HDFC BANK (Housing Development Finance Corporation Limited)

The Housing Development Finance Corporation Limited (HDFC) was amongst the
first to receive an 'in principle' approval from the Reserve Bank of India (RBI) to set
up a bank in the private sector, as part of the RBI's liberalization of the Indian
Banking Industry in 1994. The bank was incorporated in August 1994 in the name of
'HDFC Bank Limited', with its registered office in Mumbai, India. HDFC Bank
commenced operations as a Scheduled Commercial Bank in January 1995.
HDFC Bank comprises of a dynamic and enthusiastic team determined to
accomplish the vision of becoming a World-class Indian bank. HDFC bank‟ s
business philosophy is based on our four core values - Customer Focus, Operational
Excellence, Product Leadership and People. They believe that the ultimate identity
and success of their bank will reside in the exceptional quality of people and their
extraordinary efforts. They are committed to hiring, developing, motivating and
retaining the best people in the industry.

MISSION STATEMENT OF HDFC BANK

A. World Class Indian Bank.

B. Benchmarking against international standards.

C. To build sound customer franchises across distinct businesses

D. Best practices in terms of product offerings, technology, service

levels, risk management and audit & compliance

VISION STATEMENT OF HDFC BANK

The HDFC Bank is committed to maintain the highest level of ethical standards,
professional integrity and regulatory compliance. HDFC Bank‟ s business
philosophy is based on four core values such as: -
A. Operational excellence.

B. Customer Focus.

C. Product leadership.

D. People
Industry it operates in
HDFC Bank is headquartered in Mumbai. The Bank at present has an enviable
network of over 1229 branches spread over 444 cities across India. All branches are
linked on an online real-time basis. Customers in over 120 locations are also serviced
through Telephone Banking. The Bank's expansion plans take into account the need
to have a presence in all major industrial and commercial centers where its corporate
customers are located as well as the need to build a strong retail customer base for
both deposits and loan products. Being a clearing/settlement bank to various leading
stock exchanges, the Bank has branches in the centers where the NSE/BSE has a
strong and active member base.
The Bank also has a network of about over 2526 networked ATMs across these
cities. Moreover, HDFC Bank's ATM network can be accessed by all domestic and
international Visa/MasterCard, Visa Electron/Maestro, Plus/Cirrus and American
Express Credit/Charge cardholders.
HDFC is India's premier housing finance company and enjoys an impeccable track record in
India as well as in international markets. Since its inception in 1977, the Corporation has
maintained a consistent and healthy growth in its operations to remain a market leader in
mortgages. Its outstanding loan portfolio covers well over a million dwelling units. HDFC
has developed significant expertise in retail mortgage loans to different market segments and
also has a large corporate client base for its housing related credit facilities. With its
experience in the financial markets, a strong market reputation, large shareholder base and
unique consumer franchise, HDFC was ideally positioned to promote a bank in the Indian
environment.
PRODUCT & SERVICES

• Travellers Cheques- Travellers Cheques are a safe and easy way to protect your money
when you travel. You can encash them only when you need to, and only against your
signature, unlike cash which can be stolen and misused by anybody, immediately.

• Credit card: Credit Card can be used for all your requirements, be it shopping, eating out,
holidaying, fuelling up your vehicle, railway ticket reservations - just about any financial
requirement, planned.

• Home loan: Home loans for individual to purchase or construct houses.

• Personal loan: The procedure of personal loan is simple; documentation is minimal and
approval is quick.

• Foreign Currency Cash: Foreign Currency Cash is a convenient way of meeting personal
expenses along your journey, paying for taxis / internal travel, food expenses etc

• Foreign Currency Demand Drafts: Demand Drafts are issued in seven currencies like United
States Dollars (USD), Great Britain Pounds (GBP), EURO, Japanese Yen (JPY), Australian
Dollars (AUD), Canadian dollars (CAD) and New Zealand Dollars (NZD).

• Cheque Deposits: We can directly deposit our foreign currency cheques in to our saving or
current account.

• Remittances: HDFC Bank offers the remittance facilities by which we can send and receive
money to anyone. They are categorized depending on location and the urgency with which
we want the money transferred.

• Trade Services: HDFC Bank have people with high level of expertise and experience in
trade services to provide services to suit specific requirements and structure solutions for
business needs.

• Mutual funds: Mutual funds are funds that pool the money of several investors to invest in
equity or debt markets.

• Insurance: HDFC Bank offers a world of choice in insurance. Like – children future plans,
retirements plans, standard life, etc.

Which geographies (Countries / regions) does it operate in?

Commentary on financial health of the company
The financial performance of Bank during the financial year ended March 31, 2020 remained
healthy with total net revenues (net interest income plus other income) increasing by 18.9%
to Rs.31, 392.0 crore from Rs.26, 402.3 crore in the previous financial year. Revenue growth
was driven by an increase in both, net interest income and other income. Net interest income
grew by 21.2% due to acceleration in loan growth of 20.6% coupled with a net interest
margin (NIM) of 4.4% for the year ending March 31, 2015. Other income grew 13.6% over
that in the previous year to Rs.8, 996.3 crore during the financial year ended March 31, 2015.
The largest component of other income was fees and commissions, which increased by
14.8% to Rs.6, 584.2 crore with the primary drivers being commissions on debit and credit
cards, transactional charges, fees on deposit accounts, fees on retail assets and commission on
distribution of mutual funds and insurance products. Foreign exchange and derivatives
revenues were Rs.1,028.0 crore, gain on revaluation / sale of investments Rs.581.6 crore and
recoveries from written off accounts were Rs.716.3 crore in the financial year ended March
31, 2015.The bank is efficiently able to reduce tax burden as well as its NPAs level which
helps bank to generate higher EPS in the present year. The Bank has a structured
management framework in the Internal Capital Adequacy Assessment Process (ICAAP) for
the identification and evaluation of the significance of all risks that the Bank faces.
1. The overall liquidity position of HDFC Ltd has been fluctuated through the period of
study but it always maintains sufficient funds which are more than enough to meet short
term obligations of the concern.
2. The long-term solvency of the selected unit is more than adequate and HDFC is highly
depends on outsiders’ funds rather than equity funds. Hence the company is better to
concentrate to get back the funds from debt to equity funds and also reduce and long-term
financial obligations.
3. This study signifies HDFC Ltd have to provide more housing loans to the people of India
for the development of the Nation.
Comments on the status and trend of key financial ratios

1. CURRENT RATIO is high (0.096 per cent) in the year 2013-2014 and low in the year
2017-2018 (0.013 per cent) when compared with the other years.
2. DEBT-EQUITY RATIO is high (4.847 per cent) in the year 2016-2017 and low in the
year 2017-2018 (3.534 per cent) when compared with the other years.
3. PROPRIETARY RATIO is high (0.220 per cent) in the year 2017-2018 and low in the
 year 2016-2017 (0.171 per cent) when compared with the other years.
4. FIXED ASSETS to NET WORTH RATIO is high (5.685 per cent) in the year 2016-
2017 and low in the year 2017-2018 (4.509 per cent) when compared with the other
years.
5. CURRENT ASSETS to NET WORTH RATIO is high (0.279 per cent) in the year
2013-2014 and low in the year 2017-2018 (0.024 per cent) when compared with the other
years.
6. GROSS PROFIT RATIO is high (3.740 per cent) in the year 2014-2015 and low in the
year 2013-2014 (2.597 per cent) when compared with the other years.
7. NET PROFIT RATIO is high (2.464 per cent) in the year 2014-2015 and low in the
year 2015-2016 (0.021 per cent) when compared with the other years.
8. OPERATING PROFIT RATIO is high (96.89 per cent) in the year 2013-2014 and low
in the year 2017-2018 (85.94 per cent) when compared with the other years.
9. RETURN ON SHAREHOLDERS’ FUNDS RATIO is high (2.185 per cent) in the year
2014-2015and low in the year 2013-2014 (1.000 per cent) when compared with the other
years.
10. RETURN ON TOTAL Assets high (0.418 per cent) in the year 2014-2015 and low in
the year 2013-2014 (0.199 per cent) when compared with the other years.

Growth trends for income, expenses & profits

HDFC Bank Ltd.’s second-quarter profit met estimates aided by higher other income and a
stable growth in its loan book. Net profit of India’s most valuable bank rose 26.8 percent
year-on-year to Rs 6,345 crore in the quarter ended September, it said in an exchange filing.
That compares with the Rs 6,198-crore consensus estimate of analyst tracked by Bloomberg.
The bank’s net interest income, or the core income from operations, rose 15 percent to Rs
13,515 crore, driven by average asset growth of 15 percent. That’s higher than the Rs
13,183.1-crore estimate. The net interest margin fell marginally to 4.2 percent from 4.3
percent in the previous quarter.
Higher other income also contributed to the core income. Non-interest revenue—at 29.3
percent of the net revenues—stood at Rs 5,588.7 crore. That’s 39.2 percent higher than a year
earlier, led by higher fees and commissions. Asset quality remained stable even as the
absolute value of bad loans rose 6 percent to Rs 12,508 crore. Gross non-performing assets
ratio stood at 1.38 percent compared to 1.4 percent in the previous quarter. Net NPA stood at
0.42 percent compared to 0.43 percent earlier. Provisions rose 3 percent quarter-on-quarter to
Rs 2,700 crore.
HDFC Bank annual/quarterly revenue history and growth rate from 2006 to 2019. Revenue
can be defined as the amount of money a company receives from its customers in exchange
for the sales of goods or services. Revenue is the top line item on an income statement from
which all costs and expenses are subtracted to arrive at net income.

 HDFC Bank revenue for the quarter ending September 30, 2019 was $M, a 100%
decline year-over-year.
 HDFC Bank revenue for the twelve months ending September 30, 2019 was $4.381B,
a 45.11% decline year-over-year.
 HDFC Bank annual revenue for 2020 was $18.706B, a 7.64% increase from 2019.
 HDFC Bank annual revenue for 2019 was $17.378B, a 14.51% increase from 2018.
 HDFC Bank annual revenue for 2018 was $15.176B, a 17.74% increase from 2017.

How has the share price changed over the last 3-5 years? Can you assign
reasons for the major changes in the share price?

Capital Structure
HDFC Bank (HDFCBK) has consistently grown its market share in loans and deposits across
credit cycles, and has emerged as the best-managed bank in India with robust
profitability/growth metrics. Increasing granularity of the balance sheet, a focus on fee
income growth, an improvement in operating leverage aided by digital initiatives, and
controlled credit costs backed by strong underwriting have enabled the bank to outperform
most peers. We expect the bank to maintain its growth momentum (regardless of its systemic
size) and further gain market share across business segments. This, coupled with steady
revenue growth, a continued improvement in operating leverage and moderation in credit
cost, will help accelerate earnings growth (24% CAGR over FY18-20E). Moreover, its
subsidiaries – HDB Financial Services and HDFC Securities – are rapidly gaining scale and
will further support valuations. We expect HDFCBK to deliver RoA/RoE of 1.96%/17.4% in
FY20E (RoE is suppressed as we have built in capital raise of INR240b). We maintain our
Buy rating with a target price of INR2,400.

As on 30-June-2020, the authorized share capital of the Bank is Rs. 650 crores. The paid-up
share capital of the Bank as on the said date is Rs. 546,56,24,542 /- which is comprising of
273,28,12,271 equity shares of the face value of Rs 2/- each. The HDFC Group holds 21.31%
of the Bank's equity and about 18.81% of the equity is held by the ADS / GDR Depositories
(in respect of the bank's American Depository Shares (ADS) and Global Depository Receipts
(GDR) Issues). 31.37% of the equity is held by Foreign Institutional Investors (FIIs) and the
Bank has 6,53,843 shareholders.

The shares are listed on the BSE Limited and The National Stock Exchange of India Limited.
The Bank's American Depository Shares (ADS) are listed on the New York Stock Exchange
(NYSE) under the symbol 'HDB' and the Bank's Global Depository Receipts (GDRs) are
listed on Luxembourg Stock Exchange under ISIN No US40415F2002.

Market share gains to continue – No size too big!

HDFCBK has consistently grown its market share in loans and deposits across credit cycles.
The bank, thus, accounts for 7.8%/6.4% market share in loans/deposits v/s 2.4%/2.6% ten
years ago. It ranks at the top amongst private players.

Market share expansion has accelerated over the past few years, led by continued traction
across several product segments – at a time when asset quality pressures have been impacting
growth for many of its large private peers. The bank’s loan book is now 25% higher than the
closest private peer ICICI Bank, while the differential in the growth outlook will enable it to
further widen its lead over the next few years.

While a few investors may have second thoughts on the long-term sustainability of this
growth momentum given the increasingly bigger size of the bank, we believe that HDFCBK
is well positioned to outgrow the system and further gain market share regardless of its size.
We thus expect HDFCBK to attain 10% market share by FY22 while systemic loan growth
also revives modestly.

Instead of just eating up into the market share from other banks, mainly PSU banks,
HDFCBK has been able to expand the credit pie, with expansion of its network in
sub-urban/rural geographies. This has helped the bank in maintaining uniform growth across
its retail and wholesale segments – in retail it is developing and capitalizing on new lending
opportunities (given that PSU banks have limited presence in this segment to gain from),
while in wholesale it is gaining market share both by way of refinancing and finding out fresh
lending opportunities.
Key values and ethical standards practiced by the company

Codes and Policies

As one of India’s leading financial institutions, HDFC Bank takes its corporate responsibility
seriously. To adhere to the highest standards of corporate practice, we have laid down a set of
codes and policies that govern how we conduct ourselves.

Our Codes

Our codes cover diverse areas including conduct and ethics, practices and procedures for fair
disclosure, prevention of insider trading and corporate governance.

 Code of Ethics

This Code of Conduct / Ethics intends to ensure adherence to highest business and ethical
standards while conducting the business of the Bank and compliance with the legal and
regulatory requirements, including compliance of Section 406 of the Sarbanes-Oxley Act of
2002 and the rules and regulations framed thereunder by the Securities and Exchange
Commission of USA and other statutory and regulatory authorities in India and USA. The
Bank values the ethical business standards very highly and intends adherence thereto in every
segment of its business.

Code of Practices and Procedure for Fair Disclosure

Pursuant to notification of SEBI (Prohibition of Insider Trading) Regulations 2015 and based
on the principles of Fair Disclosure outlined in the said Regulations, HDFC Bank has
formulated following Code of Practices and Procedures for Fair Disclosure of Unpublished
Price Sensitive Information

 Code for Prevention of Insider Trading

The Bank has adopted a share dealing code for the prevention of insider trading in the shares
of the Bank. The share dealing code, inter alia, prohibits purchase / sale of shares of the Bank
by employees while in possession of unpublished price sensitive information in relation to the
Bank.

 Code of Corporate Governance

The Bank believes in adopting and adhering to the best recognized corporate governance
practices and continuously benchmarking itself against each such practice. The Bank
understands and respects its duciary role and responsibility towards its shareholders and
strives hard to meet their expectations. The Bank believes that best board practices,
transparent disclosures and shareholder empowerment are necessary for creating shareholder
value.

The Bank has infused the philosophy of corporate governance into all its activities. The
philosophy on corporate governance is an important tool for shareholder protection and
maximization of their long-term values. The cardinal principles such as independence,
accountability, responsibility, transparency, fair and timely disclosures, credibility,
sustainability etc. serve as the means for implementing the philosophy of corporate
governance in letter and spirit.

Whistle Blower policy

The Bank has adopted a whistle blower policy pursuant to which employees of the Bank can
raise their concerns relating to fraud, malpractice, or any other activity or event which is
against the interest of the Bank or society as a whole. Details of complaints received and the
actions taken are reviewed by the Audit Committee.

The functioning of the whistle blower mechanism is reviewed by the Audit Committee from
time to time. None of the Bank's personnel have been denied access to the Audit Committee.
How would you rate the company on its practices which impact the
environment?

Environmental Sustainability

Banking by the very nature of its business is environment friendly. During the year under
review your Bank has gone a little further. It has now committed to reducing Scope and
Scope II emissions by 10 per cent over the next 2 to 3 years as a part of its commitment to
climate change. To encapsulate the Bank's philosophy maintaining a balance between natural
capital and communities is now integral to our functioning. To this end our ATMs have gone
paperless contributing to a reduction of the carbon footprint. Your Bank has given this effort
a further 3llip by ensuring multi-channel delivery through Net Banking Phone Banking and
Mobile Banking. This results in lower carbon emission not just from operations but also from
reduced customer travel. Another source for reducing the environmental footprint is solar
ATMs which use rechargeable lithium ion batteries that reduce power consumption.

How is the company performing on its Corporate Social Responsibilities?

1. Empowering through Sustainable Livelihood Initiatives (SLI)

Category: Companies Act- 2013, Schedule VII (I) Eradicating Hunger, Schedule VII
(ii) Livelihood Enhancing Projects, Schedule VII (ii) Empowering Women

HDFC Bank’s Sustainable Livelihood Initiatives are designed to empower thousands of

people, particularly women in rural parts of India. Through this initiative, the Bank reaches
out to the un-banked and the under-banked segments of society and in doing so, it seeks to
help as many people as possible at the bottom of the pyramid by providing them with
livelihood finance.

Under this project the Bank will continue to support people (primarily woman) who are
financially excluded through a holistic approach that will also offer training for enhancing
occupation skills, credit counselling, financial literacy and market linkages.

2. Financial Literacy and Inclusion

Category: Companies Act -2013, Schedule VII (I) Promoting Education, Schedule VII
(ii) Livelihood Enhancing Projects

The Bank believes that absence of financial knowledge can lead to poor financial decisions
that can have an adverse effect on the financial health of an individual. The Bank will
endeavour to provide familiarity with and understanding of financial products, especially of
rewards and risks, in order to better equip the financially excluded to make informed
choices. These projects will endeavour to promote financial literacy amongst various
segments such as students, senior citizens and others in the communities, directly or through
implementing partners.

The Bank will organize financial literacy awareness programs and through multiple media
to create financial awareness and promote inclusion in the marginalized communities.

3. Promoting Education
Category: Companies Act -2013, Schedule VII (I) Promoting Education

Education is one of the building blocks of any nation. With the aim of having ‘every child in
school and learning’ the Bank’s interventions will aim at mainstreaming children and
improving the quality of education they receive. A multitude of interventions such as
educational sponsorships to students belonging to economically/socially/physically
challenged categories, training programs for teachers, supporting the infrastructure or
running cost of reading programs, libraries, supportive classes, computers, science
laboratories, physical education etc. will be undertaken to create a conducive learning
environment and to promote learning.

Within the scope of education, programs aimed at bridging the skill gap, in particular in the
banking industry, and transforming candidates into job ready professionals will also be
covered.

4. Skill Training and Livelihood Enhancement

Category: Companies Act -2013, Schedule VII (ii) Employment Enhancing Vocational
Skills and Livelihood Enhancing projects

A growing economy like India requires a large and skilled workforce. The Bank’s skill
training initiatives will aim at training and capacity development of youth and women from
economically weaker sections of society, and to empower them to gain access to
opportunities for sustainable livelihood and growth.

The Bank will support technical training courses, Skill Development Centres, non-formal
vocational programs aimed at creating livelihood opportunities, soft skill training aimed to
facilitate integration into mainstream and soft loans for self- financing of training. Under the
scope of this initiative, the Bank will also support upgrading skills and capacity building of
farmers by introducing innovative methods of cultivation and creating market linkages.

5. Promoting Healthcare
Category: Companies Act -2013, Schedule VII (I) Promoting Preventive Healthcare
The Bank will address the healthcare needs of the community through innovative products
and services. One of the Bank’s largest initiative currently addresses the shortage of blood
and storage of the same. This is an area in which the Bank and its employees are actively
engaged. The Bank will continue to conduct Blood Donation Drives and support the setup
of ‘Blood Storage Units’ in rural locations that do not have a blood banks, to ensure supply
of blood.

The Bank recognizes the difficult conditions under which our defence/police force operate
in and will extend support though special products to provide them with a security cover.

6. Environmental Sustainability
Category: Companies Act -2013, Schedule VII (iv) Ensuring Environmental
Sustainability, Conservation of Natural Resources and Maintaining the quality of soil.
Sustainability is one of the core values of the Bank and climate change mitigation and
environmental improvements are essential elements of its strategy for sustainability. The
Bank will initiate multiple projects implemented directly or through consultant partners to
manage its emissions and to introduce environmentally friendly practices. Social
Communication will be used as an effective tool in influencing behaviour and creating a
sustainable environment for the community.

The Bank will encourage investment in energy efficient technology, developing socially and
environmentally friendly products and services, improving access to water by
creating/sponsoring irrigation and water storage structures, promoting public transport by
creating appropriate infrastructure, benchmarking and reporting on Sustainability projects.

7. Eradicating Poverty
Category: Companies Act -2013, Schedule VII (I) Eradicating Poverty, Hunger and
Malnutrition
The Bank recognizes the need to reach out to those at the bottom of the pyramid by
providing them with need-based assistance. The Bank will also encourage employees to
continue to contribute to society by undertaking projects in their respective areas.

The Bank’s Payroll Giving Program will encourage employees to donate a part of his/her
salary. This amount may be matched by the Bank and the combined amount donated by the
employee to a cause of his/her choice. These causes may include providing rations/nutrition,
medical care, supporting education, etc.

8. Rural Development
Category: Companies Act -2013, Schedule VII (x) Rural Development
With the objective of contributing to the improvement of the economic and social well-
being of people in rural areas, the Bank will initiate programs that empower the rural
population. These will range from making financial services and products available to these
areas and bringing them within the banking fold, to creating innovative products to suit the
requirements of the rural population. The Bank will support projects providing
electrification through solar or alternate methods, improving access to water, healthcare &
sanitation, and construction & running cost of schools and health centres, amongst others.

Company in News

HDFC Bank gains on targeting 10-time increase in number of small merchants in next 3
years (28 Sep 2020)

HDFC Bank is targeting a ten-time increase in the number of small merchants it serves to 20
million in the next three years. The bank started targeting merchants about 18 months ago
with solutions on accepting payments, providing value-added services like creating a simple
website for them, taking care of their inventory and lending based on cash flows, through a
single app.

The merchant relationships accrue in fees as the services are charged, in interest income for
the lending and also in low-cost current and saving account (Casa) deposits. Having a bigger
number of merchants will help the bank's analytics engines gather more intelligence and
deploy suitable solutions.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and
services using multiple distribution channels including a pan-India network of branches,
ATMs, phone banking, net banking and mobile banking.

HDFC Bank targets 10-time increase in number of small merchants in next 3 years (28
Sep 2020)

HDFC Bank is targeting a ten-time increase in the number of small merchants it serves to 20
million in the next three years. The bank started targeting merchants about 18 months ago
with solutions on accepting payments, providing value-added services like creating a simple
website for them, taking care of their inventory and lending based on cash flows, through a
single app.

The merchant relationships accrue in fees as the services are charged, in interest income for
the lending and also in low-cost current and saving account (Casa) deposits. Having a bigger
number of merchants will help the bank's analytics

HDFC Bank is one of India’s premier banks providing a wide range of financial products and
services using multiple distribution channels including a pan-India network of branches,
ATMs, phone banking, net banking and mobile banking.

HDFC Bank ranked India’s No 1 brand for 7th consecutive year (21 Sep 2020)

HDFC Bank has been ranked India’s Most Valuable Brand for the 7th consecutive year.
Known as the ‘2020 Brand Top 75 Most Valuable Indian Brands,’ the survey values the
HDFC Bank brand at $20.3 billion.

HDFC Bank’s brand value over the past 7 years, has grown from $9.4 billion in 2014 to
$20.3 billion in 2020. This year, the study covered 1,140 Indian brands across 89 categories
with insights from 3.8 million consumers.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and
services using multiple distribution channels including a pan-India network of branches,
ATMs, phone banking, net banking and mobile banking.

HDFC Bank falls as US law firm files class action suit against the bank for misleading
claims (18 Sep 2020)

A law firm in the US has filed a class action suit against HDFC Bank, claiming damages for
the losses incurred by investors because of ‘materially false and misleading’ representations
made by India's largest private sector lender. The complaint did not mention the exact
quantum of the damages sought, though it maintained that may be thousands of investors
would have suffered.

The allegations pertain to the vehicle finance vertical, where the bank later acknowledged to
have found some improprieties which resulted in some executives being acted against. The
bank used to bundle vehicle tracking devices along with auto loans sold by it, resulting in an
additional cost to the borrower, and also concerns over privacy.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and
services using multiple distribution channels including a pan-India network of branches,
ATMs, phone banking, net banking and mobile banking.

Bibliography

https://www.hdfcbank.com/

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https://www.hdfcsec.com/research/research-reports/stock-market-periodic-report

https://www.moneycontrol.com/financials/hdfcbank/balance-sheetVI/hdf01

https://www.business-standard.com/company/hdfc-bank-4987/annual-report/director-report

https://www.business-standard.com/

https://economictimes.indiatimes.com/

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https://www.financialexpress.com/