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Annual Report 2013-14 10 (` Crore) ! " # # # # # # # # # # $ ! " # # # # # # # # # # " %&'()*+&,'(-*%./0-*/,12+302(43&2+(-*(+ 4(-*&/2+4(-* !5*/67&8&21//'*3 42 9 57 ! : $ 7 ; $< # < #< # < !5*/67&8&21//'*3 42 9 > 7< 7=>?< #< #< # < #< # < # < 5 ! (# ;((# @A (# ;7 77(#&/7*0 # # # !5*/67&8&21//'*3 42 9 5 (#&/7*0 (#&/7*0 # # # # # # > /2(2+81%*/0( #< /08+8/%(28/2( #< 88&((&/B0-*/,56*, #< C&%*2&%/08 #< 2-( # < 2-/2(2/08 # < > /2(2B4/( #< 4*2&/,B4/( # < *B # < */(+2 (% #< &%&1/1C*B/&%&1/1 # < %&(&/( # < !5*/67&8&21//'*3 42 9 Financial Highlights 2004-2005 2005-2006 2006-2007 Interest Income 3,119.78 4,547.26 7,055.35 Interest Expense 1,315.56 1,929.50 3,179.45 Net Interest Income 1,804.22 2,617.76 3,875.90 Other Income 719.36 1,237.08 1,679.21 Net Revenues 2,523.58 3,854.84 5,555.11 Operating costs 1,369.25 2,116.82 2,975.08 Operating Result 1,154.33 1,738.02 2,580.03 Provisions and Contingencies 175.39 484.51 941.28 Loan Loss Provisions 174.74 484.21 877.13 Others 0.65 0.30 64.15 Profit before tax 978.94 1,253.51 1,638.75 Provision for taxation 313.38 382.73 497.30 Profit after tax 665.56 870.78 1,141.45 Funds : Deposits 36,354.25 55,796.82 68,297.94 Subordinated debt 500.00 1,702.00 3,282.60 Stockholders’ Equity 4,519.85 5,299.53 6,433.15 Working Funds 51,429.00 73,506.39 91,235.61 Loans 25,566.30 35,061.26 46,944.78 Investments 19,349.81 28,393.96 30,564.80 Key Ratios : Earnings per share (`) * 4.58 5.58 7.26 Return on Average Networth 20.44% 17.47% 19.40% Tier 1 Capital Ratio 9.60% 8.55% 8.58% Total Capital Ratio 12.16% 11.41% 13.08% Dividend per share (`) * 0.90 1.10 1.40 Dividend payout ratio 24.00% 22.55% 22.92% Book value per share as at March 31 (`) * 29.17 33.85 40.28 Market price per share as at March 31 (`) ** 114.73 154.85 190.83 Price to Earnings Ratio 25.03 27.74 26.29 ` 1 Crore = ` 10 Million * Figures for the years prior to 2011-2012 have been adjusted to reflect the effect of split of equity shares from nominal value of ` 10 each into five equity shares of nominal value of ` 2 each. HDFC Bank Limited Annual Report 2013-14 10 (` crore) 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 10,530.43 16,584.01 16,467.92 20,380.77 27,874.19 35,064.87 41,135.53 4,887.12 8,911.10 7,786.30 9,385.08 14,989.58 19,253.75 22,652.90 5,643.31 7,672.91 8,681.62 10,995.69 12,884.61 15,811.12 18,482.63 2,495.94 3,700.65 4,573.63 4,945.23 5,783.62 6,852.62 7,919.64 8,139.25 11,373.56 13,255.25 15,940.92 18,668.23 22,663.74 26,402.28 4,311.03 5,950.54 6,475.71 7,780.02 9,277.64 11,236.11 12,042.20 3,828.22 5,423.02 6,779.54 8,160.90 9,390.59 11,427.63 14,360.08 1,547.59 2,123.78 2,490.40 2,342.24 1,877.44 1,677.01 1,588.03 1,278.84 1,970.35 2,288.74 1,198.55 1,091.77 1,234.21 1,632.58 268.75 153.43 201.66 1,143.69 785.67 442.80 (44.56) 2,280.63 3,299.24 4,289.14 5,818.66 7,513.15 9,750.62 12,772.05 690.45 1,054.31 1,340.44 1,892.26 2,346.08 3,024.34 4,293.67 1,590.18 2,244.93 2,948.70 3,926.40 5,167.07 6,726.28 8,478.38 100,768.60 142,811.58 167,404.44 208,586.41 246,706.45 296,246.98 367,337.48 3,249.10 8,738.58 6,353.10 7,393.05 11,105.65 16,586.75 16,643.05 11,497.23 14,646.33 21,519.58 25,376.35 29,924.37 36,214.15 43,478.63 133,176.60 183,270.77 222,458.57 277,352.59 337,909.50 400,331.90 491,599.50 63,426.90 98,883.05 125,830.59 159,982.67 195,420.03 239,720.64 303,000.27 49,393.54 58,817.55 58,607.62 70,929.37 97,482.91 111,613.60 120,951.07 9.24 10.57 13.51 17.00 22.11 28.49 35.47 16.05% 16.12% 16.80% 16.52% 18.37% 20.07% 20.88% 10.30% 10.58% 13.26% 12.23% 11.60% 11.08% 11.77% 13.60% 15.69% 17.44% 16.22% 16.52% 16.80% 16.07% 1.70 2.00 2.40 3.30 4.30 5.50 6.85 *** 22.17% 22.17% 21.72 22.72 22.70% 22.77% 22.68% 64.88 68.86 94.02 109.09 127.52 152.20 181.23 266.25 194.68 386.70 469.17 519.85 625.35 748.80 28.80 18.42 28.62 27.59 23.51 21.95 21.11 **Source : NSE (prices for years prior to 2011-2012 have been divided by five to reflect the sub-division of shares) *** Proposed HDFC Bank Limited Annual Report 2013-14 11 BOARD OF DIRECTORS EXECUTIVE VICE PRESIDENT Mr. C. M. Vasudev, Chairman (LEGAL) & COMPANY SECRETARY Mr. A. N. Roy Mr. Sanjay Dongre Mr. Bobby Parikh Mr. Keki Mistry Dr. Pandit Palande Mr. Partho Datta STATUTORY AUDITORS Mrs. Renu Karnad B S R & Co. LLP Mr. Vijay Merchant Chartered Accountants Mr. Aditya Puri, Managing Director Mr. Paresh Sukthankar, Deputy Managing Director (elevated as Deputy Managing Director w.e.f 24.12.2013) Mr. Harish Engineer Executive Director (upto 30.09.2013) REGISTERED OFFICE Mr. Kaizad Bharucha, Executive Director (appointed on 24.12.2013) HDFC Bank House, Senapati Bapat Marg, KEY MANAGERIAL PERSONS Lower Parel, Mumbai 400 013. Mr. Aditya Puri Tel: + 91 22 66521000 Mr. Paresh Sukthankar Fax: + 91 22 24960737 Website: www.hdfcbank.com Mr. Kaizad Bharucha Mr. Sashi Jagdishan Mr. Sanjay Dongre CORPORATE IDENTIFICATION NO SENIOR MANAGEMENT TEAM Mr. A Parthasarthy CIN - L65920MN1994PLC080618 Mr. Abhay Aima Mr. Anil Jaggia Mr. Anil Nath REGISTRARS & TRANSFER AGENTS Mr. Bhavesh Zaveri Mr. Deepak Maheshwari Datamatics Financial Services Ltd Plot No. B 5, Mr. Jimmy Tata Part B Crosslane, Mr. Navin Puri MIDC, Marol, Andheri (East), Mr. Rahul Bhagat Mumbai 400 093. Tel: + 91 22 66712213-14 Mr. Rajender Sehgal Fax: + 91 22 28213404 Mr. V Chakrapani E-mail: [email protected] HDFC Bank Limited Annual Report 2013-14 12 20th ANNUAL GENERAL MEETING Date : June 25, 2014 Day : Wednesday Time : 2.30 p.m. Place : Birla Matushri Sabhagar, 19, New Marine Lines, Mumbai 400 020 Book Closure for AGM : 7th June, 2014 to 25th June, 2014 (both days inclusive) Contents Directors’ Report 14 - 29 Independent Auditor's Report 30 - 31 Financial Statements 32 - 92 Basel II - Pillar 3 Disclosures 93 - 125 Independent Auditor's Report for Consolidated Financial Statements 126 - 127 Consolidated Financial Statements 128 - 173 Information with regard to Subsidiary Companies 174 Independent Auditor's Certificate on Corporate Governance 175 Corporate Governance 176 - 191 Shareholder Information 192 HDFC Bank Limited Annual Report 2013-14 13 Directors' Report To the Members, Your Directors take great pleasure in presenting the Twentieth Annual Report on the business and operations of your Bank together with the audited accounts for the year ended March 31, 2014. FINANCIAL PERFORMANCE (` crore) For the year ended March 31, 2014 March 31, 2013 Deposits and Other Borrowings 406,776.5 329,253.6 Advances 303,000.3 239,720.6 Total Income 49,055.2 41,917.5 Profit before Depreciation and Tax 13,443.7 10,402.3 Net Profit 8,478.4 6,726.3 Profit brought forward 11,132.2 8,399.6 Total Profit available for Appropriation 19,610.6 15,125.9 Appropriations: Transfer to Statutory Reserve 2,119.6 1,681.6 Transfer to General Reserve 847.8 672.6 Transfer to Capital Reserve 58.3 85.8 Transfer to / (from) Investment Reserve 3.2 17.7 Proposed Dividend 1,643.4 1,309.1 Tax Including Surcharge and Education cess on Dividend 279.3 222.5 Dividend (including tax / cess thereon) pertaining to previous year paid during the year 4.8 4.5 Balance carried over to Balance Sheet 14,654.2 11,132.2 The Bank posted total income and net profit of ` 49,055.2 crore and ` 8,478.4 crore respectively for the financial year ended March 31, 2014 as against ` 41,917.5 crore and ` 6,726.3 crore respectively in the previous year. Appropriations from net profit have been effected as per the table given above. DIVIDEND Your Bank has had a dividend policy that balances the dual Some of them are : objectives of appropriately rewarding shareholders through Asiamoney dividends and retaining capital in order to maintain a healthy s "EST$OMESTIC"ANKIN)NDIA s "EST,OCAL#ASH-ANAGEMENT"ANKIN)NDIA capital adequacy ratio to support future growth.
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