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Financial Services · NSE: HDFCBANK · BSE: 500180

HDFC Bank: how the business works

HDFC Bank takes deposits and lends to households and businesses in India, earning ₹74,671 crore of bank-only profit in FY26.

HDFC Bank Limited · Mumbai, Maharashtra · Founded 1994

Last updated · Reviewed by Cityfort Research on

Deposits, 30 Sep 2026
₹33.27 lakh cr
Loans (gross advances), 30 Sep 2026
₹32.20 lakh cr
Bank-only net profit, FY26
₹74,671 cr
Customers, Sep 2026
103.6 million
Promoter holding, Sep 2026
None (0%)

For learning only. Cityfort is not a SEBI-registered adviser and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

01 · The business in one line

What does HDFC Bank do?

Borrowers pay HDFC Bank interest; in FY26, ₹48 of every ₹100 went to depositors and lenders, and ₹20 was profit.

  • Interest on loans and investments was ₹83 of every ₹100 that came in during FY26. Fees, treasury gains and other income made up the other ₹17.
  • HDFC Ltd, a home-loan company, merged into the bank on 1 Jul 2023. Since then the bank has had more home loans, more borrowed money and no promoter.

02 · What it sells

What does HDFC Bank sell?

HDFC Bank is a bank. People and firms keep money in its accounts, and it lends that money at higher rates. It also issues credit cards and charges fees for services. Since July 2023 it also runs HDFC Ltd's old home-loan business.

  • Deposits: savings, current and fixed

    Accounts for people and firms: ₹33.27 lakh crore at 30 Sep 2026. Of this, 31.6% sat in current and savings accounts (CASA), which pay little or no interest.

  • Home loans

    Mortgages were 28% of loans under management at 30 Sep 2026. At the 2023 merger, HDFC Ltd brought about three-quarters of the bank's home loans.

  • Other retail loans and cards

    Personal, car, two-wheeler and farm loans, plus credit cards and other payment products. Together, 25% of loans under management (Sep 2026).

  • Loans to small and mid-sized businesses

    Business banking and commercial-vehicle loans: 21% of loans under management at 30 Sep 2026.

  • Loans to large companies

    Corporate and other wholesale loans: 26% of loans under management at 30 Sep 2026.

  • Fees and services

    Fees and commissions on cards, accounts and other services brought in ₹34,876 crore in FY26.

What it does

  • Does: Takes deposits from people and businesses
  • Does: Lends to home buyers, consumers, small businesses and large companies
  • Does: Earns fees on cards, payments and other services
  • Does: Owns majority stakes in HDB Financial Services, HDFC Life, HDFC ERGO and HDFC AMC

What it does not do

  • Does not: Have a promoter (a founding family or parent company in control)
  • Does not: Own all of HDFC Life, HDFC ERGO or HDFC AMC: it held about 50–52% of each at 31 Mar 2026
  • Does not: Sit beside a separate HDFC Ltd: that housing finance company merged into the bank on 1 Jul 2023

Source: Press release: financial results (Indian GAAP) for Q2 FY27 (quarter ended 30 Sep 2026); Earnings presentation Q2 FY27; Earnings presentation Q2 FY24 (first post-merger quarter; merged-basis (P) figures for Jun 2023) and 1 more

03 · Who pays it

Who pays HDFC Bank?

  • Home-loan borrowers

    Not disclosed

    Pay interest on mortgages: 28% of loans under management at 30 Sep 2026.

  • Other retail borrowers

    Not disclosed

    Pay interest on personal, vehicle, card and farm loans: 25% of loans under management.

  • Small and mid-sized businesses

    Not disclosed

    Pay interest on business and commercial-vehicle loans: 21% of loans under management.

  • Large companies

    Not disclosed

    Pay interest on corporate and other wholesale loans: 26% of loans under management.

  • Customers paying fees

    Not disclosed

    Pay fees and commissions on cards, accounts and services: ₹34,876 crore in FY26. That was ₹9.4 of every ₹100 that came in.

How spread out the customers are

HDFC Bank does not disclose income by customer. At 31 Mar 2026 its top 20 depositors held 4.81% of deposits. Its top 20 borrowers had 9.24% of loans (credit exposure). It served 103.6 million customers at 30 Sep 2026. The shares above are of loans under management, not of income.

Source: Earnings presentation Q2 FY27; Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR

04 · How the money flows · FY26

How does money flow through HDFC Bank?

Money in

  • Interest on loans₹239,762 cr
  • Income on investments₹58,945 cr
  • Other interest (RBI and inter-bank balances, other)₹8,814 cr
  • Fees, treasury gains and other income₹62,533 cr

The company

HDFC Bank

₹370,054 cr came in

Money out

  • Interest paid to depositors₹138,375 cr
  • Interest paid on borrowings₹40,461 cr
  • Employees₹26,050 cr
  • Other running costs (incl. depreciation)₹46,610 cr
  • Provisions for bad loans and other risks₹23,390 cr
  • Tax₹20,497 cr
  • Net profit (bank only)₹74,671 cr
  1. These are HDFC Bank's own FY26 accounts (standalone), without its insurance and other subsidiaries.
  2. Savers and companies keep deposits with the bank. In FY26 it paid them ₹138,375 crore of interest.
  3. It also pays interest on borrowings, which rose when HDFC Ltd's debt came in with the 2023 merger: ₹40,461 crore.
  4. It lends and invests that money. Interest earned was ₹307,522 crore, and fees and other income added ₹62,533 crore.
  5. After staff, running costs, ₹23,390 crore of provisions for possible bad loans and tax, ₹74,671 crore was profit.

Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR

05 · Where the money goes · FY26

Where does ₹100 of HDFC Bank's money go?

Of every ₹100 that came in (revenue plus other income), this is where it went.

HDFC Bank · FY26

Receipt for every ₹100

Where ₹100 of HDFC Bank's money went in FY26
Interest paid to depositors₹37.4
Interest paid on borrowings₹10.9
Employees₹7.0
Other running costs₹12.6
Provisions for bad loans and other risks₹6.3
Tax₹5.5
Kept as profit₹20.2
Total₹100

Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.

Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR

06 · What it needs to run

What does HDFC Bank need to run?

  • A banking licence and capital

    RBI requires each bank to hold a minimum of its own money (capital). The minimum is a share of risk-weighted assets: loans and other assets, weighted by how risky they are. The bank's capital as a share of these assets is called CRAR. HDFC Bank's minimum, including buffers, was 11.9% at 31 Mar 2026.

  • Deposits

    Deposits of ₹33.27 lakh crore at 30 Sep 2026 fund most of its lending.

  • Borrowings

    Borrowings were ₹489,018 crore at 30 Sep 2026, down from ₹662,153 crore at 31 Mar 2024. They fell from 21% to 11% of liabilities between Sep 2023 and Sep 2026.

  • Branches and ATMs

    9,706 branches, half in semi-urban and rural areas, and 20,881 ATMs in 4,177 cities and towns at 30 Sep 2026.

  • People

    210,109 employees and 14,365 business correspondents (local agents) at 30 Sep 2026.

Source: Press release: audited financial results for Q4 FY26 and FY26; Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Press release: financial results (Indian GAAP) for Q2 FY27 (quarter ended 30 Sep 2026) and 3 more

07 · Why it makes money

Why does HDFC Bank make money?

A bank earns the gap between the interest it charges and the interest it pays

HDFC Bank takes in deposits, lends at higher rates and keeps the gap, called net interest income. Low-interest current and savings (CASA) deposits keep that gap wide. After the 2023 merger, more of its money came from costlier borrowings, and the gap per ₹100 narrowed.

Interest kept per ₹100 of interest earned, after paying interest (bank only)

₹53.7₹41.8

FY23 to FY26

  1. Savers and firms deposit money, much of it in low-interest current and savings accounts
  2. The bank lends to households and businesses at higher rates
  3. The gap is net interest income: ₹128,686 crore in FY26
  4. Fees from cards, accounts and services add income
  5. Staff, branches and provisions for bad loans are paid out of it
  6. Profit adds to capital, which lets the bank lend more

↺ Step 6 feeds back into step 1.

Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR

08 · Business segments · FY26

Which businesses make up HDFC Bank?

  • Retail banking

    51%

    Loans, cards and deposits for individuals and small firms, incl. digital banking units. Revenue counts internal transfers between segments.

    Revenue ₹301,854 cr · Operating profit ₹32,027 cr

  • Wholesale banking

    29%

    Loans and services for large companies. Result is after provisions, including floating provisions the bank allocated to segments.

    Revenue ₹174,506 cr · Operating profit ₹33,948 cr

  • Treasury

    14%

    The bank's own investments and trading. FY26 includes the ₹9,130 crore gain on selling HDB Financial Services shares.

    Revenue ₹84,337 cr · Operating profit ₹21,142 cr

  • Other banking

    6%

    Other banking business that the bank reports as a separate segment. Revenue counts internal transfers between segments.

    Revenue ₹36,841 cr · Operating profit ₹10,416 cr

How the mix changed

  • Retail banking
  • Wholesale banking
  • Treasury
  • Other banking

Revenue by segment, FY25 to FY26.

₹ crore · Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR

See the numbers
How the mix changed (₹ crore)
YearRetail bankingWholesale bankingTreasuryOther banking
FY25₹283,435₹191,965₹62,227₹35,449
FY26₹301,854₹174,506₹84,337₹36,841

Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Press release: financial results for Q1 FY26 (quarter ended 30 Jun 2025)

09 · Where it sells · FY26

Where does HDFC Bank sell?

  • India99%
  • Outside India1%

Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR

10 · Competitors and what protects it

Who does HDFC Bank compete with?

ICRA (23 Jun 2026) calls HDFC Bank the largest private-sector bank in India. ICRA puts its share of all bank loans at 14.0%, and of deposits at 12.3% (31 Mar 2026). HDFC Bank's own filings do not name rivals. The cards below use each rival's FY26 annual report.

  • State Bank of India

    NSE: SBIN

    Majority government-owned bank (55.03% at 31 Mar 2026) with 23,265 branches; deposits ₹59.8 lakh crore at 31 Mar 2026.

  • ICICI Bank

    NSE: ICICIBANK

    Private bank with 7,511 branches; deposits ₹17.9 lakh crore and loans ₹15.5 lakh crore at March 2026.

  • Axis Bank

    NSE: AXISBANK

    Private bank with 6,275 branches; deposits ₹13.4 lakh crore and loans ₹12.3 lakh crore at March 2026.

  • Kotak Mahindra Bank

    NSE: KOTAKBANK

    Private bank with 2,276 branches; deposits ₹5.7 lakh crore and loans ₹5.0 lakh crore at March 2026.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Branch and deposit network4 of 5

    9,706 branches, half in semi-urban and rural areas, held ₹33.27 lakh crore of deposits at 30 Sep 2026. ICRA puts its share of banking deposits at 12.3% (Mar 2026).

  • Scale of lending4 of 5

    ICRA puts HDFC Bank's share of all bank loans at 14.0% (31 Mar 2026). Gross loans were ₹32.20 lakh crore at 30 Sep 2026.

  • Range of financial businesses3 of 5

    Subsidiaries sell insurance (HDFC Life, HDFC ERGO), mutual funds (HDFC AMC), broking and non-bank loans (HDB Financial Services). The bank owns 50–94% of each.

Weak spot

Costlier funding since the merger

Low-cost CASA deposits fell from 42.5% of deposits (Jun 2023) to 31.6% (Sep 2026). ICRA put the credit-deposit ratio (loans as a share of deposits) at 95% in Mar 2026. CARE calls both key monitorables.

Source: State Bank of India Annual Report FY26 (competitor evidence); ICICI Bank Ltd Annual Report FY26 (competitor evidence); Axis Bank Ltd Annual Report FY26 (competitor evidence) and 7 more

11 · Where growth could come from

Where could HDFC Bank's growth come from?

CFO Srinivasan Vaidyanathan said on 18 Oct 2025 that FY27 loan growth would be faster than the market. MD & CEO Sashidhar Jagdishan said the same on 17 Jan 2026. On 17 Oct 2026 Mr Jagdishan said Anup Bagchi's team would set out deposit and liquidity plans. Mr Jagdishan retires on 26 Oct 2026, and a new CFO takes over on 1 Dec 2026.
Management statement, 17 Oct 2026. Reported as a statement, not our forecast.

  • Deposits growing faster than loans

    Working

    Deposits +18.8% vs gross loans +16.3% (year to Sep 2026)

    MD & CEO Sashidhar Jagdishan said on 17 Oct 2026 that about 4 points came from a special FCNR(B) window. FCNR(B) deposits are foreign-currency deposits from non-resident Indians.

    Status: Working, on track against what the company said.

  • Bringing the credit-deposit ratio to 85–90%

    Mixed

    About 95% at 31 Mar 2026 (ICRA)

    CFO Srinivasan Vaidyanathan said on 19 Apr 2025 that loans would fall to 85–90% of deposits in FY27. The ratio was about 110% at the merger, the bank said.

    Status: Mixed, partly on track.

  • Loan growth against the banking system

    Mixed

    Gross loans +12.0% in FY26

    On 19 Jul 2025, MD & CEO Sashidhar Jagdishan said loans would grow at the system rate in FY26. On 18 Apr 2026 he put system growth at 10.5–11.5% (bank estimate) and 13.5–13.9% (RBI period-end data).

    Status: Mixed, partly on track.

  • Lending to small and mid-sized businesses

    Working

    21% of loans under management (Sep 2026), from 17% (Sep 2023)

    These loans grew 23.5% in the year to Sep 2026, faster than retail (11.7%) and corporate (16.4%) loans.

    Status: Working, on track against what the company said.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Source: Transcript of Q2 FY26 earnings call held 18 Oct 2025; Transcript of Q3 FY26 earnings call held 17 Jan 2026; Transcript of Q2 FY27 earnings call held 17 Oct 2026 and 9 more

12 · The numbers · bank only (standalone) · ₹ crore

How has HDFC Bank done?

Net interest income

₹128,686 crFY26

Bank-only net interest income rose from ₹72,010 crore in FY22 to ₹128,686 crore in FY26. FY24 includes HDFC Ltd only from 1 Jul 2023.

* FY24: 9 merged months; Q1 FY24: before merger.

₹ crore · bank only (standalone) · interest earned minus interest paid · Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Integrated Annual Report FY22 (2021-22); Integrated Annual Report FY24 (2023-24), incl. note on amalgamation of HDFC Ltd and 33 more

See the yearly numbers
Net interest income by year, ₹ crore
YearInterest earnedInterest paidNet interest income
FY22₹127,753₹55,744₹72,010
FY23₹161,586₹74,743₹86,842
FY24 (9 merged months)₹258,341₹149,808₹108,532
FY25₹300,517₹177,847₹122,670
FY26₹307,522₹178,836₹128,686
See the quarterly numbers
Net interest income by quarter, ₹ crore
QuarterNet interest income
Q1 FY24 (before merger)₹23,599
Q2 FY24₹27,385
Q3 FY24₹28,471
Q4 FY24₹29,077
Q1 FY25₹29,837
Q2 FY25₹30,114
Q3 FY25₹30,653
Q4 FY25₹32,066
Q1 FY26₹31,438
Q2 FY26₹31,552
Q3 FY26₹32,615
Q4 FY26₹33,082
Q1 FY27₹33,534
Q2 FY27₹34,619

Net profit

₹74,671 crFY26

Bank-only (standalone) net profit rose every year, from ₹36,961 crore in FY22 to ₹74,671 crore in FY26. FY24 includes HDFC Ltd only from 1 Jul 2023.

* FY24: 9 merged months.

₹ crore · bank only (standalone) · Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Integrated Annual Report FY22 (2021-22); Integrated Annual Report FY24 (2023-24), incl. note on amalgamation of HDFC Ltd and 33 more

See the yearly numbers
Net profit by year, ₹ crore
YearProfit before provisionsProvisionsNet profit
FY22₹64,077₹15,062₹36,961
FY23₹70,405₹11,920₹44,109
FY24 (9 merged months)₹94,387₹23,492₹60,812
FY25₹100,127₹11,649₹67,347
FY26₹118,558₹23,390₹74,671
See the quarterly numbers
Provisions and net profit by quarter, ₹ crore
QuarterProvisionsNet profit
Q1 FY24 (before merger)₹2,860₹11,952
Q2 FY24₹2,904₹15,976
Q3 FY24₹4,217₹16,373
Q4 FY24₹13,512₹16,512
Q1 FY25₹2,602₹16,175
Q2 FY25₹2,700₹16,821
Q3 FY25₹3,154₹16,736
Q4 FY25₹3,193₹17,616
Q1 FY26₹14,442₹18,155
Q2 FY26₹3,501₹18,641
Q3 FY26₹2,838₹18,654
Q4 FY26₹2,610₹19,221
Q1 FY27₹3,060₹19,060
Q2 FY27₹3,574₹19,510

Net interest margin

3.34%FY26†

Net interest margin, as reported, fell from 4.1% in FY23 to 3.34% in FY26 and 3.16% in Q2 FY27. Bases differ (see notes).

* Core NIM, which leaves out one-off items. † NIM on average assets.

% · as reported by the company · Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Integrated Annual Report FY22 (2021-22); Integrated Annual Report FY24 (2023-24), incl. note on amalgamation of HDFC Ltd and 33 more

See the numbers
Net interest margin (% · as reported by the company)
PeriodNIM
FY224.0%
FY234.1%
FY24 (9 merged months)3.53%*
FY253.48%
FY263.34%†
Q1 FY24 (before merger)4.1%*
Q2 FY243.4%
Q3 FY243.4%
Q4 FY243.4%
Q1 FY253.47%*
Q2 FY253.46%
Q3 FY253.43%
Q4 FY253.54%
Q1 FY263.35%*
Q2 FY263.27%*
Q3 FY263.35%*
Q4 FY263.38%
Q1 FY273.26%
Q2 FY273.16%

Bad loans (gross NPA)

1.15%FY26

Gross NPA (loans not being repaid) stayed between 1.11% and 1.42% of loans in every quarter shown. The bank put its merged figure at 1.41% on 1 Jul 2023.

* FY24: 9 merged months; Q1 FY24: before merger.

% of loans · gross and net (after provisions) non-performing assets · Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Integrated Annual Report FY22 (2021-22); Integrated Annual Report FY24 (2023-24), incl. note on amalgamation of HDFC Ltd and 33 more

See the yearly numbers
Gross and net NPA by year, % of loans
YearGross NPANet NPAProvision cover
FY221.17%0.32%72.69%
FY231.12%0.27%75.76%
FY24 (9 merged months)1.24%0.33%74.04%
FY251.33%0.43%67.86%
FY261.15%0.38%67.21%
See the quarterly numbers
Gross and net NPA by quarter, % of loans
QuarterGross NPANet NPA
Q1 FY24 (before merger)1.17%0.30%
Q2 FY241.34%0.35%
Q3 FY241.26%0.31%
Q4 FY241.24%0.33%
Q1 FY251.33%0.39%
Q2 FY251.36%0.41%
Q3 FY251.42%0.46%
Q4 FY251.33%0.43%
Q1 FY261.40%0.47%
Q2 FY261.24%0.42%
Q3 FY261.24%0.42%
Q4 FY261.15%0.38%
Q1 FY271.17%0.41%
Q2 FY271.11%0.37%
See all yearly numbers
HDFC Bank lending numbers, FY22–FY26, ₹ crore, bank only (standalone) except EPS (consolidated)
YearInterest earnedNet interest incomeOther incomeOperating costsProvisionsNet profitLoansDepositsEPS (₹, consolidated)
FY22₹127,753₹72,010₹29,510₹37,442₹15,062₹36,961₹1,368,821₹1,559,217₹68.77
FY23₹161,586₹86,842₹31,215₹47,652₹11,920₹44,109₹1,600,586₹1,883,395₹82.64
FY24 (9 merged months)₹258,341₹108,532₹49,241₹63,386₹23,492₹60,812₹2,484,862₹2,379,786₹90.42
FY25₹300,517₹122,670₹45,632₹68,175₹11,649₹67,347₹2,619,609₹2,714,715₹46.41†
FY26₹307,522₹128,686₹62,533₹72,660₹23,390₹74,671₹2,937,166₹3,105,250₹49.50

† Restated by the company. EPS is group EPS. FY22–FY24 are as filed, before the 1:1 bonus of Aug 2025, which doubled the share count. FY25 (₹46.41) is as restated for the bonus in the FY26 annual report; the FY25 report filed ₹92.81. FY26 is as filed, after the bonus.

Net interest income = interest earned on loans and investments minus interest paid on deposits and borrowings. Provisions = money set aside for loans that may not be repaid. Financial year runs April to March.

  • Lending numbers and ratios here are HDFC Bank alone (standalone), as the bank reports them. Total income and EPS elsewhere are group (consolidated) figures, which add subsidiaries such as HDFC Life and HDB Financial Services.
  • HDFC Ltd merged into the bank on 1 Jul 2023. FY22, FY23 and Q1 FY24 are the bank before the merger; FY24 has nine merged months. The bank published no restated past results.
  • NIM is shown as reported, and the bases differ. FY24 (3.53%) is the bank's "core" NIM; the FY24 annual report also prints a core NIM of 3.4%. FY26 (3.34%) is on average assets. Quarters are the results-presentation NIM on total assets.
  • Quarterly NIM for Q1 FY24, Q1 FY25 and Q1–Q3 FY26 is "core" NIM, which leaves out one-off items. Q2 FY24 is reported 3.4% (core 3.65%); Q4 FY25 is reported 3.54% (core 3.46%). Cityfort does not calculate NIM.
  • Loans are net advances from the balance sheet. Gross advances were ₹29.60 lakh crore at 31 Mar 2026 and ₹32.20 lakh crore at 30 Sep 2026.
  • One-offs: FY24 includes a ₹7,340 crore gain on selling HDFC Credila and ₹10,900 crore of floating provisions. FY26 includes a ₹9,130 crore gain on HDB Financial Services shares and ₹10,700 crore of floating and contingent provisions.

13 · Financial strength · FY26

How strong is HDFC Bank's balance sheet?

Capital adequacy (CRAR, the bank's own money as a share of its risk-weighted assets) was 19.71% at 31 Mar 2026. The minimum, including buffers, was 11.9%.
  • Loans given (advances)₹29.37 lakh cr
  • Deposits taken₹31.05 lakh cr

Loans were 95% of deposits (credit–deposit ratio) at the end of FY26.

Capital adequacy (CRAR)
19.71%
capital as a share of risk-weighted loans; regulators set a minimum
Core equity (CET1)
17.28%
the highest-quality part of that capital
Gross NPA
1.15%
loans not being repaid, as % of all loans
Net NPA
0.38%
the same, after money already set aside
Provision cover
67.21%
share of bad loans already provided for
CASA ratio
34.1%
deposits in current and savings accounts, which usually pay low interest
Cost to income
38.0%
₹ of running costs per ₹100 of income after interest paid
Return on assets
1.94%
profit as % of everything the lender owns
Return on equity
14.29%
profit as % of shareholders' money

Figures as on FY26 year end (standalone, as banks report these ratios). Reported by the company; see the dates on each source.

Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; XBRL integrated filing (financials) Q4 FY26 and FY26, standalone

14 · Who owns it · Q2 FY27

Who owns HDFC Bank?

  • Foreign institutions (FII)34.2%
  • Indian institutions (DII)37.8%
  • Public14.7%
  • Shares behind US-listed ADSs13.3%

No promoter

HDFC Bank reports no promoter group in Q2 FY27: no founder family or parent company is filed as controlling it, so there are no promoter shares to pledge.

How ownership changed
HDFC Bank shareholding by quarter, %
QuarterFIIDIIPublicOthers*
Q3 FY2445.2%26.6%14.6%13.5%
Q4 FY2441.4%29.1%16.1%13.5%
Q1 FY2540.8%30.7%15.0%13.5%
Q2 FY2541.5%30.6%14.4%13.5%
Q3 FY2542.6%29.9%14.1%13.5%
Q4 FY2541.8%31.0%13.7%13.4%
Q1 FY2642.3%31.1%13.2%13.4%
Q2 FY2641.9%31.4%13.3%13.4%
Q3 FY2641.3%32.2%13.1%13.4%
Q4 FY2638.2%34.9%13.6%13.4%
Q1 FY2736.3%36.3%14.1%13.3%
Q2 FY2734.2%37.8%14.7%13.3%

* Others = Shares behind US-listed ADSs.

Source: Shareholding pattern as of 31 Dec 2023 (XBRL); Shareholding pattern as of 31 Mar 2024 (XBRL); Shareholding pattern as of 30 Jun 2024 (XBRL) and 9 more

15 · What it does with profit

What does HDFC Bank do with its profit?

Dividends per share are as the bank restated them for the 1:1 bonus of Aug 2025. FY26 is a special interim ₹2.50 (₹5 before the bonus) plus a final ₹13. The FY26 payout was 31.94% of profit, the bank said. ICRA notes its last share sale to raise money was ₹23,716 crore in 2018.

Dividend per share

₹15.50FY26

Dividend paid for each share, by financial year.

₹ per share · Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Board outcome 18 Apr 2026: final dividend of Rs 13 per share recommended; Press release: financial results for Q1 FY26 (quarter ended 30 Jun 2025)

See the numbers
Dividend per share (₹ per share)
YearDividend per shareShare of profit paid out
FY22₹7.75–
FY23₹9.50–
FY24₹9.75–
FY25₹11.00–
FY26₹15.5031.9%

No buybacks or fund raises in the period covered.

16 · Who runs it

Who runs HDFC Bank, and did they deliver?

  • Anup Bagchi

    Managing Director & CEO (from 27 Oct 2026) · since 2026

    RBI approved his appointment for three years from 27 Oct 2026, the bank said on 1 Oct 2026.

  • Sashidhar Jagdishan

    Managing Director & CEO (to 26 Oct 2026)

    Chose not to seek re-appointment and retires on 26 Oct 2026, the bank said on 29 Aug 2026.

  • Rajiv Kumar

    Part-time Chairman · since 2026

    RBI approved his appointment on 15 Jul 2026, for three years.

  • Kaizad Bharucha

    Deputy Managing Director (cessation requested from 31 Dec 2026)

    The bank said on 17 Oct 2026 that he asked to leave on 31 Dec 2026. The request goes to RBI for approval.

  • Puneet Sharma

    Chief Financial Officer (designate) · since 2026

    CFO-designate from 1 Sep 2026; he becomes CFO on 1 Dec 2026, the bank said on 29 Jun 2026.

What they said, and what happened

2 too early to tell · 1 partly delivered · 1 delivered

  1. Said on 19 Apr 2025

    Bring the credit-deposit ratio back to the pre-merger range of 85–90% in FY27 (CFO Srinivasan Vaidyanathan).

    What happened

    ICRA put the ratio at about 95% at 31 Mar 2026. FY27 ends on 31 Mar 2027.

    Too early to tell

  2. Said on 19 Jul 2025

    Grow loans at the banking-system rate in FY26 (MD & CEO Sashidhar Jagdishan).

    What happened

    Gross loans grew 12.0% in FY26. On 18 Apr 2026, Mr Jagdishan put system growth at 10.5–11.5% by the bank's estimate. On RBI period-end data he put it at 13.5–13.9%.

    Partly delivered

  3. Said on 19 Apr 2025

    Keep the credit-deposit ratio falling in FY26, though less steeply than in FY25 (MD & CEO Sashidhar Jagdishan).

    What happened

    The bank put the ratio at about 96% at 31 Mar 2025. ICRA put it at about 95% at 31 Mar 2026.

    Delivered

  4. Said on 18 Oct 2025

    Grow loans faster than the banking system in FY27 (CFO Srinivasan Vaidyanathan).

    What happened

    Gross loans grew 16.3% in the year to 30 Sep 2026. ICRA said in Jun 2026 that the bank targets loan and deposit growth in line with the sector.

    Too early to tell

Source: Intimation: RBI approval of Anup Bagchi as MD & CEO from 27 Oct 2026 (1 Oct 2026); Intimation: MD & CEO Sashidhar Jagdishan not to seek re-appointment; retires 26 Oct 2026 (29 Aug 2026); Intimation: RBI approval of Rajiv Kumar as Part-time Chairman (15 Jul 2026) and 9 more

17 · Governance signals

What do HDFC Bank's governance filings show?

Auditor
B S R & Co. LLP and Batliboi & Purohit (joint statutory auditors)
Auditor changes
16 Jul 2022: MSKA & Associates → Price Waterhouse LLP (Completion of the previous auditor's term under RBI's three-year rule; the bank has two joint auditors.); 9 Aug 2024: M M Nissim & Co. LLP → Batliboi & Purohit (Completion of term.); 8 Aug 2025: Price Waterhouse LLP → B S R & Co. LLP (Completion of term.)
Audit qualifications
None reported
Related-party dealings
HDFC Bank's main related parties are its subsidiaries. At 31 Mar 2026 it owned 74.12% of HDB Financial Services and 50.21% of HDFC Life. It also owned 50.33% of HDFC ERGO, 52.37% of HDFC AMC and 94.01% of HDFC Securities. It received ₹2,242 crore of dividends from subsidiaries in FY26.
Credit rating
Crisil AAA (Stable), 23 Jun 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • other · 30 Sep 2026

    No promoter; depositary shares counted separately

    HDFC Ltd was the promoter until the 2023 merger cancelled its shares. Filed shareholding percentages leave out the 13.30% of shares held by the depositary for NYSE-listed ADSs (Sep 2026). Cityfort shows each group as a share of all shares. The ADS block is its own slice in every quarter.

  • regulatory · 28 Nov 2025

    RBI penalties, Nov 2023 to Nov 2025

    RBI fined the bank five times between Nov 2023 and Nov 2025. Nov 2023: ₹10,000 under FEMA (foreign exchange rules). Sep 2024: ₹1 crore, for gifts to depositors, ineligible savings accounts and recovery calls outside allowed hours. Mar 2025: ₹75 lakh, under KYC (customer identity) rules. Jul 2025: ₹4.88 lakh under FEMA. Nov 2025: ₹91 lakh, for a loan pricing benchmark, a subsidiary's business and KYC checks by sales agents. Reasons are as described in the bank's filings.

  • regulatory · 2 Apr 2025

    SEBI administrative warnings

    The bank disclosed three SEBI administrative warning letters alleging non-compliance; they are not penalties. Two came in Dec 2024: on a merchant-banking inspection, and on a disclosure about a senior employee's resignation. One came in Apr 2025, on custodian activities.

  • regulatory · 26 Sep 2025

    Dubai regulator restricted the DIFC branch

    The Dubai Financial Services Authority (DFSA) issued a notice on 25 Sep 2025 about the bank's DIFC branch. DIFC is the Dubai International Financial Centre. It bars the branch from soliciting or onboarding new clients for advisory and arranging services. Existing clients are still served. The bank said the notice cited services to clients the branch had not onboarded, and onboarding issues. The bar stays until the DFSA amends or revokes it. On 9 Mar 2026 a board committee ordered staff accountability actions, including removing three employees. They may appeal to the board.

  • other · 18 Mar 2026

    Chairman resigned; external legal review

    Part-time Chairman Atanu Chakraborty resigned on 18 Mar 2026 "for reasons mentioned in the resignation letter", the bank said. RBI made a statement on 19 Mar 2026, based on its periodical assessment. It said there were "no material concerns on record" about the bank's conduct or governance. On 23 Mar 2026 the board appointed external law firms to review the letter. On 26 Jun 2026 the bank published the firms' finding. They found Mr Chakraborty's statement "not substantiated by the record and witness interviews". The bank and the firms said they repeatedly asked to interview him, but no interview took place.

  • other · 27 Jul 2026

    Board review of the MSRDC deposit arrangement

    The board reviewed a deposit arrangement with the Maharashtra State Road Development Corporation (MSRDC) from 2017 and 2021. On 28 May 2026 the bank said the matter did not have a material impact on its financial statements. On 23 Jul 2026 the board called the conduct "business overreach rather than any mala fide action". Citing a possible divergence from applicable RBI Directions, it issued warning letters and ₹1 lakh penalties. These went to the MD & CEO, CFO and Group Head–Retail Assets. The board directed that RBI be informed.

Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Integrated Annual Report FY22 (2021-22); Integrated Annual Report FY24 (2023-24), incl. note on amalgamation of HDFC Ltd and 19 more

18 · What the market paid · price as of 30 Jun 2026

What did the market pay for HDFC Bank on 30 Jun 2026?

Price as of 30 Jun 2026 (shown for education; prices change daily).

Price as of 30 Jun 2026 (data at least 3 months old, shown for education): ₹797.95 on NSE. Market value: ₹1,228,949 crore, on all 15,401,327,492 shares, including those behind ADSs. P/E is the share price divided by one year's profit per share: here FY26 group EPS of ₹49.50 (16.1). On bank-only EPS of ₹48.62 it is 16.4. P/B divides the price by book value (shareholders' money) per share: bank-only ₹365.68 at 31 Mar 2026. EV/EBITDA is not shown, because interest is a bank's main running cost.

Share price
₹797.95
Market value (market cap)
₹1,228,949 cr
P/E
16.1×
P/B
2.2×

Source: NSE capital-market bhavcopy, 30 Jun 2026; Shareholding pattern as of 30 Jun 2026 (XBRL); Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR

19 · What could go wrong

What could go wrong for HDFC Bank?

  • Pricing

    Narrower lending margin

    Net interest margin, as reported, fell from 4.1% in FY23 to 3.34% in FY26. At 3.16% in Q2 FY27, it was the lowest of the 14 quarters shown.

    Watch Quarterly NIM and the CASA ratio.

  • Cash and liquidity

    Loans compared with deposits

    ICRA put the credit-deposit ratio (loans as a share of deposits) at about 95% in Mar 2026. CFO Srinivasan Vaidyanathan said in Apr 2025 it would reach 85–90% in FY27. On 23 Jun 2026, ICRA said it expects the ratio to stay near that level. It said the bank targets loan and deposit growth in line with the sector. CARE calls the CASA ratio and credit-deposit ratio key monitorables. On 18 Apr 2026 Mr Vaidyanathan said the bank aims to keep its liquidity coverage ratio between 110% and 120%. That ratio compares easy-to-sell assets with a month of possible outflows. It was 114% in Mar 2026. On 17 Oct 2026 he confirmed it was about 113%.

    Watch Credit-deposit ratio and liquidity coverage ratio in results and calls.

  • Governance

    Leadership change in 2026

    A new MD & CEO starts on 27 Oct 2026, and a new CFO takes over on 1 Dec 2026. The Chairman changed twice in 2026. The Deputy MD has asked to leave on 31 Dec 2026, subject to RBI approval.

    Watch The new team's first statements on growth and funding; board and RBI filings.

  • Regulation

    Regulatory actions

    RBI fined the bank five times between Nov 2023 and Nov 2025, from ₹10,000 to ₹1 crore each. Dubai's regulator restricted new clients at the DIFC branch in Sep 2025.

    Watch RBI, SEBI and DFSA intimations filed with the exchanges.

  • Debt

    Bad loans in farm lending

    Gross NPA was 1.11% of loans at 30 Sep 2026, but 0.87% excluding farm loans. Credit cost (new provisions as a share of loans) was 0.44% in Q2 FY27.

    Watch Gross NPA and credit cost each quarter.

  • Other

    Group profit depends on part-owned subsidiaries

    The bank owns about half of HDFC Life, HDFC ERGO and HDFC AMC. Group results include their premiums and claims; ₹3,193 crore of FY26 group profit went to their other shareholders.

    Watch Subsidiary results and the share of group profit going to minority shareholders.

Source: Integrated Annual Report FY23 (2022-23); Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Press release: financial results (Indian GAAP) for Q2 FY27 (quarter ended 30 Sep 2026) and 16 more

20 · How it got here

How did HDFC Bank get here?

  1. 1994

    Milestone

    Bank incorporated

    HDFC Bank Limited was incorporated on 30 Aug 1994.

  2. 2017

    Milestone

    Named systemically important

    RBI named HDFC Bank a domestic systemically important bank on 4 Sep 2017, CARE notes.

  3. 2020

    Crisis

    RBI halted new credit cards

    An RBI order of 2 Dec 2020 stopped new credit-card sign-ups and new digital launches. RBI lifted the curbs in Aug 2021 (cards) and Mar 2022.

  4. 2023

    Business-model change

    HDFC Ltd merged in

    The housing finance company merged into the bank on 1 Jul 2023. It added ₹6.06 lakh crore of loans and ₹4.78 lakh crore of borrowings. The bank has had no promoter since.

  5. 2024

    Milestone

    Credila sale and extra provisions

    In Q4 FY24 the bank booked a ₹7,340 crore gain on selling HDFC Credila. It also set aside ₹10,900 crore of floating provisions.

  6. 2025

    Milestone

    HDB Financial IPO and bonus shares

    The bank sold ₹10,000 crore of HDB Financial Services shares in its Jul 2025 IPO, keeping 74.2%. A 1:1 bonus issue followed (record date 27 Aug 2025).

  7. 2026

    Milestone

    Chairman resigned

    Part-time Chairman Atanu Chakraborty resigned on 18 Mar 2026. External law firms appointed by the board reviewed his letter. Rajiv Kumar became Chairman with RBI approval on 15 Jul 2026.

  8. 2026

    Milestone

    New MD & CEO

    Anup Bagchi takes over as MD & CEO on 27 Oct 2026, succeeding Sashidhar Jagdishan.

Source: Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; CareEdge Ratings press release on HDFC Bank (27 Aug 2026); Integrated Annual Report FY22 (2021-22) and 12 more

21 · Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Gross NPA stayed between 1.11% and 1.42% of loans in every quarter from Q1 FY24 to Q2 FY27.
  • Total capital was 18.9% of risk-weighted assets at 30 Sep 2026, against an 11.9% minimum including buffers.
  • Deposits grew 18.8% in the year to 30 Sep 2026, faster than gross loans (16.3%). MD & CEO Sashidhar Jagdishan said on 17 Oct 2026 that about 4 points came from a special FCNR(B) window.
  • Crisil, ICRA and CARE rated HDFC Bank's debt AAA, with a stable outlook (Jun–Aug 2026). AAA is their highest grade for ability to repay. The ratings cover debt, not the shares.
  • RBI made a statement on 19 Mar 2026, based on its periodical assessment. It said there were "no material concerns on record" about the bank's conduct or governance.

What critics point to

  • Net interest margin, as reported, fell from 4.1% in FY23 to 3.16% in Q2 FY27.
  • CASA deposits fell from 42.5% of deposits in Jun 2023 to 31.6% in Sep 2026. CARE calls this and the credit-deposit ratio key monitorables.
  • Return on equity fell from 17.39% in FY23 to 14.29% in FY26.
  • Part-time Chairman Atanu Chakraborty resigned on 18 Mar 2026 "for reasons mentioned in the resignation letter", the bank said. The MD & CEO and CFO change between Oct and Dec 2026. The Deputy MD has asked to leave on 31 Dec 2026, subject to RBI approval.
  • RBI fined the bank five times from Nov 2023 to Nov 2025. Dubai's regulator restricted new clients at its DIFC branch in Sep 2025.

22 · What to watch next

What should you watch next at HDFC Bank?

Next event

Q3 FY27 results (expected, based on last year's 17 Jan date)

17 Jan 2027

Expected, based on last year's date

  • Net interest margin

    It was 3.16% in Q2 FY27, the lowest of the 14 quarters shown. It shows how much the bank keeps between lending and borrowing rates.

  • Deposits against loans

    CFO Srinivasan Vaidyanathan said in Apr 2025 that loans would fall to 85–90% of deposits in FY27. ICRA put the ratio at about 95% in Mar 2026.

  • The new leadership's plans

    Anup Bagchi becomes MD & CEO on 27 Oct 2026. On 17 Oct 2026 the outgoing MD & CEO said the new team would set out deposit and liquidity plans.

23 · Key facts

Key facts about HDFC Bank

What does HDFC Bank do?
HDFC Bank is a private-sector bank in India. HDFC Bank takes deposits and lends to households, small businesses and large companies. At 30 Sep 2026 HDFC Bank held deposits of ₹33.27 lakh crore and gross loans of ₹32.20 lakh crore.
How does HDFC Bank make money?
HDFC Bank earns mainly the gap between the interest it charges borrowers and the interest it pays depositors and lenders. In FY26, HDFC Bank's own net interest income was ₹128,686 crore. Its other income, mainly fees, was ₹62,533 crore.
Who are HDFC Bank's customers?
HDFC Bank had 103.6 million customers at 30 Sep 2026. Of HDFC Bank's loans under management then, retail borrowers had 53%, including home loans at 28%. Small and mid-sized businesses had 21%, and large companies 26%.
How big is HDFC Bank?
HDFC Bank's bank-only net profit was ₹74,671 crore in FY26, up from ₹67,347 crore in FY25. Group profit for HDFC Bank shareholders, including subsidiaries such as HDFC Life, was ₹76,026 crore in FY26. HDFC Bank had 9,706 branches at 30 Sep 2026.
Who owns HDFC Bank?
HDFC Bank has no promoter. At 30 Sep 2026, foreign investors held 34.16% of all HDFC Bank shares. Indian institutions held 37.82%, and individuals and others 14.71%. Another 13.3% of HDFC Bank shares sit behind its NYSE-listed American depositary shares.
What changed when HDFC Ltd merged into HDFC Bank?
HDFC Ltd, a housing finance company, merged into HDFC Bank on 1 Jul 2023. HDFC Bank took over ₹6.06 lakh crore of loans, ₹1.57 lakh crore of deposits and ₹4.78 lakh crore of borrowings. HDFC Ltd had been HDFC Bank's promoter, so HDFC Bank has had no promoter since.
What is HDFC Bank's net interest margin?
Net interest margin is net interest income as a share of assets. HDFC Bank reported 3.34% for FY26, down from 4.1% in FY23, before the merger. HDFC Bank reported 3.16% for Q2 FY27 (Jul–Sep 2026).
How many of HDFC Bank's loans have gone bad?
HDFC Bank's gross NPA (loans not being repaid) was 1.11% of its loans at 30 Sep 2026. After money already set aside, HDFC Bank's net NPA was 0.37%.
Who runs HDFC Bank?
Anup Bagchi becomes HDFC Bank's MD & CEO on 27 Oct 2026, for three years. HDFC Bank said on 1 Oct 2026 that RBI had approved him. He succeeds Sashidhar Jagdishan, who retires on 26 Oct 2026. Rajiv Kumar is HDFC Bank's part-time Chairman.

Source: Press release: financial results (Indian GAAP) for Q2 FY27 (quarter ended 30 Sep 2026); Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR; Earnings presentation Q2 FY27 and 8 more

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

24 · Sources and changes

Where every number on this page comes from

Sources (103 documents)
  1. S1Integrated Annual Report FY26 (2025-26), incl. standalone and consolidated financial statements and BRSR · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 11 Jul 2026
  2. S2Integrated Annual Report FY25 (2024-25), revised filing of 25 Jul 2025 (supersedes the 14 Jul 2025 filing) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 25 Jul 2025
  3. S3Integrated Annual Report FY24 (2023-24), incl. note on amalgamation of HDFC Ltd · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jul 2024
  4. S4Integrated Annual Report FY23 (2022-23) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jul 2023
  5. S5Integrated Annual Report FY22 (2021-22) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jun 2022
  6. S6Press release: financial results (Indian GAAP) for Q2 FY27 (quarter ended 30 Sep 2026) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 17 Oct 2026
  7. S8Earnings presentation Q2 FY27 · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 17 Oct 2026
  8. S9Transcript of Q2 FY27 earnings call held 17 Oct 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Oct 2026
  9. S10Press release: financial results for Q1 FY27 (quarter ended 30 Jun 2026) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 18 Jul 2026
  10. S14Press release: audited financial results for Q4 FY26 and FY26 · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 18 Apr 2026
  11. S17Transcript of Q4 FY26 earnings call held 18 Apr 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 24 Apr 2026
  12. S18Press release: financial results for Q3 FY26 (quarter ended 31 Dec 2025) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 17 Jan 2026
  13. S20Transcript of Q3 FY26 earnings call held 17 Jan 2026 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Jan 2026
  14. S21Press release: financial results for Q2 FY26 (quarter ended 30 Sep 2025) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 18 Oct 2025
  15. S23Transcript of Q2 FY26 earnings call held 18 Oct 2025 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Oct 2025
  16. S24Press release: financial results for Q1 FY26 (quarter ended 30 Jun 2025) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 19 Jul 2025
  17. S27Transcript of Q1 FY26 earnings call held 19 Jul 2025 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 25 Jul 2025
  18. S28Press release: audited financial results for Q4 FY25 and FY25 · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 19 Apr 2025
  19. S29Financial results for the quarter and year ended 31 Mar 2025 (standalone and consolidated) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 19 Apr 2025
  20. S31Transcript of Q4 FY25 earnings call held 19 Apr 2025 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 24 Apr 2025
  21. S32Earnings presentation Q3 FY25 · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 22 Jan 2025
  22. S34Earnings presentation Q2 FY25 · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 19 Oct 2024
  23. S36Press release: financial results for Q1 FY25 (quarter ended 30 Jun 2024) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 20 Jul 2024
  24. S39Earnings presentation Q4 FY24 · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 20 Apr 2024
  25. S41Earnings presentation Q3 FY24 (with merged-basis (P) comparisons) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 16 Jan 2024
  26. S43Earnings presentation Q2 FY24 (first post-merger quarter; merged-basis (P) figures for Jun 2023) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 16 Oct 2023
  27. S45Press release: financial results for Q1 FY24 (last pre-merger quarter) · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 17 Jul 2023
  28. S46Earnings presentation Q1 FY24 · HDFC Bank investor relations (hdfc.bank.in) · Tier 1: company or exchange filing · 17 Jul 2023
  29. S49XBRL financial results Q4 FY22 and FY22, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Apr 2022
  30. S50XBRL financial results Q4 FY23 and FY23, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Apr 2023
  31. S51XBRL financial results Q1 FY24, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jul 2023
  32. S52XBRL financial results Q2 FY24, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2023
  33. S53XBRL financial results Q3 FY24, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Jan 2024
  34. S54XBRL financial results Q4 FY24 and FY24, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Apr 2024
  35. S55XBRL financial results Q1 FY25, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jul 2024
  36. S56XBRL financial results Q2 FY25, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Oct 2024
  37. S57XBRL financial results Q3 FY25, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Jan 2025
  38. S58XBRL integrated filing (financials) Q4 FY25 and FY25, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Apr 2025
  39. S59XBRL integrated filing (financials) Q1 FY26, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jul 2025
  40. S60XBRL integrated filing (financials) Q2 FY26, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Oct 2025
  41. S61XBRL integrated filing (financials) Q3 FY26, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jan 2026
  42. S62XBRL integrated filing (financials) Q4 FY26 and FY26, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2026
  43. S63XBRL integrated filing (financials) Q1 FY27, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jul 2026
  44. S64XBRL integrated filing (financials) Q2 FY27, standalone · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2026
  45. S65XBRL financial results Q1 FY24, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jul 2023
  46. S66XBRL financial results Q2 FY24, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2023
  47. S67XBRL financial results Q3 FY24, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Jan 2024
  48. S68XBRL financial results Q4 FY24 and FY24, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Apr 2024
  49. S69XBRL financial results Q1 FY25, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 21 Jul 2024
  50. S70XBRL financial results Q2 FY25, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 20 Oct 2024
  51. S71XBRL financial results Q3 FY25, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Jan 2025
  52. S72XBRL integrated filing (financials) Q1 FY26, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Jul 2025
  53. S73XBRL integrated filing (financials) Q2 FY26, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Oct 2025
  54. S74XBRL integrated filing (financials) Q3 FY26, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Jan 2026
  55. S75XBRL integrated filing (financials) Q4 FY26 and FY26, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2026
  56. S76XBRL integrated filing (financials) Q1 FY27, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jul 2026
  57. S77XBRL integrated filing (financials) Q2 FY27, consolidated · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2026
  58. S79Shareholding pattern as of 31 Dec 2023 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 10 Jan 2024
  59. S80Shareholding pattern as of 31 Mar 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Apr 2024
  60. S81Shareholding pattern as of 30 Jun 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 Jul 2024
  61. S82Shareholding pattern as of 30 Sep 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Oct 2024
  62. S83Shareholding pattern as of 31 Dec 2024 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Jan 2025
  63. S84Shareholding pattern as of 31 Mar 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 4 Apr 2025
  64. S85Shareholding pattern as of 30 Jun 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 9 Jul 2025
  65. S87Shareholding pattern as of 30 Sep 2025 (XBRL; NSE shows a 13 Nov 2025 file version) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 8 Oct 2025
  66. S88Shareholding pattern as of 31 Dec 2025 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 7 Jan 2026
  67. S89Shareholding pattern as of 31 Mar 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 Apr 2026
  68. S90Shareholding pattern as of 30 Jun 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 3 Jul 2026
  69. S91Shareholding pattern as of 30 Sep 2026 (XBRL) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 6 Oct 2026
  70. S92NSE capital-market bhavcopy, 30 Jun 2026 · NSE (nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Jun 2026
  71. S95Intimation: effectiveness of the composite scheme of amalgamation of HDFC Ltd into HDFC Bank (effective 1 Jul 2023) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 1 Jul 2023
  72. S97Intimation: RBI approval for sale of HDFC Credila shares · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Feb 2024
  73. S98Intimation: sale of HDB Financial Services shares in its IPO (offer for sale) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 Jul 2025
  74. S100Update on bonus issue: RBI approval; record date 27 Aug 2025 · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 13 Aug 2025
  75. S101Intimation: RBI penalty of Rs 10,000 under FEMA (30 Nov 2023) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 30 Nov 2023
  76. S102Intimation: RBI penalty of Rs 1 crore (10 Sep 2024) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 10 Sep 2024
  77. S103Intimation: RBI penalty of Rs 75 lakh (KYC directions) (26 Mar 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 26 Mar 2025
  78. S104Intimation: RBI penalty of Rs 4.88 lakh under FEMA (11 Jul 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 11 Jul 2025
  79. S105Intimation: RBI penalty of Rs 91 lakh (order dated 18 Nov 2025, received 28 Nov 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 28 Nov 2025
  80. S106Intimation: SEBI administrative warning (merchant banking inspection) (12 Dec 2024) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 12 Dec 2024
  81. S107Intimation: SEBI administrative warning (LODR disclosures) (16 Dec 2024) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Dec 2024
  82. S108Intimation: SEBI administrative warning (custodian activities) (2 Apr 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 2 Apr 2025
  83. S109Intimation: Dubai Financial Services Authority decision notice on the DIFC branch (26 Sep 2025) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 26 Sep 2025
  84. S112Intimation: resignation of Atanu Chakraborty as Part-time Chairman; Keki Mistry interim Chairman (18 Mar 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Mar 2026
  85. S113RBI statement on HDFC Bank dated 19 Mar 2026 (filed by the Bank) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 19 Mar 2026
  86. S115Clarification on news item: staff accountability actions linked to DFSA matter (23 Mar 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 23 Mar 2026
  87. S116Intimation: appointment of external law firms to review resignation letter (24 Mar 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 24 Mar 2026
  88. S117Clarification on news item regarding internal audit observations (28 May 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 28 May 2026
  89. S118Announcement: conclusion of external legal review of resignation letter (26 Jun 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 26 Jun 2026
  90. S119Announcement: conclusion of internal review of MSRDC deposit arrangement (27 Jul 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 27 Jul 2026
  91. S122Intimation: RBI approval of Rajiv Kumar as Part-time Chairman (15 Jul 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 15 Jul 2026
  92. S123Intimation: appointment of CFO (designate) and General Counsel (designate) (29 Jun 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 29 Jun 2026
  93. S124Intimation: MD & CEO Sashidhar Jagdishan not to seek re-appointment; retires 26 Oct 2026 (29 Aug 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 29 Aug 2026
  94. S126Intimation: RBI approval of Anup Bagchi as MD & CEO from 27 Oct 2026 (1 Oct 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 1 Oct 2026
  95. S127Intimation: Kaizad Bharucha (Deputy MD) cessation from 31 Dec 2026; re-appointment of Lily Vadera (17 Oct 2026) · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 17 Oct 2026
  96. S131CareEdge Ratings press release on HDFC Bank (27 Aug 2026) · CARE Ratings Ltd · Tier 2: rating agency or regulator · 27 Aug 2026
  97. S132ICRA rationale: HDFC Bank ratings reaffirmed and withdrawn for matured instruments (23 Jun 2026) · ICRA Ltd · Tier 2: rating agency or regulator · 23 Jun 2026
  98. S133Crisil Ratings rationale: HDFC Bank ratings reaffirmed (23 Jun 2026) · Crisil Ratings Ltd · Tier 2: rating agency or regulator · 23 Jun 2026
  99. S137ICICI Bank Ltd Annual Report FY26 (competitor evidence) · NSE (ICICI Bank filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Jul 2026
  100. S138State Bank of India Annual Report FY26 (competitor evidence) · NSE (SBI filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 26 May 2026
  101. S139Axis Bank Ltd Annual Report FY26 (competitor evidence) · NSE (Axis Bank filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 25 Jun 2026
  102. S140Kotak Mahindra Bank Ltd Annual Report FY26 (competitor evidence) · NSE (Kotak Mahindra Bank filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 16 Sep 2026
  103. S141Board outcome 18 Apr 2026: final dividend of Rs 13 per share recommended · NSE (company filing, nsearchives.nseindia.com) · Tier 1: company or exchange filing · 18 Apr 2026
Changes to this page (v2 · 26 Oct 2026)
  1. v2 · 26 Oct 2026Linked competitors that now have their own Cityfort pages. (editorial update, Q2 FY27)
  2. v1 · 25 Oct 2026First version. (first version)

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