CIN: L65920MH1994PLC080618 HDFC Bank Limited,

Email: Zenith House,

shareholder.grievances@hdfcbank.com Opp. Race Course Gate no. 5
Website: www.hdfcbank.com & 6, Keshavrao Khadye Marg,
Mahalaxmi, Mumbai- 400034
Tel.: 022 - 3976 0000 / 07 / 12

March 06, 2024

BSE Limited National Stock Exchange of India Limited

Dept of Corporate Services The Listing Department
Phiroze Jeejeebhoy Towers, Exchange Plaza
Dalal Street, Fort, Bandra Kurla Complex,
Mumbai 400 001 Mumbai 400 051
Scrip Code: 500180 Scrip Symbol:
HDFCBANK
Dear Sir,

Sub: Presentation - Analyst / Institutional Investor Meetings under the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in
continuation to our intimation dated February 28, 2024 submitted to the Stock Exchanges, please find enclosed
herewith the presentation made at the Analyst/ Institutional Investor Meeting held on March 06, 2024.

This is for your information and appropriate dissemination.

Yours truly,

For HDFC Bank Limited

SANTOSH Digitally signed
by SANTOSH
GURUDAS GURUDAS
HALDANKAR
HALDANKA Date: 2024.03.06
18:12:19
R
Santosh Haldankar+05'30'

Company Secretary

Regd. Office: HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013
PRESENTATION
March 2024
 Classification - Public

01 India macroeconomic overview

02 Company overview and key credit highlights

03 CEO’s priorities

04 FY 2023 & Q3 FY 2024 – performance in context

05 ESG at HDFC Bank

06 Appendix

2
Classification - Public
 Positioned for attractive macro
variables

3 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
MACRO ENVIRONMENT

Compelling
opportunities
One of the fastest growing economies in the world – real GDP growth ~6.3%; rising affluence

Credit growth mirroring GDP growth with a multiplier of ~2x

Significant under penetration of credit – potential to extend credit to 400mn - 500 mn

individuals1

GDP per capita picking-up – increasing affordability – US$ 9,073 (PPP) in 2023 (1.7x from 10
years ago)

Increasing digital adoption – ~700 mn active internet users

Augurs well for hybrid acquisition and servicing model

Stable, inter-operable infrastructure – Aadhar, UPI, AA, Credit Bureaus etc.

1. As per report by TransUnion
CIBIL
4 Best levels of property affordability coupled with
HDFC Bank – Fixed Income Presentation government
HDFC support
Limited merged with HDFC enhances
Bank effective July 1, 2023. Priormortgage
period numbers are not
March’24 comparable.
potential
 MACRO ENVIRONMENT

India is one of the fastest growing major

economiesGDP has increased by ~6x in last two
decades
Making India the fifth-largest global Leading to Rising Affluence
economy
GDP, current prices (US$TN) GDP 2024E, Current prices (US$TN) GDP per capita, US$ at PPP

4.1 28.0
3.7
9,892
9,073

2.7 18.6
6,591

1.9 5,017

1.2 3,511

4.7 4.3 2,259

0.6 4.1

2003 2008 2013 2018 2023 USA Chin German Japan Indi
a y a 2003 2008 2013 2018 2023
2024E 2024E

GDP growth of ~6.3% in 2023 has helped India emerge as the fifth largest economy in
the world
Source: International Monetary Rising affluence is key
Fund
5 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
CREDIT PENETRATION

GDP growth to drive bank credit

growth
Banking sector credit growth has been ~2x the
Growing share of private banks in bank credit
average
YoY GDP growth during FY10 to FY23
Credit growth rate for banks compared with GDP Category-wise share of credit
growth rate (%)
100
Average YoY growth %
90 2
FY'18-23 % 1 2
FY’10-14 FY’14-18 3
80 9
7
GDP 7.2% 7.6% 4.2% %
70
%
Overall banking sector1 17% 10% 10%
60
%
HDFC Bank 24% 21% 19%
40
50 7
% 9 7
30 1 6
Growth multiplier2 % 3
20
Overall banking sector 2.4 1.3 2.4 %

10
%
2011- 2015-2018 2019-
Source: International Monetary Fund, HDFC Bank, Reserve Bank
of India 0% 2014 PSU and other banks Private 2023
1.Overall banking sector credit includes scheduled commercial Banks
banks
6
2.Banks’ YoY growth
HDFC Bankrate / GDP
– Fixed growth
Income rate
Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
 Company overview and key credit
highlights

7 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
AT A GLANCE

HDFC Bank – At a
Glance

PROMINENCE REACH RESILIENCE CREDIT STRENGTH

#1 93mn 2.0% Baa3 (Stable)

Private sector bank in India 1 Customer base ROA 3

~$131bn+ 8,091 18.4% BBB- (SACP: A-)4

Market capitalisation2 Banking branches Capital Adequacy

208k+ 22k+ 0.3% AAA (Stable)

Employees Banking outlets Net NPA

>4.8mn 38%
Merchant acceptance points CASA (Proportion of Total Deposits)

Source: HDFC Bank. Information as of December 31, 2023

1) In terms of asset size; 2) as of January 29, 2024, USDINR= INR83.12/USD; 3) RoA for Dec-23; 4) SACP: Stand-Alone
Credit Profile

8 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
WIDESPREAD PRESENCE IS KEY

Pan-India customer reach through a large distribution

network
Strong national footprint Reinvesting profits to continuously enhance branch network
(branches)
# of branches

7,183 7,821 7,860 7,945 8,091

18% 18% 18% 18% 18%

33% 34% 34% 34% 34%

20% 20% 20% 20% 20%

28% 28% 28% 28%

28%
Dec'2 Mar'23 Jun'23
2
Metro Urban Semi- Rura
Sep'23
Urban l
Dec'23
1.6x branches since Dec’19; ~1K branches added in last 12 months
Providing banking solutions in ~3.9K cities/towns

9 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
PRODUCTS AND SERVICES

Complete suite of products and

services Retail Banking Wholesale Banking Treasury

Commercial Banking Investment Banking Products/Segments

Loan Products Deposit Products Other Products/Services
• Auto Loan • Depository Accounts • Working Capital • Debt Capital Markets • Foreign Exchange

• Savings Accounts • Mutual Fund Sales

•• Personal
Home Loans
Loans / • Current Accounts
• Private Banking • Term Loans • Equity Capital Markets • Debt Securities
Mortgages • Fixed / Recurring
• Commercial Vehicles Finance • Insurance Sales
Deposits • Bill / Invoice discounting • Project Finance • Derivatives
• • Corporate Salary (Life, General)
Retail Business Banking
Accounts • Non-resident •• Letters
Forex &of
Derivatives • M&A and Advisory • Equities
• Credit Cards • Escrow Accounts Indian (NRI) Credit
• Guarantees
Services Other Functions
• Loans Against Gold Key Segments
• Bill Payment
• Asset Liability
• 2-Wheeler Loans Services
Transactional Banking • Large •
Management
Statutory
• Construction • Point of Sale (POS) Corporates Reserve
Equipment Finance Terminals • Emerging Corporates Management
• Consumer Durable • Debit Cards • Cash Management • Cash Management
Loans •• Broking (HDFC
Foreign Exchange • Custodial Services
Securities • Custodial Services
• Agri and Tractor Services Ltd.)
Loans • Gold and Silver • Clearing Bank Services • Clearing Bank Services
Bullion
• Education Loans business • Correspondent Banking • Correspondent Banking
• Self Help Group • Tax Collections • Tax Collections
Loans
• Banker to Public Issues •
• Joint Liability Group Banker to Public Issues
Loans
• Kisan Gold Card
10 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
• LoansMarch’24
Against comparable.
Securities
OVERVIEW OF MERGER

Overview of the Merger of HDFC Ltd. with HDFC

Bank Merger Consummated with HDFC Ltd.

• Merger consummated on 1st July 2023

• Key highlights: Incoming
unique
 Employees of erstwhile HDFC Ltd. have been customers: Customers:
6mn
3mn
successfully onboarded into appropriate roles
in the Bank
 IT systems have been integrated seamlessly;
customers have a unified view of their relationship Customers: 93mn
 Home loans – step-up in activation of
distribution network, partner channels and
penetration into customer base
 Digital orchestration for bundled offerings
Customers: Customers:
 Group companies to provide synergistic 8mn 15mn

benefits and
avenue for future growth
Significant opportunities for the Bank

Leveraging on Creates runway for Enhancing scale–

Enhanced cross-sell
distribution growth in unsecured ability to underwrite
ability
network lending larger loans

11 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
FOUNDATION

Ubiquitous bank – HDFC Bank

Story

Pan-India distribution network

Complete suite of products Growing customer base
and Best in Class
technology

Well diversified loan Proven ability to execute and Prudent and robust risk
book; Granular strong financial performance management with industry-
deposits best asset quality
Attractively positioned to capture larger share of growing Indian economy

12 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
 CEO’s
priorities

13 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
CEO’s PRIORITIES

What we have – positioned to consistently

create value
What we have Create incremental value Priorities to drive

Onboarding Employee first

Harness people
Growth
capabilities
strategy

At-scale distribution Customer first

The Next
Customer
3-5 Years
Customer
Robust risk engagement service
management Technology first

Attractive macro- Power of the Group

Continue
variables Capture Technology
Macro share Excellence

14 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
CEO’s PRIORITIES

Employee – Customer –
Technology
Technology

Employees
• ~200K empowered • •
Customerspersonnel 93 million customers – Technology investments
as of Dec’23; customers are the driving
Dec 2023 focal point and customer growth and efficiencies
• Culture Elevation; fostering service our obsession • 60+ million customers engage
positive, respectful and a good • Net Promoter Score* of 54 through digital channels per
working environment (vis-à-vis 4-peer average of month
45) • Digital orchestration for
• KPI for managers – nurturing, • 3 million unique customers bundled offerings
caring and hand-holding their of eHDFC seamlessly progressing for launch
teams merged – unified view of • Intuitive and user-friendly
• Employees engagement relationship made available cloud native journeys to
score 83 make the Bank ready for the
next 100 million customers

These will lead to sustainability of our growth

15 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
EXECUTING ON IDENTIFIED AREAS OF
GROWTH
10 Pillars of
growth
Delivery of product
Customer acquisition Relationship management
and services

Capturing flows of Digital Retail Expanding Technology Re-Imagining the

Government and Marketing Assets Wealth and Digital branch channel
Institutional (G&I) Management

HDFC Bank Heartland Virtual

edge for Commercial Leadership in the
Relationship
Corporate and Rural Payments Business
Management
Cluster (VRM)

Customer Strengtheni Effective Zero Paper, People

Cultur
Service and ng Risk Zero Touch Learning and
e
Experience Complianc Manageme Operations Development
16 HDFC Bank – Fixed Income Presentatione nt HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
 FY 2023 performance in
context

17 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
 PROVEN ABILITY TO EXECUTE

Long term consistent

growth Advances
Rs. bn

16,14
2
11,43 13,805
10,02
8,27 3
10Y 6,64 7
4,67 5,58 3
CAGR 3,67 3
2,41 3,05 6 6
0 9
3

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

Deposits

Rs. bn

18,83
4
13,35 15,592
11,47 1
9,23 5
7,88
5,46 6,43 1
4,50 8
10Y 2,96 3,67 4 6
3 8
CAGR 2

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

18 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
PROVEN ABILITY TO EXECUTE

Consistent performance across

cycles Profit after tax
₹ bn
10Y
CAGR

441
370
263 311
175 211
102 123 145
67 85

FY13 FY14 FY15 FY17 FY16 FY18 FY19 FY20 FY21 FY22 FY23

Earnings per share Book value per share

502
FY23 Consolidated EPS: ₹ 83 79 FY23 Consolidated BPS: ₹
433
67 519
370
57
48 312
274
39
34 205
29 175
21 24 125 144
14 18 91
77

FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

19 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
BEST IN CLASS ASSET QUALITY

Low and stable GNPAs across credit

cycles Cross cycle experience with stable asset quality (GNPA%)

Gross advances Rs. bn

GNPA %
6
18,000
16,142
5 16,000

14,000
4
12,000

3
10,000

6,643 8,000
2
6,000

2,413 4,000
1
1.1
1.0
2,000
0 -
Mar'13 Mar'14 Mar'15 Mar'16 Mar'17 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23

Low and stable GNPA coupled with consistent strong growth in advances across economic cycles
20 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
 PROVEN ABILITY TO EXECUTE

Balance sheet and capital

productivity Consistent growth in assets and RoA
₹ bn
40,00 2.1
0 1.9 2.0 2.0 2.0 2.0 2.0
1.9 1.9 1.9 1.9
30,00
0

20,00
0

10,00
-
0
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
Assets RoA
%
Capital positioned for growth with consistent RoE
25.
20.1 20.9 20.4
0
18.0 18.0 18.2 16.9 17.4
20. 16.3 16.8 16.6
0
15.
0
10.
0 14.9 16.4 16.9 16.7 16.4
11.1 11.8 13.7 13.2 12.8 12.2
5.
0
0.
0 FY13 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
FY14 CET1 % RoE %
FY13 Tier 1 capital as per Basel II
FY14 onwards CET1 capital as per Basel III
21 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
ROBUST CAPITALIZATION

Robust Capitalization and Liquidity

Metrics
The Bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 110% for the quarter ending December 31, 2023,
well above the regulatory requirement

Maintaining Capital Ratio beyond Regulatory Threshold Distance to Regulatory Capital Requirement

Capital Adequacy Ratio Adequate capital buffer before breaching regulatory

(%) requirements
18.4%
18.9% 19.3%
18.5% 18.8% 18.4%
17.1% 1.3% 1.2% 1.0% 2.1% 1.6%
1.2% 1.6% Buffer of 6.7%
0.8% 0.7% 0.7%
1.3% 0.5% 0.5%
0.9%

11.7%
11.700% 11.700% 11.700%
11.025% 11.075% 11.075% 0.2%
2.5%

16.4% 16.9% 16.7% 16.4% 16.3% 2.0% 16.3%

14.9%
1.5%

5.5%

Mar- Mar- Mar- Mar- Mar- Dec- RBI Regulatory Capital HDFC Bank's capital position as of
19 20 21 22 23 23 Requirement (fully-loaded) Dec'23

CET-1 AT 1 Tier-II Regulatory CET1 AT1 Tier 2 Capital Conservation D-SIB

Source – Company (%) (%) Min(%) Buffer buffer
data

22 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
 Key metrics for Q3
Dec’23

23 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
Q3 FY
2024
Key performance
metrics
 Advances growth ₹ 1.1 tr in the quarter (↑4.9%)

 Deposits increased ₹ 0.4 tr in the quarter (↑1.9%)

 Retail deposits grew ₹ 0.5 tr in the quarter (↑2.9%)

 Asset quality continues to remain stable

 RoA of 2.0% and RoE of 15.8% in the current quarter

 Consolidated EPS of ₹ 22.7 for the quarter and BVPS of ₹

576.0
 Capital adequacy ratio at 18.4%; positioned for
24 continued growth
HDFC Bank – Fixed Income Presentation
March’24
HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
comparable.
Q3 FY 2024

Key financial parameters at a glance – Q3 FY

2024
Gross advances at ₹ 24,693 Net profit of ₹ 164 bn,
bn, up by 4.9% QoQ EPS
for the quarter ₹ 21.6

Deposits at ₹ 22,140 bn, Gross NPA at

up by 1.9% QoQ ; CASA 1.26%
38%

Net interest margin^ of Return on assets of

3.4% 2.0%

Cost-to-income ratio of Capital adequacy ratio at

40.3% 18.4%
of which CET1 at 16.3%
Standalone Indian GAAP figures as on 31st Dec’2023 (bn = Billion); ₹ = Rupees; ^based on total
assets
25 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
BUSINESS GROWTH

Growth in advances and

deposits Gross advances Deposits

🡑 4.9% ₹ ₹
bn 🡑 1.9% bn

23,546 24,693 21,729 22,140

22,444 20,638
19,131
16,300

Jun'23 Sep'2 Dec'2 Jun'2 Jun'23 Sep'2 Dec'2

Jun'23 (P) 3 3 3 (P) 3 3

(P) indicates balances on merged basis

*

26 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
DIVERSIFIED LOAN BOOK

Sustained growth across

segments
Growth across all segments Composition of retail loan book

Loans (₹ bn) Sep'23 Dec'23 QoQ Dec’23

Retail 11,803 12,189 3.3% 15%

10
Retail Mortgages 7,171 7,432 3.6% %

Retail Non-Mortgages 4,632 4,756 2.7%

8
CRB 7,244 7,731 6.7%
%
Other Wholesale 4,281 4,363 1.9% 1
%
Subtotal 23,328 24,282 4.1% 1
%
eHDFCL Non-Individual 1,028 989 (3.8%)
4
Advances gross of IBPC 24,356 25,270 3.8% %
61%
IBPC/BRDS (809) (578) (28.7%)
Gross Advances 23,546 24,693 4.9%
MG PL AL Payments TW GL
Retail : Wholesale mix* 55% : 45% 54% : 46% Other retail
As per Basel classification. eHDFCL refers to erstwhile HDFC Limited
*
MG – Mortgages; PL – Personal loans; AL – Auto loans; Payments – Cards & Consumer
Durable loans; TW – Two wheeler loans; GL – Gold loan
27 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
HIGH QUALITY DEPOSIT FRANCHISE

Stable and granular

deposits Granular deposits Proportion of CASA deposits
₹ bn
42%
39%
17% 17% 17% 16%
38%
83% 83% 83% 84% 38%

5,606 5,606 5,700

5,799

Jun'23 Jun'23 (P) Sep'23 Dec'23

Retail Wholesale 2,523 2,460 2,477
(P) indicates ratios on merged basis
* 2,558

Jun'23 Jun'23 (P) Sep'23

Dec'23
28 HDFC Bank – Fixed Income Presentation CABank effective July 1, 2023. Prior period numbers
HDFC Limited merged with HDFC SA are not
March’24 comparable.
CASA Ratio

Retail anchoring deposit growth

Q3 FY 2024

Profitabili
ty Standalone profit after tax Earnings per share*
₹ ₹
bn

22.0 21.6 21.4 21.1 21.6

Q3 Q4 Q1 Q2 Q3
Dec'22 Mar'23 Jun'23 Sep'23 Dec'23
* for the quarter EPS Standalone
160 164
₹
123 120 120

22.8 22.6 22.2 22.2 22.7

Q3 Q4 Q1 Q2 Q3
Dec'22 Mar'23 Jun'23 Sep'23 Dec'23 Q3 Q4 Q1 Jun'23 Q2 Q3
YoY 19% 20% 30% 51% 34% Dec'22 Mar'23 Sep'23 Dec'23
EPS Consolidated

29 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
HDFC BANK

Shareholding at 31st
Dec’23 Other FIs, 2.0% Others, 2.6%
Dec’23

Insurance cos, 7.8%

Number of shares outstanding : 7,592

mn
Individuals, Number of individual
11.7% : 2.97
FIIs/FPIs, 45.6% Foreign limit
shareholders
mn
utilized
:
Foreign
Mutual Funds, 59.4%
16.8%
headroom
:
14.6%

ADR, 13.5%

30 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
 Key
subsidiaries

31 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
GROUP COMPANIES

Stake held in key subsidiary entities – December

31, 2023 Investment No. of shares % Stake PAT of the Book value
EPS (FTQ)
Entity Amount outstanding held by company per share
(₹)
(₹ bn) by entity (mn) HDFC Bank (FTQ) (₹ (₹)
bn)
HDB Financial Services 35 792.3 94.74% 6.4 164.7 8.0
HDFC Life Insurance 56 2,150.7 50.37% 3.7 65.9 1.7
HDFC AMC 2 213.5 52.55% 4.9 305.6 22.9
HDFC ERGO General 26 715.0 50.48% 1.3 55.7 1.9
Insurance
HDFC Securities 3 15.9 95.39% 2.3 1,252.6 143.9
HDFC Credila Financial 24 158.1 100.0% 1.5 222.2 9.2
Services
All others 5 0.1
Total 151 20.2
PAT (profit after tax), Book value per share and EPS of the entities are in accordance with GAAP as applicable to the
respective entities
32 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
 ESG
initiatives

33 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
ESG AT HDFC
BANK
ESG
initiatives
Environmental Social Governance Ratings
• Target to be carbon • Leading responsibly • Commitment to
neutral by FY32 • Taking banking to the principles of
unbanked; independence,
• Commitment to have all • Supporting businesses; accountability, As of September 2023
new • Enabling smart banking; responsibility,
branches certified as green • Empowering communities transparency and fair &
• Board approved ESG Risk timely disclosures
• Gender diversity: 24.7%
Management Policy • Diversified and skilled Top constituent of
focusing on enhanced • CSR initiatives board Nifty 100 ESG
environmental and social cumulatively impacted index
due diligence for lending over 99.3 million • CSR & ESG Committee
beneficiaries of Directors oversee the
• Board approved
ESG strategy along with
Sustainable Finance • People and work the ESG Apex Council
S&P Corporate
Framework, along with a Sustainability
culture: Nurture, Care & Assessment (89th
second party opinion • Highest governance
Collaborate percentile)
score of 1 by ISS, 2023
• 2-tiered governance
• ET Awards, 2023:
structure for Diversity,
Equity & Inclusion – at theHDFC LimitedSelected as the
corporate & regional levelcomparable.‘Conscious Corporate of
34 HDFC Bank – Fixed Income Presentation ESG
merged with HDFC Bank effective July 1, 2023. Prior Score:
period 80/100
numbers are not
March’24
the Year’ for its work in
CSR &ESG
 APPENDIX – Q3 Dec’23 earnings
summary

35 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
STANDALONE

Key financial parameters at a glance – Q3 FY

2024
Gross advances at ₹ 24,693 Net profit of ₹ 164 bn,
bn, up by 4.9% QoQ EPS
for the quarter ₹ 21.6

Deposits at ₹ 22,140 bn, Gross NPA at

up by 1.9% QoQ ; CASA 1.26%
38%

Net interest margin^ of Return on assets of

3.4% 2.0%

Cost-to-income ratio of Capital adequacy ratio at

40.3% 18.4%
of which CET1 at 16.3%
Standalone Indian GAAP figures as on 31st Dec’2023 (bn = Billion); ₹ = Rupees; ^based on total
assets
36 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
STANDALONE

Abridged balance
sheet Balance sheet (₹ bn) Q3FY23 Q2FY24 Q3FY24 QoQ
Loans and advances 15,068 23,312 24,461 1,149
Investments 5,273 7,234 6,749 (485)
Government and debt securities 5,222 7,040 6,556 (484)
Equity and other securities 51 194 193 (1)
Cash & equivalent 1,192 1,871 1,775 (96)
Fixed and other assets 1,420 1,746 1,941 195
Total assets 22,953 34,163 34,926 763

Deposits 17,332 21,729 22,140 411

Borrowings 2,108 7,168 7,377 209
Equity & reserves 2,676 4,050 4,223 173
Other liabilities 837 1,216 1,186 (30)
Total liabilities 22,953 34,163 34,926 763

37 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
BUSINESS GROWTH

Growth in advances and

deposits Gross advances Deposits

🡑 4.9% ₹ ₹
bn 🡑 1.9% bn

23,546 24,693 21,729 22,140

22,444 20,638
19,131
16,300

Jun'23 Sep'2 Dec'2 Jun'2 Jun'23 Sep'2 Dec'2

Jun'23 (P) 3 3 3 (P) 3 3

(P) indicates balances on merged basis

*

38 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
DIVERSIFIED LOAN BOOK

Sustained growth across

segments
Growth across all segments Composition of retail loan book

Loans (₹ bn) Sep'23 Dec'23 QoQ Dec’23

Retail 11,803 12,189 3.3% 15%

10
Retail Mortgages 7,171 7,432 3.6% %

Retail Non-Mortgages 4,632 4,756 2.7%

8
CRB 7,244 7,731 6.7%
%
Other Wholesale 4,281 4,363 1.9% 1
%
Subtotal 23,328 24,282 4.1% 1
%
eHDFCL Non-Individual 1,028 989 (3.8%)
4
Advances gross of IBPC 24,356 25,270 3.8% %
61%
IBPC/BRDS (809) (578) (28.7%)
Gross Advances 23,546 24,693 4.9%
MG PL AL Payments TW GL
Retail : Wholesale mix* 55% : 45% 54% : 46% Other retail
As per Basel classification. eHDFCL refers to erstwhile HDFC Limited
*
MG – Mortgages; PL – Personal loans; AL – Auto loans; Payments – Cards & Consumer
Durable loans; TW – Two wheeler loans; GL – Gold loan
39 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
HIGH QUALITY DEPOSIT FRANCHISE

Stable and granular

deposits Granular deposits Proportion of CASA deposits
₹ bn
42%
39%
17% 17% 17% 16%
38%
83% 83% 83% 84% 38%

5,606 5,606 5,700

5,799

Jun'23 Jun'23 (P) Sep'23 Dec'23

Retail Wholesale 2,523 2,460 2,477
(P) indicates ratios on merged basis
* 2,558

Jun'23 Jun'23 (P) Sep'23

Dec'23
40 HDFC Bank – Fixed Income Presentation CABank effective July 1, 2023. Prior period numbers
HDFC Limited merged with HDFC SA are not
March’24 comparable.
CASA Ratio

Retail anchoring deposit growth

BUILDING FRANCHISE STRENGTH

Branch expansion and customer relationships driving

growth Branch network Customer base
#s # mn

7,183 7,821 7,860 7,945

8,091

18% 18% 18% 18%

18%

33% 34% 34% 34%

34% 93
91

85
83
81
20% 20% 20% 20%
20%

28% 28% 28% 28%

YoY 1,404 1,479 28%
1,482 1,446 908
Dec'22 Mar'23 Jun'23 Sep'23 Dec'23
QoQ 684 638 39 85 146
Dec'22 Mar'23 Jun'23

Sep'23 Dec'23 Metro

Urban Semi-
41 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
Urban Rural

Distribution strength enables customer engagement

RISK MANAGEMENT

Robust capital and liquidity

metrics Capital adequacy LCR (Consolidated)

19.5%
19.4%
19.3%
18.9%

18.4%

17.8% 126%
121%
113% 116%
17.2% 110%
17.1%
16.9% 16.8%

Dec'2 Mar'2 Jun'2 Sep'2 Dec'2 Q3 Q4 Q1 Q2 Q3

2 3 3 3 3 Dec'22 Mar'23 Jun'23 Sep'23 Dec'23
Total Tier 1
Capital Capital

42 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
STANDALONE

Income
statement
P&L (₹ bn) Q3 FY23 Q2 FY24 Q3 FY24 QoQ YoY

Net interest income 229.9 273.8 284.7 4.0% 23.9%

Non-interest income 85.0 107.1 111.4 4.0% 31.0%

Net revenue 314.9 380.9 396.1 4.0% 25.8%

Operating expenses 124.6 154.0 159.6 3.6% 28.1%

Provisions* 28.1 29.0 42.2 45.2% 50.2%

Profit before tax 162.2 197.9 194.3 (1.8%) 19.8%

Profit after tax 122.6 159.8 163.7 2.5% 33.5%

EPS ( ₹ ) 22.0 21.1 21.6

BVPS ( ₹ ) 479.8 534.2 556.2

* includes contingent provisions of ₹ 12.2 billion pertaining to investments in AIF for Q3 FY24

4 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
3 Non-interest income includes fees & commissions, foreign exchange & derivative revenue, net trading & MTM income, and miscellaneous income, including
recoveries and dividend
STANDALONE

Net
revenues Net revenue Net revenue mix
₹
bn

27% 27% 28% 28% 28%

381 396
315 321 328 73% 73% 72% 72% 72%

Q3 Q4 Q1 Q2 Q3 Q3 Dec'22 Q4 Mar'23 Q1 Q2 Sep'23 Q3

Dec'22 Mar'23 Jun'23 Sep'23 Dec'23 Jun'23 Dec'23

YoY 18% 21% 27% 33% 26% Net Interest Non Interest
Income Income

44 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
STANDALONE

Net interest
income Net interest income Net interest margin (NIM)
₹
bn
4.3 4.3 4.3
4.1 % 4.1 % 4.1 %
% % %
3.6 3.6
3.4 % 3.4 %
% %

274 285
230 234 236

Q3 Q4 Q1 Q2 Q3 Q3 Dec'22 Q4 Mar'23 Q1 Jun'23 Q2 Sep'23 Q3

Dec'22 Mar'23 Jun'23 Sep'23 Dec'23 Dec'23

YoY 25% 24% 21% 30% 24% NIM NIM

(IEA)
IEA: Interest Earning Assets

45 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
STANDALONE

Yield on assets and cost of

fundsYield on assets and cost of funds Mix

Particulars Dec'22 Mar'23 Jun'23 Sep'23 Dec'23

8.2 8.3
7.9 8.1
7.7 % % Advances mix
% %
%
Retail 38% 37% 38% 48% 48%

Mortgage 11% 11% 11% 29% 29%

4.8 4.9
Ex Mortgage 27% 26% 27% 19% 19%
% %
4.0
3.7 CRB 37% 39% 39% 30% 31%
3.5 %
%
%
Wholesale 25% 24% 24% 22% 21%

CASA ratio 44% 44% 42% 38% 38%

Q3 Dec'22 Q4 Q1 Jun'23 Q2 Sep'23 Q3

Mar'23 Dec'23 Borrowings % of total
9% 8% 8% 21% 21%
liabilities
Yield on Assets Cost of Funds (incl. Shareholders'
Funds)
46 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
STANDALONE

Other
income Other income Fee income mix
₹
111 bn
107 7% 6% 7% 8% 6%

92 15 18% 16% 17%

15 20% 18%
85 87
11 10 15
11 11 6
3 12 12 33%
10 13 34% 33% 35%
11 34%

19%
20% 21% 20%
66 63 69 69 20%
61

22% 27% 21% 22%

19%
-0
Q3 Dec'22 Q4 Mar'23 Q1 Q2 Sep'23 Q3 Q3 Dec'22 Q4 Q1 Q2 Sep'23 Q3
Jun'23 Dec'23 Mar'23 Jun'23 Dec'23
Fees & Commissions
Net trading & MTM FX & Derivative income Retail
income Other Miscellaneous Third Party Products assets Payments
YoY 4% 14% 44% Income
41% 31% Retail Wholesal
liabilities e

47 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
STANDALONE

Operating
expensesOperating expenses Cost efficiency
₹
bn
42.0% 42.8%
160 39.6% 40.4% 40.3%
154
141
135
125

106 Q3 Q4 Q1 Jun'23 Q2 Sep'23 Q3

102
93 Dec'22 Mar'23 Dec'23
91
84
Cost to income ratio

2.3% 2.4% 2.4%

48 52 54 1.9% 1.9%
41 44

Q3 Q4 Q1 Jun'23 Q2 Sep'23 Q3
Dec'22 Mar'23 Dec'23 Q3 Q4 Q1 Q2 Q3
Staff Other operating Dec'22 Mar'23 Jun'23 Sep'23 Dec'23
Cost to
costs expenses
assets
48 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
RISK MANAGEMENT

Resilient asset
quality Gross NPA and Net NPA GNPA by Segment
1.9%

1.6%
1.7%
1.3% 1.6%
1.2% 1.3%
1.2%
1.1%
1.1%

1.1%

0.9% 0.8%
0.3% 0.3%
0.3% 0.3%

0.3%

Dec'22 Dec'23

Sep'23 Dec'23
Mar'23 Jun'23
Sep'23
Retail CRB CRB (ex-Agri) Wholesale
GNPA NNPA
49 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
ASSET QUALITY

Corporate rating
mix Rating mix % of externally rated wholesale book (corporate & mid corporate)
Sep’23 Dec’23

74.7%
75.7%

5.1% 4.7%

7.1% 6.9%

13.1% 12.7%

AA and above A BBB BB and below AA and above A BBB BB and

below
50 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
RISK MANAGEMENT

Provision
s Credit cost Stock of provisions
₹
74 bps bn
70 bps 492
67 bps 492*

52 bps 101 105

51 bps 49 bps 49 bps 15
312 318 326 15
44 bps
34 bps 35 bps 66 70 142 139
71
15 15 15

Q3 Q4 Q1 Jun'23 Q2 Sep'23 Q3
Dec'22 Mar'23 Dec'23* Specific Contingent
Credit Credit cost (net of 94 Provision 97 97 Provision General
cost recoveries) Floating Provision
₹ 235 233
28 30 76% 75% 74% 75%
27 bn 137 Provision 137
73% 143
29 29
Q3 Q4 Q1 Jun'23 Q2 Q3 Dec'2
Dec'22 Mar'2
Mar'23 Jun'2Jun'23 Sep'2
Sep'23 Dec'2
Dec'22 Mar'23 Sep'23 Dec'23* 2 3 3 3
Dec'23 3
Credit Specific
cost PCR of ₹ 12.2 billion pertaining to investments in AIF
* excludes contingent provisions
5 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
1
Q3 FY 2024

Profitabili
ty Standalone profit after tax Earnings per share*
₹ ₹
bn

22.0 21.6 21.4 21.1 21.6

Q3 Q4 Q1 Q2 Q3
Dec'22 Mar'23 Jun'23 Sep'23 Dec'23
* for the quarter EPS Standalone
160 164
₹
123 120 120

22.8 22.6 22.2 22.2 22.7

Q3 Q4 Q1 Q2 Q3
Dec'22 Mar'23 Jun'23 Sep'23 Dec'23 Q3 Q4 Q1 Jun'23 Q2 Q3
YoY 19% 20% 30% 51% 34% Dec'22 Mar'23 Sep'23 Dec'23
EPS Consolidated

52 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.
Safe harbour
statement
Certain statements are included in this
release which contain words or phrases,
are or become a party to, the future impact
of new accounting standards, our ability to
by any factor, including terrorist attack in
India, the United States or elsewhere, anti-
such as ‘will’, ‘aim’, ‘will likely result’, pay dividends, the impact of changes in terrorist or other attacks by the United
‘believe’, ‘expect’, ‘will continue’, banking regulations and other regulatory States, a United States-led coalition or any
‘anticipate’, ‘estimate’, ‘intend’, ‘plan’, changes on us in India and other other country, tensions between India and
‘contemplate’, ‘seek to’, ‘future’, jurisdictions, our ability to roll over our Pakistan related to the Kashmir region or
‘objective’, ‘goal’, ‘project’, ‘should’, ‘will short-term funding sources and our between India and China, military
pursue’ and similar expressions or exposure to market and operational risks. armament or social unrest in any part of
variations of these expressions, that are By their nature, certain of the market risk India, the monetary and interest rate
‘forward-looking statements’. Actual results disclosures are only estimates and could policies of the Government of India, natural
may differ materially from those suggested be materially different from what may calamities, inflation, deflation, unanticipated
by the forward-looking statements due to actually occur in the future. turbulence in interest rates, foreign
certain risks or uncertainties associated exchange rates, equity prices or other rates
As a result, actual future gains, losses or
with our expectations with respect to, but or prices, the performance of the financial
impact on net income could materially
not limited to, our ability to implement our markets in India and globally, changes in
differ from those that have been estimated.
strategy successfully, the market Indian and foreign laws and regulations,
In addition, other factors that could cause
acceptance of and demand for various including tax, accounting and banking
actual results to differ materially from
banking services, future levels of our non- regulations, changes in competition and the
those estimated by the forward- looking References to eHDFCL
performing loans, our growth and pricing environment in are in respect
India, of
and regional or
statements contained in this document the erstwhile Housing Development
expansion, general changes in asset valuations.
include, but are not limited to: general Financial Corporation Limited that was
the adequacy of our allowance for
economic and political conditions, merged with HDFC Bank Limited effective
credit and investment losses,
instability or uncertainty in India and other July 1, 2023.
technological changes, volatility in
countries which have an impact on our
investment income, our ability to
53 HDFC Bank – Fixed Income Presentation business activities or investments caused
HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
market March’24
new products, cash flow comparable.
projections, the outcome of any legal,
tax or regulatory
proceedings in India and in other
jurisdictions we
 Thank
you

54 HDFC Bank – Fixed Income Presentation HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not
March’24 comparable.