HDFC Bank Files 20-F: Loan Details and Debt Figures

TL;DR

HDFC Bank's 20-F is in: loan delinquencies noted, foreign debt detailed, Rs. 90.2B in repo agreements.

AI Summary

HDFC Bank Ltd. filed its annual 20-F report for the fiscal year ending March 31, 2024. The filing details various financial aspects, including loans past due, with Rs. 35.4 billion and Rs. 31.8 billion noted for specific agricultural loan categories. It also mentions foreign currency debt, including perpetual and fixed-rate instruments, and securities sold under repurchase agreements totaling Rs. 90,200.0 million.

Why It Matters

This filing provides investors with crucial insights into HDFC Bank's financial health, loan performance, and debt structure, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains specific financial figures related to loans and debt, which are key indicators of a bank's financial risk.

Key Numbers

• Rs. 35.4B — Past Due Agricultural Loans (Indicates potential credit risk in a specific loan segment.)
• Rs. 31.8B — Past Due Agricultural Loans (Indicates potential credit risk in a specific loan segment.)
• Rs. 90.2B — Securities Repurchase Agreements (Represents short-term borrowing or liquidity management.)

Key Players & Entities

• HDFC Bank Ltd. (company) — Filer of the 20-F report
• Rs. 35.4 billion (dollar_amount) — Amount of crop-related agricultural loans past due
• Rs. 31.8 billion (dollar_amount) — Amount of crop-related agricultural loans past due
• Rs. 90,200.0 million (dollar_amount) — Amount of securities sold under repurchase agreements

FAQ

Filing Documents

• d759422d20f.htm (20-F) — 9991KB
• d759422dex11.htm (EX-1.1) — 99KB
• d759422dex12.htm (EX-1.2) — 470KB
• d759422dex23.htm (EX-2.3) — 119KB
• d759422dex8.htm (EX-8) — 12KB
• d759422dex111.htm (EX-11) — 264KB
• d759422dex121.htm (EX-12.1) — 10KB
• d759422dex122.htm (EX-12.2) — 10KB
• d759422dex13.htm (EX-13) — 4KB
• d759422dex97.htm (EX-97) — 20KB
• g759422g76g01.jpg (GRAPHIC) — 19KB
• 0001193125-24-187406.txt ( ) — 41715KB
• hdb-20240331.xsd (EX-101.SCH) — 201KB
• hdb-20240331_cal.xml (EX-101.CAL) — 146KB
• hdb-20240331_def.xml (EX-101.DEF) — 1394KB
• hdb-20240331_lab.xml (EX-101.LAB) — 1449KB
• hdb-20240331_pre.xml (EX-101.PRE) — 1523KB
• d759422d20f_htm.xml (XML) — 9855KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 3

RISK FACTORS

RISK FACTORS 44 CERTAIN INFORMATION ABOUT OUR AMERICAN DEPOSITARY SHARES AND EQUITY SHARES 83 DESCRIPTION OF EQUITY SHARES 84 DESCRIPTION OF AMERICAN DEPOSITARY SHARES 88 DIVIDEND POLICY 90 SELECTED FINANCIAL AND OTHER DATA 91 SELECTED STATISTICAL INFORMATION 94

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 102 MANAGEMENT 135 PRINCIPAL SHAREHOLDERS 162 RELATED PARTY TRANSACTIONS 163 TAXATION 166 SUPERVISION AND REGULATION 172 EXCHANGE CONTROLS 224 RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES 226 ADDITIONAL INFORMATION 230 MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING 231 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM – INTERNAL CONTROLS OVER FINANCIAL REPORTING 232

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS F-1 EXHIBIT INDEX EI-1

SIGNATURES

SIGNATURES S-1 i Table of Contents CROSS REFERENCE SHEET Form 20-F Item Caption Location Part I Item 1 Identity of Directors, Senior Management and Advisors Not Applicable Item 2 Offer Statistics and Expected Timetable Not Applicable Item 3 Key Information

Risk Factors

Risk Factors 44 Item 4 Information on the Company

Business

Business 4 Selected Statistical Information 94

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 102 Supervision and Regulation 172 Item 4A Unresolved Staff Comments Not Applicable Item 5 Operating and Financial Review and Prospects Exchange Rates and Certain Defined Terms 1 Selected Financial and Other Data 91

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 102 Item 6 Directors, Senior Management and Employees Business—Employees 38 Management 135 Principal Shareholders 162 Management's Discussion and Analysis of Financial Condition and Results of Operations—Accounting Restatements and Recovery of Erroneously Awarded Compensation 134 Item 7 Major Shareholders and Related Party Transactions Principal Shareholders 162 Management—Loans to Members of Our Senior Management 154 Related Party Transactions 163 Item 8 Financial Information Report of Independent Registered Public Accounting Firm F-2 Consolidated Financial Statements and the Notes thereto F-6 Business—Legal Proceedings 39 Dividend Policy 90 Item 9 The Offer and Listing Certain Information About Our American Depositary Shares and Equity Shares 83 Item 10 Additional Information Management 135 Description of Equity Shares 84

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 102 Taxation 166 Supervision and Regulation 172 Exchange Controls 224 Restrictions on Foreign Ownership of Indian Securities 226 Additional Information 230 ii Table of Contents CROSS REFERENCE SHEET Item Caption Location Item 11

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk Business—Risk Management 28 Selected Statistical Information 94 Item 12

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities Description of American Depositary Shares—Fees and Charges for Holders of American Depositary Shares 88 Part II Item 13 Defaults, Dividend Arrearages and Delinquencies Not Applicable Item 14 Material Modifications to the Rights of Security Holders and Use of Proceeds

Management's Discussion and Analysis of Financial Condition and Results of Operations—Transaction with HDFC Limited

Management's Discussion and Analysis of Financial Condition and Results of Operations—Transaction with HDFC Limited 102 Item 15

Controls and Procedures

Controls and Procedures Management—Controls and Procedures 155 Management's Report on Internal Control Over Financial Reporting 231 Report of Independent Registered Public Accounting Firm—Internal Controls Over Financial Reporting 232 Item 16A Audit Committee Financial Expert Management—Audit Committee Financial Expert 156 Item 16B Code of Ethics Management—Code of Ethics 156 Item 16C Principal Accountant Fees and Services Management—Principal Accountant Fees and Services 157 Item 16D Exemption from the Listing Standards for Audit Committees Not Applicable Item 16E Purchases of Equity Securities by the Issuer and Affiliated Purchasers Management's Discussion and Analysis of Financial Condition and Results of Operations—Purchases of Equity Shares by HDFC Bank and Affiliated Purchasers 134 Item 16F Changes in or disagreements with accountants Not Applicable Item 16G Significant Differences in Corporate Governance Practices Management—Compliance with NYSE Listing Standards on Corporate Governance 157 Item 16H Mine Safety Disclosure Not Applicable Item 16I Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not Applicable Item 16J Insider Trading Policies Management—Insider Trading Policies 161 Item 16K Cybersecurity

Management's Discussion and Analysis of Financial Condition and Results of Operations— Cybersecurity

Management's Discussion and Analysis of Financial Condition and Results of Operations— Cybersecurity 130 Item 17

Financial Statements

Financial Statements Not Applicable Item 18

Financial Statements

Financial Statements Consolidated Financial Statements and the Notes thereto F-1 Item 19 Exhibits Exhibit Index EI-1 iii EXCHANGE RATES AND CERTAIN DEFINED TERMS In this document, all references to "we", "us", "our", "HDFC Bank" or "the Bank" or "the Group" shall mean HDFC Bank Limited or where the context requires also to its subsidiaries whose financials are consolidated for accounting purposes. References to the "U.S." or "United States" are to the United States of America, its territories and its possessions. References to "India" are to the Republic of India. References to the "Companies Act" in the document mean the Indian Companies Act, 2013 and all rules and regulations issued thereunder. References to "$", "US$", "dollars" or "United States dollars" are to the legal currency of the United States and references to "Rs.", "INR", "rupees" or "Indian rupees" are to the legal currency of India. Our financial statements are presented in Indian rupees and in some cases translated into United States dollars. The financial statements and all other financial data included in this report, except as otherwise noted, are prepared in accordance with United States generally accepted accounting principles, or U.S. GAAP. U.S. GAAP differs in certain material respects from accounting principles generally accepted in India, the requirements of India's Banking Regulation Act and related regulations issued by the Reserve Bank of India ("RBI") (collectively, "Indian GAAP"), which form the basis of our statutory general purpose financial statements in India. Principal differences applicable to our business include: determination of the allowance for credit losses, classification and valuation of investments, classification and valuation of insurance contracts, accounting for deferred income taxes, stock-based compensation, loan origination fees, derivative financial instruments, business combinations and the presentation format and disclosures of the financial sta

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS We have included statements in this report 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, our ability to integrate HDFC Limited and its subsidiaries into our operations and to realize the anticipated benefits of the Transaction (as defined below), including with respect to the development of our new insurance services, brokerage account services, and financial management services, future levels of our non-performing/ impaired assets, our growth and expansion, the adequacy of our provision/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.

BUSINESS

BUSINESS Overview We are a new-generation private sector bank in India. Our goal is to be the preferred provider of financial services to our customers in India across metro, urban, semi-urban and rural markets. Our strategy is to provide a comprehensive range of financial products and services to our customers through multiple distribution channels, with what we believe are high-quality services, advanced technology platforms and superior execution. Since completion of the Transaction (as defined under "— About Our Bank " below) on July 1, 2023, we are also engaged in life and general insurance, asset management and securities broking products and services through our specialized subsidiaries and joint venture. We have four principal business activities: retail banking, wholesale banking, treasury services and insurance services. Our retail banking products include deposit products, loans, including housing loans and loans to small and medium enterprises, credit cards, debit cards, third-party mutual funds and insurance products, bill payment services, and other products and services. Under wholesale banking, we offer a wide range of commercial and transactional banking services, including working capital finance, trade services, transactional services and cash management. We are also a leading provider of structured solutions in India, which combine cash management services with vendor and distributor finance to facilitate supply chain management for our corporate customers. Since completion of the Transaction, we also provide construction finance. Our treasury operations manage our balance sheet including liquidity and interest rate risks thereon, and include customer-driven services such as advisory services related to foreign exchange and derivative transactions for corporate and institutional customers, supplemented by proprietary trading, including Indian Government securities. Our non-banking finance company ("NBFC") subsidiary HDB Financial Services

View Full Filing

View this 20-F filing on SEC EDGAR