Hdfc Bank Limited · NSE:HDFCBANK
Hdfc Bank — Q4 FY2025 Earnings Presentation
39 slides from Hdfc Bank's earnings presentation, Apr 19, 2025
Slide 1: Q4FY25 Earnings Presentation
Classification - Confidential Q4FY25 Earnings Presentation April 19, 2025 Classification - Confidential
Slide 2: Key performance metrics for Q4 FY25
Key performance metrics for Q4 FY25 Deposits; average YoY ↑ ₹ 3.44 tn (15.8%) ; EOP YoY ↑ ₹ 3.35 tn (14.1%) Average deposits QoQ ↑ ₹ 0.75 tn (3.1%) ; EOP QoQ ↑ ₹ 1.51 tn (5.9%) Average CASA QoQ ↑ ₹ 0.11 tn (1.4%) ; EOP QoQ ↑ ₹ 0.72 tn (8.2%) Average time deposits QoQ ↑ ₹ 0.64 tn (3.9%) ; EOP
Slide 3: Key financial parameters for Q4 FY25
STANDALONE Key financial parameters for Q4 FY25 Average deposits at ₹ 25,280 bn, Profit after tax of ₹ 176 bn, EPS ↑15.8% YoY ; ↑3.1% QoQ for the quarter ₹ 23.0 Average advances under Gross NPA at 1.33%, ex-agri management at ₹ 26,955 bn, ↑7.3% YoY ; ↑2.6% QoQ 1.13% Net interest margin (NIM) of 3.46
Slide 4: Consolidated income statement
CONSOLIDATED Consolidated income statement P&L (₹ bn) Q4 FY24 Q3 FY25 Q4 FY25 QoQ YoY Net revenue 807.0 652.8 732.8 12.3% (9.2%) Operating expenses 491.3 373.5 439.0 17.5% (10.6%) Provisions 138.1 39.6 38.1 (3.9%) (72.4%) Profit before tax 177.6 239.7 255.7 6.7% 44.0% Consolidated profit 176.2 176.6
Slide 5: Income statement
STANDALONE Income statement P&L (₹ bn) Q4 FY24 Q3 FY25 Q4 FY25 QoQ YoY Net interest income 290.8 306.5 320.7 4.6% 10.3% Non-interest income 181.7 114.5 120.3 5.1% (33.8%) Net revenue 472.5 421.0 441.0 4.8% (6.7%) Operating expenses 179.7 171.1 175.6 2.6% (2.3%) Provisions 135.1 31.5 31.9 1.3% (76.4%
Slide 6: Abridged balance sheet
STANDALONE Abridged balance sheet Balance sheet (₹ bn) Mar'24 Dec'24 Mar'25 QoQ YoY Net Advances 24,849 25,182 26,196 1,014 1,347 Investments 7,024 8,119 8,364 245 1,340 Government and debt securities 6,853 7,913 8,160 247 1,307 Equity and other securities 171 206 204 (2) 33 Cash & equivalent 2,192
Slide 7: Capital and liquidity metrics
Capital and liquidity metrics Capital adequacy Liquidity coverage ratio 19.8% 20.0% 19.6% 18.8% 19.3% 18.4% 17.8% 18.0% 17.7% 16.8% 17.3% 16.8% 128% 125% 123% 119% 115% 110% Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Total Capital Tier 1 Cap
Slide 8: Growth in deposits
BUSINESS GROWTH Growth in deposits Average Deposits EOP Deposits ₹ bn ₹ bn h15.8% h14.1% h3.1% h5.9% 21,171 21,836 22,831 23,540 24,528 25,280 22,140 23,798 23,791 25,001 25,638 27,147 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 8 HDFC Bank P
Slide 9: Growth in advances
BUSINESS GROWTH Growth in advances Average advances under management EOP advances under management ₹ bn ₹ bn h7.3% h7.7% h2.6% h3.3% 27,733 26,955 25,758 25,750 26,334 26,839 24,414 25,125 25,327 25,639 26,276 25,287 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Dec'23 Mar'24 Jun'24 Se
Slide 10: Retail branch driving deposits
HIGH QUALITY DEPOSIT FRANCHISE Retail branch driving deposits Retail / Wholesale Proportion of CASA deposits ₹ bn 38% 38% 36% 35% 34% 35% 16% 16% 16% 16% 16% 17% 84% 84% 84% 84% 84% 83% 5,987 6,081 6,305 5,964 6,056 5,799 3,100 2,754 3,141 2,558 2,673 2,671 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25
Slide 11: Mix across segments
LOAN BOOK Mix across segments Balancing growth Composition of retail loans Loans (₹ bn) Mar'24 Dec'24 Mar'25 QoQ YoY Mar’25 6% Retail 12,627 13,425 13,758 2.5% 9.0% 8% Retail Mortgages 7,744 8,171 8,357 2.3% 7.9% Retail Non-Mortgages 4,883 5,254 5,401 2.8% 10.6% 11% CRB 8,022 8,608 9,050 5.1% 12.8%
Slide 12: Branch expansion and customer relationships
BUILDING FRANCHISE STRENGTH Branch expansion and customer relationships Branch network Customer base #s #mn 8,091 8,738 8,851 9,092 9,143 9,455 18% 18% 18% 17% 17% 17% 34% 34% 34% 34% 34% 34% 20% 20% 20% 21% 21% 21% 97 93 83 28% 28% 28% 28% 28% 28% 71 62 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Met
Slide 13: Net revenues
STANDALONE Net revenues Net revenue Net revenue mix ₹ bn 28% 27% 26% 28% 27% 27% 473 441 421 72% 73% 74% 72% 73% 73% 416 405 396 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25* Q3 Dec'23 Q4 Mar'24 ** Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 YoY 26% 48% 23% 9% 6% (7%) Net Interest Income
Slide 14: Net interest income
STANDALONE Net interest income Net interest income Net interest margin (NIM) ₹ bn 3.54% / 3.46%* 3.7% 3.6% 3.7% 3.7% 3.6% 3.6% 3.5% 3.4% 3.5% 3.5% 3.4% 3.4% 321 301 307 291 298 285 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25
Slide 15: 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 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 8.3% 8.4% 8.4% 8.3% 8.3% 8.4% AUM mix Retail 48% 49% 50% 50% 50% 50% Mortgage 29% 30% 31% 30% 30% 30% 4.9% 4.9% 4.9% 4.9% 4.9% 4.9% Non-Mortgages
Slide 16: Other income
STANDALONE Other income Other income Fee income mix ₹ bn 182 15 6% 6% 7% 6% 6% 6% 17% 15% 18% 17% 13% 18% 76 120 115 115 111 107 16 18 17 34% 35% 15 4 35% 33% 34% 36% 20 3 1 15 15 14 14 11 2 12 14 19% 18% 20% 19% 18% 17% 81 82 85 69 80 70 22% 26% 23% 24% 24% 28% Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'
Slide 17: Operating expenses
STANDALONE Operating expenses Operating expenses Cost efficiency ₹ bn ^ 180 41.3% ^ 41.0% 171 176 40.3% 40.6% 40.6% 166 169 39.8% 160 111 109 112 114 108 106 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Cost to income ratio 69* 60 60 61 ^ 54 58 2.0% 1.9% 1.9% 1.9% 1.9% 1.9% Q3 Dec'23
Slide 18: Resilient asset quality
RISK MANAGEMENT Resilient asset quality Gross NPA and Net NPA GNPA by Segment 1.4% 2.0% 1.3% 1.4% 1.3% 1.9% 1.2% 1.7% 1.5% 1.3% 1.3% 0.5% 0.8% 0.8% 0.4% 0.4% 0.4% 0.3% Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 GNPA NNPA Dec'24 Mar'25 GNPA (ex-agri) Retail CRB CRB (ex-Agri) Corporate and other wholesale 1.1
Slide 19: Movement of NPAs
RISK MANAGEMENT Movement of NPAs ₹ bn 142 bps 75 50 133 bps (Ex-agri 113 bps) 33 (Ex-agri : 62 bn) 360 352 GNPA as on Dec'24 Slippages Upgrades & Recoveries Write offs GNPA as on Mar'25 ₹ bn 40 142 bps 136 bps 88 31 (Ex-agri 119 bps) (Ex-agri : 65 bn) 343 360 GNPA as on Sep'24 Slippages Upgrades & R
Slide 20: Credit cost and stock of provisions
RISK MANAGEMENT Credit cost and stock of provisions Credit cost Stock of provisions ₹ bn 50 bps 48 bps 42 bps 42 bps 43 bps 610 608 606 607 606 36 bps 106 104 105 104 108 29 bps 29 bps 29 bps 124 124 124 124 124 27 bps 149 145 138 135 135 231 235 239 244 239 Q4 Mar'24 * Q1 Jun'24 Q2 Sep'24 Q3 Dec'24
Slide 21: Profitability
Profitability Standalone profit after tax Earnings per share* ₹ bn ₹ 21.6 21.7 21.3 23.0 22.1 21.9 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 EPS Standalone ₹ 176 164 165 168 167 23.2 23.4 23.1 24.6 162 22.7 21.7 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 EPS Consol
Slide 22: Stake held in key subsidiary entities – March 31, 2025
GROUP COMPANIES Stake held in key subsidiary entities – March 31, 2025 Investment No. of 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 35 813.0 94.32% 5.3 198.8 6.7 HDFC L
Slide 23: Subsidiaries – Q4FY25 update – HDB Financial Services
GROUP COMPANIES Subsidiaries – Q4FY25 update – HDB Financial Services • 94.32% stake held by the Bank as of March 31, 2025 • 19.2 million customers serviced through a network of 1,771 branches across 1,170 cities/towns ‒ 0.7 million customers during Q4 FY25 • Disbursement momentum grew 8.4% sequenti
Slide 24: Subsidiaries – Q4FY25 update – HDFC Life Insurance
GROUP COMPANIES Subsidiaries – Q4FY25 update – HDFC Life Insurance • 50.32% stake held by the Bank as of March 31, 2025 • 390k individual policies sold and overall 13 mn lives insured during the quarter • Individual weighted received premium market share of 11.1% for 11MFY25 • Q4FY25 performance hig
Slide 25: Subsidiaries – Q4FY25 update – HDFC AMC
GROUP COMPANIES Subsidiaries – Q4FY25 update – HDFC AMC • 52.47% stake held by the Bank as of March 31, 2025 • Quarterly average AUM of ₹ 7.7 trillion; 11.5% market share • 64% of quarterly average AUM is equity oriented with 60% in actively managed equity oriented • 13.2 million unique investors; 2
Slide 26: Subsidiaries – Q4FY25 update – HDFC ERGO General Insurance
GROUP COMPANIES Subsidiaries – Q4FY25 update – HDFC ERGO General Insurance • 50.33% stake held by the Bank as of March 31, 2025 • Q4FY25 Gross direct premium market share of 4.7% in overall industry and 7.1% amongst private sector insurers • Retail mix in business 59% for the quarter ended March 31,
Slide 27: Subsidiaries – Q4FY25 update – HDFC Securities Ltd
GROUP COMPANIES Subsidiaries – Q4FY25 update – HDFC Securities Ltd • 94.55% stake held by the Bank as of March 31, 2025 • 6.8 million customers serviced through a network of 134 branches across 106 cities • Around 96% of the active clients utilized the services offered through company’s digital plat
Slide 28: ESG at HDFC Bank
ESG INITIATIVES ESG at HDFC Bank Environmental Social Governance Ratings • Target to be carbon neutral by • Leading responsibly • Commitment to principles of FY32 • Taking banking to the independence, accountability, unbanked; responsibility, transparency • Board approved ESG Risk and fair & timely
Slide 29: Balance sheet and capital productivity
COMPOUNDING VALUE Balance sheet and capital productivity Growth in assets and RoA 40,000 2.0 2.0 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.0 1.9 30,000 20,000 10,000 - FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Assets RoA % Healthy capital position and RoE 20.9 20.4 18.0 18.0 18.2 17.4 20.0
Slide 30: Book value performance
COMPOUNDING VALUE Book value performance Standalone book value per share ₹ 655 607 632 580 603 534 556 525 480 502 451 456 Q1 Jun'22 Q2 Sep'22 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 Consolidated book value per share ₹ 682 625 631 657 576 6
Slide 31: Appendix
APPENDIX 31 HDFC Bank Presentation Q4 FY2025
Slide 32: Consolidated income statement FY25
CONSOLIDATED Consolidated income statement FY25 P&L (₹ bn) FY24 FY25 YoY Net revenue 2,538.6 2,870.2 13.1% Operating expenses 1,522.7 1,766.1 16.0% Provisions 250.2 141.8 (43.3%) Profit before tax 765.7 962.4 25.7% Consolidated profit 640.6 707.9 10.5% 32 HDFC Bank Presentation Q4 FY2025 HDFC Limite
Slide 33: Income statement FY25
STANDALONE Income statement FY25 P&L (₹ bn) FY24 FY25 YoY Net interest income 1,085.3 1,226.7 13.0% Non-interest income 492.4 456.3 (7.3%) Net revenue 1,577.7 1,683.0 6.7% Operating expenses 633.9 681.7 7.5% Provisions 234.9 116.5 (50.4%) Profit before tax 709.0 884.8 24.8% Profit after tax 608.1 67
Slide 34: 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 10,068 31.1% Coal & Petroleum Products 342 1.1% NBFC 1,673 5.2% Housing Finance Companies 328 1.0% Real Estate & Property Services 1,177
Slide 35: Top 20 borrower exposure as a % of total exposure
Top 20 borrower exposure as a % of total exposure 11.0% 11.0% 10.5% 10.3% 9.8% 9.6% Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 35 HDFC Bank Presentation Q4 FY2025
Slide 36: Risk Weighted Assets
Risk Weighted Assets RWA to Total Assets Risk Weight Density* 65% 64% 65% 69% 64% 68% 68% 68% 63% 63% 67% 67% Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 36 HDFC Bank Presentation Q4 FY2025 * Risk Weight Density = RWA / (FB + NFB (post CCF))
Slide 37: Corporate rating mix
Corporate rating mix Rating mix % of externally rated wholesale book (corporate & mid corporate) Dec’24 Mar’25 76.1% 75.5% 4.2% 4.8% 7.9% 7.5% 11.8% 12.2% AA and above A BBB BB and below AA and above A BBB BB and below 37 HDFC Bank Presentation Q4 FY2025 Certain figures reported above will not add-u
Slide 38: Deposits and advances trend
STANDALONE Deposits and advances trend ₹ tn ₹ tn 28% 29% 27% 30% 25% 16% 28% 26% 16% 14% 15% 16% 24% 15% 19% 21% 17% 18% 17% 19% 19% 20% 21% 19% 23.5 24.5 25.3 25.0 25.6 27.1 21.8 22.8 21.7 22.1 23.8 23.8 18.2 20.4 21.2 17.3 18.8 19.1 15.1 15.9 16.4 17.2 16.0 16.7 Average Deposits YoY growth EOP Dep
Slide 39: Safe harbour statement
Safe harbour statement Certain statements are included in this release accounting standards, our ability to pay dividends, attacks by the United States, a United States-led which contain words or phrases, such as ‘will’, the impact of changes in banking regulations and coalition or any other country