HDFC Bank

CONSOLIDATEDFINANCIAL RESULTS:

The Bank's consolidated net revenue grew by 133.6% to Rs807.0 billion for the quarter ended March 31, 2024 from Rs345.5 billion for the quarter ended March 31, 2023. The consolidated profit after tax for the quarter ended March 31, 2024 was 7 176.2 billion, up 39.9%, over the quarter ended March 31, 2023. Earnings per share for thequarter ended March 31, 2024 was § 23.2 and book value per share as of March 31, 2024 was Rs600.8.

The consolidated profit after tax for the year ended March 31, 2024 was # 640.6 billion, up 39.3%, over the year ended March 31, 2023.

STANDALONEFINANCIALRESULTS:

Profit &Loss Account: Quarter ended March 31, 2024

The Bank's net revenue grew by 47.3% to Rs 472.4 billion (including transaction gains of RS 73.4 billion from stake sale in subsidiary HDFC Credila Financial Services Ltd) for the quarter ended March 31, 2024 from Rs 320.8 billion for the quarter ended March 31, 2023.

Net interest income (interest earned less interest expended for the quarter ended March

31, 2024 grew by 24.5% to RS 290.8 billion from Rs 233.5 billion for the quarter ended March

31, 2023. Core net interest margin was at 3.44% on total assets, and 3.63% based on interest earning assets.

Other income (non-interest revenue) for the quarter ended March 31, 2024 was RS 181.7 billion as against 7 87.3 billion in the corresponding quarter ended March 31, 2023. The four components of other income for the quarter ended March 31, 2024 were fees & commissions of RS 79.9 billion 66.3 billion in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of Rs 11.4 billion & 10.1 billion in the corresponding quarter of the previous year), net trading and mark to market gain of 75.9 billion, including transaction gains of 7 73.4 billion mentioned above (loss of 0.4 billion in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend of 14.4 billion 11.3 billion in the corresponding quarter of the previous year).

Operating expenses for the quarter ended March 31, 2024 were § 179.7 billion, an increase of 33.5% over 134.6 billion during the corresponding quarter of the previous year. Operating expenses for the quarter ended March 31, 2024 included staff ex-gratia provision of § 15 billion. The cost-to-income ratio for the quarter was at 38.0%. Excluding certain transaction gains and the ex-gratia provision, cost to income ratio for the quarter was at 41.3%.

The credit environment in the economy remains benign, and the Bank's credit performance across all segments continues to remain healthy. The Bank's GNPA at 1.24% has shown an improvement over the prior quarter. The Bank has considered this as an opportune stage to enhance its floating provisions, which are not specific to any portfolio, but act as a countercyclical buffer for making the balance sheet more resilient, and these also qualify as Tier 2 Capital within the regulatory limits. Therefore, the Bank

has made floating provisions of § 109.0 billion during the quarter.

Provisions and contingencies for the quarter ended March 31, 2024 were § 135.1 billion (including the floating provisions of § 109.0 billion mentioned above). Provisions and contingencies, excluding the floating provisions, for the quarter ended March 31, 2024 were 7 26.1 billion as against ©26.9 billion for the quarter ended March 31, 2023.

The total credit cost ratio (excluding the floating provisions mentioned above) was at 0.42%, as compared to 0.67% for the quarter ending March 31, 2023.

Profit before tax (PBT)for the quarter ended March 31, 2024 was at TM157.6 billion. Profit aftertax (PAT) for the quarter, after certain tax credits, was at TM165.1 billion, an increase of 37.1% over the quarter ended March 31, 2023.