1. The above results have been approved by the Board at its meeting held on April 23, 2009. There are no qualifications in the auditors report for the year end. The Information presented above is extracted from the audited financial statements as stated.

2. Centurion Bank of Punjab Ltd. merged with HDFC Bank Ltd. effective May 22, 2008 as per the order of Reserve Bank of India (RBI) dated May 20, 2008. The shareholders of erstwhile Centurion Bank of Punjab Ltd. (eCBOP) were allotted 6,98,82,956 equity shares of Rs 10/- each pursuant to the share swap ratio of one (1) equity share of Rs 10/- each of HDFC Bank Ltd. for every twenty nine (29) equity shares of Re 1/- each held in Centurion Bank of Punjab Ltd by them as on June 16, 2008, the merger has been accounted for as per the pooling of interest method of accounting in accordance with the scheme of amalgamation.

3. The Board of Directors at their meeting proposed a dividend of Rs 10 per share, subject to the approval of the members at the ensuing Annual General Meeting.

4. The results for the quarter and year ended March 31, 2009 includes operations of erstwhile Centurion Bank of Punjab Ltd. (eCBoP) for the same period, on amalgamation of eCBoP with HDFC Bank Ltd with effect from the appointed date of April 01, 2008 as per the Scheme of Amalgamation (Scheme). Hence the results for the quarter and year ended March 31, 2009 are not comparable with that of the corresponding period of the previous year.

5. Pursuant to the amalgamation of eCBoP with HDFC Bank Ltd and post approval of the shareholders of the Bank at its extra-ordinary general meeting held on March 27, 2008, the Bank Issued 2,62,00,220 warrants to HDFC Ltd. on a preferential basis during the quarter ended June 30, 2008. These warrants if exercised are convertible into equity shares.

6. During the year ended March 31, 2009, the Bank granted 1,253,000 stock options under its scheme titled ESOS XIII to its employees. The grant price of these options is Rs 1126.45, being the closing market price as on the working day immediately preceding the date of grant of options.

7. During the quarter and year ended March 31, 2009, the Bank allotted 239,681 shares and 1,067,233 shares respectively pursuant to the exercise of stock options by certain employees.

8. During the year ended March 31, 2009, the Bank changed its useful life of software, automated teller machines (ATMs) and certain other fixed assets prospectively from April 01, 2008. Where there is a revision of the estimated useful life of an asset, the unamortised depreciable amount will be charged over the revised remaining useful life. This change in policy has resulted in the profit after tax for the year ended March 31, 2009 being higher by Rs 31.7 crores.

9. During the year, the Bank raised Rs 1,575 crores as Upper Tier II capital and Rs 1,300 crores as Lower Tier II capital.

10. The bank adopted the Basel 2 framework as of March 31, 2009 and the capital adequacy ratio (CAR) computed as per Basel 2 guidelines stands at 15.69% as against the regulatory minimum of 9.0%. Tier-I CAR was 10.58% as of March 31, 2009.

11. Other income relates to income from non-fund based banking activities including commission, fees, foreign exchange earnings, earnings from derivative transactions and profit and loss (including revaluation) from investments.

12. Provision for taxes includes Rs 6.6 crores and Rs. 28.2 crores towards provision for Fringe Benefit Tax for the quarter and year ended March 31, 2009.

13. As on March 31, 2009, the total number of branches (including extension counters) and the ATM network stood at 1,412 branches and 3,295 ATMs respectively.

14. Figures of the previous period have been regrouped/reclassified wherever necessary to conform to current periodīs classification.

Aditya Puri
Managing Director