, leading to the re-imposition of regional lockdowns. These were gradually lifted as the second wave subsided.

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 activities. The disruptions following the outbreak, have impacted loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts resulting in increase in customer defaults and consequent increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Bank's results will depend on ongoing as well as future developments, which are 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.

9

(i) Details of resolution plan implemented under the Resolution Framework for COVID-19-related stress as per RBI circular dated August 6, 2020 (Resolution Framework 1.0) are given below:

₹ in crore except number of accounts

Type of Borrower

(A) Number of
accounts where
resolution plan
has been
implemented
under this window 		(B) Exposure to
accounts
mentioned at (A)
before
implementation
of the plan 		(C) Of (B),
aggregate amount
of debt that was
converted into
other securities 		(D) Additional funding
sanctioned, if any,
including between
invocation of the plan
and implementation 		(E) Increase in
provisions on
account of the
implementation
of the
resolution

Personal Loans

287824 5467.49 - - 546.75

Corporate persons

1547 1754.07 - - 323.31

Of which, MSMEs

64 27.08 - - 2.71

Others

47090 607.92 - - 60.79

Total

336461 7829.48 - - 930.85
₹ in crore except number of accounts

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 (A)* 		Of (A), aggregate
debt that slipped
into NPA during
the half-year 		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

Personal Loans

5467.49 1283.06 808.57 366.34 3818.09

Corporate persons

1754.07 123.61 23.59 111.60 1518.86

Of which, MSMEs

27.08 9.47 1.29 4.88 12.73

Others

607.92 280.35 24.50 52.92 274.65

Total

7829.48 1687.02 856.66 530.86 5611.60
*

includes restructuring implemented during the quarter ended June 2021 under the Resolution Framework 1.0.

#

represents debt that slipped into NPA and was subsequently written off during the half-year.

(ii) Details of resolution plan implemented under the RBI Resolution Framework - 2.0: Resolution of COVID-19 related stress of Individuals and Small Businesses dated May 5, 2021 are given below:

₹ in crore except number of accounts
Particulars Individual Borrowers Small
businesses
Personal Loans Business Loans

A) Number of requests received for invoking resolution process

645276 612675 9870

B) Number of accounts where resolution plan has been implemented under this window

550499 530085 6934

C) Exposure to accounts mentioned at (B) before implementation of the plan

14102.61 1506.51 1787.99

D) Of (C), aggregate amount of debt that was converted into other securities

- - -

E) Additional funding sanctioned, if any, including between invocation of the plan and implementation

- - -

F) Increase in provisions on account of the implementation of the resolution plan

1618.56 196.79 178.48

Exposure to accounts is at borrower level.

Number of accounts under (B) is in respect of requests received for invoking resolution process.

There were 103574 borrower accounts having an aggregate exposure of ₹ 2,672.07 crore to the Bank, where resolution plans had been implemented under RBI's Resolution Framework 1.0 dated August 6, 2020 and now modified under RBI's Resolution Framework 2.0 dated May 5, 2021.

10

The Honourable Supreme Court of India (Hon'ble SC), vide an interim order dated September 3, 2020, had directed banks that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders, which the Bank complied with. 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 as at September 30, 2020 would have been 1.37% and 0.35% respectively. Pending disposal of the case, the Bank, as a matter of prudence, made in respect of these accounts a contingent provision, which was included in 'Provisions (other than tax) and Contingencies'. The said interim order stood vacated on March 23, 2021 and the Bank continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

11

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.

12

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

13

₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place : Mumbai Sashidhar Jagdishan
Date : October 16, 2021 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, 2021

(₹ in lacs)
Quarter ended Half year ended
Year ended

Particulars

30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020 31.03.2021
Audited
(Refer note 5)		 Unaudited Audited
(Refer note 5)		 Audited Audited Audited
1 Interest Earned (a)+(b)+(c)+(d) 3352044 3225376 3174227 6577420 6409388 12855240
a) Interest / discount on advances / bills 2616373 2528096 2511976 5144469 5109776 10229913
b) Income on investments 644370 647645 562245 1292015 1122186 2321162
c) Interest on balances with Reserve Bank of India and other inter-bank funds 70841 32066 85302 102907 149460 241430
d) Others 20460 17569 14704 38029 27966 62735
2 Other Income 791592 667987 669620 1459579 1104318 2733288
3

Total Income (1)+(2)

4143636 3893363 3843847 8036999 7513706 15588528
4 Interest Expended 1441528 1421850 1503318 2863378 3064167 5924759
5 Operating Expenses (i)+(ii) 998491 870689 860746 1869180 1601354 3500126
i) Employees cost 393143 364374 334885 757517 664985 1367667
ii) Other operating expenses 605348 506315 525861 1111663 936369 2132459
6

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

2440019 2292539 2364064 4732558 4665521 9424885
7

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

1703617 1600824 1479783 3304441 2848185 6163643
8 Provisions (Other than tax) and Contingencies 471267 536633 442013 1007900 876464 1884029
9 Exceptional Items - - - - - -
10

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

1232350 1064191 1037770 2296541 1971721 4279614
11 Tax Expense 320354 270163 266633 590517 506496 1093937
12

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

911996 794028 771137 1706024 1465225 3185677
13 Extraordinary items (net of tax expense) - - - - - -
14

Consolidated Net Profit / (Loss) for the period before minorities' interest (12)-(13)

911996 794028 771137 1706024 1465225 3185677
15 Less: Minorities' Interest 2377 1819 851 4196 2215 2356
16

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

909619 792209 770286 1701828 1463010 3183321
17 Paid up equity share capital (Face Value of ₹ 1/- each) 55375 55267 55037 55375 55037 55128
18 Reserves excluding revaluation reserves 20925890
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 16.4 14.4 14.0 30.8 26.6 57.9
(b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized 16.3 14.3 14.0 30.6 26.5 57.6

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
31.03.2021
30.09.2021 30.06.2021 30.09.2020 30.09.2021 30.09.2020

Particulars

Audited
(Refer note 5)		 Unaudited Audited
(Refer note 5)		 Audited Audited Audited

1

Segment Revenue

a)

Treasury 865042 864433 809877 1729475 1610003 3233767

b)

Retail Banking 2821405 2697467 2768365 5518872 5478527 11021021

c)

Wholesale Banking 1566263 1440699 1391263 3006962 2809622 5715430

d)

Other Banking Operations 810650 702560 733307 1513210 1347521 2975969

e)

Unallocated - - - - - 3082
Total 6063360 5705159 5702812 11768519 11245673 22949269
Less: Inter Segment Revenue 1919724 1811796 1858965 3731520 3731967 7360741
Income from Operations 4143636 3893363 3843847 8036999 7513706 15588528

2

Segment Results

a)

Treasury 231727 270743 192361 502470 442878 903050

b)

Retail Banking 207718 109036 265518 316754 487523 1057480

c)

Wholesale Banking 581321 535672 345316 1116993 709761 1743754

d)

Other Banking Operations 256097 186430 274260 442527 411812 734429

e)

Unallocated (44513 ) (37690 ) (39685 ) (82203 ) (80253 ) (159099 )
Total Profit Before Tax and Minority Interest 1232350 1064191 1037770 2296541 1971721 4279614

3

Segment Assets

a)

Treasury 53320390 50692647 48929119 53320390 48929119 51964174

b)

Retail Banking 55066808 52627989 47695525 55066808 47695525 52199722

c)

Wholesale Banking 68279622 64890618 57446053 68279622 57446053 62873157

d)

Other Banking Operations 11976788 11406952 11107044 11976788 11107044 11975219

e)

Unallocated 1108355 912781 818482 1108355 818482 938391
Total 189751963 180530987 165996223 189751963 165996223 179950663

4

Segment Liabilities

a)

Treasury 10540440 7646558 9236909 10540440 9236909 7627660

b)

Retail Banking 117708079 113146545 100454226 117708079 100454226 109621782

c)

Wholesale Banking 30520473 30827241 29861663 30520473 29861663 33811531

d)

Other Banking Operations 5081742 4935981 4963113 5081742 4963113 5177164

e)

Unallocated 3315106 2033234 2225940 3315106 2225940 2668232
Total 167165840 158589559 146741851 167165840 146741851 158906369

5

Capital Employed
(Segment Assets - Segment Liabilities)

a)

Treasury 42779950 43046089 39692210 42779950 39692210 44336514

b)

Retail Banking (62641271 ) (60518556 ) (52758701 ) (62641271 ) (52758701 ) (57422060 )

c)

Wholesale Banking 37759149 34063377 27584390 37759149 27584390 29061626

d)

Other Banking Operations 6895046 6470971 6143931 6895046 6143931 6798055

e)

Unallocated (2206751 ) (1120453 ) (1407458 ) (2206751 ) (1407458 ) (1729841 )
Total 22586123 21941428 19254372 22586123 19254372 21044294

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 :

1

Consolidated Statement of Assets and Liabilities is given below:

(₹ in lac)
As at
30.09.2021		 As at
30.09.2020		 As at
31.03.2021

Particulars

Audited Audited Audited

CAPITAL AND LIABILITIES

Capital

55375 55037 55128

Reserves and Surplus

22464711 19139308 20925890

Minority Interest

66037 60027 63276

Deposits

140548612 122826597 133372087

Borrowings

19158305 17389822 17769675

Other Liabilities and Provisions

7458923 6525432 7764607

Total

189751963 165996223 179950663

ASSETS

Cash and balances with Reserve Bank of India

15745900 9948423 9737035

Balances with Banks and Money at Call and Short notice

1397379 1012935 2390216

Investments

41103154 41019385 43882311

Advances

124933101 108894763 118528352

Fixed Assets

540200 474918 509956

Other Assets

6017350 4630920 4887914

Goodwill on Consolidation

14879 14879 14879

Total

189751963 165996223 179950663
2

Consolidated Statement of Cash flow is given below:

(₹ in lac)
Half year ended Year ended
31.03.2021
30.09.2021 30.09.2020

Particulars

Audited Audited Audited

Cash flows from operating activities:

Consolidated profit before income tax

2292345 1969506 4277258

Adjustment for:

Depreciation on fixed assets

77442 66313 138501

(Profit) / Loss on revaluation of investments

(103901 ) 116124 148532

Amortisation of premium on held to maturity investments

39655 36453 76547

(Profit) / loss on sale of fixed assets

488 145 29

Provision / charge for non performing assets

835111 487159 1392701

Provision for standard assets and contingencies

190159 401700 528307

Employee Stock Options Expense

8329 - -
3339628 3077400 6561875

Adjustments for:

(Increase) / decrease in investments

2812954 (2054357 ) (5015664 )

(Increase) / decrease in advances

(7240746 ) (5016241 ) (15568107 )

Increase / (decrease) in deposits

7176525 8205883 18751374

(Increase) / decrease in other assets

(1044806 ) 971962 830768

Increase / (decrease) in other liabilities and provisions

(469427 ) (1149240 ) (10455 )
4574128 4035407 5549791

Direct taxes paid (net of refunds)

(687796 ) (600147 ) (1302145 )

Net cash flow from operating activities

3886332 3435260 4247646

Cash flows used in investing activities:

Purchase of fixed assets

(93442 ) (72474 ) (169615 )

Proceeds from sale of fixed assets

783 347 1528

Net cash flow used in investing activities

(92659 ) (72127 ) (168087 )

Cash flows from / (used in) financing activities:

Increase in minority interest

3935 2363 5612

Proceeds from issue of share capital, net of issue expenses

188471 105900 176010

Proceeds from issue of Additional Tier I and Tier II capital bonds

816275 - 35650

Redemption of Tier II capital bonds

(365000 ) (110500 ) (110500 )

Increase / (decrease) in other borrowings

931317 (1183110 ) (838907 )

Dividend paid during the period

(359240 ) - -

Net cash flow from / (used in) financing activities

1215758 (1185347 ) (732135 )

Effect of exchange fluctuation on translation reserve

6597 (10438 ) (14183 )

Net increase in cash and cash equivalents

5016028 2167348 3333241

Cash and cash equivalents as at April 1st

12127251 8794010 8794010

Cash and cash equivalents as at the period end

17143279 10961358 12127251
3

The above financial results represent the consolidated financial results of 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 16, 2021. The financial results for the quarter and half year ended September 30, 2021 have been subjected to an audit by the statutory auditors (MSKA & Associates, Chartered Accountants and M M Nissim & Co LLP, Chartered Accountants) of the Bank. The report thereon is unmodified. The previous period results were reviewed / audited by MSKA & Associates, Chartered Accountants.

4

The Group has applied its significant accounting policies in the preparation of the consolidated financial results consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2021 except for its stock based employee compensation plans. RBI, vide its clarification dated August 30, 2021 on Guidelines on Compensation of Whole Time Directors / Chief Executive Officers / Material Risk Takers and Control Function Staff, advised Banks that the fair value of share-linked instruments on the date of grant should be recognised as an expense for all instruments granted after the accounting period ending March 31, 2021. Accordingly, the Group has changed its accounting policy from the intrinsic value method to the fair value method for all share-linked instruments granted after March 31, 2021. The fair value of the stock-based compensation is estimated on the date of grant using Black-Scholes model and is recognised as compensation expense over the vesting period. The Group granted stock options during the quarter under its Employee Stock Option Scheme (ESOS) and as a result, 'Employees cost' for the quarter and half year ended September 30, 2021 is higher by ₹ 83.29 crore with a consequent reduction in profit after tax by the said amount.

5

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 reviewed figures upto the end of the first quarter of the respective financial year.

6

The outbreak of the COVID-19 pandemic had led to a nation-wide lockdown in April-May 2020. This was followed by localised lockdowns in areas with a significant number of COVID-19 cases. Following the easing of lockdown measures, there was an improvement in economic activity in the second half of fiscal 2021. India experienced a "second wave" of the COVID-19 pandemic in April-May 2021 following the discovery of mutant coronavirus variants, leading to the re-imposition of regional lockdowns. These were gradually lifted as the second wave subsided.

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 activities. The disruptions following the outbreak, have impacted loan originations, the sale of third party products, the use of credit and debit cards by customers and the efficiency in collection efforts resulting in increase in customer defaults and consequent increase in provisions thereagainst. The extent to which the COVID-19 pandemic will continue to impact the Group's results will depend on ongoing as well as future developments, which are 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.

7

The Honourable Supreme Court of India (Hon'ble SC), vide an interim order dated September 3, 2020, had directed that accounts which were not declared NPA till August 31, 2020 shall not be declared as NPA till further orders, which the Group complied with. The said interim order stood vacated on March 23, 2021 and the Group continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms.

8

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.

9

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

10

₹ 10 lac = ₹ 1 million

₹ 10 million = ₹ 1 crore

Place : Mumbai Sashidhar Jagdishan
Date : October 16, 2021 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, 2021

The Board of Directors of HDFC Bank Limited approved the Bank's (Indian GAAP) results for the quarter and half year ended September 30, 2021, at its meeting held in Mumbai on Saturday, October 16, 2021. The accounts have been subjected to an audit by the statutory auditors of the Bank.

STANDALONE FINANCIAL RESULTS:

Profit & Loss Account: Quarter ended September 30, 2021

The Bank's net revenues (net interest income plus other income) increased by 14.7% to ₹ 25,085.2 crore for the quarter ended September 30, 2021 from ₹ 21,868.8 crore for the quarter ended September 30, 2020.

Net interest income (interest earned less interest expended) for the quarter ended September 30, 2021 grew by 12.1% to ₹ 17,684.4 crore from ₹ 15,776.4 crore for the quarter ended September 30, 2020. Advances grew at 15.5% reaching new heights driven through relationship management, digital offering and breadth of products. Core net interest margin was at 4.1%. New liability relationships added during the quarter were at an all time high. This continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 123%, well above the regulatory requirement, which positions the Bank favorably to capitalize on the opportunities that would arise as the economy gains momentum during the festive months.

Other income (non-interest revenue) at ₹ 7,400.8 crore was 29.5% of net revenues for the quarter ended September 30, 2021 and grew by 21.5% over ₹ 6,092.5 crore in the corresponding quarter of the previous year. The four components of other income for the quarter ended September 30, 2021 were fees & commissions of ₹ 4,945.9 crore (₹ 3,940.3 crore in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 867.3 crore (₹ 560.4 crore in the corresponding quarter of the previous year), gain on sale / revaluation of investments of ₹ 675.5 crore (₹ 1,016.2 crore in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend, of ₹ 912.1 crore (₹ 575.6 crore in the corresponding quarter of the previous year).

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

We added 256 branches and 12,259 people over the last twelve months and made other investments to position ourselves and capitalize on the growth opportunity. Operating expenses for the quarter ended September 30, 2021 were ₹ 9,277.9 crore, an increase of 15.2% over ₹ 8,055.1 crore during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 37.0%.

Pre-provision Operating Profit (PPOP) at ₹ 15,807.3 crore grew by 14.4% over the corresponding quarter of the previous year.

Provisions and contingencies for the quarter ended September 30, 2021 were ₹ 3,924.7 crore (consisting of specific loan loss provisions of ₹ 2,286.4 crore and general and other provisions of ₹ 1,638.3 crore) as against ₹ 3,703.5 crore (consisting of specific loan loss provisions of ₹ 1,240.6 crore and general and other provisions of ₹ 2,462.9 crore) for the quarter ended September 30, 2020. Total provisions for the current quarter included contingent provisions of approximately ₹ 1,200 crore.

The total credit cost ratio was at 1.30%, as compared to 1.67% for the quarter ending June 30, 2021 and 1.41% for the quarter ending September 30, 2020.

Profit before tax (PBT) for the quarter ended September 30, 2021 at ₹ 11,882.6 crore grew by 17.5% over corresponding quarter of the previous year. After providing ₹ 3,048.3 crore for taxation, the Bank earned a net profit of ₹ 8,834.3 crore, an increase of 17.6% over the quarter ended September 30, 2020.

Balance Sheet: As of September 30, 2021

Total balance sheet size as of September 30, 2021 was ₹ 1,844,845 crore as against ₹ 1,609,428 crore as of September 30, 2020, a growth of 14.6%.

Total deposits as of September 30, 2021 were ₹ 1,406,343 crore, an increase of 14.4% over September 30, 2020. CASA deposits grew by 28.7% with savings account deposits at ₹ 452,381 crore and current account deposits at ₹ 205,851 crore. Time deposits were at ₹ 748,111 crore, an increase of 4.2% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 46.8% of total deposits as of September 30, 2021.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

Total advances as of September 30, 2021 were ₹ 1,198,837 crore, an increase of 15.5% over September 30, 2020. Retail loans grew by 12.9%, commercial and rural banking loans grew by 27.6% and other wholesale loans grew by 6.0%. Overseas advances constituted 3.5% of total advances.

Half Year ended September 30, 2021

For the half year ended September 30, 2021, the Bank earned a total income of ₹ 75,525.6 crore as against ₹ 70,522.7 crore in the corresponding period of the previous year. Net revenues (net interest income plus other income) for the half year ended September 30, 2021 were ₹ 48,382.6 crore, as against ₹ 41,609.6 crore for the half year ended September 30, 2020. Net profit for the half year ended September 30, 2021 was ₹ 16,564.0 crore, up by 16.9% over the corresponding half year ended September 30, 2020.

Capital Adequacy:

The Bank's total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 20.0% as on September 30, 2021 (19.1% as on September 30, 2020) as against a regulatory requirement of 11.075% which includes Capital Conservation Buffer of 1.875%, and an additional requirement of 0.20% on account of the Bank being identified as a Domestic Systemically Important Bank (D-SIB). Tier 1 CAR was at 18.7% as of September 30, 2021 compared to 17.7% as of September 30, 2020. Common Equity Tier 1 Capital ratio was at 17.4% as of September 30, 2021. Risk-weighted Assets were at ₹ 1,190,270 crore (as against ₹ 1,037,483 crore as at September 30, 2020).

NETWORK

As of September 30, 2021, the Bank's distribution network was at 5,686 branches and 16,642 ATMs / Cash Deposit & Withdrawal Machines (CDMs) across 2,929 cities / towns as against 5,430 branches and 15,292 ATMs / CDMs across 2,848 cities / towns as of September 30, 2020. 50% of our branches are in semi-urban and rural areas. In addition, we have 15,946 business correspondents, which are primarily manned by Common Service Centres (CSC) as against 12,141 business correspondents as of September 30, 2020. Number of employees were at 129,341 as of September 30, 2021 (as against 117,082 as of September 30, 2020).

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 1.35% of gross advances as on September 30, 2021, (1.2% excluding NPAs in the agricultural segment) as against 1.47% as on June 30, 2021 (1.3% excluding NPAs in the agricultural segment) and 1.37% (proforma approach) as on September 30, 2020 (1.2% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.40% of net advances as on September 30, 2021.

The Bank held floating provisions of ₹ 1,451 crore and contingent provisions of ₹ 7,756 crore as on September 30, 2021. Total provisions (comprising specific, floating, contingent and general provisions) were 163% of the gross non-performing loans as on September 30, 2021.

SUBSIDIARIES

The Bank's subsidiary companies prepare their financial results in accordance with the notified Indian Accounting Standards ('Ind-AS'). The Bank for the purposes of its statutory compliance prepares and presents its financial results under Indian GAAP. Hence the Bank's subsidiary companies, for the purposes of the consolidated financial results of the Bank, prepare 'fit-for-consolidation information' based on the recognition and measurement principles as per Indian GAAP. The financial numbers of the Bank's subsidiary companies mentioned herein below are in accordance with Ind-AS.

HDFC Securities Limited (HSL) is amongst the leading retail broking firms in India. As on September 30, 2021, the Bank held 96.2% stake in HSL. For the quarter ended September 30, 2021, HSL's total income grew by 42% to ₹ 489.5 crore, as against ₹ 344.3 crore for the quarter ended September 30, 2020. Profit after tax for the quarter grew by 44% to ₹ 239.6 crore, as against ₹ 165.8 crore for the quarter ended September 30, 2020.

As on September 30, 2021, HSL had 213 branches across 147 cities / towns in the country.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

HDB Financial Services Limited (HDBFSL) is a non-deposit taking non-banking finance company ('NBFC') offering wide range of loans and asset finance products to individuals, emerging businesses and micro enterprises. As on September 30, 2021, the Bank held 95.1% stake in HDBFSL.

The total loan book was ₹ 60,008 crore as on September 30, 2021 as against ₹ 59,744 crore as on September 30, 2020. Liquidity coverage ratio was healthy at 157%.

For the quarter ended September 30, 2021, HDBFSL's net revenue was at ₹ 1,916.7 crore as against ₹ 1,703.7 crore for the quarter ended September 30, 2020, a growth of 12.5%. Pre-provision Operating Profit (PPOP) was ₹ 885.9 crore as against ₹ 816.0 crore for the quarter ended September 30, 2020, a growth of 8.6%.

Provisions and contingencies for the quarter were at ₹ 633.9 crore (including ₹ 125.0 crore of conservative management overlay) as against ₹ 929.8 crore for the quarter ended September 30, 2020 and ₹ 869.6 crore (including ₹ 200.0 crore of conservative management overlay) in the prior quarter.

Profit after tax for the quarter ended September 30, 2021 was ₹ 191.7 crore compared to a loss of ₹ 85.0 crore for the quarter ended September 30, 2020 and a profit after tax of ₹ 88.6 cr for the quarter ended June 30, 2021.

As on September 30, 2021, gross Stage 3 stood at 6.1%, a reduction of over 200 bps in the quarter.

Total CAR was at 19.8% with Tier-I CAR at 14.3% as on September 30, 2021.

As on September 30, 2021, HDBFSL had 1,336 branches across 956 cities / towns.

CONSOLIDATED FINANCIAL RESULTS

The consolidated net profit for the quarter ended September 30, 2021 was ₹ 9,096 crore, up 18.1%, over the quarter ended September 30, 2020. Consolidated advances grew by 14.7% from ₹ 1,088,948 crore as on September 30, 2020 to ₹ 1,249,331 crore as on September 30, 2021.

The consolidated net profit for the half year ended September 30, 2021 was ₹ 17,018 crore, up 16.3%, over the half year ended September 30, 2020.

NEWS RELEASE

HDFC Bank Ltd.

HDFC Bank House,

Senapati Bapat Marg,

Lower Parel,

Mumbai - 400 013.

CIN: L65920MH1994PLC080618

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

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.

For more information please log on to: www.hdfcbank.com

For media queries please contact:

Rajiv Banerjee

Vertical Head, Corporate Communication

HDFC Bank Ltd., Mumbai.

Tel: 91 - 22 - 6652 1307 (D) / 6652 1000 (B)

Mobile: +91 9920454102

rajivshiv.banerjee@hdfcbank.com

For investor queries please contact:

Ajit Shetty

HDFC Bank Ltd., Mumbai.

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

ajit.shetty@hdfcbank.com

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HDFC Bank Limited published this content on 22 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2021 10:13:01 UTC.