Hdfc Bank Limited · NSE:HDFCBANK
Hdfc Bank — Q3 2026 Earnings Presentation
37 slides from Hdfc Bank's earnings presentation, Jan 17, 2026
Slide 1: Q3FY26 Earnings Presentation
Classification - Confidential Q3FY26 Earnings Presentation January 17, 2026 Classification - Confidential
Slide 2: Key performance metrics for Q3 FY26
Key performance metrics for Q3 FY26 ➢ Deposits; average YoY ↑ ₹ 3.00 tn (12.2%) ; EOP YoY ↑ ₹ 2.96 tn (11.6%) ✓ Average deposits QoQ ↑ ₹ 0.42 tn (1.5%) ; EOP QoQ ↑ ₹ 0.58 tn (2.1%) ✓ Average CASA QoQ ↑ ₹ 0.21 tn (2.4%) ; EOP QoQ ↑ ₹ 0.12 tn (1.3%) ✓ Average time deposits QoQ ↑ ₹ 0.21 tn (1.1%) ; EOP
Slide 3: Key financial parameters for Q3 FY26
STANDALONE Key financial parameters for Q3 FY26 Average deposits at ₹ 27,524 bn, Profit after tax of ₹ 187 bn, EPS ↑12.2% YoY ; ↑1.5% QoQ for the quarter ₹ 12.1 Average advances under Gross NPA at 1.24%, ex-agri management at ₹ 28,641 bn, ↑9.0% YoY ; ↑2.5% QoQ 0.97% Net interest margin ^ (NIM) of 3.
Slide 4: Income statement
STANDALONE Income statement P&L (₹ bn) Q3 FY25 Q2 FY26 Q3 FY26 QoQ YoY Net interest income 306.5 315.5 326.2 3.4% 6.4% Non-interest income 114.5 143.5 132.5 (7.7%) 15.7% Net revenue 421.0 459.0 458.7 (0.1%) 9.0% Operating expenses 171.1 179.8 179.7 (0.1%) 5.0% Provisions - EB under NLC - - 8.0 nm nm
Slide 5: Abridged balance sheet
STANDALONE Abridged balance sheet Balance sheet (₹ bn) Dec'24 Sep'25 Dec'25 QoQ YoY Net Advances 25,182 27,464 28,214 750 3,032 Investments 8,119 8,743 8,783 40 664 Government & debt securities 7,913 8,533 8,576 43 663 Equity & other securities 206 210 207 (3) 1 Cash & equivalent 2,202 1,652 1,752 1
Slide 6: Capital and liquidity metrics
Capital and liquidity metrics Capital adequacy Liquidity coverage ratio 19.8% 20.0% 19.6% 19.9% 20.0% 19.9% 17.8% 18.0% 17.7% 17.8% 17.9% 17.8% 128% 125% 124% 120% 119% 116% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Total Capital Tier 1 Cap
Slide 7: Growth in deposits
BUSINESS GROWTH Growth in deposits Average Deposits EOP Deposits ₹ bn ₹ bn h12.2% h11.6% h1.5% h2.1% 23,540 24,528 25,280 26,576 27,105 27,524 27,641 28,018 28,601 25,001 25,638 27,147 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 7 HDFC Bank P
Slide 8: Growth in advances
BUSINESS GROWTH Growth in advances Average advances under management EOP advances under management ₹ bn ₹ bn h9.0% h9.8% h2.5% h2.7% 28,688 29,460 28,641 27,733 27,820 26,955 27,423 27,946 26,334 26,839 25,639 26,276 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Sep'24 Dec'24 Mar'25 Ju
Slide 9: Retail branch driving deposits
HIGH QUALITY DEPOSIT FRANCHISE Retail branch driving deposits Average Retail / Wholesale Proportion of CASA deposits ₹ bn h10.1% 16% 17% 17% 18% 17% 17% h1.3% 6,390 6,527 6,617 6,081 6,056 6,305 84% 83% 83% 82% 83% 83% 2,754 2,671 3,141 2,980 2,964 2,995 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Se
Slide 10: Mix across segments
LOAN BOOK Mix across segments Balancing growth Composition of retail assets Dec’25 Loans (₹ bn) Dec'24 Sep'25 Dec'25 QoQ YoY Retail 14,727 15,554 15,747 1.2% 6.9% 13% Mortgage 8,171 8,565 8,707 1.7% 6.6% Retail Assets 6,557 6,989 7,041 0.7% 7.4% 30% Small and mid-market 5,114 5,718 5,996 4.8% 17.2%
Slide 11: Branch expansion and customer relationships
BUILDING FRANCHISE STRENGTH Branch expansion and customer relationships Branch network Customer base #s #mn 9,092 9,143 9,455 9,499 9,545 9,616 17% 17% 17% 17% 17% 17% 34% 34% 34% 34% 33% 33% 21% 21% 21% 21% 21% 21% 97 100 93 69 81 28% 28% 28% 28% 28% 29% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Me
Slide 12: Net revenues
STANDALONE Net revenues Net revenue Net revenue mix ₹ bn YoY 28% QoQ 27% 27% 29% 31% 29% 532 441 459 459 416 421 72% 73% 73% 71% 69% 71% * Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 # Q2 Sep'25 Q3 Dec'25 YoY 9% 6% (7%) 31% 10% 9% Net Interest
Slide 13: Net interest income
STANDALONE Net interest income Net interest income Net interest margin (NIM) ₹ bn 3.35% 3.7% 3.7% YoY 3.6% 3.5%QoQ 3.5% 3.5% 3.5% 3.4% 3.4% 3.4% 3.4% 3.3% 321 326 314 316 301 307 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Y
Slide 14: Yield on assets and cost of funds
STANDALONE Yield on assets and cost of funds Yield on assets and cost of funds Key Balance Sheet Mix Particulars Sep'23 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 8.3% 8.3% 8.3% 8.1% 7.8% 7.8% AUM Mix Retail 53% 55% 55% 55% 54% 53% Mortgage 29% 30% 30% 30% 30% 30% 4.9% 4.9% 4.9% 4.8% Retail Assets 24% 25% 2
Slide 15: Other income
STANDALONE Other income Other income Fee income mix ₹ bn 217 6% 6% 6% 6% 7% 6% 24 18% 17% 13% 17% 16% 17% 144 133 120 101 35% 115 115 15 34% 36% 36% 34% 35% 17 17 24 9 16 18 3 1 4 16 14 15 14 14 16 18% 18% 17% 19% 19% 19% 81 82 85 88 92 76 24% 24% 28% 22% 24% 23% Q2 Sep'24 Q3 Dec24 Q4 Mar'25 Q1 Jun'
Slide 16: Operating expenses
STANDALONE Operating expenses Operating expenses Cost efficiency ₹ bn ^ 180 180 171 176 174 # 169 40.6% 40.6% 39.8% 39.6% 39.2% 39.2% 114 113 115 116 109 112 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Cost to income ratio 60 60 61 62 65 64 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% Q2 Sep'24 Q3
Slide 17: Resilient asset quality
RISK MANAGEMENT Resilient asset quality Gross NPA and Net NPA GNPA by Segment 1.4% 1.4% 1.3% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.1% 0.8% 0.7% 0.5% 0.4% 0.5% 0.4% 0.4% Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Sep'25 Dec'25 GNPA NNPA Retail Retail (ex-Agri) Others GNPA (ex-agri) 1.2% 1.1% 1.1% 1.0% 1.0% Stable
Slide 18: Movement of NPAs
RISK MANAGEMENT Movement of NPAs ₹ bn (Ex-agri 99 bps) 124 bps 45 124 bps (Ex-agri 97 bps) 86 32 (Ex-agri : 67 bn) 343 352 GNPA as on Sep'25 Slippages Upgrades & Recoveries Write offs GNPA as on Dec'25 ₹ bn (Ex-agri 114 bps) 140 bps 74 68 124 bps (Ex-agri 99 bps) (Ex-agri : 63 bn) 33 370 343 GNPA as
Slide 19: Credit cost and stock of provisions
RISK MANAGEMENT Credit cost and stock of provisions Credit cost Stock of provisions ₹ bn 720 722 718 56 bps 55 bps 51 bps 606 106 113 115 50 bps 48 bps 607 104 108 41 bps 41 bps 214 214 214 36 bps 37 bps 124 124 29 bps # 135 135 152 167 157 244 239 248 228 232 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25* Q2 Sep'2
Slide 20: Profitability
Profitability Standalone profit after tax Earnings per share* ₹ bn ₹ 12.1 12.1 11.5 11.9 11.0 11.0 186 187 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 176 182 168 167 EPS Standalone YoY # bn 15.24 15.28 15.30 15.32 15.35 15.38 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'
Slide 21: Stake held in key subsidiary entities – December 31, 2025
GROUP COMPANIES Stake held in key subsidiary entities – December 31, 2025 Investment Total shares % Stake PAT of the Book value EPS (FTQ) Entity Amount outstanding held by company per share (₹) (₹ bn) by entity (mn) HDFC Bank (FTQ) (₹ bn) (₹) HDB Financial Services 29 830.0 74.15% 6.4 239.0 7.8 HDFC
Slide 22: Subsidiaries – Q3FY26 update – HDB Financial Services
GROUP COMPANIES Subsidiaries – Q3FY26 update – HDB Financial Services • 74.15% stake held by the Bank as of December 31, 2025 • 22.0 million customers serviced through a network of 1,744 branches across 1,165 cities/towns ‒ Incrementally, 1 million customers have been added during Q3 FY26 • Q3FY26 p
Slide 23: Subsidiaries – Q3FY26 update – HDFC Life Insurance
GROUP COMPANIES Subsidiaries – Q3FY26 update – HDFC Life Insurance • 50.21% stake held by the Bank as of December 31, 2025 • 328k individual policies sold and overall 11.2 mn lives insured during the quarter • Individual weighted received premium market share of 15% for 9MFY26 • Q3FY26 performance h
Slide 24: Subsidiaries – Q3FY26 update – HDFC AMC
GROUP COMPANIES Subsidiaries – Q3FY26 update – HDFC AMC • 52.38% stake held by the Bank as of December 31, 2025 • Quarterly average AUM of ₹ 9.2 trillion; 11.4% market share • 65% of quarterly average AUM is equity oriented with 61% in actively managed equity oriented • 15.4 million unique investors
Slide 25: Subsidiaries – Q3FY26 update – HDFC ERGO General Insurance
GROUP COMPANIES Subsidiaries – Q3FY26 update – HDFC ERGO General Insurance • 50.33% stake held by the Bank as of December 31, 2025 • Q3FY26 Gross direct premium market share of 4.2% in overall industry and 6.3% amongst private sector insurers • Retail mix in business 70% for the quarter ended Decemb
Slide 26: Subsidiaries – Q3FY26 update – HDFC Securities Ltd
GROUP COMPANIES Subsidiaries – Q3FY26 update – HDFC Securities Ltd • 94.05% stake held by the Bank as of December 31, 2025 • 7.6 million customers serviced through a network of 129 branches across 104 cities • Around 97% of the active clients utilized the services offered through company’s digital p
Slide 27: Consolidated income statement
CONSOLIDATED Consolidated income statement P&L (₹ bn) Q3 FY25 Q2 FY26 Q3 FY26 QoQ YoY Net revenue 652.8 718.2 811.1 12.9% 24.2% Operating expenses 373.5 408.8 494.8 21.0% 32.5% Provisions - EB under NLC - - 10.4 nm nm Provisions 39.6 42.8 36.2 (15.4%) (8.6%) Profit before tax 239.7 266.6 269.6 1.1%
Slide 28: ESG at HDFC Bank
ESG at HDFC Bank Ratings & Indices Environmental Social Governance FTSE4GOOD Emerging Market • Target to be carbon neutral by • Leading responsibly • Commitment to principles of Index FY32 • Taking banking to the unbanked; independence, accountability, December 2025 • Board approved ESG Risk • Suppo
Slide 29: Balance sheet and capital productivity
COMPOUNDING VALUE Balance sheet and capital productivity Growth in assets and RoA 50,000 2.0 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.0 1.9 1.9 1.9 1.9 40,000 30,000 20,000 10,000 - FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q1 Q2 Q3 Assets ROA % Jun'25 Sep'25 Dec'25 Healthy capital position an
Slide 30: Book value performance
COMPOUNDING VALUE Book value performance Standalone book value per share* ₹ 316 328 341 340 353 263 267 278 290 301 304 240 251 Q3 Dec'22 Q4 Mar'23 Q1 Jun'23 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Consolidated book value per share* ₹ 354 3
Slide 31: APPENDIX
APPENDIX 31 HDFC Bank Presentation Q3 FY2026
Slide 32: Industry-wise distribution
CONSOLIDATED Industry-wise distribution* Total Total Industry (₹ bn) Outstanding As a (%) Industry (₹ bn) Outstanding As a (%) (FB + NFB) (FB + NFB) Consumer Loans 10,082 29.0% Capital Market Intermediaries 389 1.1% NBFC 1,741 5.0% Telecom 362 1.0% Retail Trade 1,215 3.5% Housing Finance Companies 3
Slide 33: Top borrower exposure as a % of total exposure
Top 20 borrower exposure as a % of total exposure 10.3% 9.8% 9.6% 9.7% 9.4% 9.2% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 33 HDFC Bank Presentation Q3 FY2026
Slide 34: Risk Weighted Assets
Risk Weighted Assets RWA to Total Assets Risk Weight Density* 68% 69% 70% 70% 67% 67% 65% 66% 63% 63% 64% 65% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 34 HDFC Bank Presentation Q3 FY2026 * Risk Weight Density = RWA / (FB + NFB (post CCF))
Slide 35: Corporate rating mix – December’25
Corporate rating mix – December’25 Rating mix % of externally rated wholesale book (corporate & mid corporate) 75.2% 12.6% 7.4% 4.8% AA and above A BBB BB and below 35 HDFC Bank Presentation Q3 FY2026 Certain figures reported above will not add-up due to rounding
Slide 36: Deposits and advances trend
STANDALONE Deposits and advances trend ₹ tn ₹ tn 28% 29% 27% 25% 15% 16% 16% 16% 15% 12% 30% 28% 26% 12% 12% 21% 24% 15% 16% 14% 16% 17% 19% 20% 21% 19% 24.5 25.3 26.6 27.1 27.5 21.8 22.8 23.5 25.6 27.1 27.6 28.0 28.6 20.4 21.2 23.8 23.8 25.0 16.4 17.2 18.2 18.8 19.1 21.7 22.1 17.3 Average Deposits
Slide 37: Safe harbour statement
Safe harbour statement We have included statements in this report which contain words or phrases such as “will”, “aim”, “will likely result”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “project”, “should”