Hdfc Bank Limited · NSE:HDFCBANK
Hdfc Bank — Q2 FY2026 Earnings Presentation
37 slides from Hdfc Bank's earnings presentation, Oct 18, 2025
Slide 1: Q2FY26 Earnings Presentation
Classification - Confidential Q2FY26 Earnings Presentation October 18, 2025 Classification - Confidential
Slide 2: Key performance metrics for Q2 FY26
Key performance metrics for Q2 FY26 ➢ Deposits; average YoY ↑ ₹ 3.56 tn (15.1%) ; EOP YoY ↑ ₹ 3.02 tn (12.1%) ✓ Average deposits QoQ ↑ ₹ 0.53 tn (2.0%) ; EOP QoQ ↑ ₹ 0.38 tn (1.4%) ✓ Average CASA QoQ ↑ ₹ 0.17 tn (1.9%) ; EOP QoQ ↑ ₹ 0.12 tn (1.3%) ✓ Average time deposits QoQ ↑ ₹ 0.36 tn (2.0%) ; EOP
Slide 3: Key financial parameters for Q2 FY26
STANDALONE Key financial parameters for Q2 FY26 Average deposits at ₹ 27,105 bn, Profit after tax of ₹ 186 bn, EPS ↑15.1% YoY ; ↑2.0% QoQ for the quarter ₹ 12.1 Average advances under management at ₹ 27,946 bn, Gross NPA at 1.24%, ex-agri ↑9.0% YoY ; ↑1.9% QoQ 0.99% Net interest margin (NIM) of 3.27
Slide 4: Income statement
STANDALONE Income statement P&L (₹ bn) Q2 FY25 Q1 FY26* Q2 FY26 QoQ YoY Net interest income 301.1 314.4 315.5 0.4% 4.8% Non-interest income 114.8 217.3 143.5 (34.0%) 25.0% Net revenue 415.9 531.7 459.0 (13.7%) 10.4% Operating expenses 168.9 174.3 179.8 3.1% 6.4% Provisions 27.0 144.4 35.0 (75.8%) 29
Slide 5: Abridged balance sheet
STANDALONE Abridged balance sheet Balance sheet (₹ bn) Sep'24 Jun'25 Sep'25 QoQ YoY Net Advances 24,951 26,284 27,464 1,180 2,513 Investments 7,240 8,967 8,743 (224) 1,503 Government & debt securities 7,030 8,765 8,533 (232) 1,503 Equity & other securities 210 202 210 8 0 Cash & equivalent 2,564 2,0
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% 19.3% 17.8% 18.0% 17.7% 17.8% 17.9% 17.3% 128% 125% 124% 123% 119% 120% Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Total Capital Tier 1 Cap
Slide 7: Growth in deposits
BUSINESS GROWTH Growth in deposits Average Deposits EOP Deposits ₹ bn ₹ bn h15.1% h12.1% h2.0% h1.4% 22,831 23,540 24,528 25,280 26,576 27,105 23,791 25,001 25,638 27,147 27,641 28,018 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'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% h8.9% h1.9% h3.1% 27,820 28,688 27,423 27,946 26,839 27,733 26,276 26,955 25,750 26,334 25,327 25,639 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Jun'24 Sep'24 Dec'24 Ma
Slide 9: Retail branch driving deposits
HIGH QUALITY DEPOSIT FRANCHISE Retail branch driving deposits Average Retail / Wholesale Proportion of CASA deposits h7.4% ₹ bn h1.3% 15% 16% 17% 17% 18% 17% 6,390 6,527 6,081 6,056 6,305 5,964 85% 84% 83% 83% 82% 83% 2,673 2,754 2,671 3,141 2,980 2,964 Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Q1 J
Slide 10: Mix across segments
LOAN BOOK Mix across segments Balancing growth Composition of retail assets Sep’25 Loans (₹ bn) Sep'24 Jun'25 Sep'25 QoQ YoY Retail 14,478 15,215 15,554 2.2% 7.4% 13% Mortgage 8,028 8,428 8,565 1.6% 6.7% Retail Assets 6,449 6,787 6,989 3.0% 8.4% 30% Small and mid-market 4,888 5,523 5,718 3.5% 17.0%
Slide 11: Branch expansion and customer relationships
BUILDING FRANCHISE STRENGTH Branch expansion and customer relationships Branch network Customer base #s #mn 8,851 9,092 9,143 9,455 9,499 9,545 18% 17% 17% 17% 17% 17% 34% 34% 34% 34% 34% 33% 20% 21% 21% 21% 21% 21% 96 99 90 77 28% 28% 28% 28% 28% 65 28% Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Met
Slide 12: Net revenues
STANDALONE Net revenues Net revenue Net revenue mix ₹ bn YoY 26% 28% 27% 27% 29% 31% QoQ 532 441 459 74% 405 416 421 72% 73% 73% 71% 69% # Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25* Q2 Sep'25 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 YoY 23% 9% 6% (7%) 31% 10% Net Interest
Slide 13: Net interest income
STANDALONE Net interest income Net interest income Net interest margin (NIM) ₹ bn 3.27% 3.7% 3.7% YoY 3.7% 3.6% 3.5% 3.5% 3.5%QoQ 3.5% 3.4% 3.4% 3.4% 3.3% 321 314 316 301 307 298 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'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 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 8.4% 8.3% 8.3% 8.3% 8.1% 7.8% AUM Mix Retail 53% 55% 55% 55% 55% 54% Mortgage 29% 30% 30% 30% 30% 30% 4.9% 4.9% 4.9% 4.9% 4.8% Retail Assets 24%
Slide 15: Other income
STANDALONE Other income Other income Fee income mix ₹ bn 217 7% 6% 6% 6% 6% 7% 24 18% 17% 13% 17% 16% 18% 144 120 101 15 35% 115 115 33% 34% 36% 36% 34% 107 24 16 18 17 20 3 1 4 16 15 14 14 2 16 18% 14 19% 18% 17% 19% 19% 81 82 85 76 88 70 28% 23% 24% 24% 22% 24% Q1 Jun'24 Q2 Sep'24 Q3 Dec24 Q4 Mar'
Slide 16: Operating expenses
STANDALONE Operating expenses Operating expenses Cost efficiency ₹ bn ^ 174 180 171 176 # 166 169 41.0% 40.6% 39.8% 39.6% 39.2% 40.6% 114 113 115 108 109 112 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Cost to income ratio 58 60 60 61 62 65 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% Q1 Jun'24 Q2
Slide 17: Resilient asset quality
RISK MANAGEMENT Resilient asset quality Gross NPA and Net NPA GNPA by Segment 1.4% 1.4% 1.4% 1.3% 1.2% 1.4% 1.2% 1.3% 1.2% 1.2% 0.8% 0.8% 0.4% 0.5% 0.4% 0.5% 0.4% Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Jun'25 Sep'25 GNPA NNPA Retail Retail (ex-Agri) Others GNPA (ex-agri) 1.2% 1.2% 1.1% 1.1% 1.0% Stable
Slide 18: Movement of NPAs
RISK MANAGEMENT Movement of NPAs ₹ bn (Ex-agri 114 bps) 140 bps 74 68 124 bps (Ex-agri 99 bps) 33 (Ex-agri : 63 bn) 370 343 GNPA as on Jun'25 Slippages Upgrades & Recoveries Write offs GNPA as on Sep'25 ₹ bn 133 bps 42 140 bps (Ex-agri 114 bps) (Ex-agri 113 bps) 90 30 (Ex-agri : 68 bn) 352 370 GNPA
Slide 19: Credit cost and stock of provisions
RISK MANAGEMENT Credit cost and stock of provisions Credit cost Stock of provisions ₹ bn 720 722 56 bps 106 113 50 bps 48 bps 51 bps 606 607 606 43 bps 105 104 108 41 bps 214 214 36 bps 37 bps 124 124 124 29 bps 29 bps 138 135 135 152 167 239 244 239 248 228 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25*
Slide 20: Profitability
Profitability Standalone profit after tax Earnings per share* ₹ bn ₹ 11.9 12.1 10.6 11.0 11.0 11.5 186 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 176 182 168 167 162 EPS Standalone YoY # bn 15.20 15.24 15.28 15.30 15.32 15.35 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'
Slide 21: Stake held in key subsidiary entities – September 30, 2025
GROUP COMPANIES Stake held in key subsidiary entities – September 30, 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 29 829.6 74.19% 5.8 233.1 7.0 HDF
Slide 22: Subsidiaries – Q2FY26 update – HDB Financial Services
GROUP COMPANIES Subsidiaries – Q2FY26 update – HDB Financial Services • 74.19% stake held by the Bank as of September 30, 2025 • 21.0 million customers serviced through a network of 1,749 branches across 1,157 cities/towns ‒ Additionally 0.8 million customers engaged during Q2 FY26 • Q2FY26 performa
Slide 23: Subsidiaries – Q2FY26 update – HDFC Life Insurance
GROUP COMPANIES Subsidiaries – Q2FY26 update – HDFC Life Insurance • 50.25% stake held by the Bank as of September 30, 2025 • 322k individual policies sold and overall 11.1 mn lives insured during the quarter • Individual weighted received premium market share of 17% for H1FY26 • Q2FY26 performance
Slide 24: Subsidiaries – Q2FY26 update – HDFC AMC
GROUP COMPANIES Subsidiaries – Q2FY26 update – HDFC AMC • 52.42% stake held by the Bank as of September 30, 2025 • Quarterly average AUM of ₹ 8.8 trillion; 11.4% market share • 65% of quarterly average AUM is equity oriented with 61% in actively managed equity oriented • 14.5 million unique investor
Slide 25: Subsidiaries – Q2FY26 update – HDFC ERGO General Insurance
GROUP COMPANIES Subsidiaries – Q2FY26 update – HDFC ERGO General Insurance • 50.33% stake held by the Bank as of September 30, 2025 • Q2FY26 Gross direct premium market share of 4.5% in overall industry and 7.0% amongst private sector insurers • Retail mix in business 51% for the quarter ended Septe
Slide 26: Subsidiaries – Q2FY26 update – HDFC Securities Ltd
GROUP COMPANIES Subsidiaries – Q2FY26 update – HDFC Securities Ltd • 94.11% stake held by the Bank as of September 30, 2025 • 7.4 million customers serviced through a network of 130 branches across 104 cities • Around 96% of the active clients utilized the services offered through company’s digital
Slide 27: Consolidated income statement
CONSOLIDATED Consolidated income statement P&L (₹ bn) Q2 FY25 Q1 FY26 Q2 FY26 QoQ YoY Net revenue 760.4 853.5 718.2 (15.9%) (5.5%) Operating expenses 488.1 491.8 408.8 (16.9%) (16.2%) Provisions 32.7 153.1 42.8 (72.0%) 30.9% Profit before tax 239.6 208.5 266.6 27.9% 11.3% Consolidated profit 178.3 1
Slide 28: ESG at HDFC Bank
ESG at HDFC Bank Environmental Social Governance Ratings & Indices FTSE4GOOD Emerging • Target to be carbon neutral by • Leading responsibly • Commitment to principles of Market Index FY32 • Taking banking to the unbanked; independence, accountability, September 2025 • Board approved ESG Risk • Supp
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 40,000 30,000 20,000 10,000 - FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q1 Q2 Assets RoA % Jun'25 Sep'25 Healthy capital position and RoE 20.4 18.
Slide 30: Book value performance
COMPOUNDING VALUE Book value performance Standalone book value per share* ₹ 301 304 316 328 341 340 251 263 267 278 290 228 240 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 Q1 Jun'25 Q2 Sep'25 Consolidated book value per share* ₹ 329 3
Slide 31: APPENDIX
APPENDIX 31 HDFC Bank Presentation Q2 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 10,143 30.1% Capital Market Intermediaries 365 1.1% NBFC 1,698 5.0% Telecom 361 1.1% Real Estate & Property Services 1,190 3.5% Chemical
Slide 33: Top 20 borrower exposure as a % of total exposure
Top 20 borrower exposure as a % of total exposure 10.5% 10.3% 9.8% 9.6% 9.7% 9.4% Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 33 HDFC Bank Presentation Q2 FY2026
Slide 34: Risk Weighted Assets
Risk Weighted Assets RWA to Total Assets Risk Weight Density* 65% 65% 65% 69% 70% 64% 69% 63% 63% 68% 67% 67% Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 34 HDFC Bank Presentation Q2 FY2026 * Risk Weight Density = RWA / (FB + NFB (post CCF))
Slide 35: Corporate rating mix – September’25
Corporate rating mix – September’25 Rating mix % of externally rated wholesale book (corporate & mid corporate) 75.3% 12.0% 7.4% 5.2% AA and above A BBB BB and below 35 HDFC Bank Presentation Q2 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% 30% 25% 15% 16% 16% 16% 15% 28% 26% 16% 14% 16% 12% 21% 24% 15% 18% 17% 19% 19% 20% 21% 19% 24.5 25.3 26.6 27.1 25.0 25.6 27.1 27.6 28.0 21.8 22.8 23.5 21.7 22.1 23.8 23.8 20.4 21.2 16.7 17.3 18.8 19.1 15.9 16.4 17.2 18.2 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”